Alpha-Win Company Research Report
PCA CORPORATION(9629 TSE Prime)

Issued: 8/1/2022

Alpha-Win Capital Inc. Research Department
http://www.awincap.com/● Flash Report on Financial Results◆ A major specialized player in enterprise system software, taking a lead in the cloudbusiness as No. 1 in the industry
・PCA CORPORATION (hereinafter referred to as the "Company") and its group sell originally-developed, packaged
business software (for accounting, sales management, purchasing and inventory management, payroll, humanresources, work management, attendance management, etc.) mainly to small/medium-sized companies as onpremises or as cloud-based software. It also provides related maintenance services. Its mission is to contribute tosociety as a “Management Support Company” that supports companies in conducting smooth management andoperation.
・It is taking a lead in cloud-based business software (PCA Cloud) as No. 1 in the industry. Thanks to the transition
to the subscription-based business model, its business stability and profitability have improved significantly. Amidst
the COVID-19 crisis, the PCA Group has been providing products and services that help improve its corporate users’
operation with regards to work-from-home and staggered working hours, and has been developing its businessmainly around cloud and solution services.
・In FY 2020 (note that the Company’s fiscal year is March-ending, i.e., FY 2020 ended in March 2020), recordhigh sales, operating profit, and recurring profit were achieved thanks to high demand driven by the consumption
tax revision and the end of Windows 7 support. In FY 2022, although there was a change in the revenue-recognition
standard, net profit hit a record high as solid business performance was maintained through the event-driven highdemand for the products (explained later) and gain on sales of securities was posted under extraordinary income.

◆ Results for the first quarter of this fiscal year: double-digit YoY sales decline andsignificant profit decline in a fallback from the event-driven high demand for the products,
but results were mainly in line with the Company’s plan and were not a surprise.
Q1: Summary of Results
・The Company's financial results for the first quarter of FY 2023 (April-June 2022: hereinafter, Q1 = April-June)were as follows: sales of Y2,954 million (-11.2% YoY) , operating profit of Y309 million (-68.3% YoY), recurring
profit of Y315 million (-68.0% YoY), and net profit of Y142 million (-76.8% YoY). On a YoY comparison, bothsales and profits declined significantly (Figure 1). This was mainly because of the decline of the event-driven
replacement demand for the products and the decrease in profit margin due to increased costs including upfront
investments.
・The new revenue-recognition standard has been applied since the previous fiscal year and does not impact this fiscal
year’s results.
・Progress in Q1 against the Company’s full-year plan was 22.9% for sales and 28.1% for operating profit, bothexceeding the past five years’ average (21.8% and 20.8%, respectively).
・The Company does not disclose its financial forecast for Q1 or the first half, but the results seem to be mostly inline with its plan that was made at the beginning of the fiscal year.
【Figure 1】Results for the First Quarter and Full-Year Plan
Consolidated Sales
Sales Category
Gross Profit
SG&A Expenses
Operating Profit
Net Profit

Q1 Results

Q1 FY 2022

Q1 FY 2023

Unit: million yen

April-June 2021
3,328
935
85
820
1,255
231
2,284
68.6
1,309
39.3
975
29.3
614
18.4

April-June 2022
2,954
241
108
838
1,361
404
1,829
61.9
1,520
51.5
309
10.5
142
4.8

Products
Merchandise
Maintenance Service
Cloud Service
Other Operating Revenue
Gross Margin (%)
SG&A Expenses Ratio (%)
Operating Margin (%)
Net Margin (%)% Change

Change in Amount

YoY: %
YoY: million yen
-11.2
-374
-74.2
-694
27.0
23
2.2
18
8.5
106
74.9
173
-19.9
-455
-6.7
16.1
211
12.2
-68.3
-666
-18.8
-76.8
-472
-13.6

% of Total Sales% Progress against Full Year

Full Year

This FY's Change in %This FY's Change in Amount%

April-June 2021 April-June 2022
24.9
22.9
31.7
17.2
19.4
26.9
24.7
25.7
22.5
22.3
20.9
23.1
25.9
23.3

FY 2022 Results
FY 2023 Company Plan
13,382
12,927
2,954
1,399
439
402
3,316
3,257
5,568
6,115
1,103
1,752
8,809
7,845
68.6
60.7
6,153
6,744
46.0
52.2
2,655
1,100
19.8
8.5
2,367
639
18.4
4.9

YoY: %

YoY: million yen

100.0
8.2
3.7
28.4
46.1
13.7
-

21.3

22.5

36.7

28.1

25.9

22.2

-3.4
-52.6
-8.4
-1.8
9.8
58.8
-10.9

-455
-1,555
-37
-59
547
649
-964
-7.9
591
6.2
-1,555
-11.3
-

9.6
-58.0
-73.0

(Ref) Prepared by Alpha-Win Research Dept. based on the financial results summary

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1/6This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

Alpha-Win Company Research Report
PCA (9629 TSE Prime)

Issued: 8/1/2022/2022

Q1: Sales of Each Sales Category
・Regarding the sales of each sales category, sales declined YoY only for the products (-Y694 million), decreasing
by an amount that exceeds the overall sales decline of -Y374 million. Other operating revenue increased by +Y173
million, cloud service increased by +Y106 million, merchandise increased by +Y23 million, and maintenance service
increased by +Y18 million, but these were not enough to fully offset the sales decline of the products.
・Sales by category (the Company’s categorization of sales) were as follows.
1. Regarding the products (conventional packaged software: on-premises), there was an early replacement demandmainly in the first half of the previous fiscal year prior to the end of support of the PCA X series in December
2021 (shift to the DX series). As a result, sales had increased significantly in the order of Q1 FY 2021 ⇒ Q1 FY
2022 from Y307 million ⇒ Y935 million (+204.2% YoY; percent of total sales changed from 11.0% ⇒ 28.1%).
In a fallback from this, sales decreased significantly to Y241 million during this fiscal year’s Q1 (-74.2% YoY;
8.2% of total sales). Since the products have a high profit margin compared to the other categories and were also
the single category whose sales had declined, this category had most likely also pushed down the profits.
2. Despite the continued trend of going paperless through digitalization, demand for merchandise (ledger sheets, etc.)
such as pay slips has been strong. In the order of Q1 FY 2022 ⇒ Q1 FY 2023 (same order applies below), sales
increased from Y85 million ⇒ Y108 million (+27.0% YoY; percent of total sales changed from 2.6% ⇒ 3.7%).
3. Sales of maintenance service have been solid and increased from Y820 million ⇒ Y838 million, which is a +Y18
million or +2.2% growth YoY. This was due to replacements of the on-premises (products) in response to the endof support for the X series and the subsequent increase in maintenance subscriptions.
4. Cloud service’s sales were Y1,361 million, which accounts for 46.1% of total sales and is the largest among all
sales categories. Combined with maintenance service which is 28.4% of the total, the subscription businesses
account for 74.5% of total sales. Since both businesses have high continuity and marginal profit ratios, they havemost likely been continuing to contribute significantly to the Company’s results regarding both sales and profits.
・Cloud’s sales had increased by +31.1% YoY in the Q1 of the previous fiscal year, but the growth rate has slowed
down to +8.5% in the Q1 of this fiscal year. Since the cloud business had also benefited from the event-driven
high demand in the previous fiscal year as users shifted from the products, the impact of the fallback from this wasmost likely not small (Figure 2).
・By fiscal year, the number of cloud users (net number) has increasing from 12,313 in March 2019, 14,388 in
March 2020 (+2,075 YoY), 16,444 in March 2021 (+2,056 YoY), 19,152 as of the end of March 2022 (+2,708
YoY), and 19,441 as of the end of June 2022.
・However, the quarterly net increase has slowed down, in the order of Q3 FY 2022 ⇒ Q4 FY 2022 ⇒ Q1 FY
2023, from +793 companies ⇒ +574 companies ⇒ +289 companies (note that the number of users as of theend of June 2021 was not disclosed). The cloud’s quarterly sales (three-month periods) have also decreased,changing from Y1,449 million ⇒ Y1,524 million ⇒ Y1,361 million in the same order.

【Figure 2】Quarterly Change in the Cloud Service’s Number of Corporate Users and Sales(Ref) Prepared by Alpha-Win Research Dept. based on the financial results summary

Cloud
As of: end of month (period)

Number of Corporate Users of PCA Cloud(unit: number of companies)
Net number

Change from the previous quarter(amount)

Each Quarter's Salesof the Cloud(unit: million yen)

Each Quarter's % Change
in Sales of the Cloud(compared to the samequarter of the previous
quarter: unit = %)June 2022 (Q1)

19,441

289

1,361

8.5

March 2022 (Q4)

19,152

574

1,524

41.6

December 2021 (Q3)18,578

793

1,449

40.4

17,785

671

1,340

35.1

Not disclosed (Obtained quarterly value by dividing thefirst-half amount of change by 2)
16,444

1,255

31.1

1,076

14.0

September 2021 (Q2)
June 2021 (Q1)
March 2021 (Q4)

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2/6This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

Alpha-Win Company Research Report
PCA (9629 TSE Prime)

Issued: 8/1/2022

/2022

5.

Other operating revenue increased significantly from Y231 million ⇒ Y404 million (+74.9% YoY). Sales ofother companies' products such as those related to DX have been strong.

Note: Due to the renovation of its system, the Company can now more appropriately reflect internal transaction in thesales of each category. Consequently, in the Q1 of this fiscal year, it revised its method of adjusting for internaltransactions on a consolidated basis and has changed the calculation method for the sales of each category.
However, the resulting difference from the previous method is limited in impact (in the Q1 of this fiscal year, sales
were decreased by -Y8 million for maintenance service and -Y2 million for cloud, while they were increased by+Y5 million for products and +5 million for other operating revenue). Also, the changes from the previous fiscal
year (%) have been calculated based on comparisons with the sales of each category in the Q1 of the previous
fiscal year before the change.
Q1: Profits
・Regarding profits, since the Company has a business model with a high marginal profit ratio, changes in sales tend
to have a large impact on changes in profit margins and profits. In the Q1 of the current fiscal year, the sales
composition has changed as sales of the profitable products declined significantly (-74.2% YoY) and other operating
revenue with relatively low profitability increased significantly (+74.9% YoY). Due to worsened product mix andincrease in costs, the gross margin dropped from 68.6% in the Q1 of the previous fiscal year to 61.9% in the Q1 ofthis fiscal year.
・While sales had decreased at a double-digit rate, the SG&A expenses increased by +Y211 million or +16.1% YoY
due to increased costs such as personnel and development expenses. As a result, the SG&A expenses ratio rose by
12.3 basis points from 39.2% ⇒ 51.5% and the operating margin fell sharply from 29.3% ⇒ 10.5% (worsened by-18.8 basis points). Note that the Company expects its operating margin for the full year to be 8.5% and the actual
result in Q1 exceeds this.
・In this fiscal year’s Q1, there were no major non-operating or extraordinary income/losses, and net profit declined.
Balance Sheet・As of the end of the Q1 of this fiscal year (June 2022), there has been no significant change to the balance sheet
compared to the end of the previous fiscal year (March 2022). Its financial position has been solid, with cash anddeposits maintained at around Y16 billion, which exceeds the annual sales, and with an equity ratio of 59.9% andcurrent ratio of 216.4%. Contract liability (previously “unearned revenue,” etc.: applicable to subscription contracts
such as the cloud, refers to consideration received for services which have not been provided yet) was about Y7.3
billion, having decreased slightly YoY due to the slower growth rate of the cloud.

◆Financial Forecast for This Fiscal Year Onward
The Company’s Financial Forecast for This Fiscal Year・So far, the Company has not changed its full-year forecast since the announcement at the beginning of the fiscal
year. For the full year, it expects large sales and profit declines, with sales of Y12,927 million (-3.4% YoY), operating
profit of Y1,100 million (-58.6% YoY), and net profit of Y639 million (-73.0% YoY) (Figure 1 on page 1).
・For the full fiscal year, too, the fallback from the event-driven high demand for the products is expected to be large(-Y1,555 million or -52.6% YoY). Sales of merchandise and maintenance service are also expected to decline, albeit
slightly. The expected increase in other operating revenue (+Y649 million or +58.8% YoY) and increase in sales ofcloud (+Y547 million or +9.8% YoY) will not be enough to offset this decline, and an overall sales decline of -Y455
million is expected.
・For similar reasons as Q1, the gross margin for the full fiscal year is expected to decrease by 7.9 basis points from
68.6% in the previous fiscal year to 60.7% in the current fiscal year. In addition, the SG&A expenses are expected
to increase by Y591 million (+9.6% YoY) due to an increase in upfront investments including personnel expenses
and development expenses for PCA Hub, and the SG&A expenses ratio is expected to rise significantly from 46.0%
to 52.2%. As a result, the operating margin is expected to drop from 19.8% to 8.5%.
・The Company plans to reduce the annual dividend from Y24/share in the previous fiscal year to Y13/share. This isbecause the commemorative dividend of Y11/share of the previous fiscal year will no longer be present. The ordinary
dividend of Y13/share will be maintained (already reflects the 3-for-1 stock split conducted on October 1, 2021).
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3/6This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

Alpha-Win Company Research Report
PCA (9629 TSE Prime)

Issued: 8/1/2022/2022

Alpha-Win Research Department’s Financial Forecast for This Fiscal Year Onward
・We have not changed our financial forecast since the previous report (issued on July 4, 2022). We believe that theCompany's full-year forecast is somewhat conservative and we expect both sales and profits to be revised slightly
upward (Figure A on page 5).
・The slow sales of the products and the slowdown in the growth of the cloud’s number of users (net number ofincrease) and sales are points of concern. However, both are largely due to the fallback from the event-driven highdemand (replacement of products from the X series to the DX series, switch to the cloud service, etc.) and this trend
is expected to continue but become weaker after Q2 (the previous fiscal year’s event-driven high demand mainly
occurred in the first half). The Company’s cost estimates also seem conservative. These points have been reflectedin our forecast.
・The Company's business is highly compatible with remote work and it is focused on domestic-demand-oriented,
subscription businesses. Therefore, the impact of COVID-19 has been small, as indicated by the recent years’
business performance. However, Japan has also been experiencing a rebound of COVID-19 that has been more
serious than expected. In addition, the prolongation of the situation in Ukraine is causing higher resource prices aswell as prices in general. These are concerning since they may worsen the business performance of small/mediumsized companies which are the Company’s users and lead to the suppression of their IT investments, and should be
noted as risk factors.
・So far, we have also not changed our financial forecasts for next fiscal year onward. We predict that starting in thenext fiscal year, when the fallback from the event-driven high demand will have ended, upfront investments will also
peak out and the Company will return to sales and profit growth trends again.
The New Business’ Situation
・After acquiring Dreamhop Co., Ltd., the Company strengthened its sales activities, services, products, and capital.
It is currently focused on improving its business performance, but the recent situation has not been disclosed.
・It has also been working on promoting the sales of PCA Subscription (shares common application functions withthe cloud with data compatibility), PCA Hub (online storage service that enables corporate users to safely andsecurely share important business data and files; meets the requirements of the Electronic Books Maintenance Act;
aiming to gain 2,000 corporate users in the first year after the release in March 2022), and hyper (enterprise system
for mid-tier companies). However, it is currently still in the stage of improving product and service recognition andstrengthening sales activities, and there seems to have been no major progress up to this point.
・The Company's business is a cash cow, accumulating cash and deposits every year. Its challenges will be to improve
capital efficiency, execute investment strategies for growth, and develop businesses that will be the next main sourceof earnings.

◆ Stock Price and Characteristics
・The Company’s stock is seen as a defensive, domestic-demand-oriented, and small-cap growth stock in subscriptionbased businesses. Since December 2018, it had been significantly outperforming the TOPIX. However, it has been
underperforming the TOPIX starting this year due to selling in anticipation of financial results becoming impacted
by the fallback from the event-driven high demand (Figure C on page 6).
・The Company’s volatility in financial results and stock price tends to increase in response to high demand triggeredby events such as those related to changes in the tax system, accounting standards, OS, and products.
・Compared to the average of the TSE Prime, the Company’s valuation is indeed expensive regarding the actual P/B
and forecasted dividend yield as well as forecasted P/E, based on the Company’s forecasts for this fiscal year andthe decrease in forecasted EPS (as reference, the TSE Prime’s averages are 13.7 for forecasted P/E, 1.2 for P/B, and2.3% for the simple average of dividend yield). Its valuation also does not seem cheap compared to its competitors
Obic Business Consultants and Miroku Jyoho Service regarding the major valuation measures excluding P/B (Figure
3 on page 5).
・We expect that there will be upward revisions to the Company's forecast for this fiscal year’s profits. Based on our
forecast, the forecasted P/E is estimated to be about 34x for the current fiscal year, 21x based on the next fiscal year’s
forecast, and about 15x based on the forecast for the fiscal year after the next.
・From the next fiscal year onward, we expect that there will no longer be a negative impact caused by the fallback
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4/6
This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

Alpha-Win Company Research Report
PCA (9629 TSE Prime)

Issued: 8/1/2022/2022from the event-driven high demand for the products, so that the Company will begin increasing sales and profits.
Over the medium term, changes in sales and improvements in profit margins will depend on the cloud’s growth rate,
whether the new businesses will succeed, and the sales situation of the products. Changes in the growth rate of thecloud, which has been the Company’s growth driver, will especially be a key point.
・Since the Company is rich in cash as already described, share buybacks, dividend hikes, and M&As will also be
important factors that may impact the stock price.

【Figure 3】Comparison of Valuation with Competitors

Company Name
Code
Stock Price (at 7/29/2022 closing)Market Cap (million yen)This Fiscal Year's Forecasted P/E (price-to-earnings ratio)
P/B (price-to-book ratio)
Dividend Yield (%)
EV/EBITDA
P/S (price-to-sales ratio)
This Fiscal Year's Q1: Sales (million yen)
Operating Profit (million yen)This Fiscal Year's Q1: YoY Change in Sales (%)
YoY Change in Operating Profit (%)
Operating Margin (%)
This Fiscal Year's Full-Year Company Forecast: Sales (million yen)
Operating Profit (million yen)This Fiscal Year's Full-Year Company Forecast: YoY Change in Sales (%)
YoY Change in Operating Profit (%)
Operating Margin (%)

PCA(consolidated)

Obic Business Consultants(OBC: nonconsolidated)

Miroku Jyoho Service(MJS: consolidated)

9629

4733

9928

1,196
27,628
37.4
1.4
1.1
9.25
2.1
2,954
309
-11.2
-68.3
10.5
12,927
1,100
-3.4
-58.6
8.5

4,515
340,449
27.6
2.5
1.6
12.4
9.2
8,343
3,674
8.5
14.1
44.0
37,00016,910
6.5
3.4
45.7

1,500
52,209
12.0
2.1
2.7
6.8
1.3
9,716
1,503
11.1
60.0
15.5
38,800
4,800
6.0
0.2
12.4

Market cap = shares outstanding x stock price 【7/29/2022 closing price】
EPS values used in P/E calculations are based on each company’s forecast for FY 2023. BPS values used in P/B calculations refelct this fiscal year's Q1 results.
EV/EBITDA = (market cap + interest-bearing debt – cash & deposits) / (O.P. + depreciation + intangible fixed assets amortization, etc.)
Interest-bearing debt and cash & deposits are based on the actual results of this fiscal year's Q1.
Operating profit (O.P.) is based on each company’s full-year forecast for this fiscal year.
“Depreciation + intangible fixed assets amortization, etc.” is based on the actual results for the previous fiscal year.
P/S = market cap / sales 【each company’s forecast for FY 2023】(Ref) Prepared by Alpha-Win Research Dept. based on each company’s financial results summary and stock data.

! 9629 PCA

Sector: Information & Communication " Figure A

FY
2019
2020
2021
2022
2022
2023
2023
2024
2025
2025
2019
2020
2021
2022
2023

Old Std.
Old Std.
Old Std.
Old Std.
New Std.
CE New Std.
E New Std.
E New Std.
CE New Std.
E New Std.
Q1 Old Std.
Q1 Old Std.
Q1 Old Std.
Q1 New Std.
Q1 New Std.

Sales

YoY

O.P.

YoY

R.P.

YoY

N.P.

YoY

EPS

BPS

Dividend(million yen)（%）(million yen)（%）(million yen)（%）(million yen)

（%）

(Y )

(Y )

（Y ）

11,43914,266
13,30815,142
13,382
12,927
12,95014,31015,00015,520
2,346
3,073
2,789
3,328
2,954

16.9
24.7
-6.7
13.8
0.6
-3.4
-3.2
10.5
8.5
11.3
31.0
-9.2
19.3
-11.2

1,248
2,781
2,314
2,516
2,655
1,100
1,300
1,870
2,500
2,550
57
587
465
975
309

54.7
122.8
-16.8
8.7
14.7
-58.6
-51.0
43.8

1,277
2,808
2,340
2,542
2,697
1,132
1,320
1,890

53.0
119.9
-16.7
8.6
15.2
-58.0
-51.1
43.2

906
1,816
1,668

105.5
100.4
-8.1

44.42
90.97
83.50

596.59675.81
791.64

10.33
18.00
11.33

2,367
639
700
1,130

41.9
-73.0
-70.4
61.4

118.36
31.95
35.00
56.50

847.14858.09901.60

24.00
13.00
13.00
14.00

36.4
-67.1
917.5
-20.7
109.4
-68.3

2,570
69
598
471
987
315

36.0
-62.3
754.6
-21.2
109.4
-68.0

1,550
34
364
272
614
142

37.2
-64.6
945.3
-25.1
125.4
-76.8

77.50
5.09
54.76
40.99
92.24
7.13

965.101,624.69
1,848.46
2,029.56
2,432.89
930.18

15.00
―
―
―
―
―

(Note) CE: the Company’s forecast/estimate. E: Alpha-Win’s forecast/estimate. Q1: results for Apr-June.
Forecasts for EPS, BPS, and dividend reflect the 3-for-1 stock split conducted on Oct 1, 2021, with past years revised retroactively.
“Old Std.” stands for the previous revenue-recognition standard, and “New Std.” stands for the new revenue-recognition standard.

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5/6This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

Alpha-Win Company Research Report
PCA (9629 TSE Prime)

Issued: 8/1/2022/2022! Stock Price and Valuation Indicators: 9629 PCA " Figure B
Item

7/29/2022

Item

P/E

P/B

Dividend Yield

Dividend Payout Ratio

Stock Price (Y)1,196Last FY (actual)

10.1

1.4

2.0%

13.6%

Shares Outstanding (thou.)

23,100This FY (est.)

34.2

1.4

1.1%

37.1%

Market Capitalization (million yen)

27,628

Next FY (est.)

21.2

1.3

1.2%

24.8%

Equity Ratio at End of This FY's Q1

59.9%

Last FY's ROE

14.4%

Dilutive Shares (thou.)0(Note) Forecasts have been made by Alpha-Win Research Dept.

【Stock Chart (end-of-week prices) : 9629 PCA】

Figure C

(Y)

2,500
2,300
2,100
1,900

5.00
4.50

Stock price (left axis)
Price relative to TOPIX (right axis)

4.00

1,700

3.50

1,500

3.00

1,300
1,100

2.50

900

2.00

700

1.50

500

1.00

08
/1
6
12
/1
6
04
/1
7
08
/1
7
12
/1
7
04
/1
8
08
/1
8
12
/1
8
04
/1
9
08
/1
9
12
/1
9
04
/2
0
08
/2
0
12
/2
0
04
/2
1
08
/2
1
12
/2
1
04
/2
2
(

M
M
/Y
Y
)

300

(Note) From the fourth week of August 2016 to July 29, 2022

【Performance】
PeriodReturn vs. TOPIX
1 month3.0%-0.7%
3 months-9.1%-11.3%
6 months-24.6%-26.9%
12 months-25.3%-27.3%(Note) Reflects stock price and index values
through the closing price on
7/29/2022. Performance vs. TOPIX isthe relative performance calculated
by subtracting the TOPIX’s
performance from the performanceof each stock.

＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊

Disclaimers
This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc.
(hereinafter “Alpha-Win”) on the request of the company presented in this Report.
This Report is not to be construed as a recommendation or solicitation of investment. Alpha-Win shall not beliable for any consequences including direct or indirect loss, lost profit, or damage resulting from the use of or
reliance on this Report. Investors who read this Report must make their own decisions on all investment
matters and take full responsibility regarding their investment.
This Report has been prepared with a focus on objectivity and neutrality based on the analysis of generally accessible
public information and supplemental information including interview(s) by the analyst. Alpha-Win, the writer, and/or
other persons involved in the publication of this Report may already hold, or buy and sell in the future, the stock of
the company presented in this Report.
Contents of this Report are based on information current as of the issue date and are subject to change without
notice. For the latest (updated) version of this Report, please see our website (http://www.awincap.com/). We
do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
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Copyright of this Report belongs to Alpha-Win and no part of the publication may be copied, photocopied, cited, ortranslated without our consent. For inquiries regarding this Report, please send us an e-mail to info@awincap.com.
However, Alpha-Win and the writer of this Report do not have any obligation to reply to inquiries.
SV2022-0801-0900
Short Report

6/6This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.