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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  ZOZO, Inc.    3092   JP3399310006

ZOZO, INC.

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SoftBank's Yahoo Japan exits Oyo's Japan apartment venture

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12/19/2019 | 03:17am EST
The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is pictured in an alley in New Delhi

SoftBank-controlled Yahoo Japan has pulled out of a Japanese apartment rental venture with Oyo Hotels and Homes, in the latest setback for the loss-making Indian startup.

Yahoo Japan said it exited the venture Oyo Life, in which it had a 33.9% stake, to focus on other initiatives. The internet firm has led a wave of consolidation in Japan this year, buying online fashion retailer Zozo Inc and scooping up messaging app operator Line Corp.

Oyo, also backed by SoftBank Group, on Thursday said it has bought the Oyo Life shares held by Yahoo Japan, now known as Z Holdings, for an undisclosed amount.

Oyo expanded rapidly in India and abroad by promising to drive up hotel occupancy through its online booking system, but has faced pushback from hoteliers who say they have been blindsided by hidden fees.

The startup has been forced to relax expansion targets in Japan, where it also launched a platform for hotel reservations this year and faced complaints over its booking system and unmet promises of payment for room renovations.

SoftBank, however, remains invested in Oyo's Japan hotel business, which has expanded by offering hotels minimum revenue guarantees, with Vision Fund and wireless unit SoftBank Corp retaining stakes.

But with pricing dictated by Oyo's algorithm, which frequently slashes room fees, hotels have complained of weak revenue growth despite higher occupancy rates.

Apartment rental service Oyo Life launched pledging to simplify Japan's complicated room rental process by allowing users to rent through its one-stop website.

With Oyo often using intermediaries and then subleasing properties, costs must be clawed back through monthly rental and maintenance fees.

Yahoo Japan's exit from the apartment rental venture comes amid widening losses in India for Oyo and projections it may not make a profit there and in China until 2022.

Helmed by 26-year old founder Ritesh Agarwal, Oyo is just one SoftBank-backed startup where the tech conglomerate's cash injection has fueled rapid growth but that is under pressure to demonstrate a path to profitability.

By Sam Nussey

Stocks mentioned in the article
ChangeLast1st jan.
LINE CORPORATION 0.00% 5370 End-of-day quote.0.00%
OYO CORPORATION 0.42% 1424 End-of-day quote.2.45%
SOFTBANK CORP 1.21% 1502.5 End-of-day quote.0.84%
SOFTBANK GROUP CORP. 2.40% 5664 End-of-day quote.1.23%
Z HOLDINGS CORPORATION 4.49% 442 End-of-day quote.4.49%
ZOZO, INC. -2.09% 1687 End-of-day quote.-1.23%
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Financials (JPY)
Sales 2020 130 B
EBIT 2020 31 705 M
Net income 2020 21 610 M
Finance 2020 9 176 M
Yield 2020 1,84%
P/E ratio 2020 23,9x
P/E ratio 2021 18,8x
EV / Sales2020 3,89x
EV / Sales2021 3,29x
Capitalization 515 B
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Technical analysis trends ZOZO, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Average target price 2 521,83  JPY
Last Close Price 1 687,00  JPY
Spread / Highest target 113%
Spread / Average Target 49,5%
Spread / Lowest Target 6,70%
EPS Revisions
Managers
NameTitle
Kotaro Sawada President, CEO & Representative Director
Koji Yanagisawa Chief Financial Officer, Director & Vice President
Koji Ono Independent Director
Masahiro Ito Director & Head-PB Business
Takao Yamazaki Executive Officer & General Manager-Marketing
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