IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

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<ul><li>GDO announced 3Q cumulative (9M) FY23/12 consolidated financial results at 15:00 on Monday 11/13.</li><li>Headline figures were net sales +15.6% YoY (see PP2-4 for brief explanations by segment), EBITDA -4.4%, OP swung sharply into loss (see P5 for OP factor analysis by segment) due to GW etc. amortization, ordinary profit -73.8% due to the increase in interest expense in addition to the OP loss, and profit attributable to owners of parent -90.5%, mainly due to the disappearance of the extraordinary gain on debt forgiveness of the COVID PPP loan program in the US in Feb-2022.</li><li>As difficult market conditions in the domestic market are expected to continue, GDO revised down full-term FY23/12 guidance.</li></ul>

GDO announced 3Q cumulative (9M) FY23/12 consolidated financial results at 15:00 on Monday 11/13.Headline figures were net sales +15.6% YoY (see PP2-4 for brief explanations by segment), EBITDA -4.4%, OP swung sharply into loss (see P5 for OP factor analysis by segment) due to GW etc. amortization, ordinary profit -73.8% due to the increase in interest expense in addition to the OP loss, and profit attributable to owners of parent -90.5%, mainly due to the disappearance of the extraordinary gain on debt forgiveness of the COVID PPP loan program in the US in Feb-2022.As difficult market conditions in the domestic market are expected to continue, GDO revised down full-term FY23/12 guidance.

3Q Follow-Up - Golf Digest Online (3319 JP)

<div><div><div><div><ul><li>Post-merger integration (PMI) for SkyTrak business was largely completed during the 1H, and the GOLFTEC ANYWHERE initiative is now in full swing.</li><li>GOLFTEC continues to steadily open new corporate centers.</li><li>Following 1H unit sales of 5,000 units (new SkyTrak+ only launched at the end of May), the Company expects SkyTrak 2H unit sales of 10,000+ units. </li></ul></div></div></div></div>

Post-merger integration (PMI) for SkyTrak business was largely completed during the 1H, and the GOLFTEC ANYWHERE initiative is now in full swing.GOLFTEC continues to steadily open new corporate centers.Following 1H unit sales of 5,000 units (new SkyTrak+ only launched at the end of May), the Company expects SkyTrak 2H unit sales of 10,000+ units. 

2Q Follow-Up - Golf Digest Online (3319 JP)

<ul><li>On May 4, GOLFTEC announced the launch of “SkyTrak+,” a premium version of the award-winning and No.1 best-selling consumer launch monitor, now offering tour level accuracy and performance at a price that is still only a fraction of the top-ofthe-line commercial-use product.</li><li>Having largely completed the integration of SkyTrak business during the 1Q, the GOLFTEC ANYWHERE initiative is now going into full swing.</li><li>Since our 4Q FY22/12 Follow-up Report, GDO’s share price has declined another 12.7%, the decline from the peak now equal to the -64% seen in the case 1 shown below. </li></ul>

On May 4, GOLFTEC announced the launch of “SkyTrak+,” a premium version of the award-winning and No.1 best-selling consumer launch monitor, now offering tour level accuracy and performance at a price that is still only a fraction of the top-ofthe-line commercial-use product.Having largely completed the integration of SkyTrak business during the 1Q, the GOLFTEC ANYWHERE initiative is now going into full swing.Since our 4Q FY22/12 Follow-up Report, GDO’s share price has declined another 12.7%, the decline from the peak now equal to the -64% seen in the case 1 shown below. 

Golf Digest Online (3319 JP) - Follow-Up Q1 FY2023/12

Japan

Golf Digest Online Inc. an online retailer sells and trades golf products. The Company also provides golf reservation services and delivers golf related news.

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