MCJ Corporate Profile
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Corporate introduction and financial overview

MCJ Co., Ltd.
23/07/2018
Investor Meeting, Hong Kong

Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Disclaimer
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This presentation may contain forward-looking statements which are inherently difficult to predict, hence actual result could differ materially for avariety of reasons, both positive and negative, including but not limited to such factors as change in economic conditions, customer spending andfluctuations in foreign exchange rate and so on.
In making these statements, we rely on assumptions and analyses based on our experience and perception of historical trends, current conditions
and expected future developments as well as other factors we consider appropriate under the circumstances. We believe these judgments arereasonable, but these statements are not guarantees of any events or financial results.
Hence, we caution readers not to place undue reliance on forward-looking statements.
We undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future
events or other factors that affect the subject of these statements, except where we are expressly required to do so by law.

Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Agenda
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 Overview of MCJ Group Company Vision and Future
Direction; Mid- term Management
Plan FY2017.3 - 2019.3
 Stock-related information

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M

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Overview of MCJ Group

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Overview of MCJ group
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Establishment# of Employees

Aug, 1998

2,020*1

PC related businessJ

Annual Turnover

Over 124billion JPY
Generated record sale and profit for 2
consecutive years since FY2017.3*1) at the end of March 2018

Business Domain

CGroup Companies
Comprehensive
entertainment business

19 in total

In Japan,Europe
and South East
Asia

BourseTrading Unit

（consolidated
subsidiaries）

Market Cap

86.1billion JPY*2*2) As of end of June 2018

Tokyo
Stock Exchange
2nd section
Ticker code: 6670

100
sharesCopyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Our major subsidiaries
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Overseas PC
business

Domestic PC
business

Monitors in Europe

PC and peripherals

Internet-coffee

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Repair service of IT
devices in SEA

PC, peripherals, andother IT gadgets

Distributor of IT products

Operator of Internet
Coffee chain

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Management profile
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Leadership team
» Our Board consists of 7 members, of which 3 are outside directors

April 2017

Joined Takashimaya Clothing Store Co., Ltd. (name changed to Takashima Co.,
Ltd. and then to Mouse Computer Japan Co., Ltd. before being acquired by MCJ
Co., Ltd.)
President & CEO, Takashimaya Clothing Store Co., Ltd. (name changed to
Takashima Co., Ltd. and then to Mouse Computer Japan Co., Ltd. before being
acquired by MCJ Co., Ltd.)
President & CEO, MCJ Ltd. (currently MCJ Co., Ltd.)
Director, Synnex Co., Ltd. (currently Tekwind Co., Ltd.)
Director, Arosystem Co., Ltd. (currently UNIT.COM INC.)
Chairman & CEO, MCJ Co., Ltd.
Chairman & Director, MCJ Co., Ltd.
Director, Mouse Computer Co., Ltd.
Chairman & President & CEO, MCJ Co., Ltd.
President & CEO, UNIT.COM INC.
President & CEO, Iscorporation, Co., Ltd. (currently aprecio Co., Ltd.)
Director, UNIT.COM INC. (to present)
Director, aprecio Co., Ltd. (to present)
Chairman & CEO, MCJ Co., Ltd. (to present)

July 2001
Sep. 2002
June 2004
April 2005
Aug.2007June 2008
July 2011
Oct. 2013
Oct. 2014
March 2016
June 2016
April 2017

Joined GDH, Co., Ltd.
Joined MCJ, Co., Ltd.
Manager, Finance and Accounting Department, MCJ, Co., Ltd.
Executive Officer, Management Planning Department, MCJ, Co., Ltd.
Manager, Industrial Growth Platform, Inc.
Executive Officer, PIA Corporation
Director, Industrial Growth Platform, Inc.
Senior Specialist, Inspection Bureau of Financial Services Agency
Principal, Industrial Growth Platform, Inc.
Executive Officer, President’s Office, MCJ, Co., Ltd.
Director, Head of Business Development & IR, MCJ, Co., Ltd.
President & COO, MCJ, Co., Ltd.(to present)

April 1993

May 1996

Chairman & CEO

Yuji Takashima

President & COO

Motoyasu Yasui

Aug.1998
Sep 2005
March2006
July 2006
Oct. 2006
June. 2008
Nov. 2012
Aug. 2013
Jan. 2017

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Our history
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 Path to value creation

Adopted holding
structure

Established as
Mouse Computer
Japan

First dividend payout
Sales over 100billion
JPY

IPO to TSE
MOTHERS section

Listed on TSE 2nd
section

MCJ as holding company
was established throughcompany split

Expansion
through a seriesof M&AsFirst-time company visionand future strategy has
announced as mid-term
management plan.

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Expansion trajectory
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 Business expansion through aggressive M&As
2017
2007
2006
2005

Acquisition of
TEKWIND(thenSYNNEX JAPAN) ;global purchasenetwork.

Acquisition ofiiyama ; sales
channel in Europe
and manufacturing
factory in Japan.

Announcement toacquire R-Logic
international:
penetrate into Asianmarket.

Acquisition of two
companies to bemerged into
Unitcom ; nationwide
retail network.

2016
May～

2005
April～Created integrated value chain associated with PC
business in Japan.

First public release ofcompany vision and future
strategy as mid-term
management plan.
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What makes us unique
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 We differentiate ourselves from other PC makers by target focus andbusiness model
Feature Primarily focusing on niche market− Gaming and other specialised-PCs
Product

 Balance− Price− Quality and spec

 Recently penetrating into more massmarket− Increasing brand awareness− Attractive products offering BTO manufacturing modelBusinessmodel

Uniqueness Comprehensive Value chain− From R&D, manufacturing to after
service.

− Repair and after support

 Lean management and quick action− Time to Market− One of the kind PCs to each user
− Low-cost operation
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Our product lineup 1/2) : specialised PCs
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Gaming PC

Trading PC

CJ

Creator PC

For Deep learning

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Our product lineup 2/2) : ordinary PCs
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Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

CJ- 11 -Domestic PC market, the number of units sold
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 PC business is a declining business as a whole, while many has withdrew
or scale back their business
Launch of Windows8.1（ in thousands ）MS ceased providing
Windows XP support
Release of
Windows8
Laptop PC sales
overtook that ofdesktop PCs

SHARP
Withdrew fromPC business

SONNY
spun off its
PC businessToshiba announced to sell
its PC business to
SHARP/ Foxconn

NEC announced tomajority stake of its
PC business toLenovoFujitsu announced to sell
majority stake of its PC
business to Lenovo

Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Market environment: Opportunity for growth
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（Unit）
14,000,000

The number of PC unit sold in Japan

12,000,000

Shrinking market does not necessary
mean there is no opportunity for growth.

10,000,000
8,000,000
6,000,000
4,000,000

MS ceased
support for
Windows XP» High-spec PC market especially
gaming PC is a case in point.

2,000,0000» Steady growth driven, in part, bymarket growth can be achieved.
Source; JITA

Year 2017
Domestic
PC market share

Source; MM RI

As our market share is still small,domestic PC market still is a huge market
to cultivate for us.

» Opportunity to growth by increasing
market share; continue to strengthenbrand awareness and development ofcompetitive products.
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Our value chain
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 Domestic and integrated value chain» Adopting BTO manufacturing model justifies domestic manufacturing;
quality control, delivery time, transportation cost, and etc.

Overview of our value chain
R&D• Mark to market•
development.
• First to launchmany innovative
gadget.
• From PC, tablet,
smartphone toperipheral gadgets.

Purchasing
Strongrelationship withMS, intel andother global
suppliers.

Manufacturing

Sales

After service• Multiple• One of the biggest EC
manufacturingsite for IT gadgets.
factories at east
• around 80 stores.
and west of Japan• Vast network with
with flexible
electronics retailers
capacities.
and resellers,
corporate customers• Call Centre;
open 24 hours
a day, 365 daysa year.
• Repair Centre
in Saitama

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Extensive sales channel
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Our domestic sales channel covers entire B to C and B to B market

To C

Direct channel
IndirectchannelTo B

Consumersin general

・ EC website operated byMouse・ more than 70 stores.
・ all the major E-Rs in
Japan.
・ Providing OEM productsCompanies ingeneral andother entitles

・ Sales by our sales
employees to many kinds ofentities.
・ Sales via nation-wide IT
distributers and EC site.

cooperate andindividual users
In EU

・Sales via distributers.

In 5 countries
all across SEA

・Subcontract from IT
device makers and etc.

EC website
Direct shop
Electronics retailers

OEM to E-Rs

Direct channel
Directsales
Distributers
IndirectchannelOverseas market
iiyamaDistributers

R-logic

Subcontractfrom IT makers

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Our nationwide business network
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More than 70 stores nationwide, in-house factories in East and West Japan
Chugoku region
Tottori, Shimane,
Okayama, Hiroshima.
Yamaguchi prefecture

Chubu region
Niigata, Toyama,
Ishikawa, Fukui,
Nagano, Yamanashi
prefecture

Hokkaido
region…In-house factory…Repair centre…Call centre

Hokkaido

Tohoku region
Kyushu region

Miyagi, Yamagata, Fukushima
prefecture

Fukuoka, Saga,
Nagasaki,
Kumamoto, Oita,
Miyazaki,Kagoshima
prefecture

Kanto region
Tokyo, Saitama, Tochigi
prefecture

Tokai region
Aichi, Mie, Gifu
prefecture

OkinawaregionOkinawa
prefecture

ShikokuregionTokushima,
Kagawa, Ehime
prefecture

Kinki region
Osaka, Hyogo, Kyoto,
Shiga, Nara, Wakayama
prefecture
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Unit sold, as compared to market trend
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 Continue to outperform market trend, as mass marketing contributed
significantly, in addition to demand increase from niche market
25.0%
20.0%

MS ceased
Windows XP
supportFirst year of mid-term
management plan

15.0%
Initiation ofnationwide
TVCM

10.0%
5.0%
0.0%
-5.0%

Launch ofWindows 8.1

Release of
Windows 10-10.0%-15.0%-20.0%-25.0%-30.0%

2014.32015.3
MCJ group

2016.32017.32018.3

Domestic PC ( JAITA )*The above graph compares actual results for each quarter (accounting period) with the same period of the previous year.
Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Financial result and forecast for FY2019.3
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Expect to achieve all-time high sale and profit in FY2019.3;
3 consecutive years after release of Mid-term plan
140,000

120,000

Sales

OP

First year of Midterm plan

7,463

（in millions, JPY）

8,504

9,000

9,000
8,000

100,000

80,00060,00010,000

7,000

5,068

5,167

102,889

103,288

6,000
5,000

108,727

124,544

131,100

4,000
3,000

40,0002,000
20,0001,000
00FY2015.3

FY2016.3

FY2017.3

FY2018.3

FY2019.3;
estimated

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Financial overview of major group companies
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 PC and PC peripherals PC, PC peripherals and other IT devices.
 Nationwide retail network with more than 70 stores.
 Integrated sales channels including E commerce.
Focus more on EC sales and corporate customers,
Mass marketing × competitive products
while undertaking business restructure of retail× better after support
business.
In millions, JPY

Net sales
Operating profit

FY2017.3

FY2018.3% Change

32,61536,665

12.4%

2,270

1,952

△14.0%

 A variety of IT devices and products
 Distributor; to electronic retailers andcorporate customers
Focus more on better margin products
and sales channel.
In millions, JPY

Net sales
Operating profit

FY2017.3

FY2018.3

33,80930,815665

760% Change

△8.9%

14.2%

In millions, JPY

Net sales
Operating profit

FY2017.3

FY2018.3% Change

27,46830,299

10.3%

559

750

34.1%

 Development and sales of monitors
 Headquartered and operates in Europe
Focus on growing product-lines and penetrate into newmarket.
In millions, JPY

Net sales
Operating profit

FY2017.3

FY2018.3% Change

22,63328,006

23.7%

3,627

4,208

16.0%

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M

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Company Vision and Future
Direction; Mid-termManagement plan
FY2017.3 – 2019.3

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Corporate vision and future direction
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synergies

BackgroundDirectionin ourvisionMeans toachieve

HardwareContents and Service

Expand into other types of hardware

Venture into related business to go with hardware# Diversity as means to access to andshare information, and in user needs.

# Hardware and related services arecompensate for each other as one
business

 Hardwar continue to exist irrespective of its form
as a meant to connect to information.
 Hardware as a whole is a growing business.

 More stable business than hardware.
 More growth potential than hardware.

 Expand into hardware other than PC, tablets,etc.

 Venture into services that can be related to
hardware Wearable, VR, AR, drone, IoT…

 Contents for consumer, software for corporate…

 Continue to seek innovation from hardware area

 Seek innovation from service area

 Development within group, using own resources.

 Alliance with, and/or equity investment to startups

 Collaborate more with Start-ups
 Active investment to start-ups, along with
providing business support using our value chain

 Utilise M&As to expand our business domain New M&A policy in accordance with the vision
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Planed path toward achieving Mid- term plan
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 Current mid term plan is positioned as period to build managementfoundation for achieving long-term vision; investment period for future growth.
Current mid-term planⅠ. 1st year

Ⅱ. 2nd – 3rd year

Ⅲ. Following period~ 2017.3~ 2019.3~ beyond

Preparation period for
subsequent years

Execution period on mid-term
plan

Period of continuous execution toachieve long-term vision Setting clear direction bycomposing long term vison.

 Organic growth to diversify thetypes of hardware to deal with.

 To be express in next mid-termplan.

 Setting execution policy andmethod・in accordance with theplan.

 Actual execution of M&As andalliance strategy.

 ・・・

 Focus on building foundation toachieve long-term vision..

 Focus on team building andexecution.
Preparation

Step1

Execution

Step2

Realisation
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KPI : actual vs target
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Actual vstarget
FY2018.3

TargetActualOP ratioAround 5％

6.8％

ROIC

Above 10％

17.5%

ROE

Above 10％

18.6%

Payoutratio

Above 30％*1

30.1％

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KPI

 Posted record high sales for 2 consecutive years
 Also posted record high operating and other profit for 2 consecutive
years

GrowthStrategy Continue to spend Ad expense for mass marketing, businessrestructure, and etc. for sales and profit expansion.
 Development and sales of IT devices other than PC through inhouse development and alliance with start-ups, etc.
 M&A: R-logic, repair service provider for IT products in South East
Asia

*1 initial target was above 20%, when the mid-term plan was originally announced

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Our intention for this ongoing Mid-term plan
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Mid- term Plan SummeryC

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Our Intention

 To build up profitability in our current
business»»×

Seek increase both in sales andprofit.
Seek to achieve increased profit
compared to previous year
despite the business investment.

× Aggressively making investment tocreate and sustain future growth.
»»Seek to accumulate investment
fund through increased
profitability mentioned above.
Seek to obtain the source for
future income throughinvestment.
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Summary of action and actual result;FY2018.3
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Increase profit / capital efficiency × Investment for future with increased profit
 P/L• Profit enhancement activity
throughout the group• Sales Growth*：20.6%• Sales Profit Ratio*：64.6%*% increase compared to FY2016.3(unit: JPY)

 B/S• More shareholder return• Better capital efficiency
through portfolio
management• Monitor ROIC and ROE as
KPI Action along with mid-term
plan• Strategic action as set in
the plan• Mass marketing• Penetrate in to SEA• Start-Up investment

FY2016.3

FY2017.3

FY2018.3

103,288 million

108,727 million

124,544 million

5,167 million

7,463 million

8,504 million

OP Ratio

5.0%

6.9%

6.8%

ROIC

11.6%

17.4%

17.5%

ROE

13.0%

19.1%

18.6%

Payout Ratio

20.5%

25.1%

30.1%

Sales
Operating Profit

Record high sales
and profit; 2consecutive years

All KPIs
exceeded thetarget ratio

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M&A and start-up investment direction
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 M&As account for significant part as a way to achieve our long-term vision
 M&As will be conducted within the range of FCF and cash on hand.
 Opportunities for M&As are considered with clear strategic business synergies.
2016.3First year

【Present theme】
Preparation for
exclusion2017.3Mid –term Plan
2nd year

Mid –term Plan
3rd year2018.32019.3【Mid-term theme】
Cultivating new market × Broaden the types of
product

beyond【Long-term theme】
Means to achieve
long-term theme Global business value chain
M&A Set new policy.
 Reinforce M&A
team

VB

 Gain investment
track record.

 Broaden the types of
hardware to deal with

Penetrate into
contents / service

 Mainly on hardware start-ups and related
contents and services providers

Theme for next
mid-termmanagement plan

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 Investment track record in accordance with the management plan.
Our start up investment record, examples
Holo Lab
Solution provider andsoftware developer using
HoloLens and xRtechnology, co-investment
with Softbank

To B

immersv
US-based Ad
platform
provider for VR
and mobile 360

OukaIchimon

Nain

To C

Developer of
VR game.

Developer of“hearable
device”, withvoice
recognition

HardwareMiddleware/
infrastructure

Contents andothersCopyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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M&A; R-logic International Pte Ltd
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 Transaction was conducted with the aim to penetrate into Asian market in the future» To strengthen our brand image with splendid support function 《differentiation by customer support》» Repair and support function is integral part fro selling hardware, yet difficult to start from scratch as it
requires tech-expertise and difficult to generate profit if own it in-house 《avoid fixed cost associatedwith repair function, while owing necessary function》
 Image for future direction
present
Short term～
Penetrate into Asia market as aGroup, and support R-logic to expand
its businessLong term～

Mid term～
Group companies to penetrate
into Asia. Support alliancecompanies go into the region

Collaboration inpurchase and busienss»

Collaboration to create
global supply chain»

Mutually setting up
sales channels»

Collaboration in
geographicalexpansion

»

・・・

»

Acquisition of infrastructure topenetrate into Asia market»

R-logic to assist group companies
for its future Asia operation»

Conduct M&A to own repair function,
which is tech-centre and requires
scale for making profit»

Utilise repair function to build
brand image × avoid fixed cost×»

Support R-logic for its business andgeographical expansion.

»

Install proper governance and adminfunction into R-logic»

Position R-logic as a support
function for other Japanese
hardware companies, to assist
others from repair and support
function.

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Significant KPIs for management
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 Financial policy and KPIs for the management
Management KPI# Focus on profit management of eachcompany and business portfolio
management.

Background Setting KPIs that can be apply both toexisting and new business.
 Numbers indicate floor percentage, taking
active M&As into consideration.

 Operating Profit ratio：around 5％

KPI ROE：Above 10%

Shareholder Return# Position shareholder return as one ofpriorities and set stable shareholder
return method.
 Better shareholders return along with moreIR activity.
 Payout ratio based on stable growth in mind.

 Target divided payout ratio：Above25％（originally, target was set to be more than 20%
but was upwardly revised.） ROIC：Above 10%

Notes toKPI OP ratio：target ratio to balance both growthand profitability as sound entity to sustain future
growth.
 ROE/ROIC：set floor rate considering tentative
decline as a result of planed M&As and etc.

 FCF to be used mainly on M&As, return toshareholders and equity reserve on B/S.
 Continue to strengthen shareholder return basedon future financial projection.
Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Stock related information

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Return to shareholders: Dividend
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 Planed Payout Ratio for FY2019.3 at this moment is 30%, up 10% comparedto FY2016.3, the year before mid-term management plan.

ActualBefore Stock split

After Stock split

Plan

Reference

Plan

FY2019.3

2019.3

FY2015.3

FY2016.3

FY2017.3

FY2018.3

Dividend
per share

10

13

26

36

36.72

18.36

Dividend
payout ratio

18.6%

20.5%

25.1%

30.1%

30.0%

30.0%

 Continuous increase of dividend payout ratio is clearly stated on our Mid-termManagement Plan.
» As to the FY2018.3, dividend for a share became almost tripled, as a result of
increase in payout ratio, along with strong financial result.
» Payout ratio for FY2019.3 is expected to be 30% as of now.

Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Historical stock price and trading volume
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（volume）

J（JPY）

FY2016.1～2018.5 stock price / trading volume

18,000,000

16,000,000

C

2,000

Trading Volume

Stock

1,800

1,600

14,000,000

1,400

12,000,000
1,200

10,000,000

8,000,000

Announce of
Mid-tem plan

1,000

800

6,000,000
600

4,000,000

400

2,000,000

200

0

0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May

FY2016FY2017FY2018
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Major market indicator
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 Attractive valuation considering our growth potential and higher than
average dividend yield ratio.
PER compared to market average（times）

Dividend yield ratio compared to market
average
（％）
3

16
14

2.5

12
2
10
1.5

8
6

1

4
0.5

2
0

0
Nikkei

1st section

2nd section

MCJ

Figures above represent previous fiscal year

Nikkei

1st section

2nd section

MCJ

Figures above represent previous fiscal year

Source) The Nikkei（ https://www.nikkei.com/markets/kabu/japanidx )Copyright(C) 2018 MCJ Co.,Ltd. All rights reserved.

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Summary
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 Steady growth by identifying the niche market and by
aggressive marketing, even though the PC industry as awhole is stagnant.
 Clear growth strategy stated on company vision and future
direction; “Hardware × Contents・Service”
 Earn stable profit both in domestic and overseas market.
 Proven financial track record with strong sales and profit
growth.
 Strong financial performance, attractive valuation, and active
returns to shareholders

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