reports
- Lindsay Whipp
PSA Enterprise Software: Visional (4194 JT) – Raises Forecast
PSA Enterprise Software: Visional (4194 JT) – Raises Forecast Visional shares were sold off following their Q3 FY24 earnings report on lower than expected sales. However, profits were higher than expected on cost savings. They also revised up their forecasts. In this report we discuss those details as well as the hiring environment and Visional's platform services to help both candidates and companies as the sector is undergoing changes in Japan.
- Lindsay Whipp
- Lindsay Whipp
- Lindsay Whipp
PSA ERP Software: Reassessing Visional (4194 JT)
We take a fresh look at our expectations for Visional, in light of the company’s decision to place its mid-term annual sales growth outlook at between 15%~20%. Even with more tempered expectations, Visional’s valuations aren’t looking particularly stretched with a FY25 EV/OP of just under 15x based on our estimates. That said, we think the company is more vulnerable to competition with this slower growth outlook. So, the FY24 performance will be crucial in ascertaining its ability to grow the bu...
- Lindsay Whipp
PSA Enterprise Software / IT Services: Visional (4194 JT) Update
Visional met consensus estimates for its FY23 Q3, putting it nicely on track to meet its own full-year forecasts. The firm even has the potential to beat, especially on sales, explains analyst Lindsay Whipp. With the mid-career recruitment platform’s performance confounding recent market pessimism, Visional’s FY23 EV/S of just 5x isn’t to be sniffed at.
- Lindsay Whipp
PSA ERP Software: Japan Mid-Sized Enterprise Software – The Great Sell...
18 months after many Japanese mid-sized enterprise software stocks were sold off, many remain more than 50% lower than their peaks. And yet, these companies continue to grow strong sales. In this report, we take a look at 11 of these companies and at the extent to which their operating performances are reflected in their current valuations.
4307 NOMURA RESEARCH INSTITUTE LTD.
7752 RICOH COMPANY LTD.
8253 CREDIT SAISON CO. LTD.
3993 PKSHA TECHNOLOGY INC.
4776 JT CYBOZU INC
4443 JT SANSAN (4443 JT)
4478 JT FREEE KK
3394 JT MONEY FOWARD
3697 JT SHIFT INCORPORATED (3697 JT)
4259 JT EXAWIZARDS INC
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
4169 JT ENECHANGE LIMITED
- Lindsay Whipp
PSA ERP Software: Visional (4194 JT) – Initiation Report: Envisioning ...
Visional Inc’s shares have had a reality check of late. But if reality for the online recruitment platform for professionals is annual sales growth of >30% YoY and OP growth of >50%, then at current valuations, the stock could reignite long-term investor interest.
- Pelham Smithers
PSA ERP Software / IT Services: Some DX plays considered: Mid-tier IT ...
According to Bloomberg, Japan’s six listed mid-tier IT vendors – that’s NRI (4307 JT), CTC (4739 JT), TIS (3626 JT), SCSK (9719 JT), Biprogy [was Nihon Unisys] (8056 JT) and NS Solutions (2327 JT) – reported 2Q FY22 orders of ¥716bil (+12.4% YoY). The YoY increase, down slightly from the +13.1% YoY growth figure seen in the 1Q FY22 period, Pelham Smithers looks at the relative performance of mid-tier IT vendor orders.
- Clarence Chu
Visional IPO lock-up
Visional had raised US$609m in its Japan IPO in April 2021, where it had been priced at the top end after its books were reportedly multiple times covered. Majority of shares offered were secondary, 84% of the deal, and more than 30 shareholders had either trimmed or sold their entire stake during the IPO. Visional Inc. is a human resources (HR) technology company based in Japan. The company operates BizReach, an online recruiting platform that helps to connect professional job seekers to dire...
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