Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>FY10/23 figures reflect finalized provisional accounting treatment; business profit is JPY2.7bn (+67.9% YoY), revenue JPY131.6bn (+33.0% YoY).</li><li>RENOSY Marketplace improved profit margin through topline growth and fee measures; ITANDI segment profit rose 70% YoY.</li><li>ITANDI business saw ARR reach JPY3.4bn (+36% YoY), with a churn rate of 0.40% and unit economics at 39.0x.</li></ul>

FY10/23 figures reflect finalized provisional accounting treatment; business profit is JPY2.7bn (+67.9% YoY), revenue JPY131.6bn (+33.0% YoY).RENOSY Marketplace improved profit margin through topline growth and fee measures; ITANDI segment profit rose 70% YoY.ITANDI business saw ARR reach JPY3.4bn (+36% YoY), with a churn rate of 0.40% and unit economics at 39.0x.

GA Technologies (3491 JP): Q3 FY10/24 report update

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Despite the rebound of sales and profits in the three months to April and positive guidance for 2H of FY Oct-21, GA technologies' share price remains more than 50% below its 52-week high. Anticipating legislation allowing digital (online) real estate transactions taking effect in 2022, this looks like an opportunity for long-term investors.Management continues to guide for a 30% increase in operating profit on a 35% increase in revenue in FY Oct-21 as a whole. A potential downward revision appears to be going into the price.The digitalization of the Japanese real estate market and M&amp;A should enable a doubling or tripling of profits by 2025, in our estimation.

Despite the rebound of sales and profits in the three months to April and positive guidance for 2H of FY Oct-21, GA technologies' share price remains more than 50% below its 52-week high. Anticipating legislation allowing digital (online) real estate transactions taking effect in 2022, this looks like an opportunity for long-term investors.Management continues to guide for a 30% increase in operating profit on a 35% increase in revenue in FY Oct-21 as a whole. A potential downward revision appears to be going into the price.The digitalization of the Japanese real estate market and M&amp;A should enable a doubling or tripling of profits by 2025, in our estimation.

GA Technologies (3491 JP): Down 56% Since Last December - Is that Enough?

Japan

GA Technologies Co., Ltd offers Internet based services. The Companyy mainly provides real estate comprehensive platform operation, rental property management, renovation planning and design, and other services. GAtechnologies also develops asset management related applications.

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GA Technologies (3491 JP)