Research from Mita Securities, Mita Securities

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.

Research from Mita Securities

Equity Bottom-Up

<ul><li>We update our earnings forecast for Ohsho Food Service (9936, the company) and fine-tune our target price to 7,200 yen</li><li>On January 31, the company announced 1-3Q OP of 5.0bn yen (OPM 8.0%), +8.6% YoY despite the pandemic, progressing 72% toward the full-year guidance of 7.0bn yen</li><li>We lower our FY3/22 OP forecast from 7.5bn yen to 6.6bn yen (+8.8% YoY; OPM 7.8%; company guidance 7.0bn yen), but raise our RP forecast significantly from 8.8bn yen to 12.7bn yen (company guidance 11.5bn yen) assuming an upturn in subsidy income</li></ul>

We update our earnings forecast for Ohsho Food Service (9936, the company) and fine-tune our target price to 7,200 yenOn January 31, the company announced 1-3Q OP of 5.0bn yen (OPM 8.0%), +8.6% YoY despite the pandemic, progressing 72% toward the full-year guidance of 7.0bn yenWe lower our FY3/22 OP forecast from 7.5bn yen to 6.6bn yen (+8.8% YoY; OPM 7.8%; company guidance 7.0bn yen), but raise our RP forecast significantly from 8.8bn yen to 12.7bn yen (company guidance 11.5bn yen) assuming an upturn in subsidy income

Ohsho Food Service (9936): Earnings Forecast Update.