Alpha-Win Company Research Report
PCA(9629 TSE First Section)

Issued: 2/21/2019

Research Dept., Alpha-Win Capital Inc.
http://www.awincap.com/● Flash Report on Performance◆ A major specialized player in enterprise system software; evident growth trend forsales and profits
・PCA CORPORATION (hereinafter referred to as the "Company") sells proprietary packaged business software(for accounting, sales management, purchasing and inventory management, payroll, human resources, etc.) mainly
toward small- and medium-sized companies as well as providing maintenance services.
・In recent years, the Company has been focusing on expanding the sales of its cloud-based software andstreamlining its business. Its business results have continued to improve after making a V-shaped recovery. The
Company has recently significantly revised upward its forecast for this fiscal year’s financial performance, withhigh expectations that sales and profits will rise for the fourth consecutive year and record-high sales will beachieved (note that all fiscal years or FY in this Report are March-ending; e.g. FY 2019 ends in March 2019).

◆ Q3 results: double-digit sales growth with the cloud and solutions & slower rate of
decline in profit despite a greater than 20% drop in operating profit from upfront
investment costs, etc.
・Consolidated results for the third quarter (hereinafter “Q3”) of FY 2019 disclosed on January 28 were as follows(hereinafter all descriptions are on a consolidated basis): Y7,836 million in sales (+12.6% YOY), Y521 million in
operating profit (-23.7% YOY), Y547 million in recurring profit (-23.2% YOY), and Y371 million in net profit(+165.4% YOY) (Figure 1). In addition to the Company’s efforts including the strengthening of its products,
services, and marketing, the recovery of the general performance of Japanese companies, the recovery ofinvestments in the information service industry, and the demand for PC replacements contributed to YOY sales
growth in four out of the five sales categories (Maintenance Service, the exception, experienced a slight decline of-0.6%). In particular, the Cloud Service and the Other Operating Revenue (Solutions) categories grew significantly
by 31.1% YOY (sales of Y1,763 million; +Y418 million contribution to sales growth) and 26.9% YOY (sales ofY1,638 million; +Y347 million contribution to sales growth), respectively. These two categories total 87% of thesales growth and serve as the growth driver of the Company as a whole.
・Meanwhile, despite an increase in sales, due to greater upfront investment costs leading to a lower gross margin (inthe order of last Q3 ⇒ this Q3: 57.6% ⇒ 55.7%) and higher SG&A expenses ratio (47.7% ⇒ 49.1%),
operating margin declined (9.8% ⇒ 6.6%). As a result, both operating profit and recurring profit declined bymore than 20% YOY (net profit increased with the lack of the impairment loss recorded in the previous fiscal year).
However, for the following reasons, we believe that strong fundamentals are being maintained:
1. The decrease in profit is due to forward-looking factors such as upfront investment costs including R&D expenses
for the development of next-generation products and due to temporary factors such as the lump-sum recording ofprior service costs as expense following the revision of retirement allowance rules.
2.The number of companies that have implemented PCA Cloud, the Company’s growth driver, is steadily increasing,steadily expanding the Company’s subscription-based business (Maintenance Service + Cloud Service). Sales for
the Cloud Service for this Q3 (Oct-Dec 2018) were Y634 million (+28.3% YOY) and its sales growth rate isincreasing. Also, quarterly sales for the Cloud Service (in million yen) were 424 for last FY’s Q1 ⇒ 447 for Q2⇒ 475 for Q3 ⇒ 508 for Q4 ⇒ 544 for this FY’s Q1 ⇒ 584 for Q2 ⇒ 634 for Q3; quarterly sales are not
only increasing on a YOY basis but also increasing compared to the quarter before in a linear, rising trend. The
growth in membership, rather than the rise in the price per contract, is contributing to this sales growth. In fact, thenumber of new members (inflow) seems to be increasing by about 200 companies per month. While the Company
had achieved 10,000 companies as members of its cloud service in January 2018, about 2,000 more companies are
estimated to have joined by the end of January 2019. In addition to the increase in sales, the Cloud Service is
expected to contribute greatly to profit with its high profitability.
3. In addition, the labor management system of the Company’s subsidiary (Xronos Inc.), which is a product related
Performance Report

1/5This 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 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. Intellectual property of 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 First Section)

Issued: 2/21/2019

to the Work-Style Reform, has maintained a YOY growth rate of about 20-30% (actual sales value is undisclosed).
The Solutions business and related implementation services are also making a significant growth. The Company’s
overall sales growth rate has been mostly maintained at a double digit (cumulative YOY growth rate in %: 12.6 forthis FY’s Q1 → 9.9 for Q2 → 12.6 for Q3) and sales have been exceeding the values forecasted by the Company
at the beginning of the fiscal year.
4. On a quarterly basis, operating profit has been growing (in million yen: 57 for this FY’s Q1 → 187 for Q2 →277 for Q3), such that the decline rate in profit has also been slowing down on a cumulative basis (cumulative
YOY decline rate in %: -67.1 for this FY’s Q1 → -44.1 for Q2 → -23.7 for Q3).
・In addition, the progress in Q3 in terms of the Company’s new full-year forecast for this fiscal year (forecast
revision explained later) was 68% for sales and 44% for operating profit (at the end of Q3). In comparison, theprogress rates for the previous fiscal year’s Q3 were 71% for sales and 85% for operating profit; this fiscal year’splan has a higher dependence on Q4 results.
【 Figure 1 】Q3 Results (Unit: Y mil, %)FY 2018 Q3

FY 2019 Q3

Unit: Y mil, %Apr-Dec 2017

Apr-Dec 2018

YOY: %

YOY: Y mil

6,959
1,242
747
2,333
1,345
1,291
4,006
57.6
3,321
47.7
684
9.8
139
2.0

7,836
1,333
782
2,318
1,763
1,638
4,367
55.7
3,845
49.1
521
6.6
371
4.7

12.6
7.3
4.7
-0.6
31.1
26.9
9.0

877
91
35
-15
418
347
361
-1.8
524
1.3
-163
-3.2
232
2.7

Consolidated Sales
Products (convetional software)
Goods
Sales
Maintenance Service
Category
Cloud Service
Gross Profit
SG&A Expenses
Operating Profit
Net Profit%
Change

Other Operating Revenue
Gross Margin
SG&A Expenses Ratio
O.P. Margin
N.P. Margin

15.8
-23.8
166.9

Difference% of Sales
Growth

% of
Sales

100.0
10.4
4.0
-1.7
47.7
39.6
-

100.0
17.0
10.0
29.6
22.5
20.9
-

%

%

%
ChangeFY 2018 Q3

FY 2019 Q3

Oct-Dec 2017

Oct-Dec 2018

YOY: %

YOY: Y mil

2,486
419
374
783
474
437

2,919
521
392
765
634
607
1,653
56.6
1,375
47.1
277
9.5
175
6.0

17.4
24.3
4.8
-2.3
33.8
38.9
16.2

433
102
18
-18
160
170
231
-0.6
201
-0.1
29
-0.5
143
4.7

1,422
57.2
1,174
47.2
248
10.0
32
1.3

17.1
11.7
446.9

Difference(Ref) Prepared by Alpha-Win Research Dept. based on the securities report and financial results summary◆ Significant upward revision to this fiscal year’s financial results forecast; re-entering a
growth stage over the medium term
・Since the Company has been able to expand its business more than expected, on February 18, the Company largely
revised up its financial results forecast for FY 2019 as follows (Figure 2; in the order of old forecast ⇒ newforecast; in million yen): 10,486 ⇒ 11,518 for sales, 825 ⇒ 1,195 for operating profit, 842 ⇒ 1,224 forrecurring profit, and 588 ⇒ 870 for net profit attributable to owners of the parent (hereinafter “net profit”).
・Overall sales were revised up by approximately 1 billion yen and sales for each of the five sales categories seem tohave been revised up by more than 100 million yen each (details have not been disclosed). Particularly, in addition
to the rapidly growing Cloud Service, sales of the Other Operating Revenue (Solutions) category including system
implementation coaching fee and other companies’ products and the Products (on-premises: conventional software)category helped by customers’ PC replacements have been stronger than expected.
・Profits are expected to be raised most significantly by the increase in sales, with additional contribution from thecost control. As a result, operating margin for this fiscal year is expected to rise from last fiscal year’s 8.2% to10.4%, leading to a large growth in operating profit by a little less than 50%. Additionally, in Q4, the Company
plans to completely sell the consolidated subsidiary MACS System Corporation (a medical system consulting
company) which it owns 80% of the shares. Consequently, loss on sale of stock will be posted as an extraordinary
loss of Y81 million, but since the forecast for net profit has been revised up by more than 40%, the net profit isexpected to increase by about two-fold YOY. Due to this change, the dividend payout ratio will be reduced toabout 24%, but the Company plans to keep the dividend for the current fiscal year the same as its initial plan. Also,in Q3, retirement benefit obligations (approx. Y114 million) were posted as expense in a lump sum under cost of
sales and SG&A expenses; considering this expense and the extraordinary loss, the Company’s performance seems
to be buffered against negative impact in terms of its true profitability for the next fiscal year and onward.
・Alpha-Win Research Department had previously predicted that this fiscal year’s full-year performance will exceed
the Company’s (old) forecast made at the beginning of the fiscal year. However, the Company’s new, revised
forecast is even higher, expecting to achieve our forecasted values for FY 2020 one year in advance. Indeed,business momentum continues to be strong in Q4, especially for the Cloud Service, Products (on-premises), andOther Operating Revenue. Cost control is also being conducted along the Company’s plan. Therefore, we judgedthat the Company will be able to achieve its new profit targets by the end of the fiscal year and revised up our
forecast for this fiscal year to the same level as the Company’s forecast. Based on the current situation, we also
Performance Report
2/5This 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 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. Intellectual property of 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 First Section)

Issued: 2/21/2019

made upward revisions to the forecasts we had previously made for the next fiscal year and onward. Next fiscal
year, we expect that the profits will increase by about 30% compared to this fiscal year’s forecasted values becauseof the nearly 6% sales growth owing to event-driven high demand (Windows 7 support termination, change in thename of the era, and consumption tax revision) and the lack of temporary expenses recorded during this fiscal year
as described above (lump-sum expense treatment of retirement benefit obligations and loss on sale of subsidiary’s
stock). Furthermore, since these changes will decrease the forecasted dividend payout ratio for next fiscal year toabout 20%, we believe that a dividend hike is also possible.
・Meanwhile, in the fiscal year following the next, or FY 2021, we expect declines in sales and profits in recoil fromthe event-driven high demand. However, as with the recoil from the previous occurrence of event-driven highdemand, we believe that sales and profit declines are unlikely to be large (sales drop by a little more than 20% andrecurring loss posted in FY 2015 as shown on Figure 3; please refer to the full report issued on 12/18/2018 fordetails). This expectation is based on our evaluation that the Company’s reviewing of its business model and profit
structure over the medium term has strengthened its resistance to downturns. Also, our forecast is based on theevaluation that 1) for the meantime, due to the expansion of the cloud and maintenance services, thesubscription-based business will expand to become a greater portion of the Company’s entire business and lead tothe stability of revenue, 2) the Work-Style Reform will be a tailwind for the labor management system and otherproducts of the Company’s group and support those businesses over the medium term, and 3) the Company isbuffered with regards to profit, leaving room for appropriate cost control in the future.
【 Figure 2 】Financial Results Forecast for the Medium Term (Unit: Y mil, %)FY 2018

FY 2019

Unit: Y mil, %Actual%RevisedOld CF New CF
Revised Amount

Old F

New F

Sales
Operating Profit

9,785
807
8.2%
834
8.5%
441
4.5%

10,486
825
7.9%
842
8.0%
588
5.6%

11,518
1,195
10.4%
1,224
10.6%
870
7.6%

10,600
875
8.3%
900
8.5%
620
5.8%

11,520
1,200
10.4%
1,225
10.6%
870
7.6%

86.8%
79.9%
174.1%

85.95
7.2%
2.2%
0.9%
33.5%

130.94
17.7%
48.1%
46.8%
97.3%

90.51
8.3%
8.4%
7.9%
35.9%

130.94
17.7%
48.7%
45.5%
97.3%

(O.P. margin)

Recurring Profit(R.P. margin)

Net Profit(N.P. margin)

EPS
Sales (% growth)
O.P. (% growth)
R.P. (% growth)
N.P. (% growth)

FY 2019

9.8%
44.8%

1,032
370

45.4%

382

48.0%

282

FY 2020%
Revised
Revised Amount
8.7%
37.1%

920
325

36.1%

325

40.3%

250

FY 2021%
Revised
New F
Revised AmountOld F

11,300 12,200
1,200
1,600
10.6% 13.1%
1,220
1,620
10.8% 13.3%
836
1,110
7.4%
9.1%
122.04
6.6%
37.1%
35.6%
5.8%

8.0%
33.3%

900
400

32.8%

400

32.8%

274

162.01
5.9%
33.3%
32.2%
27.6%

Old F

New F

10,500
830
7.9%
850
8.1%
582
5.5%

11,000
1,100
10.0%
1,120
10.2%
767
7.0%

84.96
-7.1%
-30.8%-30.3%-30.3%

111.95-9.8%-31.3%-30.9%-30.9%%
Revised
Revised Amount
4.8%
32.5%

500
270

31.8%

270

31.8%

185

(Ref) Prepared by Alpha-Win Research Dept. based on the securities report and financial results summary. CF = the Company’s forecast.
F = Alpha-Win Research Dept’s forecast.

【 Figure 3 】Long-term Transition in Performance (Unit: Y mil)(Ref) Prepared by Alpha-Win Research Dept. based on the securities report and financial results summary. CF = the Company’s forecast.
Sales (left axis)

Recurring profit (right axis)(Y mil)

(Y mil)
14,000

2,000
1,783

1,539

12,000

1,565

1,290

1,500

10,475

1,392

1,227

1,218

10,00011,518

1,582

1,396

1,224
9,785

1,181

9,360
1,139

1,181
8,000

794

6,006

6,336

4,551
4,000

3,232

3,541

5,441

5,095
4,762

4,867
5,026

1,000

6,269
463

5,597
4,827

834

6,805

6,383

565
6,000

8,441

8,168

724

935

660

7,551

798

1,084

501

6,275
6,167

500
384
67

5,867

3,017
0
2,000
-158
0

-500
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
(New
CF)

Performance Report

3/5This 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 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. Intellectual property of 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 First Section)

Issued: 2/21/2019◆ Stock Price・After the disclosure of the upward revision to this fiscal year’s full-year financial results forecast, the stock pricesoared and has been staying in a high price zone. Reflecting the expectations for strong performance, the stock
price has been considerably outperforming the TOPIX since the fall of 2018. The valuation is somewhat highcompared to the average of the First Section of the TSE (based on the closing price of February 20, 2019: P/E ofapprox. 13.9, P/B of 1.2, and simple-average dividend yield of 1.95%). However, since we expect that a substantial
rise in profit will also occur during the next fiscal year, the Company’s P/E is 14.5 based on the predicted EPS for
the next fiscal year and the stock price does not seem expensive. Furthermore, when comparing major valuation
indicators with the Company’s competitors, Obic Business Consultants and Miroku Jyoho Service, the Company’s
stock continues to be relatively cheap (Figure 4).
・Going forward, we expect that the stock price will reflect the cloud business’ growth rate and financial results
forecast for the next fiscal year and onward, as well as the level of dividend (possible dividend hike). We should
keep watching this stock as a defensive stock based on domestic demand with a clear prospect for strong
performance during the next fiscal year.
【 Figure 4 】Comparison of Valuation Indicators with Competitors(Ref) Prepared by Alpha-Win Research Dept. based on each company’s financial results summary and stock priceCompany Name

PCA (consolidated)

Obic Business Consultants(OBC: non-consolidated)

Miroku Jyoho Service(MJS: consolidated)

Code
Stock Price (at 2/20 closing)Market Cap (Y mil)P/E (price-to-earnings ratio)
P/B (price-to-book ratio)
Dividend Yield (%)
EV/EBITDA
P/S (price-to-sales ratio)

9629

4733

9928

2,347
18,072
17.9
1.4
1.3
7.0
1.7

4,385
353,887
35.7
3.0
1.0
26.5
12.9

2,818
98,084
26.7
5.1
1.1
18.7
3.2

Market cap = shares outstanding x market stock price
EV/EBITDA = (market cap + interest-bearing debt - cash & deposits) / (O.P. + depreciation + intangible fixed asset amortization, etc.): based on FY 2018; recent value for market cap only
P/S = market cap / sales [the Company's forecast for FY 2019]
The companies' predicted EPS for FY 2019 used in all P/E calculations. Actual BPS as of the end of Dec 2018 used for P/B calculations.

 9629 PCA
FY

Sector: Information & Communication 
Sales

YOY

O.P.

YOY

R.P.

YOY

N.P.

YOY

EPS

BPS

Dividend(Y mil)%

(Y mil)%

(Y mil)%

(Y mil)

%

(Y )

(Y )

Y 

2016
8,440
3.3
40
66
-93
- -13.70 1,567.18
31.00
2017
9,360
10.9
432 957.9
463 593.6
160
23.49 1,568.59
31.00
2018
9,785
4.5
807
86.8
834
79.9
441 174.1
64.37 1,644.39
31.00
2019
CF
11,518
17.7
1,195
48.1
1,224
46.8
870
97.3 130.94
31.00
2019
F
11,520
17.7
1,200
48.7
1,225
46.9
870
97.3 130.94 1,740.36
31.00
2020
F
12,200
5.9
1,600
33.3
1,620
32.2
1,110
27.6 162.01 1,836.38
33.00
2021
F
11,000
-9.8
1,100
-31.3
1,110
-31.5
767
-30.9
111.95 1,882.33
33.00
2018
Q3
6,959
7.3
684
69.8
712
64.6
139
-51.4
20.40 1,644.39
2019
Q3
7,836
12.6
521
-23.7
547
-23.2
371 165.4
54.16 1,677.60(Note) CF = the Company's forecast. F = Alpha-Win Research Dept.'s forecast. Q3 = cumulative up through the third quarter.

 Stock Price and Valuation Indicators: 9629 PCA Itemas of 2/20/2019

Item 

P/E

P/B

Dividend Yield

Dividend Payout Ratio

Stock Price (Y)2,347Last FY (actual)

36.5

1.4

1.3%

48.2%

Shares Outstanding (thou.)

7,700This FY (forecast)

17.9

1.3

1.3%

23.7%

Market Capitalization (Y mil)

18,072

Next FY (forecast)

14.5

1.3

1.4%

20.4%

Dilutive Shares (thou.)0

Equity Ratio at Last FY-End

65.0% Last FY’s ROE

3.9%(Note) Forecasts were made by Alpha-Win Research Dept.

Performance Report

4/5This 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 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. Intellectual property of 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 First Section)

Issued: 2/21/2019

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

Performance
PeriodReturn vs. TOPIX
1 month17.4%
14.0%
3 months
6.0%
9.6%
6 months
46.7%
57.8%
12 months
25.8%
37.8%

/Y

Y

)

(Note) Stock price and index values up to
2/20/2019.
Each period compares the most recent
value and the respective month's monthend value.
E.g. The 1-month period compares thevalue on 1/31 and the most recent market
price reflected.

M

/1
7
02
/1
8
04
/1
8
06
/1
8
08
/1
8
10
/1
8
12
/1
8
(M

/1
7

12

/1
7

10

/1
7

08

/1
7

06

/1
7

04

/1
6

02

12

/1
6

Price relative to TOPIX (right axis)

10

08

2.00
1.95
1.90
1.85
1.80
1.75
1.70
1.65
1.60
1.55
1.50
1.45
1.40
1.35
1.30
1.25
1.20
1.15
1.10
1.05
1.00
0.95
0.90

Stock price (left axis)

/1
6

2,500
2,400
2,300
2,200
2,100
2,000
1,900
1,800
1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900

(Note) From the 4th week of August 2016 to the 4th week of February 2019 ****************************************************************************************************

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 thisReport.
This Report is not to be construed as a recommendation or solicitation of investment. 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 allinvestment matters and take full responsibility regarding their investment.
This Report has been prepared with a focus on objectivity and neutrality based on the analysis ofgenerally accessible public information and facts and supplemental information including interview(s) by
the analyst. Furthermore, we have aimed to distinguish between forecast and decisions by the company
and forecast and decisions by Alpha-Win and clearly state the difference in this Report.
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.
Copyright of this Report belongs to Alpha-Win and no part of the publication may be copied,photocopied, cited, or translated without our consent.
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Performance Report

5/5This 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
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