PSA Leisure Facilities: Koshidaka Holdings (2157 JT) Update
In light of karaoke operator Koshidaka’s strong Q4 performance, analyst Hiroyuki terada has adjusted his OP forecasts for FY25 and FY26 up, mainly due to stronger same store sales and an acceleration of new store openings. We also introduce our forecasts out to FY27 as the firm has released its mid-term plan. Management is guiding for a payout ratio of 35% which we expect can generate at DPS of Y44, so offers an attractive dividend yield of 3.7%.
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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