Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>Many LGBTQ have been harassed during their job search, and while hiring managers are under-prepared, Monogatari Corporation is one of the few companies that is committed to LGBTQ human rights.</li>
<li>Monogatari Corporation believes that the diversity of individuals is the foundation for creating value, and that a series of individual differentiation enhances the company's competitive advantage as a major differentiation.</li>
<li>Monogatari Corporation's high profit margins and sustained growth give hope that the hypothesis that "companies that care about sexual minorities are more profitable" may be supported.</li>
</ul>


Many LGBTQ have been harassed during their job search, and while hiring managers are under-prepared, Monogatari Corporation is one of the few companies that is committed to LGBTQ human rights.
Monogatari Corporation believes that the diversity of individuals is the foundation for creating value, and that a series of individual differentiation enhances the company's competitive advantage as a major differentiation.
Monogatari Corporation's high profit margins and sustained growth give hope that the hypothesis that "companies that care about sexual minorities are more profitable" may be supported.


A Company in Japan Confirms That "Companies that Take Care of Sexual Minorities Are More Profitable"

Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Equity Bottom-Up

<ul><li>We update our earnings forecast for Monogatari Corporation (3097, the company) and fine-tune our target price to 8,900 yen</li><li>Progress toward the company’s full-year guidance was 69% for sales, 41% for OP, and 86% for RP. RP includes subsidy income of 2.656bn yen.</li><li>We lower our FY6/22 OP forecast from 5.012bn yen to 3.023bn yen (+18.3% YoY; OPM 4.1%; company guidance 4.798bn yen), but raise our RP forecast from 5.962bn yen to 6.240bn yen (+46.3% YoY; company guidance 5.500bn yen), assuming an upturn in subsidy income</li></ul>

We update our earnings forecast for Monogatari Corporation (3097, the company) and fine-tune our target price to 8,900 yenProgress toward the company’s full-year guidance was 69% for sales, 41% for OP, and 86% for RP. RP includes subsidy income of 2.656bn yen.We lower our FY6/22 OP forecast from 5.012bn yen to 3.023bn yen (+18.3% YoY; OPM 4.1%; company guidance 4.798bn yen), but raise our RP forecast from 5.962bn yen to 6.240bn yen (+46.3% YoY; company guidance 5.500bn yen), assuming an upturn in subsidy income

Monogatari Corporation (3097): Evolving from King of Japanese BBQ to King of Food Service

<ul><li>Same-store sales for company-owned stores were 141.7% vs. May 2021 (123.9% for April), 227.3% vs. May 2020 (743.9% for April), and 110.5% vs. May 2019 (102.7% for April).</li><li><p>May sales were extremely strong, and the impression is positive.</p></li><li>The company does not plan to revise prices for Yakiniku King. The company believes that it can control the cost of sales ratio by optimizing the menu mix, adjusting the portion volume per dish, improving the handling of ingredients, and enhancing the side menu</li></ul>

Same-store sales for company-owned stores were 141.7% vs. May 2021 (123.9% for April), 227.3% vs. May 2020 (743.9% for April), and 110.5% vs. May 2019 (102.7% for April).May sales were extremely strong, and the impression is positive.The company does not plan to revise prices for Yakiniku King. The company believes that it can control the cost of sales ratio by optimizing the menu mix, adjusting the portion volume per dish, improving the handling of ingredients, and enhancing the side menu

Monogatari Corporation (3097): Extremely Strong May Sales; Small Meeting for Sell-Side Analysts

<ul><li>Same-store sales for company-owned stores were 123.9% vs. April 2021 (108.1% for March), 743.9% vs. April 2020 (93.9% for March), and 102.7% vs. April 2019 (91.3% for March)</li><li>Sales have been strong, as operating restrictions were lifted in late March. In particular, the Yakiniku division (Japanese BBQ) performed much better than in the pre-pandemic period</li><li>The number of domestic company-owned stores at end of April was 365 (+5 MoM, +25 vs. end FY6/21).</li></ul>

Same-store sales for company-owned stores were 123.9% vs. April 2021 (108.1% for March), 743.9% vs. April 2020 (93.9% for March), and 102.7% vs. April 2019 (91.3% for March)Sales have been strong, as operating restrictions were lifted in late March. In particular, the Yakiniku division (Japanese BBQ) performed much better than in the pre-pandemic periodThe number of domestic company-owned stores at end of April was 365 (+5 MoM, +25 vs. end FY6/21).

Monogatari Corporation (3097): Consumers Cannot Resist Japanese BBQ

<ul><li>Same-store sales for directly-owned stores were 108.2% vs. March 2021 (102.9% for February), 94.0% vs. March 2020 (70.2% for February)</li><li>The business environment was unfavorable for the company which mainly operates all- you can-eat restaurant formats, as requests for shorter operating hours continued until mid-March</li><li>However, we have the impression that the company did well despite the difficult business environment</li></ul>

Same-store sales for directly-owned stores were 108.2% vs. March 2021 (102.9% for February), 94.0% vs. March 2020 (70.2% for February)The business environment was unfavorable for the company which mainly operates all- you can-eat restaurant formats, as requests for shorter operating hours continued until mid-MarchHowever, we have the impression that the company did well despite the difficult business environment

Monogatari Corporation (3097): Signs of Recovery Among Senior Customers at Yuzuan

Japan

Monogatari Corporation operates a restaurant chain.  The Company's restaurants include Japanese, BBQ, noodle, and Japanese-style pancake restaurant.

Monogatari Corp (3097 JP)

A Company in Japan Confirms That "Companies that Take Care of Sexual Minorities Are More Profitable"

I would like to discuss the issues on the October 23 Nikkei Newspaper article, ""LGBT Recruitment Without Prejudice: Parties in Charge,...

Metrical Inc

Monogatari Corporation (3097): Evolving from King of Japanese BBQ to King of Food Service

We update our earnings forecast for Monogatari Corporation (3097, the company) and fine-tune our target price to 8,900 yen

Mita Securities

Monogatari Corporation (3097): Extremely Strong May Sales; Small Meeting for Sell-Side Analysts

Same-store sales for company-owned stores were 141.7% vs. May 2021 (123.9% for April), 227.3% vs. May 2020 (743.9% for April), and 110.5% vs. May...

Mita Securities

Monogatari Corporation (3097): Consumers Cannot Resist Japanese BBQ

Same-store sales for company-owned stores were 123.9% vs. April 2021 (108.1% for March), 743.9% vs. April 2020 (93.9% for March), and 102.7% vs....

Mita Securities

Monogatari Corporation (3097): Signs of Recovery Among Senior Customers at Yuzuan

Same-store sales for directly-owned stores were 108.2% vs. March 2021 (102.9% for February), 94.0% vs. March 2020 (70.2% for February) The business...

Mita Securities