Istyle : Analyst Report Issued by WARC Inc.

May 22, 2024 at 06:18 am EDT

Istyle, Inc.

22/05/2024

3660 JP / TSE Prime / Industry: Household Necessities Stores, Specialised Information Sites Information Sites

Go Saito (WARC Inc. CFO)

ir@warc.jp

Timing to see profitability gains led by upfront investments.

Implications from FY6/24Q3

Since the 4Q of FY6/24 will be investment-oriented, market attention will focus on FY6/25 and beyond.
Based on the FY6/24 WARC forecast, we expect an annualized operating profit CAGR of +27% over the next three years. Now that the company has broken away from its operating deficit position, which lasted until FY6/22, and is able to accumulate solid cash flow, the company has factored in its forecast to make upfront investments for the future.
The stock market should look beyond the short-term earnings squeeze caused by upfront investment. The timing of the realization of operational cost efficiencies and the strength of offering both marketing solution and retail businesses may be the catalyst for valuation expansion.

Based on istyle ("the company")'s 3Q results for FY6/24, we have set our forecasts for FY6/24-FY6/27. We expect the company to achieve its forecasts for FY6/24. The CAGR for the next three years, starting from FY6/24, is expected to be 10% for net sales and 27% for operating profit.

The retail business will continue to be the earnings driver. Although our forecast only includes the opening of one new store each fiscal year, we expect profit growth of +19% per year based on growth in sales per sales floor space at existing directly managed stores. If the company were to accelerate the pace of new store openings, there may be a time lag between investment and contribution to sales, depending on the size of the stores, but we intend to carefully assess the contribution to sales over the medium term.

The company intends to continue to invest aggressively in FY6/25. In particular, it will continue to invest in human resources and systems. In FY6/23, the company broke out of its operating deficit, which had persisted until then, and free cash flow has finally stabilized. As a result, the company has been unable to invest in systems to support its marketing solution business and retail business, but it appears that the fundamentals are finally in place to allow such investment.

In the short term, the company's operating profit margin improvement will be limited due to continued upfront investments. However, it is more important to carefully assess the potential for this investment to lead to operational cost efficiencies and increased synergies between the marketing solution business and the retail business in FY6/26 and beyond.

Our forecast is based on the assumption that a certain amount of upfront investment will continue. Since we are minimizing our plans to open new stores in the retail business, it is conceivable that further investment will increase. Our forecast assumes that a certain amount of upfront investment will continue. Since we are minimizing our plans to open new stores in the retail business, it is conceivable that further investment will increase.

Closing Price	21/05/2024	453.000
Moving Average	Last 1M	508.105
	Last 3M	506.814
	Last 6M	466.975
High Price	Last 1Y	750.000
Low Price	Last 1Y	388.000
Turnover	21/05/2024	2,331,400
(Source) SPEEDA		Unit : JPY

cap	21/05/2024	36,903Million
	(Local time)
Value	LTM	37,798Million
	Latest FY	129.8x
	LTM	32.8x
	Curt. Est.	35.7x
	LTM	3.16x
	Latest FY	0.85x
	LTM	0.71x
	Curt. Est.	0.69x
	Latest FY	12.5x
	LTM	10.2x
	Curt. Est.	10.3x
profit	Latest FY	44.7x
	LTM	21.9x
	Curt. Est.	22.2x
(Source) SPEEDA		Unit : JPY

22/05/2023 - 21/05/2024

This report is for informational purposes only and is not intended as a solicitation or inducement to engage in investment activities, nor is it intended to provide opinions or judgments regarding investments or the other related matters.

This report was prepared at the request of the subject company, with information provided by the company through interviews, etc. However, the information, interpretation of data, credibility, hypotheses, conclusions, and all other content in this report is based on WARC's analysis, and the accuracy, safety, and validity of the information or opinions contained in this report are not guaranteed.

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report. The content of this report is subject to change without notice.

WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

WA R C \| istyle, Inc.	22/05/2024

Financial Statement

			Revenue		EBITDA		OP		RP		NP		EPS
			(Y mil)	（Y/y）	(Y mil)	（Y/y）	(Y mil)	（Y/y）	(Y mil)	（Y/y）	(Y mil)	（Y/y）	（円）
FY06/21	FY		30,950	1.3%	1,205	1269.3%	-604	-	-795	-	379	-	5.5
FY06/22	FY		34,401	11.2%	1,556	29.1%	-453	-	-593	-	-571	-	-7.4
FY06/23	FY		42,890	24.7%	2,935	88.6%	817	-	410	-	275	-	3.6
FY06/24	FY	Company plan	55,000	28.2%	-	-	1,700	108.1%	1,500	265.9%	1,000	263.6%	12.9
FY06/24	FY	WARC forecast	55,237	28.8%	3,229	10.0%	1,827	123.6%	1,627	296.8%	1,093	297.5%	14.2
FY06/25	FY	WARC forecast	60,258	9.1%	3,854	19.3%	2,324	27.2%	2,078	27.7%	1,455	33.1%	18.9
FY06/26	FY	WARC forecast	66,834	10.9%	4,568	18.5%	2,914	25.4%	2,672	28.6%	1,870	28.6%	24.3
FY06/27	FY	WARC forecast	73,875	10.5%	5,562	21.8%	3,770	29.4%	3,533	32.2%	2,473	32.2%	32.2

(Source) Company data, WARC

The company reported sales of 40.9 billion yen (+32% YoY) and operating profit of 1.5 billion yen (+168% YoY) in cumulative 3Q results for FY6/24, exceeding the company plan. The company raised its full-year forecasts (sales 50.0 billion yen -> 55.0 billion yen, operating profit 1.2 billion yen -> 1.7 billion yen) in light of the results. Based on this plan, the company expects a 17% increase in sales and a 10% decrease in operating profit in 4Q, due to a one-time charge of 147 million yen in 3Q, as well as investments to strengthen the business fundamentals in the retail business and the company as a whole in 4Q.

The retail business continued to be the driver of performance in 3Q. In the store business, sales per square meter at directly managed stores grew by 38% y-o-y, recording a 49% y-o-y increase ( same-store sales were up 23% y-o-y). There was also a rush demand for some products before price hikes. In addition, the directly managed flagship store @cosme OSAKA, which opened in September 2023, performed better than their expected. The EC business grew 32% YoY due in part to the success of the @cosme BEATY DAY held in 2Q, which fostered customer loyalty. The Amazon store also appears to be expanding steadily, although its contribution to sales is still low. On the other hand, the Global Business posted a YoY sales decline in 3Q following 2Q, and its operating loss widened. In addition to the difficult macro environment, the adoption of a sales strategy focused on highly profitable products appears to have resulted in lower sales in the China cross-border EC business.

Earnings forecast

In response to the above, we have developed a forecast of the company's earnings. Please note that although this is a sponsored report, the forecasts are based on WARC's analysis of publicly available information and the macro environment.

For FY6/24, we forecast net sales of 55,237 million yen (+29% y-o-y) and operating profit of 1,827 million yen (+124% y-o-y). Operating profit is expected to reach 7% of the revised company plan. Momentum in each segment is expected to remain largely unchanged. The retail business has achieved a high level of growth so far, but the tailwind effect of the return of human flow since the beginning of 2023 has not been small, and it should be remembered that the launch pad has been raised since the 4Q. In terms of profits, the operating profit margin for 4Q (April-June) is expected to remain at 2.6%, due to planned upfront investments to strengthen the business foundation.

For FY6/25, we forecast net sales of 60,258 million yen (+9% YOY) and operating profit of 2,324 million yen (+27% YOY). The domestic retail business will continue to be the driver of overall performance, backed by strong domestic and inbound demand. Plan for new store openings is set at one standard store in 3Q. Although the company has not announced specific store opening plans, it should be kept in mind that it will aggressively open new stores and refurbish existing stores over the next several years, given that its directly managed flagship stores have begun to perform well and that monthly sales per floor space at existing directly managed stores have remained strong.

Considering the effect of increased sales and other factors, we would expect an improvement in the operating profit margin. However, given the company's investment in the 4Q and its past management stance, it is best to assume that the company will continue to make a certain amount of upfront investment for the time being. Given that the company has clearly broken away from the operating losses it had been incurring until FY6/22, investment in core systems, which had been a longstanding issue for the company, seems an urgent priority. While the aggressive investment will put pressure on earnings for the time being, the company should look to future improvements in operating cost efficiency and the expansion of synergies between the marketing support business and the retail business.

Sales CAGR of +10% per year is assumed for FY6/26 and beyond. The marketing solution business is expected to grow +10% annually, while the retail business is expected to grow +12%. In the marketing solution business, growth in the advertising solutions business will continue to be the driving force. Advertising expenditures by the cosmetics and toiletries industry in the four mass media continue to decline, which we believe is partly due to the ongoing shift to Internet advertising. The company has always sought to generate synergies with its advertising solutions business by not only operating its own specialized media but also managing its own stores and e-commerce sites. Whether or not the company's investment in infrastructure systems will lead to maximization of these synergies will be an important point in the future. In addition, the company has recently strengthened its efforts in new business areas through collaboration with Trenders, which has strengths in SNS marketing. The current forecast

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report.

The content of this report is subject to change without notice.
WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

W A R C \| istyle, Inc.	22/05/2024

includes a certain amount of only these investments, but does not expect them to contribute to sales. If the company's future efforts are able to produce solid results, the contribution to earnings is likely to be even higher. In the retail business, the company has not announced specific plans or pace of new store openings, so the current forecast is based on the assumption that the company will open one standard store each fiscal year. Therefore, it is important to keep in mind that the growth rate may accelerate depending on the realization of the store opening plan.

Although there are many uncertainties, what we must firmly recognize is that if we can solidify our foundation during the up-front investment period up to FY6/26, we can expect quadratic growth with improved profitability in FY6/27 and beyond (or as early as FY6/26). We forecast an operating profit CAGR of +27% per year from FY6/26 onward. We anticipate that the effect of revenue growth will be offset by aggressive investments. The assumption is that upfront investments will mainly affect the marketing solution business and corporate expenses. If the company decides to aggressively open new stores, upfront investments related to store openings will also be incurred, but the increase in sales due to the increase in floor space should be able to absorb a certain amount of the increase in sales.

We would like to discuss specifically the future of operating profit and operating profit margin for the main businesses.

In the marketing solution business, we expect a certain level of recovery from the deterioration in profitability due to the recording of software amortization expenses in 3QFY6/24. However, we do not expect any increase in revenue for the time being, as we expect to continue investing in the renewal of the core system. We believe that the probability of improving future growth potential will increase as the company becomes able to factor in upfront investments, operational cost efficiencies, and sales growth in its forecasts.

Source: Company data, WARC

In the retail business, although the company is on track to secure profitability, investments in new store openings and remodeling of existing stores may continue to offset the effect of increased revenues. Our forecast is to open one new store each fiscal year, so a concentration of new store openings may cause a temporary imbalance in profitability. The company's retail business tends to overly factor in inbound effects. However, since the inbound ratio is stable at just over 10%, we do not believe there is any need to be overly concerned about the impact.

Source: Company data, WARC

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report.

The content of this report is subject to change without notice.
WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

W A R C \| istyle, Inc.	22/05/2024

Global business will continue to struggle. While Hong Kong and Taiwan have posted stable profits, China cross-border e- commerce and Korea continue to slump. The segment profit deficit is slowly but surely narrowing, and the first step will be to return to operating profitability. Since there are many uncertainties regarding future business strategies, we do not believe that excessive expectations should be placed on this business.

Source: Company data, WARC

The operating profit to sales ratio has been on a positive trend since the beginning of FY6/23, as the recovery of the mainstay marketing solution business and retail business has been able to absorb corporate expenses and cost increases in the global business. As a result, ROE is expected to improve to 11.7% in FY6/24, and is expected to rise to over 20% in FY6/25 and beyond, assuming moderate forward investment. We assume a redemption of 4,000 million yen in convertible bonds with stock acquisition rights in FY6/26, but even taking this into account, free cash flow is expected to increase every fiscal year. The market may be concerned about the possibility of more aggressive investment given the company's past management strategy. In terms of dialogue with the market, we expect the company to present its stance on cash allocation, including dividends, in the near future.

Goodwill recorded on the balance sheet at the end of March 2024 was 1,233 million yen. The majority of the goodwill was related to the acquisition of Glowdayz, Inc. of South Korea, which plans and operates the beauty platform service "GLOWPICK" and provides related advertising services. This company became a wholly owned subsidiary in August 2023, so there is no need to be aware of impairment charges in the short term. However, the Korean business is underperforming, so we should always be aware of the status of the business just in case.

Investment securities also increased to 3,629 million yen at the end of March 2023. This was due to the acquisition of shares in Trenders (6069). As a listed stock, it is subject to impairment risk in the event of a significant decline in its value. If the capital and business alliance will materialize the earnings impact of new solutions in the marketing solutions business, the concern about impairment will be unfounded.

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report.

The content of this report is subject to change without notice.
WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

WA R C \| istyle, Inc.	22/05/2024

Profit and loss statement							(Y mil)

	FY06/23		FY06/24		FY06/25	FY06/26	FY06/27
	Actual Forecast Forecast Forecast Forecast

Net sales	42,890	55,237	60,258	66,834	73,875
%YoY	24.7%	28.8%	9.1%	10.9%	10.5%

Gross profit	19,171	24,482	27,116	30,076	33,244
%YoY	27.7%	27.7%	10.8%	10.9%	10.5%
% of Sales	44.7%	44.3%	45.0%	45.0%	45.0%
SG&A	18,353	22,656	24,792	27,162	29,473
%YoY	12.7%	23.4%	9.4%	9.6%	8.5%
% of Sales	42.8%	41.0%	41.1%	40.6%	39.9%
EBITDA	2,935	3,229	3,854	4,568	5,562
%YoY	6.8%	10.0%	19.3%	18.5%	21.8%
% of Sales	6.8%	5.8%	6.4%	6.8%	7.5%
Operating profit	817	1,827	2,324	2,914	3,770
%YoY	-	123.6%	27.2%	25.4%	29.4%
% of Sales	1.9%	3.3%	3.9%	4.4%	5.1%
Ordinary income	410	1,627	2,078	2,672	3,533
%YoY	-	296.8%	27.7%	28.6%	32.2%
% of Sales	1.0%	2.9%	3.4%	4.0%	4.8%
Net income	275	1,093	1,455	1,870	2,473
%YoY	-	297.5%	33.1%	28.6%	32.2%
% of Sales	0.6%	2.0%	2.4%	2.8%	3.3%

Source : Company data, WARC

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report.

The content of this report is subject to change without notice.
WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

WA R C \| istyle, Inc.	22/05/2024

	FY6/23		FY6/24		FY6/25	FY6/26	FY6/27
	Actual		Forecast		Forecast	Forecast	Forecast
Net sales	42,890	55,237	60,258	66,834	73,875
%YoY	24.7%	28.8%	9.1%	10.9%	10.5%

Marketing solution	-	9,354	10,137	11,151	12,266
%YoY	-	-	8.4%	10.0%	10.0%

Retail	-	41,381	45,770	51,332	57,232
%YoY	-	-	10.6%	12.2%	11.5%

Global	-	3,800	3,607	3,645	3,716
%YoY	-	-	-5.1%	1.0%	2.0%

Other	-	1,729	1,721	1,780	1,840
%YoY	-	-	-0.5%	3.4%	3.3%
Intersegment sales and transfers	-	-1,028	-978	-1,074	-1,179
Segment profit	817	1,827	2,324	2,914	3,770
%YoY	-	123.6%	27.2%	25.4%	29.4%
% of Sales	1.9%	3.3%	3.9%	4.4%	5.1%
Marketing solution	1,136	1,615	1,699	1,880	2,081
%YoY	-	42.2%	5.2%	10.7%	10.7%
% of Sales	-	17.3%	16.8%	16.9%	17.0%
Retail	1,397	2,581	3,469	3,893	4,337
%YoY	-	84.8%	34.4%	12.3%	11.4%
% of Sales	-	6.2%	7.6%	7.6%	7.6%
Global	-86	-256	-188	-16	74
%YoY	-	-	-	-	-
% of Sales	-	-	-	-	2.0%
Other	224	207	207	214	221
%YoY	-	-7.4%	-0.4%	3.4%	3.3%
% of Sales	-	12.0%	12.0%	12.0%	12.0%
Adjustment	-1,853	-2,320	-2,862	-3,058	-2,942

source : Company data, WARC

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report.

The content of this report is subject to change without notice.
WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

WA R C \| istyle, Inc.	22/05/2024

Balance sheet						(Y mil)

	FY06/23		FY06/24	FY06/25	FY06/26	FY06/27

Current assets	15,231	17,387	18,446	16,039	18,235
Ready liquidity	6,723	9,396	9,756	6,402	7,583
Notes and accounts receivable	4,149	5,343	5,829	6,465	7,146
Inventories	2,945	2,112	2,276	2,524	2,790
Others	1,414	536	584	648	717
Fixed assets	9,070	8,772	9,193	9,657	10,169
Tangible fixed assets	1,588	784	746	741	760
Intangible fixed assets	3,849	4,356	4,814	5,284	5,777
Investments and other assets	3,632	3,632	3,632	3,632	3,632
Total assets	24,301	26,159	27,638	25,696	28,405
Current liabilities	6,371	6,727	7,242	7,918	8,641
Notes and account payable	2,043	2,631	2,870	3,184	3,519
Short term interest bearing debt	1,055	1,055	1,055	1,055	1,055
Advances received	698	0	0	0	0
Other current liabilities	2,575	3,041	3,317	3,679	4,067
Non-current liabilities	7,240	7,708	7,217	2,729	2,242
Long term interest bearing debt	6,906	7,606	7,106	2,606	2,106

Others	334	0	111	123	136
Shareholders' equity	9,038	9,486	10,941	12,811	15,284
Net assets	10,690	11,724	13,179	15,049	17,522
Total liabilities and net assets	24,301	26,159	27,638	25,696	28,405

Cash flow statement	FY06/23		FY01/00	FY06/25	FY06/26	FY06/27

Operating CF	2,942	4,300	2,638	3,116	3,860
Investing CF	-1,247	-1,629	-1,777	-1,971	-2,179
Financing CF	-612	-34	-500	-4,500	-500
Effect of exchange rates	-14	0	0	0	0
Net cash flow	1,069	2,637	360	-3,355	1,181
Cash & equivalents at end-FY	6,759	9,396	9,756	6,402	7,583

Source : Company data, WARC

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report.

The content of this report is subject to change without notice.
WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

WA R C \| istyle, Inc.	22/05/2024

ROIC							6.9%
30%
20%
10%
0%	FY21	FY22	FY23	FY24	FY25	FY26	FY27
-10%

Source: Company data, WARC

NOPLAT/Sales					2.2%	COGS ratio						55.7%
6%								56%
							55%
4%
							54%

2%								53%
0%								52%
FY21	FY22	FY23	FY24	FY25	FY26	FY27	FY21	FY22	FY23	FY24	FY25	FY26	FY27
-2%
								SG&A ratio						41.0%	Personal-related cost rate			14.3%
								60%							20%
								40%							15%
														10%
								20%
														5%

								0%							0%
								FY21	FY22	FY23	FY24	FY25	FY26	FY27	FY21	FY22	FY23	FY24	FY25	FY26	FY27
															Merchandising-related cost r		14.2%

15%

15%

14%

14%
FY21	FY22	FY23	FY24	FY25	FY26	FY27

System-related cost rate			4.3%
6%

5%

5%

4%

4%
FY21	FY22	FY23	FY24	FY25	FY26	FY27

Capital turnover					3.15	Working-capital turnover			11.19
600%									2000%

400%									1500%

								1000%
200%

								500%


0%									0%
FY21	FY22	FY23	FY24	FY25	FY26	FY27	FY21	FY22	FY23	FY24	FY25	FY26	FY27

Fixed assets turnover				6.19
800%
600%
400%
200%
0%
FY21	FY22	FY23	FY24	FY25	FY26	FY27

WARC assumes no responsibility for any costs or damages arising from the use of this report or information obtained from this report.

WARC does or may do business with companies covered in this report. Accordingly, investors should be aware that WARC may have conflicts of interest that could affect the objectivity of this report.

The content of this report is subject to change without notice.
WARC is under no obligation to update this report.
Investment decisions should be made at your own discretion.
All rights to this report are reserved by WARC. All rights reserved.	Copyright © WARC Inc. 2024 All rights reserved.

WA R C \| istyle, Inc.	22/05/2024

Company Profile

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-06-20 am EDT			5-day change	1st Jan Change
495 ^JPY	-0.60%		+0.20%	+19.28%

Feb. 16	Transcript : Istyle Inc., Q2 2024 Earnings Call, Feb 16, 2024
Feb. 14	Istyle Inc. announced a financing transaction	CI

Company	Istyle Inc.
Ticker	3660
Description	istyle Inc is engaged in the operation of cosmetics portal Website under the name @cosme.
Industry	Household Necessities Stores, Specialised Information Sites
Representative	Hajime Endo (President),Tetsuro Yoshimatsu (Chief Executive Officer,Chairman)
Address	34F ARK Mori Building 1-12-32, Akasaka, Minato-ku Tokyo Japan
Phone	-
Website	https://www.istyle.co.jp/
Founded	27/07/1999
IPO Date	08/03/2012
Main Stock Exchange	TSE Prime
Capital Stock	5,719 JPY Million (FY2024/03)
Headcount	996 ( FY2023/06 Consolidated )
(Source) SPEEDA

(Unit: JPY Million)	FY2018/06	FY2019/06	FY2020/06	FY2021/06	FY2022/06	FY2023/06	FY2024/06
		Con	Con	Con	Con	Con	Con	Con
		Actual	Actual	Actual	Actual	Actual	Actual	Company
								Estimates
I/S	Total Revenue	28,470	32,193	30,564	30,950	34,401	42,890	55,000
	EBITDA	3,099	1,835	88	1,205	1,556	2,935	3,683
	EBITDA Margin	10.9％	5.7％	0.3％	3.9％	4.5％	6.8％	6.7％
	Operating Profit	2,125	476	-2,325	-604	-453	817	1,700
	Operating Margin	7.5％	1.5％	-7.6％	-2.0％	-1.3％	1.9％	3.1％
	Ordinary Profit	2,147	380	-2,438	-795	-593	410	1,500
	Ordinary Margin	7.5％	1.2％	-8.0％	-2.6％	-1.7％	1.0％	2.7％
	Net Profit Attribute to	1,184	-519	-5,020	379	-571	275	1,000
	parent company
	Net Margin	4.2％	-1.6％	-16.4％	1.2％	-1.7％	0.6％	1.8％
BS	Total Assets	21,911	22,003	24,157	22,235	22,168	24,301	-
	Shldr' Eq.	11,678	10,489	5,288	7,961	8,454	10,535	-
	Shldr' Eq. Ratio	53.30％	47.67％	21.89％	35.80％	38.14％	43.35％	-
	Debt(IBD)	5,617	7,275	14,720	11,057	9,800	8,430	-
	D/E Ratio	0.48x	0.69x	2.78x	1.39x	1.16x	0.80x	-
	ROE	10.51％	-4.68％	-63.64％	5.72％	-6.96％	2.90％	-
	ROA	5.91％	-2.36％	-21.75％	1.63％	-2.57％	1.18％	-
C/F	Operating CF	1,750	154	-202	1,553	1,276	2,942	-
	Investing CF	-3,779	-4,096	-2,399	389	-1,529	-1,247	-
	Financing CF	1,877	1,176	6,026	-1,557	-1,354	-612	-

Transcript : Istyle Inc., Q2 2024 Earnings Call, Feb 16, 2024	Feb. 15
Istyle Inc. announced a financing transaction	Feb. 13	CI
Istyle Inc. agreed to acquire a 25.11% stake in Trenders, Inc. from Ikuo Okamoto for ¥1.9 billion	Feb. 13	CI
Transcript : Istyle Inc., 2023 Earnings Call, Aug 15, 2023	23-08-14
Istyle Inc. Reports Earnings Results for the Full Year Ended June 30, 2023	23-08-14	CI
Istyle Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2024	23-08-14	CI
Istyle Inc. Reports Earnings Results for the Nine Months Ended March 31, 2023	23-05-12	CI
Istyle Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2023	23-05-12	CI
Transcript : Istyle Inc., Q2 2023 Earnings Call, Feb 16, 2023	23-02-15
Istyle Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2023	23-02-13	CI
Istyle Inc. Provides Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2023	22-11-04	CI
Istyle Inc. announced that it has received ¥18.27 million in funding	22-09-05	CI
Japanese Shares Slide into Red on Wall Street's Retreat; Istyle Shares Continue to Soar over $104 Million Amazon Investment	22-08-18	MT
Japan's Nikkei closes flat amid economic worries, shippers top losers	22-08-16	RE
Transcript : Istyle Inc., 2022 Earnings Call, Aug 16, 2022	22-08-15
Istyle Inc. Provides Consolidated Earnings Guidance for the Year Ending June 30, 2023	22-08-15	CI
Istyle Inc. announced that it expects to receive ¥18.27 million in funding	22-08-14	CI
Istyle Inc. Reports Earnings Results for the Nine Months Ended March 31, 2022	22-05-13	CI
Istyle Inc. Revises Consolidated Earnings Guidance for the Fiscal Year Ending June 30, 2022	22-05-13	CI
Transcript : Istyle Inc., Q3 2022 Earnings Call, May 13, 2022	22-05-12
Istyle to Participate in Climate-related Financial Disclosures Consortium	22-04-12	MT
Transcript : Istyle Inc., Q2 2022 Earnings Call, Feb 15, 2022	22-02-14
Istyle Inc. Provides Consolidated Earnings Guidance for the Full Year Ending June 30, 2022	22-02-14	CI
Istyle Inc. Provides Consolidated Earnings Guidance for the Full Year Ending June 30, 2022	21-11-05	CI
Transcript : istyle Inc., 2021 Earnings Call, Aug 17, 2021	21-08-16

istyle Inc.

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3660

JP3102320003

Department Stores

Istyle : Analyst Report Issued by WARC Inc.

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Sector Internet & Mail Order Department Stores

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