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>Revenue decreased by 3.4% YoY to JPY316.2bn, with a decline in new game console demand impacting sales.</li><li>Gross profit increased by 7.0% YoY to JPY127.3bn, while operating profit margin fell to 3.1% due to higher SG&A expenses.</li><li>Sales of secondhand goods rose 12.5% YoY to JPY140.4bn, driven by increased secondhand market demand and store expansions.</li></ul>

Revenue decreased by 3.4% YoY to JPY316.2bn, with a decline in new game console demand impacting sales.Gross profit increased by 7.0% YoY to JPY127.3bn, while operating profit margin fell to 3.1% due to higher SG&A expenses.Sales of secondhand goods rose 12.5% YoY to JPY140.4bn, driven by increased secondhand market demand and store expansions.

Geo Holdings (2681 JP): Q3 FY03/25 flash update

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.

<ul><li><strong>Sales and profit fall</strong> – Q1-2FY3/25 sales and OP declined as the difficult annual comps for new games and consoles continued into Q2.</li><li>This ate into strong demand for the company’s reuse (second- hand) clothes and used smartphones.</li><li>Q1-2 sales fell 7.4% to ¥199.7bn while OP declined at a faster 25.9% pace to ¥5.4bn. </li></ul>

Sales and profit fall – Q1-2FY3/25 sales and OP declined as the difficult annual comps for new games and consoles continued into Q2.This ate into strong demand for the company’s reuse (second- hand) clothes and used smartphones.Q1-2 sales fell 7.4% to ¥199.7bn while OP declined at a faster 25.9% pace to ¥5.4bn. 

Geo Holdings (2681 Jp) - Sales, OP Fall Despite Strong Core Product Demand

<ul><li>Revenue decreased by 7.4% YoY to JPY199.7bn, with operating profit declining 25.9% YoY to JPY5.4bn.</li><li>Gross profit increased 7.8% YoY to JPY81.8bn, driven by a change in sales composition and higher gross profit margin.</li><li>Secondhand product revenue rose 10.9% YoY to JPY87.3bn, while new product revenue dropped 40.1% YoY to JPY44.5bn.</li></ul>

Revenue decreased by 7.4% YoY to JPY199.7bn, with operating profit declining 25.9% YoY to JPY5.4bn.Gross profit increased 7.8% YoY to JPY81.8bn, driven by a change in sales composition and higher gross profit margin.Secondhand product revenue rose 10.9% YoY to JPY87.3bn, while new product revenue dropped 40.1% YoY to JPY44.5bn.

Geo Holdings (2681 JP): 1H FY03/25 flash update

<ul><li>Q1 FY3/25 earnings look negative at first glance, with both sales and operating profit falling. However, the details show strong demand for GEO HOLDINGS’ core second-hand fashion business and smartphone sales, helping gross profit increase.</li><li>The key earnings drivers were a fall in sales (-6.2% YoY to ¥100.15bn) due to difficult annual comps from new games sales.</li><li>However, GEO HOLDINGS’ core second-hand fashion business and smartphones enjoyed robust demand, thanks to new store openings at home and overseas.</li></ul>

Q1 FY3/25 earnings look negative at first glance, with both sales and operating profit falling. However, the details show strong demand for GEO HOLDINGS’ core second-hand fashion business and smartphone sales, helping gross profit increase.The key earnings drivers were a fall in sales (-6.2% YoY to ¥100.15bn) due to difficult annual comps from new games sales.However, GEO HOLDINGS’ core second-hand fashion business and smartphones enjoyed robust demand, thanks to new store openings at home and overseas.

Geo Holdings (2681 Jp) - Q1 FY3/25 Results Update

<ul><li>Revenue was JPY100.1bn (-6.2% YoY), operating profit JPY4.4bn (-24.6% YoY), recurring profit JPY5.5bn (-22.5% YoY), net income JPY3.5bn (-26.5% YoY).</li><li>Gross profit was JPY41.7bn (+6.1% YoY), with a gross profit margin up 4.8pp to 41.6%, and SG&A ratio rose 5.9pp to 37.3%.</li><li>Revenue of secondhand products rose 17.7% YoY to JPY46.4bn, while new product revenue dropped 42.6% YoY to JPY21.3bn.</li></ul>

Revenue was JPY100.1bn (-6.2% YoY), operating profit JPY4.4bn (-24.6% YoY), recurring profit JPY5.5bn (-22.5% YoY), net income JPY3.5bn (-26.5% YoY).Gross profit was JPY41.7bn (+6.1% YoY), with a gross profit margin up 4.8pp to 41.6%, and SG&A ratio rose 5.9pp to 37.3%.Revenue of secondhand products rose 17.7% YoY to JPY46.4bn, while new product revenue dropped 42.6% YoY to JPY21.3bn.

Geo Holdings (2681 JP): Q1 FY03/25 flash update

Japan

GEO Holdings Corporation operates stores that rent and sell videos, CDs, DVDs, games, and books nationwide. The Company also buys and sells used books and CDs. GEO operates its own stores and also franchise stores.

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Geo Holdings (2681 JP)