Daily BriefsJapan

Japan: Monogatari Corp and more

In today’s briefing:

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

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

By Mita Securities

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

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