www.sharedresearch.jp - Recent changes [en]

User:Report3/MyReport/Nippon Parking Development Co Ltd (2353)

Report3 — Tue, 07 Sep 2010 05:58:11 GMT

File:Nano-ENG Revised Forecast.png

Sharedresearch — Tue, 07 Sep 2010 02:32:04 GMT

uploaded a new version of "[[File:Nano-ENG Revised Forecast.png]]"

New page

File:Nano-ENG-forecast.png

Sharedresearch — Tue, 07 Sep 2010 02:29:38 GMT

uploaded a new version of "[[File:Nano-ENG-forecast.png]]"

New page

File:Nano-ENG-quarter.png

Sharedresearch — Tue, 07 Sep 2010 02:27:42 GMT

uploaded a new version of "[[File:Nano-ENG-quarter.png]]"

New page

File:2128Eng---Stores-by-Type-FY12-08.png

Sharedresearch — Tue, 07 Sep 2010 01:48:50 GMT

uploaded a new version of "[[File:2128Eng---Stores-by-Type-FY12-08.png]]"

New page

File:2128Eng---Stores-by-Type-FY12-09.png

Sharedresearch — Tue, 07 Sep 2010 01:46:07 GMT

uploaded a new version of "[[File:2128Eng---Stores-by-Type-FY12-09.png]]"

New page

Start Today Co Ltd (3092)

Sharedresearch — Tue, 07 Sep 2010 01:07:04 GMT

← Older revision		Revision as of 01:07, 7 September 2010
Line 140:		Line 140:
	= Recent Updates =		= Recent Updates =
	=== Summary ===		=== Summary ===
		+
		+	Sales and membership figures for August were released on '''September 6, 2010'''.

	Sales and membership figures for July were released on '''August 5, 2010'''.		Sales and membership figures for July were released on '''August 5, 2010'''.

File:Start-Today-EN-Monthly.png

Sharedresearch — Tue, 07 Sep 2010 00:47:58 GMT

uploaded a new version of "[[File:Start-Today-EN-Monthly.png]]"

New page

Bell-Park Co Ltd (9441)

Sharedresearch — Mon, 06 Sep 2010 11:04:18 GMT

← Older revision		Revision as of 11:04, 6 September 2010
Line 139:		Line 139:
	= Recent Updates =		= Recent Updates =
	=== Summary ===		=== Summary ===
		+
		+
		+	The company announced August monthly sales estimates on '''September 6, 2010'''.
		+

	The company announced July monthly sales estimates on '''August 5, 2010'''.		The company announced July monthly sales estimates on '''August 5, 2010'''.

File:9441-monthly.png

Sharedresearch — Mon, 06 Sep 2010 10:58:20 GMT

uploaded a new version of "[[File:9441-monthly.png]]"

New page

Grandy House (8999)

Sharedresearch — Mon, 06 Sep 2010 08:47:21 GMT

← Older revision		Revision as of 08:47, 6 September 2010
Line 669:		Line 669:

	=== Major Shareholders ===		=== Major Shareholders ===
-	As at the end of FY03/09, the top ten shareholders ~~(See [[#Company Profile\|Company Profile]])~~ collectively accounted for 52.37% of shares outstanding. Foreigners declined to 9.3% as at the end of FY03/~~09 from~~ 10.2% as at the end of FY03/08.	+	As at the end of FY03/10, the top ten shareholders collectively accounted for 52.33% of shares outstanding. Foreigners declined to 9.0% as at the end of FY03/10 from 9.4% as at the end of FY03/09.

-	Number of shareholders: 3,~~306~~ as at the end of FY03/09.~~<br/>~~	+	Number of shareholders: 3,294 as at the end of FY03/10.
	<br/>		<br/>
	[[#top\|Back to Top]]		[[#top\|Back to Top]]

NOVARESE Inc (2128)

Sharedresearch — Mon, 06 Sep 2010 08:45:41 GMT

← Older revision		Revision as of 08:45, 6 September 2010
Line 166:		Line 166:
	*Net income: 29.9% (vs. full year forecast of 1.1 million yen)		*Net income: 29.9% (vs. full year forecast of 1.1 million yen)

-	~~According to the company, accumulated~~ Q2 results were almost in line with the initial company estimate. However, sales decreased 4.3% YoY as a result of lower ~~back-orders~~ from the previous year. Expenses for opening the Hiroshima Monolith guest ~~house~~ resulted in a 30.8% decrease of operating profit.	+	Accumulated Q2 results were almost in line with the initial company estimate. However, sales decreased 4.3% YoY, a result of a lower order backlog from the previous year (high utilization meant potential customers could not see facilities on weekends). Although gross profit margins of the Wedding Production and Dresses segments improved slightly, the gross profit margin in Hotel and Restaurant dropped 3.4% YoY due to lower sales, so overall gross profit declined 1% YoY (from 56.9% to 55.9%). Expenses for opening the Hiroshima Monolith (opened in February 2010) and Niigata Monolith (scheduled to open in October 2010) guest houses resulted in a 30.8% decrease of operating profit to 552 million yen. The company controlled recruiting costs and advertising expenses, so operating profit exceeded the initial plan of 470 million yen.

-	The company also ~~announced~~ a ~~revision~~ to its full year forecast when announcing FY12/10 Q2 results. The only change was sales - down to 11~~,000 million~~ yen (vs. 11~~,500 million~~ yen ~~initially~~). The company said that the delayed opening of Amandan Blue Kamakura (from November 2010 to March 2011) was the ~~reason for the forecast change~~.	+	Wedding Production:
		+
		+	Sales declined 3.6% YoY to 1.8 billion yen due to a decrease in the number of ceremonies (1,083 vs. 1,131 ceremonies, -4.2% YoY). Facility utilization dropped from 64.9% to 53.2% YoY. The total per-wedding spend was unchanged; the company brought some services in-house (wedding video production) and increased dress prices. Additionally, the company started selling “hikidemono” (gifts for guests) from their catalog, which includes items exclusively available in the catalog and some luxury brand items. Novarese’s catalog is unique in the Japanese wedding industry, and appears to be successful: as of August 2010, approximately 70% of wedding couples bought gifts from Novarese’s catalog. These sales also help to increase the revenue per guest. Novarese purchases most items in the catalog directly from manufacturers, which helps reduce costs. As a result, gross profit margin of the segment improved 2.1% YoY (from 51.0% to 53.1%).
		+
		+	Dresses:
		+
		+	Sales were down 10.0% YoY to 963 million yen, a result of discontinuing some partnerships with distributors. The company tried to offset the lower sales volume by increasing the average amount spent, focusing on after party and guest garments. The result was that per wedding spend increased 5.8% YoY while sales volume fell 14.9% YoY. The gross profit margin for the segment was unchanged YoY at 88.0%.
		+
		+	Hotel and Restaurant:
		+
		+	Sales were down 1.9% YoY to 2.0 billion yen due to fewer wedding ceremonies held. Per-wedding spend also decreased by 4.6% YoY. Although the company made efforts in controlling cost, lower sales drove GPM down to 42.8% vs. 46.2% a year earlier (-3.4% points).
		+
		+	The company revised its full year forecast when announcing FY12/10 Q2 results. The only change was sales - down to 11 billion yen (vs. 11.5 billion yen earlier). The company said that the delayed opening of Amandan Blue Kamakura (from November 2010 to March 2011) was behind the revision.
		+
		+	Business conditions

		+	Both orders and the order backlog improved in Q2: orders increased 12.4% YoY (from 1,228 to 1,380), and the order backlog increased 8.6% YoY (from 1,608 to 1,747). A couple normally never signs a contract without seeing the actual venue, and lower utilization meant more opportunities to show facilities, which led to more contracts. According to the company, the number of new customer visits increased thanks to an improved website and minor tweaks to magazine advertisements.

		+	Focusing on employee education and customer service is also starting to bear fruit. In some bridal salons where sales are lagging, the company is trying to improve sales volumes by having experienced staff close sales, and less experienced employees take over afterward.
		+
		+	At the Q2 FY12/10 analyst results meeting, President Asada commented that in addition to its conventional first-line Monolith and Amandan brands, the company would launch a second-line brand targeting a lower price point (about 2.8-3.3 million yen per wedding vs. a 4 million yen average price for a Novarese guest house wedding in Q2 FY12/10). The company will rent and renovate struggling “kekkonshiki jo” facilities and hotels instead of building from scratch, which means lower upfront costs and therefore less total risk. Although profitability for these facilities might not be as high as Monolith or Amandan facilities, the company will try to improve the gross profit margin by making smart purchasing decisions.
		+
		+	The company also announced that it opened a casual sushi restaurant called “SHARI” in Shanghai on July 2, 2010. According to the company, the wedding business in Shanghai has signs of a ‘boom’ market. As a first step, the company will enter the market by providing consulting services to local wedding venues without making investments. The company established SHARI as part of a strategy to build the infrastructure which will further help shape its China strategy.
		+

	'''Q1 Results'''		'''Q1 Results'''
Line 216:		Line 237:
	[[image:2128Eng---Full-year-Forecast.png]]		[[image:2128Eng---Full-year-Forecast.png]]

-	The company’s sales projections represent an 8.5% increase YoY (a new guest house opening in Q1 should contribute approximately 5%). Facilities are expected to grow by 4 units: 3 guest houses and 1 dress shop. Although the full year estimate did not include new revival facilities, the company indicated that the properties were in the market and any transaction decisions affecting the full year would be made in Q1. The company indicated that the FY12/10 target for wedding production was 3,000 ceremonies (+25% YoY).	+	The company’s sales projections represent an 8.5% increase YoY (a new guest house opening in Q1 should contribute approximately 5%). Facilities are expected to grow by 3 units: 2 guest houses and 1 dress shop. Although the full year estimate did not include new revival facilities, the company indicated that the properties were in the market and any transaction decisions affecting the full year would be made in Q1. The company indicated that the FY12/10 target for wedding production was 3,000 ceremonies (+25% YoY).
-		+

	During the FY12/09 results meeting, management indicated that price competition was increasing, and that competitors were lowering prices. Novarese indicated that it will continue seasonal pricing introduced in FY12/09 (maintaining prices for peak-demand days, and reducing prices for off-peak days) in reaction to lower prices in the market. The company assumes that prices will soften slightly in FY12/10 (approximately 5%) in both Wedding Production and Dresses.		During the FY12/09 results meeting, management indicated that price competition was increasing, and that competitors were lowering prices. Novarese indicated that it will continue seasonal pricing introduced in FY12/09 (maintaining prices for peak-demand days, and reducing prices for off-peak days) in reaction to lower prices in the market. The company assumes that prices will soften slightly in FY12/10 (approximately 5%) in both Wedding Production and Dresses.
-

	Although per-segment gross profit assumptions are not disclosed, gross margins for Wedding Production is expected to decline slightly (51.2% in FY12/09), increase in Hotel and Restaurant (45.8% in FY12/09), and remain flat in the Dresses segment (87% in FY12/09).		Although per-segment gross profit assumptions are not disclosed, gross margins for Wedding Production is expected to decline slightly (51.2% in FY12/09), increase in Hotel and Restaurant (45.8% in FY12/09), and remain flat in the Dresses segment (87% in FY12/09).
-
-
-	The 1H sales estimate is 4.8 billion yen (approximately -4% YoY), the 1H operating profit estimate is 470 million yen (-41% YoY). The company operating profit estimate reflects the combination of cautious per-wedding spending assumptions and costs related to new facility openings.
-

	The 2H sales estimate is 6.7 billion yen (+19.6% YoY), 2H operating profit estimate is 1.4 billion yen (+47.3 % YoY), which includes the full-year contribution of facilities opened during FY12/09 and in 1H FY12/10.		The 2H sales estimate is 6.7 billion yen (+19.6% YoY), 2H operating profit estimate is 1.4 billion yen (+47.3 % YoY), which includes the full-year contribution of facilities opened during FY12/09 and in 1H FY12/10.

-		+	Expansion of guest house facilities is expected to continue; the company expects capital expenditures of 2 billion yen during FY12/10. Specific projects include two new guest houses: 1 in Hiroshima, and 1 in Niigata. Opening a guest house in Kamakura (larger than average, with two banquet facilities) initially scheduled in November 2010 was delayed to March 2011.
-	Management seems keen to meet or beat its estimates, and mentioned during the FY12/09 results meeting that the internal sales target for FY12/10 was approximately 12 billion yen, or 500 million above official estimates. The company indicated that the internal target for full year operating profit margin was approximately 17%, slightly higher than 16.5% indicated in official company estimates (16.7% in FY12/09).	+
-		+
-		+
-	Expansion of guest house facilities is expected to continue; the company expects capital expenditures of 2 billion yen during FY12/10. Specific projects include ~~three~~ new guest houses: 1 in Hiroshima, 1 in Kamakura (larger than average, with two banquet facilities)~~, and 1~~ in ~~Niigata.~~	+
-		+
-		+
-	~~Q1 Update~~	+
-		+
-	~~Management indicated that sales in January increased 15% YoY. Per wedding spend~~ was ~~flat~~.	+


Line 260:		Line 266:


-	At the end of FY12/09, the total store count was 39; 12 guest houses, 3 “revival” facilities (essentially, turnaround opportunities), 14 dress shops, 9 partner locations and 1 restaurant. Projected store count for FY12/10 is 43; reflecting 3 new guest houses, ~~and~~ 1 new dress shop.	+	At the end of FY12/09, the total store count was 39; 12 guest houses, 3 “revival” facilities (essentially, turnaround opportunities), 14 dress shops, 9 partner locations, and 1 restaurant. Projected store count for FY12/10 is 43; reflecting 2 new guest houses, 1 new dress shop, and 1 overseas restaurant.

	[[image:2128Eng---Stores-by-Type-FY12-08.png\|frame\|none\|(Source: Company Data Processed by SR Inc.)]][[image:2128Eng---Stores-by-Type-FY12-09.png\|frame\|none\|(Source: Company Data Processed by SR Inc.)]]		[[image:2128Eng---Stores-by-Type-FY12-08.png\|frame\|none\|(Source: Company Data Processed by SR Inc.)]][[image:2128Eng---Stores-by-Type-FY12-09.png\|frame\|none\|(Source: Company Data Processed by SR Inc.)]]
Line 270:		Line 276:
	[[image:Monolith-Kitayama.jpg\|frame\|'''Monolith - Kitayama''' (Source: Company Data Processed by SR Inc.)]]		[[image:Monolith-Kitayama.jpg\|frame\|'''Monolith - Kitayama''' (Source: Company Data Processed by SR Inc.)]]
	[[image:Monolith Himeji.jpg\|frame\|'''Monolith - Himeji''' (Source: Company Data Processed by SR Inc.)]]		[[image:Monolith Himeji.jpg\|frame\|'''Monolith - Himeji''' (Source: Company Data Processed by SR Inc.)]]
		+
	Novarese’s wedding facilities fall into three different categories – the core “guest house” format, “revival” locations, and partnering with hotels or famous restaurants. Guest houses are divided further: Monolith-class buildings are more urban and contemporary whereas the Amandan style embraces the features of surrounding nature in the design (locations are central for Monolith, and less so for Amandan).		Novarese’s wedding facilities fall into three different categories – the core “guest house” format, “revival” locations, and partnering with hotels or famous restaurants. Guest houses are divided further: Monolith-class buildings are more urban and contemporary whereas the Amandan style embraces the features of surrounding nature in the design (locations are central for Monolith, and less so for Amandan).
-
-
-
-	The “revival” format illustrates Novarese’s operational capability. To ensure that the Novarese brand stays unique and exclusive, these turnaround operations are typically held in different corporate structures and have different naming than Novarese branded guest houses.


Line 306:		Line 309:


-	On average, a couple will spend about 4 million yen on a wedding at the Novarese guest house; the average spend at the ~~‘revival’ type facilities~~ is lower at about 3.4 million yen (FY12/09); the price is mostly determined by the number of guests, but particular options or bundled services can also have an impact. Revenue per wedding has been increasing since FY12/05 - the average number of attendees per wedding has been stable, but spend per guest has increased from 47 thousand yen to 54 thousand yen - an increase of 3.5% per year.	+	On average, a couple will spend about 4 million yen on a wedding at the Novarese guest house; the average spend at the “kekkonshiki jo” and hotels is lower at about 3.4 million yen (FY12/09); the price is mostly determined by the number of guests, but particular options or bundled services can also have an impact. Revenue per wedding has been increasing since FY12/05 - the average number of attendees per wedding has been stable, but spend per guest has increased from 47 thousand yen to 54 thousand yen - an increase of 3.5% per year.


Line 339:		Line 342:


-	Novarese’s store network is divided between 8 Novarese locations and 6 “ecruspose” stores (FY12/09). Profit is a function of maximizing sales per store (either through increasing customers or higher spending per couple). Using sales per square meter as a measure of efficiency, operations have been improving – holding store size constant from FY12/04 to FY12/09 shows a 2.3x increase in sales per square meter; adjusting for newer, smaller stores yields an increase of 2.9x over the same period.	+	Novarese’s store network is divided between 8 Novarese locations and 6 “ecruspose” stores (FY12/09). Profit is a function of maximizing sales per store (either through increasing customers or higher spending per couple).

	[[image:2128Eng---Dress-Segment.png]]		[[image:2128Eng---Dress-Segment.png]]
Line 377:		Line 380:


-	Target areas for new guest house facilities require a population of a minimum of 300,000 people, within a 20-km radius of a major train station or other transportation hub. According to government census data, there are about 75 cities in Japan that have sufficient population. Considering the 15 guest house and ‘revival’ locations in operation by FY12/09 end, Novarese appears to have room to grow. Discussions with the company suggest about 4 new wedding facilities per year (3 Novarese-branded guest houses and 1-~~2revival~~ projects), and 2-3 new dress shops. The initial plan for FY12/10 was calling for 3 Novarese-branded guest houses and 1 dress shop.	+	Target areas for new guest house facilities require a population of a minimum of 300,000 people, within a 20-km radius of a major train station or other transportation hub. According to government census data, there are about 75 cities in Japan that have sufficient population. Considering the 16 guest house and ‘revival’ locations in operation by Q2 FY12/10 end, Novarese appears to have room to grow. Discussions with the company suggest about 4 new wedding facilities per year (3 Novarese-branded guest houses and 1-2 revival projects), and 2-3 new dress shops. The initial plan for FY12/10 was calling for 3 Novarese-branded guest houses and 1 dress shop (opening of one of the guest houses was delayed to FY12/11).

NanoCarrier Ltd (4571)

Sharedresearch — Mon, 06 Sep 2010 08:42:17 GMT

← Older revision		Revision as of 08:42, 6 September 2010
Line 153:		Line 153:
	:Recurring Profit: -227 million yen		:Recurring Profit: -227 million yen
	:Net Income: -229 million yen		:Net Income: -229 million yen
		+
		+	The company had expected licensing agreement revenues for new micellar nanoparticle therapy from overseas pharmaceutical companies in Q2 FY03/11. However, evaluating the technology would take longer, so instead the parties agreed on option agreement (to be signed in Q3). NanoCarrier expects the option to be exercised, which would mean that the license agreement would be concluded in Spring 2010. Revisions in profits were smaller than sales due to reduced costs. The delayed licensing agreement meant that NanoCarrier won’t incur associated costs, and a delay in Phase I of the NC-4016 clinical trial meant that the company will avoid manufacturing costs for preparations.


Line 269:		Line 271:
	[[image:Nano-ENG Revised Forecast.png]]		[[image:Nano-ENG Revised Forecast.png]]

		+	The company revised down its 1H and full year forecast for FY03/11 on September 3, 2010 due to the delay in the license agreement previously expected in Q2 FY03/11 to spring 2011.

-	SG&A assumptions for the year are approximately 600 million yen~~, however depending upon sales progress, the company said spending may increase~~. The R&D budget for the year is expected to increase by approximately 80 million yen YoY to approximately 300 million yen. ~~R&D expenses are expected to be roughly equal in 1H and 2H, however this should probably be viewed through the same prism discussion above.~~	+	SG&A assumptions for the year are approximately 600 million yen. The R&D budget for the year is expected to increase by approximately 80 million yen YoY to approximately 300 million yen.
-		+

-	NanoCarrier has ample cash on hand for FY03/11 and beyond, assuming revenues are flat and R&D spending is stable. The company has 28,500 Warrant-6 series warrants outstanding (as of Q1 FY03/11), which if exercised at the minimum strike price, would generate just under 900 million yen.

	'''Longer Term Outlook'''		'''Longer Term Outlook'''

-	~~NanoCarrier’s longer term progress is largely on-track according to the company.~~ Potential developments in FY03/11 should lay the foundation for increasing revenues, although the uncertain nature of payment timing (milestones) suggests that sales are likely to remain lumpy.	+	Potential developments in FY03/11 should lay the foundation for increasing revenues, although the uncertain nature of payment timing (milestones) suggests that sales are likely to remain lumpy.

Grandy House (8999)

Sharedresearch — Mon, 06 Sep 2010 07:24:22 GMT

← Older revision		Revision as of 07:24, 6 September 2010
Line 31:		Line 31:
	companymarket2="-"		companymarket2="-"
	companymarket3="-"		companymarket3="-"
		+	companyfy="March"
	companyurl="http://www.grandy.co.jp/"		companyurl="http://www.grandy.co.jp/"
	companyirurl="http://www.grandy.co.jp/about/ir/"		companyirurl="http://www.grandy.co.jp/about/ir/"
	contribseg1="Real Estate Sales"		contribseg1="Real Estate Sales"
-	contribsale1="~~19366~~"	+	contribsale1="98.10"
	contribop1="374"		contribop1="374"
	contribseg2="Real Estate Leasing"		contribseg2="Real Estate Leasing"
-	contribsale2="~~374~~"	+	contribsale2="1.90"
	contribop2="232"		contribop2="232"
	contribseg3=""		contribseg3=""
Line 48:		Line 49:
	contribsale5=""		contribsale5=""
	contribop5=""		contribop5=""
-	contribseg6="~~Total~~"	+	contribseg6=""
-	contribop6="~~100~~"	+	contribop6=""
-	companycontribedityear="~~2009~~"	+	companycontribedityear="2010"
	companycontribeditmonth="March"		companycontribeditmonth="March"
	companydirectorkind1="Chairman/CEO"		companydirectorkind1="Chairman/CEO"
Line 57:		Line 58:
	companydirectorperson2="Kunio Iso"		companydirectorperson2="Kunio Iso"
	companydirectorkind3="Vice President"		companydirectorkind3="Vice President"
-	companydirectorperson3="~~Mitsuo Nomura~~"	+	companydirectorperson3="Hiroyuki Murata"
	companydirectorkind4="Vice President"		companydirectorkind4="Vice President"
-	companydirectorperson4="~~Hiroyuki Murata~~"	+	companydirectorperson4="Mitsuo Nomura"
	companydirectorkind5="Senior Managing Director"		companydirectorkind5="Senior Managing Director"
	companydirectorperson5="Sadao Kikuchi"		companydirectorperson5="Sadao Kikuchi"
Line 68:		Line 69:
	companydirectorkind8="Managing Director"		companydirectorkind8="Managing Director"
	companydirectorperson8="Yasushi Sayama"		companydirectorperson8="Yasushi Sayama"
-	companydirectorkind9=""	+	companydirectorkind9="Managing Director"
-	companydirectorperson9=""	+	companydirectorperson9="Yasuro hayashi"
-	companydirectorkind10=""	+	companydirectorkind10="Director"
-	companydirectorperson10=""	+	companydirectorperson10="Kenji Omi"
-	companyotherdirector="5"	+	companyotherdirector="3"
	companydirectoredityear="2010"		companydirectoredityear="2010"
	companydirectoreditmonth="March"		companydirectoreditmonth="March"
	companytop10person1="Toshio Kikuchi"		companytop10person1="Toshio Kikuchi"
-	companytop10percent1="19.57"	+	companytop10percent1="19.60"
	companytop10person2="Shin Nihon Bussan KK"		companytop10person2="Shin Nihon Bussan KK"
	companytop10percent2="12.97"		companytop10percent2="12.97"
	companytop10person3="Employees' Stockholding"		companytop10person3="Employees' Stockholding"
-	companytop10percent3="4.51"	+	companytop10percent3="4.84"
	companytop10person4="Goldman Sachs International"		companytop10person4="Goldman Sachs International"
	companytop10percent4="4.00"		companytop10percent4="4.00"
Line 86:		Line 87:
	companytop10percent5="3.91"		companytop10percent5="3.91"
	companytop10person6="Kunio Iso"		companytop10person6="Kunio Iso"
-	companytop10percent6="1.97"	+	companytop10percent6="1.98"
	companytop10person7="The Ashikaga Bank, Ltd."		companytop10person7="The Ashikaga Bank, Ltd."
	companytop10percent7="1.93"		companytop10percent7="1.93"
	companytop10person8="Japan Securities Finance"		companytop10person8="Japan Securities Finance"
	companytop10percent8="1.12"		companytop10percent8="1.12"
-	companytop10person9="~~Toyoo Saito~~"	+	companytop10person9="Kazunori Yamamoto"
-	companytop10percent9="0.98"	+	companytop10percent9="1.00"
-	companytop10person10="~~Sakae Onuma~~"	+	companytop10person10="Toyoo Saito"
-	companytop10percent10="0.97"	+	companytop10percent10="0.98"
		+	companytop10edityear="2010"
		+	companytop10editmonth="March"
	companyshares="103"		companyshares="103"
	companysharesedityear="2010"		companysharesedityear="2010"
Line 101:		Line 104:
	companycapitaledityear="2010"		companycapitaledityear="2010"
	companycapitaleditmonth="March"		companycapitaleditmonth="March"
-	companyratingofSandP="-"	+	companyratingofSandP=""
-	companyratingofMoodys="-"	+	companyratingofMoodys=""
-	companyratingofJCR="-"	+	companyratingofJCR=""
-	companyratingofRI="-"	+	companyratingofRI=""
-	companyratingedityear="-"	+	companyratingedityear=""
-	companyratingeditmonth="-"	+	companyratingeditmonth=""
	companymsc1="Ibaraki Grandy House K.K."		companymsc1="Ibaraki Grandy House K.K."
	companymsc2="Gunma Grandy House K.K."		companymsc2="Gunma Grandy House K.K."
Line 112:		Line 115:
	companymsc4="K.K. Sumikae Johokan"		companymsc4="K.K. Sumikae Johokan"
	companymsc5="Grandy Reform K.K."		companymsc5="Grandy Reform K.K."
-	companyempcons="~~392~~"	+	companyempcons="462"
-	companyemppar="~~216~~"	+	companyemppar="241"
-	companyaveage="36.9"	+	companyaveage="35.3"
-	companyanusalary="~~4850~~"	+	companyanusalary="4836"
-	companyemployeeedityear="~~2009~~"	+	companyemployeeedityear="2010"
	companyemployeeeditmonth="March"		companyemployeeeditmonth="March"
	companymainbank1="The Ashikaga Bank, Ltd."		companymainbank1="The Ashikaga Bank, Ltd."
Line 125:		Line 128:
	companyirtel=""		companyirtel=""
	companyirmail=""		companyirmail=""
-	basicdataimg="/sr_img/BasicDataImgEn/~~En8999_20100524_203947~~.png"	+	basicdataimg="/sr_img/BasicDataImgEn/En8999_20100906_161852.png"
	/>		/>
	</div>		</div>

User:Report3/MyReport/Nippon Parking Development Co Ltd (2353)

Report3 — Mon, 06 Sep 2010 07:11:43 GMT

User:Report3/MyReport/PARIS MIKI HOLDINGS INC (7455)

Report3 — Mon, 06 Sep 2010 05:30:02 GMT

deleted "[[User:Report3/MyReport/PARIS MIKI HOLDINGS INC (7455)]]" content was: '{{myreport}} {{#css:/sr_css/tab_report.css}} {{#css:/sr_css/tab_report_en.css}}{{#css:/sr_css/report2.css}} {{#css:/sr_css/model2_j.css}}{{#css:/sr_css/report.c...' (and the only contributor was 'Report3')

Round One Corp (4680)

Sharedresearch — Mon, 06 Sep 2010 04:43:11 GMT

← Older revision		Revision as of 04:43, 6 September 2010
Line 384:		Line 384:
	Ikebukuro. It appeared in the footnotes as a 22.0 billion yen debt guarantee to an SPC called R-1 Ikebukuro in FY03/08. The company commented in a release on May 28, 2010 that selling Ikebukuro land would mean a capital loss of 4.0-5.0 billion yen based on the current land value.		Ikebukuro. It appeared in the footnotes as a 22.0 billion yen debt guarantee to an SPC called R-1 Ikebukuro in FY03/08. The company commented in a release on May 28, 2010 that selling Ikebukuro land would mean a capital loss of 4.0-5.0 billion yen based on the current land value.

-	Umeda. The right to buy a property lot in Umeda (Osaka) appeared at 1.1 billion yen in FY03/08 footnotes. The amount was unchanged at the end of FY03/09. SR Inc. estimates that there is a walk-away penalty ~~of a few billion yen~~ should the company decide not to develop Umeda. SR Inc. estimates that the total cost of developing Umeda is about as much as Ikebukuro (slightly north of 20 billion yen).	+	Umeda. The right to buy a property lot in Umeda (Osaka) appeared at 1.1 billion yen in FY03/08 footnotes. The amount was unchanged at the end of FY03/09. SR Inc. estimates that there is a walk-away penalty should the company decide not to develop Umeda. SR Inc. estimates that the total cost of developing Umeda is about as much as Ikebukuro (slightly north of 20 billion yen).

	Namba (Sennichimae). The deposit for the land was paid in FY03/08. Round One then acquired the land through an SPC, with 9.2 billion yen of debt guarantees which appear in FY03/09 footnotes. SR Inc. estimates that the total cost of developing Namba is roughly half as much as Ikebukuro or Umeda.		Namba (Sennichimae). The deposit for the land was paid in FY03/08. Round One then acquired the land through an SPC, with 9.2 billion yen of debt guarantees which appear in FY03/09 footnotes. SR Inc. estimates that the total cost of developing Namba is roughly half as much as Ikebukuro or Umeda.
Line 391:		Line 391:

	Based on the amount of spending involved for the three locations, SR Inc. thinks that the company might choose either to sell or use a sale & leaseback regarding these projects before the end of 2010. More specifically, SR Inc. speculates that the company may choose to sell Ikebukuro and Umeda and perform a sale & leaseback for Namba. If Ikebukuro and Umeda were sold and then leased back, as opposed to a simple sell (and forget about it) option, Round One would have to develop the sites, which would mean the possibility of losses upon sale or ballooning cash outlays in tandem with debt repayment. SR Inc. therefore thinks keeping the properties is a somewhat unlikely choice for the company at this junction.		Based on the amount of spending involved for the three locations, SR Inc. thinks that the company might choose either to sell or use a sale & leaseback regarding these projects before the end of 2010. More specifically, SR Inc. speculates that the company may choose to sell Ikebukuro and Umeda and perform a sale & leaseback for Namba. If Ikebukuro and Umeda were sold and then leased back, as opposed to a simple sell (and forget about it) option, Round One would have to develop the sites, which would mean the possibility of losses upon sale or ballooning cash outlays in tandem with debt repayment. SR Inc. therefore thinks keeping the properties is a somewhat unlikely choice for the company at this junction.
-
-	To illustrate, if Ikebukuro were to be sold for about 15.0 billion yen (vs. the 22.0 billion in debt guarantees) there would be a 7.0 billion yen loss on the sale (simplistically estimating a selling price of approximately 70% of the price originally paid). However, if the company were to choose to sell and lease the site back, the loss amount would likely be significantly larger, to the extent that such costs would be unlikely to be recouped).
-
-	Relinquishing the rights to the Umeda site would generate a penalty fee of a few billion yen (a loss for the company), but again if it were to choose to sell and lease the land back after developing without relinquishing those rights, actual losses could be higher. Assuming the total development cost is over at 20 billion yen and the sale price at 60% of development costs, the company would incur losses of about 10.0 billion yen.
-
-	~~SR Inc. thinks that because Namba site would cost less to develop, that it is a more likely candidate for a sale & leaseback vs. an outright sale.~~
-

	'''2)What about selling and leasing back existing stores?'''		'''2)What about selling and leasing back existing stores?'''

	The sale & leaseback of existing stores will continue with the goal of repaying interest-bearing debt as indicated in the company’s Midterm Business Plan. At their briefing session, the company stated that it would like to keep losses from such transactions at a level that is less than, or equals the annual recurring profit. In other words, the thinking goes, let’s avoid net losses and potential cash shortages. To do so, if the company were to take losses on the sales of the three stores (Ikebukuro, Umeda, and Namba) in FY03/11, it could start selling and leasing back of its existing stores in FY03/12 and keep doing it over several years.		The sale & leaseback of existing stores will continue with the goal of repaying interest-bearing debt as indicated in the company’s Midterm Business Plan. At their briefing session, the company stated that it would like to keep losses from such transactions at a level that is less than, or equals the annual recurring profit. In other words, the thinking goes, let’s avoid net losses and potential cash shortages. To do so, if the company were to take losses on the sales of the three stores (Ikebukuro, Umeda, and Namba) in FY03/11, it could start selling and leasing back of its existing stores in FY03/12 and keep doing it over several years.
-
-	~~Likely Scenario~~
-
-	~~Based on the discussions with the company, SR makes the following rough assumptions per facility (store):~~
-
-	*Total average assets of 2.5 billion yen per store (land and buildings). Borrowings of 2.2 billion yen and a company investment of 300 million yen.
-
-	~~The number of stores sold will depend on the selling price, but SR Inc. assumes that the company might sell 40 stores at around 50% of their book value.~~
-
-	~~Impact on Earnings and Cash Flow~~
-
-	Based on the above scenario, SR Inc. calculated the total of 40 (stores) times losses of 1.25 billion yen per store would be approximately 50.0 billion yen (before considering tax implications). Of this, cash outlays accompanying the repayment of interest bearing debt would reach 38.0 billion yen (the actual amount being lower after tax considerations). Based on the assumptions discussed above and assuming an unchanged situation in terms of operational and financing options, SR Inc. estimates that the company would realize losses approximately equal to the recurring profit for several years (assuming annual recurring profit of 10.0 billion yen – about five years).

	'''3) What if sales at existing bowling centers continue to fall?'''		'''3) What if sales at existing bowling centers continue to fall?'''

File:2128Eng---PL.png

Sharedresearch — Mon, 06 Sep 2010 04:24:15 GMT

uploaded a new version of "[[File:2128Eng---PL.png]]"

New page

File:2128ENg---Domest-Weddings.png

Sharedresearch — Mon, 06 Sep 2010 04:22:45 GMT

uploaded a new version of "[[File:2128ENg---Domest-Weddings.png]]"

New page

File:2128ENg---Ratio-Comparison.png

Sharedresearch — Mon, 06 Sep 2010 04:19:42 GMT

uploaded a new version of "[[File:2128ENg---Ratio-Comparison.png]]"

New page

File:2128Eng---Full-year-Forecast.png

Sharedresearch — Mon, 06 Sep 2010 04:15:38 GMT

uploaded a new version of "[[File:2128Eng---Full-year-Forecast.png]]"

New page

File:2128Eng-Quarterly.png

Sharedresearch — Mon, 06 Sep 2010 04:15:14 GMT

uploaded a new version of "[[File:2128Eng-Quarterly.png]]"

New page

File:2128Eng---Stores-by-Type-FY12-09.png

Sharedresearch — Mon, 06 Sep 2010 03:23:49 GMT

uploaded a new version of "[[File:2128Eng---Stores-by-Type-FY12-09.png]]"

New page

File:2128Eng---Stores-by-Type-FY12-08.png

Sharedresearch — Mon, 06 Sep 2010 03:23:28 GMT

uploaded a new version of "[[File:2128Eng---Stores-by-Type-FY12-08.png]]"

New page

File:2128Eng---Main-Model.png

Sharedresearch — Mon, 06 Sep 2010 03:22:53 GMT

uploaded a new version of "[[File:2128Eng---Main-Model.png]]"

New page

PARIS MIKI HOLDINGS INC (7455)

Sharedresearch — Mon, 06 Sep 2010 02:38:24 GMT

← Older revision		Revision as of 02:38, 6 September 2010
Line 183:		Line 183:
	'''June 2010'''		'''June 2010'''

-	Comparable store sales 3.4% YoY; all store sales 10.2% YoY.	+	Comparable store sales 3.4% YoY; all store sales +10.2% YoY.


	'''May 2010'''		'''May 2010'''

-	Comparable store sales -3.4% YoY; all store sales 3.3% YoY.	+	Comparable store sales -3.4% YoY; all store sales +3.3% YoY.


	'''April 2010'''		'''April 2010'''

-	Comparable store sales -4.1% YoY; all store sales 1.0% YoY.	+	Comparable store sales -4.1% YoY; all store sales +1.0% YoY.

	----		----

NanoCarrier Ltd (4571)

Sharedresearch — Fri, 03 Sep 2010 11:41:03 GMT

← Older revision		Revision as of 11:41, 3 September 2010
Line 138:		Line 138:

	= Recent Updates =		= Recent Updates =
-	=== ~~Summary~~ ===	+	=== Highlights ===
		+
		+	On '''September 3, 2010''', the company revised 1H and full year FY03/11 forecasts. Details were as follows:
		+
		+	1H FY03/11 forecast:
		+	:Sales: 20 million yen
		+	:Operating Profit: -312 million yen
		+	:Recurring Profit: -312 million yen
		+	:Net Income: -313 million yen
		+
		+	Full year FY03/11 forecast
		+	:Sales: 475 million yen
		+	:Operating Profit: -226 million yen
		+	:Recurring Profit: -227 million yen
		+	:Net Income: -229 million yen
		+

	The company released Q1 FY03/11 results on '''July 30, 2010'''.		The company released Q1 FY03/11 results on '''July 30, 2010'''.
Line 254:		Line 269:
	[[image:Nano-ENG Revised Forecast.png]]		[[image:Nano-ENG Revised Forecast.png]]

-	NanoCarrier’s FY03/11 estimate is in-line with the company’s mid-term plan (as per FY03/09 results materials). The full-year sales estimate comprises roughly 750 million yen related to licensing revenues (milestones and one-time payments) from the core and new pipelines; about 200 million yen for preparations and 50 million in miscellaneous revenues. The company sales estimates are roughly split equally between 1H and 2H. SR Inc. thinks that given how lumpy individual revenue components are, the company cannot have clear visibility on 1H/2H split or even if all of the revenues would materialize in FY03/11. As such, the estimates should probably be seen as the best guess of the management as of May 2010. At the same, achieving full year results close to estimates and reporting concrete progress in the core pipeline during Q2 seems critical for the company’s credibility.

	SG&A assumptions for the year are approximately 600 million yen, however depending upon sales progress, the company said spending may increase. The R&D budget for the year is expected to increase by approximately 80 million yen YoY to approximately 300 million yen. R&D expenses are expected to be roughly equal in 1H and 2H, however this should probably be viewed through the same prism discussion above.		SG&A assumptions for the year are approximately 600 million yen, however depending upon sales progress, the company said spending may increase. The R&D budget for the year is expected to increase by approximately 80 million yen YoY to approximately 300 million yen. R&D expenses are expected to be roughly equal in 1H and 2H, however this should probably be viewed through the same prism discussion above.

File:Nano-ENG-BS.png

Sharedresearch — Fri, 03 Sep 2010 11:19:47 GMT

uploaded a new version of "[[File:Nano-ENG-BS.png]]" fix Net Assets

New page

File:Nano-ENG-PL3.png

Sharedresearch — Fri, 03 Sep 2010 11:18:06 GMT

uploaded a new version of "[[File:Nano-ENG-PL3.png]]" Make a bit thinner

New page

File:Nano-ENG-forecast.png

Sharedresearch — Fri, 03 Sep 2010 11:14:01 GMT

uploaded a new version of "[[File:Nano-ENG-forecast.png]]" Forecast revision

New page

File:Nano-Eng-main.png

Sharedresearch — Fri, 03 Sep 2010 11:12:05 GMT

uploaded a new version of "[[File:Nano-Eng-main.png]]" Forecast revision

New page

File:Nano-ENG Revised Forecast.png

Sharedresearch — Fri, 03 Sep 2010 10:59:00 GMT

uploaded a new version of "[[File:Nano-ENG Revised Forecast.png]]"

New page

File:Nano-ENG Revised Forecast.png

Sharedresearch — Fri, 03 Sep 2010 10:51:26 GMT

uploaded "[[File:Nano-ENG Revised Forecast.png]]"

New page

NanoCarrier Ltd (4571)

Sharedresearch — Fri, 03 Sep 2010 10:49:00 GMT

← Older revision		Revision as of 10:49, 3 September 2010
Line 251:		Line 251:

	[[image:Nano-ENG-forecast.png]]		[[image:Nano-ENG-forecast.png]]
		+
		+	[[image:Nano-ENG Revised Forecast.png]]

	NanoCarrier’s FY03/11 estimate is in-line with the company’s mid-term plan (as per FY03/09 results materials). The full-year sales estimate comprises roughly 750 million yen related to licensing revenues (milestones and one-time payments) from the core and new pipelines; about 200 million yen for preparations and 50 million in miscellaneous revenues. The company sales estimates are roughly split equally between 1H and 2H. SR Inc. thinks that given how lumpy individual revenue components are, the company cannot have clear visibility on 1H/2H split or even if all of the revenues would materialize in FY03/11. As such, the estimates should probably be seen as the best guess of the management as of May 2010. At the same, achieving full year results close to estimates and reporting concrete progress in the core pipeline during Q2 seems critical for the company’s credibility.		NanoCarrier’s FY03/11 estimate is in-line with the company’s mid-term plan (as per FY03/09 results materials). The full-year sales estimate comprises roughly 750 million yen related to licensing revenues (milestones and one-time payments) from the core and new pipelines; about 200 million yen for preparations and 50 million in miscellaneous revenues. The company sales estimates are roughly split equally between 1H and 2H. SR Inc. thinks that given how lumpy individual revenue components are, the company cannot have clear visibility on 1H/2H split or even if all of the revenues would materialize in FY03/11. As such, the estimates should probably be seen as the best guess of the management as of May 2010. At the same, achieving full year results close to estimates and reporting concrete progress in the core pipeline during Q2 seems critical for the company’s credibility.

Village Vanguard (2769)

Sharedresearch — Fri, 03 Sep 2010 10:18:03 GMT

← Older revision		Revision as of 10:18, 3 September 2010
Line 144:		Line 144:
	= Recent Updates =		= Recent Updates =
	=== Highlights ===		=== Highlights ===
		+
		+	Monthly sales for August 2010 were released on '''September 3, 2010'''.
		+

	Monthly sales for July 2010 were released on '''August 5, 2010'''.		Monthly sales for July 2010 were released on '''August 5, 2010'''.

JIN Co Ltd (3046)

Sharedresearch — Fri, 03 Sep 2010 09:01:57 GMT

← Older revision		Revision as of 09:01, 3 September 2010
Line 142:		Line 142:

	=== Highlights ===		=== Highlights ===
		+
		+	JIN released monthly sales data for August on '''September 3, 2010'''.

	On '''September 1, 2010''', the company announced the launch of the new “JINS ONLINE SHOP” (please see News and Topics)		On '''September 1, 2010''', the company announced the launch of the new “JINS ONLINE SHOP” (please see News and Topics)

PARIS MIKI HOLDINGS INC (7455)

Sharedresearch — Fri, 03 Sep 2010 08:59:53 GMT

← Older revision		Revision as of 08:59, 3 September 2010
Line 170:		Line 170:

	[[image:Paris-Miki-EN-Comparable-stores-1yr.png\|frame\|none\|Source: Company Data Processed by SR Inc.]]		[[image:Paris-Miki-EN-Comparable-stores-1yr.png\|frame\|none\|Source: Company Data Processed by SR Inc.]]
		+
		+	'''August 2010'''
		+
		+	Comparable store sales +2.7% YoY; all store sales +9.9% YoY.
		+

	'''July 2010'''		'''July 2010'''

File:Paris-Miki-EN-Comparable-stores-1yr.png

Sharedresearch — Fri, 03 Sep 2010 08:34:17 GMT

uploaded a new version of "[[File:Paris-Miki-EN-Comparable-stores-1yr.png]]"

New page

File:Paris-Miki-EN-Comparable-stores-all.png

Sharedresearch — Fri, 03 Sep 2010 08:33:58 GMT

uploaded a new version of "[[File:Paris-Miki-EN-Comparable-stores-all.png]]"

New page

File:VVeng-all-store.png

Report3 — Fri, 03 Sep 2010 08:08:13 GMT

uploaded a new version of "[[File:VVeng-all-store.png]]"

New page

File:VVeng-ESS.png

Report3 — Fri, 03 Sep 2010 08:06:32 GMT

uploaded a new version of "[[File:VVeng-ESS.png]]"

New page

File:JIN-EN-Existing Stores.png

Sharedresearch — Fri, 03 Sep 2010 08:02:49 GMT

uploaded a new version of "[[File:JIN-EN-Existing Stores.png]]"

New page

File:JIN-EN-All Stores.png

Sharedresearch — Fri, 03 Sep 2010 08:02:30 GMT

uploaded a new version of "[[File:JIN-EN-All Stores.png]]"

New page

JIN Co Ltd (3046)

Sharedresearch — Thu, 02 Sep 2010 09:47:24 GMT

← Older revision		Revision as of 09:47, 2 September 2010
Line 142:		Line 142:

	=== Highlights ===		=== Highlights ===
		+
		+	On '''September 1, 2010''', the company announced the launch of the new “JINS ONLINE SHOP” (please see News and Topics)

	JIN released monthly sales data for July on '''August 5, 2010'''.		JIN released monthly sales data for July on '''August 5, 2010'''.
Line 506:		Line 508:

	=== News & Topics ===		=== News & Topics ===
		+
		+	'''September 2010'''
		+
		+	JIN announced a new online shopping site “JINS ONLINE SHOP” (http://www.jins-jp.com) on September 1, 2010. The shopping site uses cutting-edge technology which provides uniform shopping experience from any device: PC, mobile phones, iPhone or iPad.
		+
		+	The company merged the brand site (used for promotion and notification of events), and its online shopping site which were previously managed independently. In a new attempt at marketing, the website doesn’t use actual models to show eyewear. Instead, product pictures are combined with artists’ drawings of people of various age and gender, an intentional approach to more abstract merchandising.
		+
		+	The sales via shopping sites are increasing rapidly (July 2010’s monthly sales at JINS ONLINE SHOP grew 337% YoY), and the company sees the shopping site as an important channel for boosting the number of eyewear sold in FY08/11, and hope to increase the number of website users by 10x, to 1 million users.
		+

	[[#top\|Back to Top]]		[[#top\|Back to Top]]

Don Quijote Co Ltd (7532)

Sharedresearch — Thu, 02 Sep 2010 01:08:29 GMT

← Older revision		Revision as of 01:08, 2 September 2010
Line 195:		Line 195:
	Planned store openings are as follows:		Planned store openings are as follows:
	*Doit LAPARK Iwaki		*Doit LAPARK Iwaki
		+
		+
		+	'''September 2010'''
		+
		+	Planned store openings are as follows:
		+	*Don Quijote Futamatagawa (Nagasakiya conversion)

File:MeganeTop-EN-Store Format.png

Sharedresearch — Wed, 01 Sep 2010 07:06:50 GMT

uploaded a new version of "[[File:MeganeTop-EN-Store Format.png]]"

New page