PSA Internet: Enigmo (3665 JT) – A Revisit
With FY21~24 revenue CAGR in the low single digits and margins declining, there are few catalysts to spur investors’ interest in Enigmo at the moment. However, analyst Thao Nguyen believes there is substantial room for growth. The share price is now 69% below its recent peak, so valuations are not demanding, and the ongoing share buyback of up to ¥1.5bil from Mar 2022 to Feb 28, 2023 may provide some support to the stock.
Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods.
PSA produces both company and sector reports. The focus of PSA’s research is to identify winners and losers as new technologies impact the top and bottom lines of corporations. Critical to our research is the clear explanation of how these new technologies work and how they impact companies and industries.
The founding partners have worked closely together for twenty years and the team has more than doubled in size since 2012.
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