Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

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<ul><li>Outperformance at the Food Group – Q1-3 FY3/25 results demonstrated the ongoing strength and outperformance at the Food Group, with the Mister Donut franchise maintaining high growth and sustaining margin expansion.</li><li>The Direct Selling Group delivered a recovery in profitability YoY, which is a positive optic but derived from one-time events; with flat sales growth YoY, the underlying trend denotes a business making limited headway in delivering growth.</li><li>With unchanged FY3/25 guidance, we expect no major surprises in Q4 FY3/25 but will pay close attention to the release of the new medium-term plan covering FY3/26-FY3/29, which will be a key event.</li></ul>

Outperformance at the Food Group – Q1-3 FY3/25 results demonstrated the ongoing strength and outperformance at the Food Group, with the Mister Donut franchise maintaining high growth and sustaining margin expansion.The Direct Selling Group delivered a recovery in profitability YoY, which is a positive optic but derived from one-time events; with flat sales growth YoY, the underlying trend denotes a business making limited headway in delivering growth.With unchanged FY3/25 guidance, we expect no major surprises in Q4 FY3/25 but will pay close attention to the release of the new medium-term plan covering FY3/26-FY3/29, which will be a key event.

Duskin (4665 JP) - Entering a Critical Phase

<ul>
<li>The key takeaway from the Q1-2 FY3/25 result is that Duskin is making solid strides forward, although previous earnings projections appear to have been too ambitious.</li>
<li>Management has experienced challenges in aligning earnings guidance with actual performance, and there is a risk over whether it can deliver the planned ROI on the major ¥21bn capex automation project at the Direct Selling Group.</li>
<li>The Food Group continues to perform positively towards its full potential at ‘Mister Donut’, and we believe this segment will continue to be the core contributor to earnings growth.</li>
</ul>


The key takeaway from the Q1-2 FY3/25 result is that Duskin is making solid strides forward, although previous earnings projections appear to have been too ambitious.
Management has experienced challenges in aligning earnings guidance with actual performance, and there is a risk over whether it can deliver the planned ROI on the major ¥21bn capex automation project at the Direct Selling Group.
The Food Group continues to perform positively towards its full potential at ‘Mister Donut’, and we believe this segment will continue to be the core contributor to earnings growth.


Duskin (4665) - Forward Momentum Moderated

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<ul><li>The company revised its revenue forecast to JPY178.6bn, with segment statistics based on JPY178.7bn remaining unchanged.</li><li>1H FY03/25 results: Revenue JPY91.7bn (+6.9% YoY), Operating profit JPY3.9bn (+33.2% YoY), Net income JPY3.5bn.</li><li>Direct Selling Group revenue rose 0.6% YoY; Food Group revenue increased 20.1% YoY, driven by Mister Donut.</li></ul>

The company revised its revenue forecast to JPY178.6bn, with segment statistics based on JPY178.7bn remaining unchanged.1H FY03/25 results: Revenue JPY91.7bn (+6.9% YoY), Operating profit JPY3.9bn (+33.2% YoY), Net income JPY3.5bn.Direct Selling Group revenue rose 0.6% YoY; Food Group revenue increased 20.1% YoY, driven by Mister Donut.

Duskin Co Ltd (4665 JP): 1H FY03/25 flash update

<ul><li>Reflecting strengths and weaknesses – Q1 FY3/25 results presented contrasting elements in Duskin’s business.</li><li>Despite high hurdles YoY, the Food Group demonstrated sustained sales growth driven by the ‘Mister Donut’ chain.</li><li>However, cost inflation (involving personnel and manufacturing amongst others) and challenges in new customer acquisition at the Direct Selling Group contributed to a 7.5% decline in OP YoY. </li></ul>

Reflecting strengths and weaknesses – Q1 FY3/25 results presented contrasting elements in Duskin’s business.Despite high hurdles YoY, the Food Group demonstrated sustained sales growth driven by the ‘Mister Donut’ chain.However, cost inflation (involving personnel and manufacturing amongst others) and challenges in new customer acquisition at the Direct Selling Group contributed to a 7.5% decline in OP YoY. 

Duskin (4665 JP) - Q1 FY3/25 Results Update

<ul><li>The company revised its revenue forecast from JPY178.7bn to JPY178.6bn, with no segment adjustments disclosed.</li><li>Consolidated Q1 revenue rose 3.6% YoY to JPY45.2bn, marking the 14th consecutive quarter of revenue rise.</li><li>Consolidated operating profit for Q1 declined 7.5% YoY to JPY1.9bn, with OPM dipping 0.5pp YoY to 4.1%.</li></ul>

The company revised its revenue forecast from JPY178.7bn to JPY178.6bn, with no segment adjustments disclosed.Consolidated Q1 revenue rose 3.6% YoY to JPY45.2bn, marking the 14th consecutive quarter of revenue rise.Consolidated operating profit for Q1 declined 7.5% YoY to JPY1.9bn, with OPM dipping 0.5pp YoY to 4.1%.

Duskin Co Ltd (4665 JP): Q1 FY03/25 flash update

Japan

DUSKIN CO., LTD. sells and leases cleaning equipment and commodity. The Company operates food franchise chain as well.

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Duskin Co Ltd (4665 JP)

Duskin (4665 JP) - Entering a Critical Phase

Q1-3 FY3/25 results demonstrated the ongoing strength and outperformance at the Food Group, with the Mister Donut franchise maintaining high growth...

Astris Advisory Japan

Duskin (4665) - Forward Momentum Moderated

The key takeaway from the Q1-2 FY3/25 result is that Duskin is making solid strides forward, although previous earnings projections appear to have...

Astris Advisory Japan