5月第8届投资者关系峰会回顾

Hiroko Sato * | Equity Analyst813 5251 6185 | hsato@jefferies.comKen Oiwa, CFA * | Equity Analyst+813 5251 6126 | koiwa@jefferies.com SanSan (4443 JP, Buy), Bengo4.com (6027 JP, Buy) and Raksul (4384 JP, Buy)—First-timeattendees: We also recently started coverage of these three. SanSan, as expected, was a popularstock among the first-time companies at our event. Many investors already follow SanSan, alongwith other SaaS names such as Rakus. ForSanSan,the main takeaways were their 1) BillOnebusiness outlook, 2) next growth story and 3) overall market trends. ForBengo4, understandingwhat they do was the main discussion point, but takeaways include 1) this FY business outlooksince Legal Brain is not included in the FY guidance, 2) Cloud Sign business outlook, and 3) overallmacro trends.IIJ (3774 JP, Hold)—This company should be viewed from an at least one-year view: Highinterest among investors following the IT service sector since this stock is lagging other stocks inour coverage. The key takeaway for IIJ was that it does have increasing labor and facility (cloud-related) costs this FY from Q1, but overall Network related demand remains a tailwind. Publicsector will remain steady once again this FY, and they are going after new sets of big-size projects.We may see tough YoY comps, but absolute values are growing, so the message is we needto look at IIJ over a longer investment horizon (one year-plus) rather than the short term. Forcybersecurity issues, there were no new updates at this point.Raksul (4384 JP, Buy)—First time attending our event: Discussion points from the meetingsincluded the following. The CFO believes that any integration and synergies have to be with futuregrowth in mind, such as the recently announced Gifu shopping bag company acquisition. Inaddition, the company is using Raksul Factory to ramp up the future innovation in printing so thatit can bring synergies to other printing companies. The company believes that the use ofHanko(Japanese stamp cards) is important to get new SME clients as they need theHankofirst, withservices such as billing later.dip Corp (2379 JP, Buy) and Persol HD (2181 JP, Hold)—HR staffing companies were also hereagain this FY: Fordip,spot baitorushould contribute revenue to the main business. The strengthis the connection with corporations, especially in the SME food and beverage business. Efficiencyshould be achieved by using AI andbaitorutalk products. This is a communication tool betweenmanagers and part-time workers that enables efficient shift work. ForPersol, we are waiting forthe next catalyst. Persol seems to be capturing interest from value funds.Please see important disclosure information on pages 3 - 7 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksFor Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300.Analyst Certification:I, Hiroko Sato, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Ken Oiwa, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Hiroko Sato is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified asa research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.Registration of non-US analysts:Ken Oiwa, CFA is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us f