MP

Analyst Reports

May 31, 2018

M C J（6670）

TSE 2nd Section

Sailing with all sails up in the fair wind of“year one of esports”■High-spec PC manufacturer with core fans
Operates an integrated business handling the development,purchasing, manufacturing, sales, and after-service of PCs,
PC parts, monitors, peripheral equipment for PCs, etc.
Provides brands which target various usages such as thegaming PC "G-Tune," PC for corporate users "MousePro," andthe PC for creators "DAIV."
Through M&As, has established the group power to perform
any business independently. Currently investing in leading
venture corporations in new fields but complementary to
existing business domain such as VR.

Yuya Okamura, Analyst

Company profile
Location

Chuo-ku, Tokyo

President & COO

Motoyasu Yasui

Established

August 1998

Capital¥3,854 million

ListingJune 2004

URL

http://www.mcj.jp/

SectorElectric Appliances■This year again the Company is to post record-highfigures for both net sales and profits
Forecasted results for the current period ending March 2019are as follows: net sales of ¥131,100 million (up 5.3% YoY),
operating profit of ¥9,000 million (up 5.8% YoY), and profit
attributable to owners of parent of ¥5,950 m illion(up 2.4% YoY).
In addition to effects of an increase in brand awareness madepossible due to concentrated advertising efforts made by theCompany in the previous term as well as to the increase indemand for gaming PCs, PC-related business is expected topost a sure increase in revenue. R-Logic, a company providing
repairs and technical support of IT-related products that wasmade into a consolidated subsidiary, shall also make asizeable contribution to the results on a full year basis.

Stock price data（closing price on May 31)
Stock price¥1,772

Outstanding
shares50,870,600
sharesTrade unit

100shares

Market cap¥90.14billion

PER (est.)

14.4times

EPS (est.)

122.33yen

PBR (actual)

2.52x■To increase the liquidity of the stock, the Company is
due to implement a 2-for-1 stock split in the end of June
The upturn trend in its stock price reflecting the measuresconducted to enhance IR initiatives is continuing.
Nevertheless, the forecasted PER level for stock price of 14
times is not high-priced when compared with 18 times, whichis the average for companies in the same industry category.
Although the Company is to implement a 2-for-1 stock split
with the record date of June 30, even after the split, thenumber of shares serving as criterion for preferential treatmentof stockholders shall be kept unchanged. From the point ofview of stockholders, the measure shall be very profitable as inreal terms it will mean “doubling of the profits,” and is likely toresult in a further increase in the number of shareholders anda further increase in the liquidity of the Company’s stock.
■Supporting popularization of esports with hardware
The first thing that comes to people's minds when talking about
PC industry is that it is plagued with bad sales, but one kind ofcomputers does sell quite well – the high-spec PCs.
This happens to be one of the areas the Company’s forte liesin, and now it is enjoying some truly strong fair wind as Japanis starting its full-scale efforts to popularize “esports.”
Capitalizing on this increasing demand for gaming PCs, it shallcontribute to popularization of esports with hardware.

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Analyst Reports

May 31, 2018

Company Information
Operates an integrated business handling the development, purchasing, manufacturing, sales, andafter-service of PCs, PC parts, monitors, peripheral equipment for PCs, etc. Sales channels
include direct sales via EC sites and brick-and-mortar stores, via major electronics retailers, OEM
supply, and direct corporate sales and indirect sales through distributors.
Overseas, possesses sales channels for monitors in Europe. The Company’s unique and highspec PCs are popular among knowledgeable users, and the Company has utilized group powerthat encompasses a variety of services to supply these PCs to the market. Today, the Company issimultaneously expanding sales to mass consumers.

● What is the source of uniqueness and originality?
The PCs offered by the Company target consumers with a high level of computer literacy; in otherwords, consumers for whom normal PCs are insufficient or unsatisfying. Since the Company's
computers are not intended for the general public, the absolute number of the target group issmall. Even so, the Company has moved forward with the firm belief that "strong demand exists"and has steadily expanded its business operations.
The Company was established in February 1998 whencurrent Chairman & CEO Yuji Takashima incorporated his
PC business under the name Mouse Computer Japan.

Easy‐300(1999)

PCs had just started to spread at that time, and the market
was dominated by major domestic manufacturers such as
NEC and Fujitsu. Conversely, as a venture corporation, theCompany devised a strategy to differentiate itself from othercompanies. The first computer released by the Company was
the Easy-300 PC (300 dollar PC) in March 1999. At that time,the exchange rate for yen to U.S. dollars was around ¥120,
about the same as it is now. Consumers were surprised by
the release of this reasonably-priced PC.

Furthermore, the PCs of major manufacturers that dominated the market at that time were
equipped with various functions as standard installation. Consequently, there was a gradualincrease in demand for PCs that allowed users to select their own preferred functions. In order tomeet this demand, there was an increase in non-branded PCs (then called white box = genericterm for PCs produced by manufacturers other than national brands) such as those offered by theCompany. Amidst these circumstances, the Company chose a business model of creating
customized PCs in accordance with specifications desired by the user.
This was the start of the BTO (Built To Order) style. One advantage of BTO is that inventory is
not accumulated. The Company pursued the strategy of carving a market niche by targeting"computer enthusiasts."
This strategy was successful and still forms the core of the Company's business strategy eventoday.

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Analyst Reports

May 31, 2018

Product history●Pursuing originality

As business began to take off, the Company released theoriginal PC "Easy-Cube 51C" in June 2003. It immediately
became a hit as a cube PC. In November 2003, theCompany changed its name to MCJ, its current name today.

『Easy-Cube51C』（2003）

G-Tune initial version（2004）At that time, online PC games were extremely popular. In
response to trends of the time, the Company started tohandle PCs targeting gamers; in other words, video gameplayers who were engrossed in MMORPG (Massive
Multiplayer Online Role Playing Games). In January 2004,
the Company released "G-Tune," a brand which continues todrive the Company's business even today.
In 2005, the Company announced the release of the lowpriced notebook PC “LuvBook” series. In June 2008, theCompany entered the netbook market by releasing LuvBook
U100, and then released its first tablet “LuvPad AD100” inSeptember 2010.
In November 2014, the Company released “m-Stick,” one of
the world’s smallest stick PCs. “m-Stick” is a ultra-lightweightstick PC that fits in the palm of a hand and makes it possible
to use Windows on LCD televisions and monitors via HDMI
connection. m-Stick attracted great attention as arevolutionary product that is widely used at meetings,
presentations, and events.
In the past few years, the Company has frequently released
high-spec PCs focused on the targeted consumers. In
February 2016, they released “DAIV,” a PC for creators. In
May of this year, the Company also developed “DEEP∞(Deep Infiniti),” a PC specially made for deep learning, asystem supporting the development of A.I. (Artificial
Intelligence).

G-Tune latest model
Slim model gaming PC『NEXTGEAR-C』（2017）

Also, the group company UNIT.COM has developed a PC
especially for traders of financial securities. UNIT.COM
released the “Kabu Paso” series through collaboration withthe major online trading company kabu.com Securities Co.,
Ltd. This provides an optimal environment for full-scale online
trading.

『m-Stick』（2014）『DEEP∞』 PC speciallymade for deep learning（2018）

3『kabu Paso』（2013）

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Analyst Reports

May 31, 2018

Overview of MCJ Group Companies(1) MouseComputer「G-Tune」 Gaming PC

This company was born at the founding of MCJ. Business activities
include the development, manufacturing, and sales of PCs andperipheral equipment. Offers target-specific brands for specific uses
such as the gaming PC “G-Tune,” the corporate PC “MousePro,” andthe PC for creators “DAIV.”
Currently, the company is focused most on increasing brandawareness. Although MouseComputer is famous among the market
niche of users with a high level of computer literacy, the company must
increase appeal to mass consumers in order to increase its market
share. The company is actively broadcasting TV commercials from2016.

Products are domestically produced PCs and priced lower than PCs of other companies. ...
Although that alone is quite sufficient to appeal to mass consumers, what is worth particularmention is the support system the company offers to its customers both before and after
purchase. In addition to a call center operating 24 hours a day, 365 days a year, the company
also has its own repair center. MouseComputer provides a 96-hour Repair Completion
Service, in which repairs are completed within 96 hours after the customer’s PC arrives at the
repair center.
As an easy-to-use service, the company has established the PC industry’s first LINE support system toenable even faster response to client enquiry. By further improving customer support following thepurchase of a PC, MouseComputer seeks to increase the number of fans for its products and is
focused on heightening its repeater rate.

(2) UNIT.COM「VIVE」
Recommended PC specifications
LEVEL-R027-i7-VNR

Sells original PCs, PC parts, peripheral equipment, and other devices.
Handles an increasing amount of VR products. Also conducts salesof sets consisting of the VR product VIVE manufactured by HTC in
Taiwan together with PC recommended for VR (a high price can be
set at around ¥200,000). Operates more than 70 shops (PC Koubou)
in Japan. Also focuses on services such as IT support and inspection
services for individual users utilizing its shops (assets).

(3) Tekwind

AKRacing Premium
Office Chair

Conducts wholesaling and retail sales of PC peripheral equipment,
and parts. Handles products from a wide range of more than 50
companies including Microsoft, Intel, and ASUS. In 2015, released agaming chair designed to reduce fatigue when sitting for long periodsof time. The price range is from ¥40,000 to ¥50,000, which is areasonable price when compared to similar products from othercompanies (the market price is around ¥100,000).

(4) iiyama
A corporation with high growth and high profit. Company headquarters
are located in the Netherlands. iiyama conducts development andsales of PC monitors. Main countries for sales are major European
countries such as Germany, France, and England. In addition to
ordinary PC monitors, the company also focuses on touch monitors
and high-end digital signage such as large-screen displays.
iiyama Monitor

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Analyst Reports

May 31, 2018

Considerations for Business Model (1)●A growth strategy aiming to turn weaknesses into strengths and develop theadvantages of the Company
Market of PCs is shrinking, both overseas and in Japan. According to JEITA statistics, shipmentsof PCs in Japan in the previous term ended March 2018 (April 2017 to March 2018) showed a 3%
decrease. For this term ending March 2019, the Company similarly projects a “continued small
decline of the market.” Operating in this declining PC market, the Company is still outperforming it
by increasing the number of shipments. There are two main reasons that make it possible.
One is that the Company's share in the PC market is still low. Also, although it is a contracting
market, it is still enormous and the Company had a weakness that it did not have much appeal tothe mass consumers. The Company perceived this very weakness as potential for growth andused it as leverage to expand its market share. Actively going on the offensive with their TV
commercials featuring Nogizaka46, it managed to bring the mouse logo to a level where it is wellfamiliar to TV viewers across the country. The improvement in name recognition quickly
translated into actual progress with an increase of Internet sales of notebook PCs. And the roomfor growth available through grabbing the share of other companies is quite large.
Change in increase/decrease rate for number of PCs shipped

Release of
Windows 8.1

Second nationwide TVcommercial in JapanEnd of support
for Windows
XP

Continue TV commercial etc.
Third
nationwide TVcommercial in
Japan

First nationwide TVcommercial in Japan

Release of
Windows 10
Fourthnationwide TVcommercial in
Japan

FY2014/3

FY2015/3
MCJ Group

FY2016/3

FY2017/3

FY2018/3

Domestic PC shipments (JEITA statistics)*The graph above compares shipping in each quarter (accounting period) to the same quarter of the previous year.

The second reason is that the high-spec PC market, where the Company's core strengths lie, is a
growing one. Last year, VR and its rise in popularity got into the news quite often, but now what
everyone is talking about is development of A.I. (Artificial Intelligence).
In May of this year, the Company announced release of its PC specially made for development of
A.I./deep learning.
The demand for high-performance PCs tailor-made for such use is very high among companies,
universities, and research institutions that develop A.I. The ability of the Company to utilize thesekinds of market trends and use the latest technology in their products spawns from its capability tocash in on its strong point - the fact that it is a BTO manufacturer.
The Company has a working system enabling it to receive the full benefit of the growing market it
is operating in by prompt productization.

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Analyst Reports

May 31, 2018

Considerations for Business Model (2)●Creating a promising venture business portfolio
Currently, the Company is broadening its horizon to include long-term growth and is engaging
in strategic venture (VB) funding. The basic strategy of the Company is to cover theareas that are not covered by its existing business through investments into venturebusinesses.
The three most recent cases of VB investment are listed below. The investment structure isportfolio to receive benefits from multifaceted market growth in the fields of hardware andcontents.
(1) Nain
A venture corporation developing "hearable devices" that utilize voicerecognition technology. Invested
in November 2016. The company's
earphones "Aplay" were developed under the concept of "being wearable(hearable) for ears" and are sold at major home appliance stores.
Aplay N1L
Nain Inc.

CHAINMAN
Ouka-ichi-mon.inc(2) Ouka-ichi-mon
A venture corporation developing VR game content. Invested in November
2016. Specializes in VR games. In August of this year, released the game
"ChainMan: Terror from the Darkness" for VIVE. Develops horror games
which are a good fit with VR. If a hit game for VR is developed, it will have apositive effect on increasing sales for high-spec PCs recommended for VR
HMDs.

(3) Immersv, Inc. (U.S.)
Based in the United States, this venture corporation develops advertisement distribution
platforms for smartphone-based VRs and mobile 360. Invested in July 2017. Provides aplatform enabling the display of advertisements using 360-degree video when the user wears ahead-mounted display. Advertisements using VR have not yet spread widely. There is great
potential for future growth. In addition to MCJ, HTC (Taiwan), GREE (Japan), and Metaps(Japan) also invest in this promising venture corporation.

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Analyst Reports

May 31, 2018

Results of Operations
Performance（million yen）
Fiscal year end

Net sales

YoY

OperatingprofitYoYProfit attributableto owners ofparentYoY

EPS(¥)March 2015

102,889

-1.1%

5,068

24.8%

2,627

45%

53.83

March 2016

103,288

0.4%

5,167

1.9%

3,087

17.5%

63.48

March 2017

108,727

5.3%

7,463

44.5%

5,030

62.9%

103.44

March 2018

124,544

14.5%

8,504

13.9%

5,811

15.5%

119.49March 2019 (est.)

131,100

5.3%

9,000

5.8%

5,950

2.4%

122.33●In the previous term ended March 2018, the Company posted net sales of ¥124,544 million (up
14.5%
YoY), operating profit of ¥8,504 million (up 13.9% YoY), and profit attributable to owners of.
parent of ¥5,811 million (up 15.5% YoY). This double digits increase both in revenue andprofits is record high. It should be noted that in the third quarter the Company posted a one-time
gain on sale of property holdings. But even with the effect of this sale excluded, its net sales
increase by 12.4% and increase of operating profit by 7.0% are still the highest ever.
During the previous term, the Company implemented an advertisement campaign with TVcommercials, etc. to raise its name recognition among mass consumers and went further
with it than initially planned. SG&A expenses increased by ¥1,500 million compared with thepreceding term. It is worthy of special mention that although the term was primarily one to sow theseeds for the future (by prior investment), the Company still managed to increase its profits.
The primary cause of this increase in profits is the effect of increased revenue (by ¥15,800 million
compared with the previous term). Revenue by subsidiary is as follows: MouseComputer increased
revenue by 12.4%, UNIT.COM by 10.3%, and iiyama by 23.7%. MouseComputer displayed quick
effect of the TV commercials with increased sales of notebook PCs through the Internet and tocorporations. Sales of value-added products, such as gaming PCs, were also satisfactory.
●Forecasted results for the current period ending March 2019 are as follows: net sales of¥131,100 million (up 5.3% YoY), operating profit of ¥9,000 million (up 5.8% YoY), and profit
attributable to owners of parent of ¥5,950 million (up 2.4% YoY). In addition to the effect of theincreased name recognition, the demand for gaming PCs is increasing, so the PC-related businessis expected to post a sure increase in revenue. R-Logic, a company providing repairs and technicalsupport of IT-related products that was made into a consolidated subsidiary, shall also make a.
sizeable contribution to the results on a full year basis
The estimate of ¥9,000 million for operating profit is based on the average value of an operating
profit ratio of 6.9% in the past two terms. But, with the exception of the second quarter that wasmarked with an increase of the advertising and promotional expenses, the operating profit ratio
on quarterly base during the previous term was over 7% (and 7.3% in the latest, fourth quarter).
The Company seemingly will increase the advertising and promotional expenses in this term also,
but the planned increase is up approximately 2% from the previous term. If the planned figure fornet sales is achieved, operating profit will naturally exceed the initial plan.
This term happens to be the final year of the Mid-term Management Plan. The upper limit goal fornet sales the Company had initially set in its Mid-term Management Plan was ¥120,000 million, andthis goal was achieved ahead of schedule in the previous term. The Company mentioned that nominor changes to the Mid-term Management Plan will be made and that the growth vision for theGroup after it has achieved an improvement in profitability exceeding the goals set will beshown in the new Mid-term Management Plan that is to be announced in the next term.

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Analyst Reports

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Investment appraisal (1)Stock Price (historical)
Year high¥1,904

Year low¥1,183Highest since
the IPO

¥2,863Lowest since
the IPO¥28*Considered with stock split●If we take into account the stock split, the present price ofCompany's stock is the highest it was since September 2004. The
cardinal point, when their stock started to get higher recognition,
was not at the time of Abenomics stock market rise but in May
2016. From May 2016 and to March 2017, the Company managed
to keep the stock price rising on monthly basis for 11 consecutive
months.
This cardinal point of May 2016 is when the Company
announced its first Mid-term Management Plan since thelisting. With this step, the Company enhanced the disclosure of
information and increased the points of contact with both
institutional and individual investors in and outside the country. It
had not been well known in the market to begin with, and this IR
effort produced an immediate effect. And this initiative is quite
similar to the recent advertising campaign of the brand using TV
commercials that directly led to an increase in the sales of PCs.
The upturn in stock prices that began two years ago is still just as
strong as it was at the time. The highest price this year was ¥1,904
recorded on May 18 after the Company announced its financial
results. On the other hand, TOPIX as well as Second Section of
the Tokyo Stock Exchange, to which the Company belongs, giveits year-to-date high on January 23. For the year-to-date highperformance also, against +50.1% of the Company, TOPIX is 3.8% and the Second Section of the Tokyo Stock Exchange index
number is -0.2%. This is a proof that these numbers are based ona continued actual demand – although the conditions of the stock
market as a whole are deteriorating, the Company's stocks keep atrecord high. The current forecasted PER level for stock price is 14
times. Still, as the forecasted average PER level for stock prices ofthe same "Electric Appliances" category on the First Section of theTokyo Stock Exchange is 18 times, it is not overpriced. If theCompany steps up to the next level of the TSE First Section, there
may be even more investors who will notice that its stock is
actually undervalued.
The Company itself is highly enthusiastic, striving to get to thepoint where it is promoted to the First Section of the Tokyo Stock
Exchange.
In addition to its enhanced IR, the Company introduced ashareholder special benefit plan (with its "Shareholder Incentive
Product Catalog," from which investors owning more than 1,000
shares can select products with value of about ¥10,000, an
initiative that earned high acclaim among the investors) striving toincrease the number of individual shareholders.

Shareholder Incentive Product Catalog forthe fiscal year ended March 2018 (planned)

The Company also announced its plan to implement a 2-for-1
stock split with the record date of June 30. Even after thedivision the number of shares serving as criterion for
preferential treatment of stockholders shall be kept
unchanged, and from the point of view of stockholders, themeasure shall be very profitable as in real terms it will mean
“doubling of the profits.”

The Company expects that the stock split will improve the liquidity of its stock. It seems that by improving theliquidity of the stock, the Company is also trying to attract institutional investors. From the point of view ofpurchases of institutional investors, the “market capitalization of ¥100,000 million” (it is ¥90,100 million asof the end of May) should be an important turning point.
If we take a look at the stocks traded on the First Section of the Tokyo Stock Exchange, as much as 90% ofcompanies with market capitalization of ¥100,000 million or more (711 out of 786) are covered by analysts.
For those with market capitalization of less than ¥100,000 million, on the other hand, the number is much
lower at 37% (408 out of 1,289), signifying a significant difference between the two groups. The new phasethat will start with the attainment of the market capitalization of ¥100,000 million (which would mean stock
price of ¥1,966) is not a goal though, and the new phase will mean many future prospects.

8*

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Analyst Reports

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Investment appraisal (2)● The Company is covered by one brokerage firm. Although one firm is not really
representative, its forecasted performance for the current term is “¥135,000 million for net
sales and ¥9,500 million for operating profit”. As this figure constitutes what is called“consensus,” it shall serve as a standard for determining whether the Company performed wellor not when financial statements and earnings revisions are announced in the future.
I also believe that the operating profit of ¥9,000 million planned by the Company is on theconservative side. In the second quarter of the previous term, when the Company aggressively
used TV commercials, due to an increase in costs, the operating profit was ¥1,518 million. But
in the third and forth quarters, when the advertising and promotional expenses were alreadycompleting a full cycle, operating profit was ¥2,472 million and ¥2,520 million respectively. As
the quarterly operating profit was reaching on cruising speed figures of around ¥2,500
million, and if we are working on the premise of net sales of over ¥130,000 million, theCompany can well count on the operating profit for the full fiscal year of ¥10,000 million.
●The Company specializes in high-spec PCs, which are a growth niche that defies the trend of
the otherwise shrinking PC market.
The spread of smartphones and tablets has negatively affected the PC market. However, it is
impossible to use smartphones instead of gaming PCs and programming PCs, which
require high-specs.
Another example of the same phenomenon is how demand for single-lens reflex cameras andmirrorless cameras has increased even while the camera market has shrunk due to theadvancement of smartphones. Yet another is the growth of markets (yogurts, etc.), where
manufacturers can sell products with "high functionality" even if the unit price is high.
Competitive products with high unit price selling well – that is one of the most important factors
for a manufacturer.
In the PC industry, the products with high unit price that sell well are high-spec PCs. And someeven stronger fair winds are blowing today in this area the Company specializes in. The reason
for it is that this year (2018), Japan launches its full-scale effort popularizing competitive sport of“esports,” a form of competition using PC games, declaring 2018 as “year one of esports.”“Japan esports Union” was established in February of this year and started issuing professional
licenses. Taking advantage of this, in March, Yoshimoto Kogyo announced that it is establishingits own professional team. The initiative was quickly picked up by other major companies
announcing their participation one after another, including J. League that announced that it shallhold an esports soccer game tournament.
The rising of esports is creating a demand for gaming PCs in strata of the society other than theso-called “otaku.”
To play PC games originating in foreign countries, people need gaming PCs and also various
peripheral equipment for them. And to get a gaming PC, people have two choices - either
assemble one themselves, or have it built to order (BTO), and for beginners, BTO that offers
extensive support becomes a good option indeed. We are currently seeing esports-related
products increasingly placed by major mass home electronics retailers so as to catch the eyesof the shoppers, with sales space allocated to them getting increasingly larger.
In the stock market, investors started to look for stocks of companies related to esports. But I
believe that not many people know that the companies that are to directly benefit from the fairwind created by this trend are not the software manufacturers that produce their products forvarious consoles (home video game machines), whose names tend to be mentioned the most,but companies offering gaming PCs. Among gaming PCs produced by companies in Japan, themost prominent are TSUKUMO's “G-GEAR” and Dospara's “GALLERIA,” but neither of thesecompanies are listed on stand-alone basis.
The Company is positioned right in the heart of the movement supporting popularization ofesports with hardware, and is the only listed brand there.
（Okamura)

9*

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Analyst Reports

May 31, 2018

Disclaimer
This report incorporates information that was received from the company covered at interviews at thecompany and other sources by analysts who are doing work for Magical Pocket Corporation Assumptions
and conclusions included in this report represent the analysis and assessments of analysts who preparedthis report and are not the positions of the company or companies covered in this report.
This report was prepared solely for the purpose of providing information that is useful for reachinginvestment decisions. This report is not a solicitation or other inducement regarding securities transactions
or any other activities.
Investors are always responsible for making judgments required to reach final investment decisions. Magical
Pocket and the analysts that prepared this report under contract for Magical Pocket have no responsibility
whatsoever regarding these investment decisions. All information in this report is current at the time thisreport was prepared and may be revised without prior notice.
This report is copyrighted material of Magical Pocket Copying, selling, using, releasing to the public and/or
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