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Hiroyuki Terada
  • Hiroyuki Terada

PSA HR & Employment Services: Insource (6200 JT) Update – ASP Likely t...

We review the latest results of Insource and and revised up our forecasts to reflect strong demand for DX training and rising ASPs.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Retail: Treasure Factory (3093 JT) – Rising Inbound Tourists Could...

Analyst Hiroyuki Terada provides feedback from his discussion with Treasure Factory post the release of its FY23 results. He remains positive on the outlook thanks to the rising number of tourists and provides forecasts out to FY26 that suggest valuations are undemanding.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Consumer Staples Distribution / Food Retail: Kakuyasu Group (7686 ...

Hiroyuki Terada looks at Kakuyasu, whose business is value-oriented wholesale and retail food and beverage delivery services, and likes what he sees.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Small Cap Consumer Services / Restaurants: Hotland (3196 JT) Compa...

Small cap specialist Hiroyuki Terada provides an update on a meeting with Hotland, which operates Takoyaki (a popular Japanese savour snack) outlets in Japan as well as at the Doger Stadium in Los Angeles.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Consumer Services / Lodgings: Kyoritsu Maintenance (9616 JT) Updat...

Hiroyuki Terada adjusts his Kyoritsu Maintenance OP estimates for FY24 and FY25 upwards

Hiroyuki Terada
  • Hiroyuki Terada

PSA Commercial Services / Human Resources & Employment Services: S-Poo...

We initiate on S-Pool. The firm operates a portfolio of businesses which aim to provide solutions to a variety of Japan’s social issues.

Dave Nicoski ... (+2)
  • Dave Nicoski
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Bullish Outlook Intact; U.S. Dollar (DXY) Rolling Over We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. Our bullish outlook (since early November 2023) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities. U.S. Dollar (DXY); 10-Year Treasury Yield. We continue to get more evidence that suggests the U.S. dollar (DXY) is rolling over; last week we discussed the failed breakout a...

Hiroyuki Terada
  • Hiroyuki Terada

PSA Toys / Hobbies / Games: Sanrio (8136 JT) Update – New Licensees i...

After another strong quarter with Hello Kitty developer Sanrio beating its estimates yet again, analyst Hiroyuki Terada revises his forecasts and discusses the catalyts to generate FY23~25 OP CAGR of over +20%.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Commercial Services: Insource (6200) – Turning Headwinds into Tail...

We initiate coverage of Insource. The company provides on-site and online training, such as new graduate training, risk, compliance, harassment, DX- (Digital Transformation) related training and open seminars for client employees.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Retail: Treasure Factory (3093 JT) Initiation – Purveyor of High-Q...

We initiate coverage of Treasure Factory [TF]. TF operates 274 second-hand stores under 11 store brands as of Jan 2024.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Toys / Games / Hobbies: Sanrio (8136 JT) Initiation – More Catalys...

Sanrio’s turnaround has been very successful under the new management. In this initiation report, we discuss the new Medium-Term Plan and future catalyst for the shares.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Services / Lodging: Kyoritsu Maintenance (9616 JT) Initiation

This report initiates our coverage of Kyoritsu Maintenance [KM], Japan’s third-largest manager and operator of dormitories for students and company employees after JSB (3480 JT) and Mainichi Comnet (8908 JT). KM also operates Dormy Inn hotels and Kyoritsu Resort specialized resort hotels.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Consumer Discretionary / Leisure: Koshidaka Holdings (2157 JT) Ini...

In this report, we initiate coverage of Koshidaka Holdings. Koshidaka operates 620 karaoke stores under the brand Manekineko, mainly in greater Tokyo.

Hiroyuki Terada
  • Hiroyuki Terada

PSA Services: Park24 (4666 JT) Initiation

Analyst Hiroyuki Terada initiates his coverage of Park 24, a car park operator in Japan and overseas which also runs a mobility business (being a car sharing and rental car provider).

Clarence Chu
  • Clarence Chu

Park24 Placement

Park24 aims to raise around JPY25.5bn (US$210m) via selling 16m new shares at a fixed price of JPY1,644, representing a 9.9% discount to last close. Proceeds from the deal will be geared towards digital investment towards improving business efficiency and renewal of business infrastructure systems. Remaining funds will be used towards expanding its mobility fleet which includes electric vehicles. Proceeds are expected to be allocated by Oct 2024. In this note, we will talk about the firm’s t...

JAPAN AIRPORT TERM sees an upgrade to Slightly Positive due to a bette...

The general evaluation of JAPAN AIRPORT TERM (JP), a company active in the Transportation Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 1, 2022, the closing ...

SANRIO reduced its risk exposure resulting in an upgrade to Slightly P...

SANRIO (JP), a company active in the Recreational Products industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date October 5, 2021, the closing price was J...

PARK24 sees an upgrade to Slightly Positive due to a better fundamenta...

The general evaluation of PARK24 (JP), a company active in the Transportation Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date August 31, 2021, the closing price was ...

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