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

Issued: 8/3/2021

2019/8/1

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") sells originally-developed, packaged businesssoftware (for accounting, sales management, purchasing and inventory management, payroll, human resources, work
management, etc.) mainly to small/medium-sized companies as on-premises or as cloud software. It also provides
related maintenance services. Its mission is to contribute to society as a “Management Support Company” that
supports other companies conduct smooth management and operation.
・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, stability and profitability of business have improved significantly. Goingforward, it plans to make a further transition to the subscription businesses. In FY 2020 (note that the Company’s
fiscal year is March-ending, e.g., FY 2020 ended in March 2020), it achieved record-high sales and profit thanks to
the high demand driven by the consumption tax revision and the end of support of Windows 7.

◆ This fiscal year’s Q1 results were a positive surprise: thanks to the products’ highreplacement demand and the solid cloud business, sales grew significantly YoY and profits
doubled. Stock split and dividend hike were also announced.
Summary of Q1 Results
・The Company's first quarter results for FY 2022 (April-June 2021; hereinafter, “Q1” = April-June) were as follows:sales of Y3,328 million (+19.3% YoY; however, note that this is only a simple comparison between “this fiscal
year’s results based on the new revenue-recognition standard” and “the previous fiscal year’s results based on theprevious revenue-recognition standard”; the same applies below), operating profit of Y975 million (+109.4% YoY),
recurring profit of Y987 million (+109.4% YoY), and net profit of Y614 million (+125.4% YoY). Both sales andprofit had grown significantly YoY (Figure 1). The profit growths were especially significant, as they doubled,
indicating a clear and sharp recovery from the previous Q1 when sales and profits had declined in reaction to thepast event-driven high demand.
・Since the new revenue-recognition standard has been applied to this Q1’s results, sales have been decreased by
Y426 million and operating profit has been decreased by Y74 million compared to the conventional standard(previous standard). When this difference is factored out, sales would essentially come out to be Y3,754 million(+34.6% YoY) and operating profit would be Y1,049 million (+125.6% YoY).
・Progress against the full-year company plan (based on the new standard) has been extremely strong: 26.7% for sales,
52.3% for operating profit, and 51.5% for net profit. Compared with past Q1 results, this progress greatly exceeds
the past five fiscal years’ average sales progress of 21.2% and average operating profit progress of 14.6%.
・The Company has not released forecasts for Q1 or the first half, but Alpha Win Research Department predicts thatthe results have most likely significantly exceeded the Company’s internal expectations.
【Figure 1】Q1 Results
Q1 Results

Q1 FY 2021

Q1 FY 2022

% Change

Difference% of Total Sales

Q1 FY 2022

% Change

Difference

Unit: million yen

Apr-June 2020

Apr-June 2021

YoY: %

YoY: million yen%

Apr-June 2021

YoY: %

YoY: million yen

Previous RevenueRecognition Std.
2,789
307
77
899
957
546
1,756
63.0
1,290
46.3
465
16.7
272
9.8

New RevenueRecognition Std.
3,328
935
85
820
1,255
231
2,284
68.6
1,309
39.3
975
29.3
614
18.4

Simple Comparison of New/Previous RevenueRecognition Std.

Consolidated Sales
Sales Category
Gross Profit
SG&A Expenses
Operating Profit
Net Profit

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

19.3
204.2
9.5
-8.8
31.1
-57.7
30.1
1.5
109.4
125.4

539
628
8
-79
298
-315
528
5.7
19
-6.9
510
12.6
342
8.7

100.0
28.1
2.6
24.6
37.7
6.9
-

Comparison with Previous
Under Previous Std. Comparison with Last Q1 underPrevious Std.
Std. (New - Previous)(adjusted)
-426
3,754
34.6
965
-4
939
205.9
632
0
85
10.4
8
-74
894
-0.6
-5
0
1,255
31.1
298
-346
577
5.7
31
-80
2,364
34.6
608
63.0
0.0
-4
1,313
1.8
23
35.0
-11.3
-74
1,049
125.6
584
27.9
11.3
-

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

Short Report

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 First Section)

Issued: 8/3/2021

Q1 Sales by Category
・Of the overall sales increase of +539 million yen (+965 million yen based on the previous standard; the same applies
below), the products’ sales growth was +628 million yen (+632 million yen) and the cloud service’s sales growth
was +298 million yen (no difference between the previous and the new standards), which offset the sales decline of-315 million yen in other operating revenue (+31 million yen) and -79 million yen in maintenance (-5 million yen).
・Breakdown of sales by category (the Company’s sales categories) was as follows:
1. Sales of products (conventional packaged software: on-premises) increased significantly, in the order of last Q1⇒ this Q1 (same order for the rest), from Y307 million ⇒ Y935 million due to the early replacement demand in
response to the end of support of the "PCA X Series" scheduled for December 2021 (shift to the DX series). By
sales category, this category had the largest sales growth rate and contributed the most to the overall sales growth.
It had also most likely helped boost the overall profit. The new revenue-recognition standard only caused a small
decline of -5 million yen.
2. Although the trend of going paperless through digitalization has continued, sales of merchandise (ledgers, etc.)
had increased from Y77 million ⇒ Y85 million (+9.5% YoY; 2.8% ⇒ 2.6% of total sales).
3. Regarding maintenance service, sales decreased by Y79 million or -8.8% YoY from Y899 million ⇒ Y820
million due to cancellations of contracts in anticipation of the end of support of the X series. However, sales
were mostly flat based on values in which the decline caused by the new revenue-recognition standard (-74
million yen) is factored out.
4. Cloud service’s sales were Y1,255 million, the largest of all sales categories, accounting for 37.7% of the total.
Combined with maintenance service that accounts for 24.6%, the subscription-based businesses account for
62.3% of the total sales. Both businesses are also continuous in nature and have high marginal profit ratios, sothey are most likely contributing significantly to the Company's financial performance in terms of both sales andprofits. Cloud’s sales have continued to grow at a high rate of +31.1% YoY (not impacted by the new revenuerecognition standard). Due to the COVID-19 outbreak, the increase in the number of new members of the cloudservice (net increase) had slowed down temporarily to around 130 to 140 companies per month, but seems tohave recovered to around 180 companies per month in Q1. As a result, quarterly sales of maintenance services
plus the cloud have continued to increase year-on-year as well as compared to the previous quarter, regardlessof seasonality. By fiscal year, the number of members of the cloud service (existing members) has increased
steadily from 12,313 companies in March 2019 and14,388 companies in March 2020 (YoY: +2,075) to 16,444
companies in March 2021 (YoY: +2,056) (the number of members as of the end of June 2021 has not been
disclosed).
5. Other operating revenue decreased significantly from Y546 million ⇒ Y231 million (-57.7% YoY). However,since the application of the new revenue-recognition standard had caused a decline of Y346 million (sales
decline), sales would essentially be Y577 million, which would be a +31 million yen or +5.7% YoY growth.

Q1 Profit・In terms of profit, since the Company’s business model is characterized by a high marginal profit ratio, changes insales have a large impact on profit margins and the amount of profit. This Q1, the breakdown of sales changed dueto the significant increase in the sales of the products and the cloud, which are the profitable businesses, and thedecline of the less profitable other operating revenue. Due to the improvement of the product mix and the reductionof the cost of sales, the gross margin had improved significantly from 63.0% in the previous Q1 to 68.6% in thecurrent Q1. While sales had increased at a double-digit rate, the SG&A expenses had increased only slightly by Y19
million or +1.5% YoY, which led to an improvement of the SG&A expenses ratio by 7.0% from 46.3% ⇒ 39.3%.
As a result, the operating margin improved significantly from 16.7% ⇒ 29.3% (+12.6%). Note that the Company's
estimate for the full fiscal year’s operating margin is 15.0%, and the actual margin in Q1 far exceeds this. Since
there was no major nonoperating or extraordinary profit/loss in Q1, the increase in operating profit had led to anincrease in the net profit.
・During the Q1 period (April-June), the sales and profits of Keepdata Ltd. (already sold), which was included in theprevious fiscal year’s consolidated results, and Dreamhop Co., Ltd. (acquired), which is included in this fiscal year’s
consolidated results, are estimated to have been almost about the same. Consequently, the replacement ofsubsidiaries seems to have been mostly offset regarding its impact on the Company’s consolidated results.

Balance Sheet
・The balance sheet as of the end of this Q1 has not largely changed compared to the same period of the previous
fiscal year. The increase in profit had led to an increase in the cash & deposits (in the order of last Q1 ⇒ this Q1:
Short Report
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 First Section)

Issued: 8/3/2021

Y10,176 million ⇒ Y12,401 million) and an increase in the net assets (same order: Y13,824 million ⇒ Y16,387
million). The ratio of cash & deposits to this fiscal year’s planned sales or total assets is 99.6% (about 12 months’
worth of average monthly sales) and 48.4%, respectively, indicating that the Company has ample liquidity on hand.
With an equity ratio of 63.3% and a current ratio of 208.7%, its financial position is firm.
・Contract liabilities (previously unearned revenue, etc.; consideration received for services not yet provided insubscription contracts such as the cloud service) have steadily increased to Y5,704 million.
・By September 28, the Company plans to sell a part of an issue of investment securities that it owns for pureinvestment purposes. The gain on sale is expected to be Y737 million, but this has not yet been included in the
Company's financial forecast for this fiscal year, and it would be one factor that may lead to an upward revision of
the net profit. The use of the gain on sale has not been decided.

◆Financial Forecast for This Fiscal Year Onwards
The Company’s Financial Forecast for This Fiscal Year・The Company’s forecast of this full fiscal year’s results (based on the new revenue-recognition standard) is asfollows: sales of Y12,447 million (-6.5% YoY; only as reference since last fiscal year was based on the previous
revenue-recognition standard; the same applies below), operating profit of Y1,866 million (-19.4% YoY), and net
profit of Y1,192 million (-28.5% YoY) (Figure 2 on page 4). It is expecting both sales and profit to decline. Notethat based on the previous standard, the forecasted results would be Y14,153 million (+6.3% compared to last fiscal
year’s results under the previous standard), Y2,012 million (-13.1%), and Y1,294 million (-22.4%), respectively,
such that sales are expected to grow while the profits are expected to decline (at smaller amounts of decline). So far,the Company has not changed its full-year forecast since it had been announced at the beginning of the fiscal year.
・When the Q1 results were announced, the Company also announced a 3-for-1 stock split (October 1, 2021, as thescheduled effective date) and an essential increase in dividend (annual dividend will increase from Y34/share ⇒Y36/share based on the shares before the stock split).
・The change in the shareholder benefit program had been made to adjust for the change in the number of shares dueto the stock split, so the actual content and standards of the benefit program are essentially the same as before.

Alpha-Win Research Department’s Financial Forecast for This Fiscal Year Onwards
・In the previous report (issued on June 9, 2021), we saw the Company's full-year forecast as conservative andexpected a slight upward revision in both sales and profits. However, this fiscal year had begun stronger than
expected, especially in the selling of the products (replacement of the X series with the DX series, etc.) and thecloud’s sales. Since this positive trend is expected to continue after Q1 as well, we reviewed our forecast for bothsales and profits of this fiscal year.
・In particular, we revised our profit forecasts significantly upward, and we believe that record-high profits may beachieved. In addition, since the Company has not been achieving its goals for dividend payout ratio (33%) anddividend on equity ratio (DOE: 2.5%) for some time, we believe that dividend may be increased again to match thelevel of profit.
・The Company's business is highly compatible with remote work and is mainly focused on subscription-based
businesses. In fact, its financial performance since the previous fiscal year indicates that the impact of COVID-19
has been minimal. However, since the rebound of the COVID-19 outbreak in Japan too has been more serious than
expected, it should be considered a risk factor in terms of sales activities and support.
・Although the forecasts for next fiscal year and beyond are still tentative, we revised our estimates for the sales of
the cloud and the products and the profit margin. We also revised sales, profits, and dividend upward. We plan torevise and make an official forecast when the first-half results become disclosed.

Progress with the New Businesses
・After acquisition, Dreamhop Co., Ltd., has been focusing on improving business performance by strengthening its
sales, services/products, and capital.
・ The Company has been working on expanding the sales of PCA Subscription/Hyper and on the in-housedevelopment of PCA HUB. However, partly due to the COVID-19 crisis and because it has been too busy responding
to the replacement demand for the products, it seems to have not made much progress.
・The Company has been accumulating cash & deposits year by year thanks to its cash-cow business. Its nextchallenges would be to improve asset efficiency, execute investment strategies for future growth, and develop
businesses that will be the next major source of earnings.
Short Report

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 First Section)

Issued: 8/3/2021

Prime Market
・Currently, the Company is listed on the First Section of the Tokyo Stock Exchange. Although the Company has notmade any official announcement, we believe that it will most likely move to the Prime Market that will be newly
established.
【Figure 2】Financial Forecast for This Fiscal Year and Over the Medium Term
Unit: million yen, %FY 2020 AR

Sales
Category

Products
Merchandise
Maintenance Service
Cloud Service
Other Operating Revenue

Gross Margin
SG&A Expense(% over sales)

Operating Profit(% over sales)

Recurring Profit(% over sales)

Net Profit for the Year(% over sales)

Sales (% YOY growth for all values)
Category

Products
Merchandise
Maintenance Service
Cloud Service
Other Operating Revenue

Gross Margin (% YOY diff.)
SG&A Expenses (% growth)
Operating Profit (% growth)
Recurring Profit (% growth)
Net Profit (% growth)

FY 2021 AR

14,266
3,166
552
3,471
3,374
3,701
60.3%
5,817
40.8%
2,781
19.5%
2,808
19.7%
1,816
12.7%

13,308
1,985
485
3,570
4,057
3,227
60.1%
5,686
42.7%
2,314
17.4%
2,340
17.6%
1,668
12.5%

24.7%
25.8%
-2.0%
11.1%
37.6%
33.1%
3.3%
10.3%
122.8%
119.9%
100.4%-6.7%-37.3%-12.1%
2.9%
20.2%-12.8%-0.2%-2.3%-16.8%-16.7%-8.1%

FY 2022
Previous CE
14,153
1,947
443
3,259
4,510
3,992

2,012
14.2%
2,046
14.5%
1,294
9.1%
6.3%
-1.9%
-8.7%
-8.7%
11.2%
23.7%

-13.1%-12.6%-22.4%FY 2022
New CE
12,447
1,914
443
3,112
4,510
2,466
61.8%
5,824
46.8%
1,866
15.0%
1,899
15.3%
1,192
9.6%

FY 2022
Previous E
12,500
1,950
450
3,150
4,650
2,300
61.6%
5,800
46.4%
1,900
15.2%
1,930
15.4%
1,210
9.7%

FY 2022
Current E
14,200
3,500
400
3,150
5,050
2,100
65.0%
5,900
41.5%
3,330
23.5%
3,360
23.7%
2,475
17.4%

FY 2023
Previous E
13,000
2,000
380
3,050
5,300
2,270
61.5%
5,920
45.5%
2,075
16.0%
2,100
16.2%
1,315
10.1%

FY 2023
Current E
14,400
2,500
380
3,050
6,200
2,270
62.5%
6,050
42.0%
2,950
20.5%
2,980
20.7%
1,863
12.9%

FY 2024
Previous E
13,600
2,070
330
2,900
5,950
2,350
61.4%
6,080
44.7%
2,270
16.7%
2,300
16.9%
1,440
10.6%

FY 2024
Current E
15,680
2,600
330
2,900
7,500
2,350
62.5%
6,200
39.5%
3,600
23.0%
3,630
23.2%
2,269
14.5%

-6.5%
-3.6%
-8.7%
-12.8%
11.2%-23.6%
1.7%
2.4%-19.4%-18.8%-28.5%

-6.1%
-1.8%
-7.2%
-11.8%
14.6%-28.7%
1.5%
2.0%-17.9%-17.5%-27.5%

6.7%
76.3%-17.5%-11.8%
24.5%-34.9%
4.9%
3.8%
43.9%
43.6%
48.4%

4.0%
2.6%
-15.6%
-3.2%
14.0%
-1.3%
-0.1%
2.1%
9.2%
8.8%
8.7%

1.4%
-28.6%
-5.0%
-3.2%
22.8%
8.1%
-2.5%
2.5%
-11.4%-11.3%-24.7%

4.6%
3.5%-13.2%
-4.9%
12.3%
3.5%
-0.1%
2.7%
9.4%
9.5%
9.5%

8.9%
4.0%
-13.2%
-4.9%
21.0%
3.5%
0.0%
2.5%
22.0%
21.8%
21.8%

(Note) "Accounting Standard for Revenue Recognition" (ASBJ Statement No. 29), etc., have been applied starting in FY 2022.
YoY differences for "FY 2022 New CE" and "FY 2022 Previous/Current E" are comparisons with the previous standard and therefore have no continuity.
"CE" stands for the Company’s forecast/estimate. "Previous CE" is based on the previous revenue -recognition standard; "New CE" is based on the new standard.
"E" stands for Alpha-Win's forecast/estimate, all based on the new revenue-recognition standard.
"Previous E" is the forecast made in the previous report (June 9, 2021). "Current E" is the updated forecast made in the current report.
"AR" stands for actual results.

(Ref) Prepared by Alpha-Win Research Dept. based on the financial results summary◆ Stock Price
・ The Company’s stock is seen as a defensive, domestic-demand-oriented, and small-cap growth stock with
subscription-based businesses. Over the past ten years, its stock price has been significantly outperforming the
TOPIX. Over the past 12 months, though, due to the market’s preference for economically sensitive stocks, theCompany’s stock had been underperforming the TOPIX. However, most recently, the solid Q1 results, the stock split,
and the dividend hike seem to have been received as a positive surprise and have caused the stock price to soar to
around Y5,000.
・With the rise in the stock price, the Company’s valuation does not seem cheap compared with the average of theFirst Section of the TSE, based on the Company’s forecasted results (reference: TSE First Sections’ averages are
15.6 for forecasted P/E, 1.3 for actual P/B, and 1.8% for the simple average of dividend yield). Compared with its
competitors Obic Business Consultants and Miroku Jyoho Service (forecasted P/E of 20 for this fiscal year excluding
extraordinary profit), the Company’s valuation is in between the two (Figure 3 on page 5).
・We are expecting significant upward revisions of profits during this fiscal year, and based on this expectation, theforecasted P/E for this fiscal year is estimated to be 12.9 (15.2 even when extraordinary profit/loss is excluded).
Similarly, next fiscal year’s P/E is estimated to be around 17.
・With no more fluctuations in results caused by the event-driven high demand and with the strong performance ofthe subscription businesses, we expect to see the Company grow as a stable growth stock with solid performance andpotential to improve sales and profit margins over the medium to long term.
・As mentioned above, even after the recently announced dividend hike, there is still a gap between the actual andtarget dividend payout ratio and DOE. Consequently, we anticipate the Company to further improve the return ofprofit to shareholders over the medium term.

Short Report

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 First Section)

Issued: 8/3/2021【Figure 3】Comparison of Valuation with Competitors
Company Name

PCA (consolidated)

Obic Business Consultants(OBC: non-consolidated)

Miroku Jyoho Service(MJS: consolidated)

Code
Stock Price (at 7/30 closing)Market Cap (million yen)This FY'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 Q1's YoY Sales Growth Rate (%)
This Q1's YoY Operating Profit Growth Rate (%)
This Full Fiscal Year's Company Forecast: YoY Sales Growth Rate (%)
This Full Fiscal Year's Company Forecast: YoY Operating Profit Growth Rate (%)

9629

4733

9928

4,800
36,960
26.8
2.0
0.8
9.9
2.8
19.3
109.4
-6.5
-19.4

5,610
423,016
37.7
3.2
1.2
23.3
13.9
17.1
26.3
16.2
18.9

1,571
54,681
12.6
2.6
2.4
9.5
1.5
10.3
-5.3
10.2
-26.5

Market cap = shares outstanding x market stock price【at 7/30 closing】
EPS values used in P/E calculations are based on the companies' forecasts for FY 2022.
BPS values used in P/B calculations reflect this FY's Q1 results.
EV/EBITDA = (market cap + interest-bearing debt - cash & deposits) / (O.P. + depreciation + intangible fixed assets amortization)*Interest-bearing debt and cash & deposits reflect this FY's Q1 results.
P/S = market cap / sales【the companies' forecasts for FY 2022】*YoY values for Q1 and the full year are for reference only since different revenue-recognition standards are used (new standard for this FY; previous stardard for last FY)(Ref) Prepared by Alpha-Win Research Dept. based on each company’s financial results summary, securities report, and stock data

! 9629 PCA

Sector: Information & Communication " Figure A

FY
2018
2019
2020
2021
2022
2022
2022
2023
2024
2019
2020
2021
2022
2022

Sales

YOY

O.P.

YOY

R.P.

YOY

N.P.

YOY

EPS

BPS

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

（%）

(Y )

(Y )

（Y ）

174.1
105.5
100.4
-8.1
-22.4
-28.5
48.4
-24.7
21.8
-64.6
945.3
-25.1
―
125.4

64.37
133.25272.92250.49―178.86371.27279.46340.37
5.09
54.76
40.99
―
92.24

1,644.39
1,789.76
2,027.42
2,374.93――
2,712.18
2,955.65
3,260.01
1,624.69
1,848.46
2,029.56―
2,432.89

31.00
31.00
54.00
34.00
―
36.00
36.00
36.00
38.00
―
―
―
―
―

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

9,785
11,43914,266
13,30814,153
12,447
14,20014,40015,680
2,346
3,073
2,789
3,754
3,328

4.5
16.9
24.7
-6.7
6.3
-6.5
6.7
1.4
8.9
11.3
31.0
-9.2
34.6
19.3

807
1,248
2,781
2,314
2,012
1,866
3,330
2,950
3,600
57
587
465
1,049
975

86.8
54.7
122.8
-16.8
-13.1
-19.4
43.9
-11.4
22.0
-67.1
917.5
-20.7
125.6
109.4

834
1,277
2,808
2,340
2,046
1,899
3,360
2,980
3,630
69
598
471
1,061
987

79.9
53.0
119.9
-16.7
-12.6
-18.8
43.6
-11.3
21.8
-62.3
754.6
-21.2
125.3
109.4

441
906
1,816
1,668
1,294
1,192
2,475
1,863
2,269
34
364
272
―
614

Dividend(Note) CE: The Company's forecast/estimate. E: Alpha-Win's forecast/estimate. Q1: Results for April-June.
Forecasts of EPS, BPS, and dividend do not reflect the 3-for-1 stock split scheduled for Oct 1, 2021.
"Old Std" stands for the previous revenue-recognition standard.
"New Std" stands for the new revenue-recognition standard.

! Stock Price and Valuation Indicators: 9629 PCA " Figure B
Item
Stock Price (Y)Shares Outstanding (thou.)Market Capitalization (million yen)
Dilutive Shares (thou.)

7/30/2021

Item

P/E

P/B

4,800

Last FY (actual)

19.2

7,700

This FY (est.)

12.9

36,960

Next FY (est.)

17.2

0

Equity Ratio at End of This Q1

Dividend Yield

Dividend Payout Ratio

2.0

0.7%

19.8%

1.8

0.8%

9.7%

1.6

0.8%

12.9%

63.3%

Last FY's ROE

11.4%(Note) Estimates were made by Alpha-Win Research Dept.

Short Report

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

Issued: 8/3/2021

Figure C

(Y)

5.00

6,400
5,900
5,400
4,900

Stock price (left axis)

4.50

Price relative to TOPIX (right axis)

4.00

4,400

3.50

3,900

3.00

3,400
2,900

2.50

2,400

2.00

1,900

1.50

1,400

1.00

(Note) Reflects stock price and index
values through the closing price on
7/30/2021. “Vs. TOPIX” is a relativevalue obtained by subtracting the
TOPIX’s performance from the stock’s
performance.

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
(

M
M
/Y
Y)

900

【Performance】
PeriodReturn vs. TOPIX
1 month21.7%
23.9%
3 months
6.7%
6.6%
6 months
4.1%-1.0%
12 months
5.0%-22.0%(Note) From the fourth week of August 2016 to the fifth week of July 2021＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊＊

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
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, 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.
SV2021-0802-1500

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.