In today’s briefing:
- CyberAgent 1Q: Media Business Continues to Show Solid Growth
- Ather Energy Pre-IPO – The Negatives – Outpaced by Rivals
- Canon Marketing Japan (8060 JP): Full-year FY12/24 flash update
- BWMX: Snapping the Catalog; Ready for the New Year; Reiterate Buy, $22.50 PT
- LE: Snapping the Catalog; Shift to Spring, Swimwear Begins; Reiterate Buy, PT
CyberAgent 1Q: Media Business Continues to Show Solid Growth
- CyberAgent Inc (4751 JP) reported 1QFY09/2025 results today. 1Q revenues beat consensus but reported OP fell below consensus due to weak gaming margins.
- The key highlight of the quarter was the strong results of the Media business whose revenues saw strong growth with strengthened profitability.
- Though game earnings were slightly weak during 1Q, we would not be too worried as app analysis data reveals that the segment is off to a strong start in 2QFY09/2025.
Ather Energy Pre-IPO – The Negatives – Outpaced by Rivals
- Ather Energy is looking to raise about US$536m in its upcoming India IPO.
- Ather is a pure play electric vehicle company in India designing and developing E2Ws, battery packs, charging infrastructure, associated software and accessories, also manufacturing battery packs and assembling E2Ws in-house.
- In this note, we talk about the not-so-positive aspects of the deal.
Canon Marketing Japan (8060 JP): Full-year FY12/24 flash update
- Sales increased by 7.3% YoY to JPY653.9bn, driven by IT solutions and maintenance/operations services.
- FY12/25 forecasts: Sales JPY680.0bn (+4.0% YoY), Operating profit JPY56.0bn (+5.4% YoY), Net income JPY39.5bn (+0.5% YoY).
- IT solutions sales expected to grow YoY, with a 7% increase in SI services and 10% in outsourcing.
BWMX: Snapping the Catalog; Ready for the New Year; Reiterate Buy, $22.50 PT
- We are reiterating our Buy rating, $22.50 price target and projections for Betterware de Mexico after reviewing the January catalog.
- The catalog has continued to focus on driving overall newness, with SKU counts remaining near record highs.
- with a combination of new products and returning favorites.
LE: Snapping the Catalog; Shift to Spring, Swimwear Begins; Reiterate Buy, PT
- We are reiterating our Buy rating, $20 price target and projections for Lands’ End after reviewing the January catalog.
- We believe, as the seasons begin to slowly switch from one company strength (outerwear) to another (swimwear), Lands’ End has continued to reduce overall discounting, focus even more on key fashion winners, become even more of a source for key outfits and looks, added to their technological and story telling resources and expand sales of higher margined licensed products.
- As such, we believe customer shifts and a focus on higher margin product offerings remain fully on tap, and we believe 2025 is shaping up as another year of material progress for Lands’ End: we reiterate our Buy rating and $20 price target for LE.
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