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

Issued: 2/6/2024

Alpha-Win Capital Inc. Research Department
https://www.awincap.com/● Financial Results Flash Report◆ A major player specialized in enterprise system software, leading the market as theNo. 1 player in cloud-based software
・PCA CORPORATION (hereinafter referred to as the “Company”) and its group sell originally-developed, packaged
business software (for accounting, sales management, purchasing and inventory management, payroll, humanresources, work management, attendance management, and more) mainly to small/medium-sized companies as onpremises or cloud-based software. It also provides related maintenance services. Its mission is to contribute tosociety as a “Management Support Company” that supports companies in streamlining management and operation.
・It leads the market as the No. 1 player in cloud-based business software (PCA Cloud). Thanks to its transition to a
subscription-based business model, its business stability and profitability have improved significantly. It has been
providing products and services that are aimed at improving its corporate users’ business operations, developing its
business mainly around cloud and solution services.
・Record-high sales, operating profit, and recurring profit were achieved in FY2020 (note that the Company’s fiscal
years are March-ending; i.e., FY2020 ended in March 2020) thanks to a surge in demand in response to theconsumption tax revision and the end of Windows 7 support. In FY2022, although there was a change in the revenuerecognition standard, strong performance was maintained due to a high, event-driven demand for the products. In
addition, a gain on sales of securities was recorded under extraordinary income, resulting in record-high net profit.
In a reactionary decline from this previous high demand, sales and profits declined in FY2023.

◆ Results for the Third Quarter of This Fiscal Year: Continued growth of the cloudservices. Significant growths in sales and profit YoY, with the price revision contributing
to overall results. Results have been in line with the upwardly revised full-year plan.
Summary of Financial Results for the First Nine Months: Maintaining strong performance
・The Company’s results for the first nine months of FY2024 (Q3 YTD or April through December 2023; hereinafter,
Q1 is April to June, Q2 is July to September, Q3 is October to December, and Q4 is January to March) were as
follows: sales of 10,962 million yen (+15.0% YoY), operating profit of 1,699 million yen (+26.8% YoY), recurring
profit of 1,734 million yen (+26.3% YoY), and net profit (net profit for the quarter attributable to owners of parent)of 1,162 million yen (+41.0% YoY). Sales and profits increased significantly compared to the same period of theprevious fiscal year (Figure 1).
【Figure 1】Results for the First Nine Months (April through December)
Results for the First Nine Months

FY2023: First Nine Months

FY2024: First Nine Months

Change in Amount% Change% of Total Sales

Unit: Million yen

Apr. to Dec. 2022

Apr. to Dec. 2023

Million yen%

Apr. to Dec. 2023

Consolidated Sales

Sales Category

9,533

10,962

1,429

15.0

100%

Products

865

957

92

10.7

8.7%

Merchandise

432

414

-18

-4.0

3.8%

Maintenance Service*

2,488

2,626

138

5.6

24.0%

Cloud Services*

4,372

5,376

1,004

23.0

49.0%

Other Operating Revenue

1,375

1,586

211

15.4

14.5%

5,976

6,940

964

16.1

Gross Profit
Gross Margin (%)
SG&A Expenses
SG&A Expense Ratio (%)
Operating Profit
Operating Margin (%)
Recurring Profit
Recurring Margin (%)
Net Profit
Net Profit Margin (%)

62.7

63.3

0.6

4,635

5,240

605

48.6

47.8

-0.8

1,340

1,699

359

14.1

15.5

1.4

1,372

1,734

362

14.4

15.8

1.4

824

1,162

338

8.6

10.6

2.0

13.1
26.8
26.3
41.0

(Ref) Prepared by Alpha-Win Research Dept. based on the financial results summary. (Note) Asterisk (*) indicates the subscription businesses.

Short Report

1/10This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

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

Issued: 2/6/2024

・In the same period of the previous fiscal year (the first nine months of FY2023), sales and profits had declined
significantly due to a drop in the profit margins. This was caused by an increase in upfront investments, in addition
to a reactionary decline from the previous surge in demand brought by product renewal. However, this fiscal year’s
results were much to the contrary.
・Not only has the impact of the reactionary decline following the demand surge been alleviated, but the Company
also benefited from two major law revisions (the new invoicing system and the revised Electronic Books Preservation
Act). It also revised its prices in July (prices were raised by roughly 20% for almost all products and services) andthe number of corporate users of its cloud services has continued to grow. As a result, it achieved double-digit sales
growth and substantial profit growths.
・The Company’s progress in the first nine months in terms of achieving its upwardly revised full-year plan (see page
3 for details of this upward revision) was 73.8% for sales, 92.9% for operating profit, and 94.1% for net profit. It
made strong progress, almost achieving its full-year plan for the profits.

Sales by Category in the First Nine Months: Growth driven by the cloud services
Ø Breakdown of the Change in Sales by Category
・Sales in the first nine months for each sales category were as follows: the cloud services grew by +1,004 million
yen YoY (+23.0% YoY), the products grew by +92 million yen YoY (+10.7% YoY), other operating revenue grewby +211 million yen YoY (+15.4% YoY), and the maintenance service grew by +138 million yen YoY (+5.6% YoY),
totaling a company-wide sales growth of +1,429 million yen (+15.0% YoY) (Figure 1 on page 1).
・Cloud services accounted for the majority of the sales growth, contributing to 70% of the total. Merchandise was
the only category to see a sales decline of -18 million yen (-4.0% YoY), but its impact was negligible.

Ø Cloud Services (annual)・The annual number of corporate users of the PCA Cloud series (net number as of the end of each fiscal year) has
been increasing steadily from 12,070 at the end of March 2019 to 14,327 at the end of March 2020 (+2,257 YoY),
16,444 at the end of March 2021 (+2,117 YoY), 19,152 at the end of March 2022 (+2,708 YoY), 21,022 at the endof March 2023 (+1,870 YoY), and 22,729 at the end of December 2023 (+2,323 compared to 20,406 at the end of
December 2022; +1,707 compared to the end of March 2023, based on which the increase for the full year would
simply be estimated as +2,276).
・The Company’s cloud services, which are now in their 16th year since the launch of service, have steadily penetrated
the market with greater service awareness and the further shift to the cloud.
Ø Cloud Services (quarterly)
・A chronological comparison of the cloud services’ quarterly number of corporate users and sales (figures as of theend of each quarter) (Figure 2) shows that their amount and rate of increase had declined for a while on a YoY andQoQ basis, but they have been increasing at double-digit YoY rates from Q1 to Q3 of the current fiscal year.
・Similarly, the average monthly unit price of the cloud services increased both on a YoY and QoQ basis during thesame period (the figures are for reference only since the number of corporate users of the cloud services isnonconsolidated and for PCA only, while the sales of the cloud services are consolidated sales including sales of
PCA Subscription and Hub). They especially grew at high rates in Q3, most likely due to the price hike.
【Figure 2】Quarterly Change in the (Non-Consolidated) Number of Corporate Users of the PCA Cloud and (Consolidated)
Sales of the Cloud Services
QuarterNumber of Corporate Users of the
Cloud Services: A

Quarterly Change in the Number of Corporate Users (companies)

Cumulative Number of Users at theEnd of the Month (units: companies)% Change
(YoY)

14.8

Change in Number
(YoY)

2,117

% Change(QoQ)

Change in Number(QoQ)

Ended Mar 2021 (Q4)

16,444―

Ended June 2021 (Q1)

Not disclosed――

Ended Sept. 2021 (Q2)

17,785

16.5

2,523

―

Ended Dec. 2021 (Q3)18,578――4.5

Ended Mar. 2022 (Q4)

19,152

16.5

2,708

3.1

Ended June 2022 (Q1)

19,441――

Ended Sept. 2022 (Q2)19,853

11.6

2,068

Ended Dec. 2022 (Q3)

20,406

9.8

Ended Mar. 2023 (Q4)

21,022Ended June 2023 (Q1)
Ended Sept. 2023 (Q2)
Ended Dec. 2023 (Q3)

For Each Quarter(units: million yen)Monthly Unit Price of the Cloud Services(thousand yen / company / month)YoY Diff.
for the Left

B (quarterly sales ) / Average of A During the Period/ 3 months％

Quarterly Change in Sales (million yen)

Cloud Services' Sales: B% Change(YoY)

Change in Amount(YoY)% Change(QoQ)

Change in Amount
(QoQ)

―

1,076

14.0

132

4.3

44

―

1,255

31.1

298

16.6

179

―

1,340

35.1

348

6.8

85

793

1,449

40.4

417

8.1

109

26.6

574

1,524

41.6

448

5.2

75

26.9

1.5

289

1,361

8.4

106

-10.7

-163

23.5

2.1

412

1,499

11.9

159

10.1

138

25.4

1,828

2.8

553

1,512

4.3

63

0.9

13

25.0

-5.8%

9.8

1,870

3.0

616

1,584

3.9

60

4.8

72

25.5

-5.3%

21,594

11.1

2,153

2.7

572

1,616

18.7

255

2.0

32

25.3

22,238

12.0

2,385

3.0

644

1,827

21.9

328

13.1

211

27.8

9.3%

22,729

11.4

2,323

2.2

491

1,933

27.8

421

5.8

106

28.7

14.5%

―

(Ref) Prepared by Alpha-Win Research Dept. based on the financial results summaries and briefing materials(Note) The cloud services’ monthly unit price is the average value per company for each three-month period converted to a monthly basis.

Short Report

2/10This 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.

7.5%

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

Issued: 2/6/2024

Profit for the First Nine Months: Price hike and the cloud services contributed to the results
・In terms of profit, the increase in the sales of the cloud and maintenance services, which have high marginal profit
ratios, has most likely contributed significantly to the increase in profit. The price hike in July also positively impacted
the entire company and contributed to this profit growth (reflected in the results starting in Q2). The proportion of thesubscription businesses (proportion of the summed sales of cloud + maintenance in the companywide sales) rose from
72.0% in the same period of the previous fiscal year to 73.0%. The subscription businesses, which account for the
majority of companywide sales, are both profitable and stable and have long-term viability. They have been the
Company’s growth drivers for many years.
・Due to the increase in sales and improvement of the product mix, the gross margin rose by +0.6 percentage pointfrom 62.7% in the first nine months of the previous fiscal year to 63.3% in the first nine months of the current fiscal
year.
・ SG&A expenses increased by +605 million yen (+13.1% YoY) due to higher personnel expenses,
development/subcontracting costs (Hub series product development), and other expenses, but this was smaller thanthe overall sales growth rate of +15.0%. As a result, the SG&A expense ratio improved by 0.8 percentage point from
48.6% to 47.8% (from the first nine months of last fiscal year to the first nine months of this fiscal year) and theoperating margin increased from 14.1% to 15.5% (in the same order; +1.4 percentage points). The Company has
assumed its full-year operating margin to be 12.3%, but the results in the first nine months have exceeded this by 3.2%.
・Since there have been no major non-operating or extraordinary income/losses this fiscal year, the net profit also
increased significantly.

Balance Sheet: Sound condition
・As of the end of this fiscal year’s Q3 (end of December 2023), there has been no significant change in the balance
sheet compared to the end of the previous fiscal year (end of March 2023). Its financial position is firm, with cash &deposits maintained above the annual sales at approx. 19.3 billion yen, an equity ratio of 57.1%, and a current ratioof 213.9%.
・Contract liabilities (consideration received for services not yet provided under subscription contracts, such as thoseof the cloud services, and maintenance contracts) have been steadily accumulating, increasing by +1,187 million yen(+14.3%) since the end of March to 9,479 million yen, due to an increase in the number of cloud subscriptions andmaintenance contracts.

◆Financial Forecasts for This Fiscal Year and Beyond
The Company’s Financial Forecasts for This Fiscal Year: Announced upward revisions
・In December 2023, the Company made significant upward revisions to the full-year forecasts that it had announced
at the beginning of the fiscal year, as described below.
・In the order of the original forecast to the revised forecast, the Company revised its full-year forecasts upward asfollows: sales from 14,700 million yen (+13.2% YoY) to 14,850 million yen (+14.4% YoY), operating profit from
1,445 million yen (+26.6% YoY) to 1,829 million yen (+41.9% YoY), and net profit from 925 million yen (+4.8%
YoY) to 1,235 million yen (+40.0% YoY). The amount of upward revision was 150 million yen (+1.0%) for sales,
384 million yen (+26.6%) for operating profit, and 310 million yen (+33.5%) for net profit (Figure 3 on page 4).
・The Company has not made additional revisions to its sales and profits since then, although it did change its dividend
forecast (see page 7).
・These upward revisions were made due to the steady increase in the cloud services’ sales, which have been exceeding
the initial plan. Other reasons were that actual expenses have been smaller than initially planned due to the
suppression of expenses including subcontracting costs and that the expenses planned for Q4 have been revised.

Financial Forecasts for the Fourth Quarter of This Fiscal Year: Somewhat conservative forecasts
・Subtracting the results for the first nine months from the Company’s revised full-year forecasts shows that, in thisfiscal year’s Q4 (January to March 2024), the Company expects that sales will increase by +440 million yen (+12.8%
YoY) to 3,888 million yen, operating profit will increase by +182 million yen from a loss of 52 million yen in Q4 ofthe previous fiscal year to a profit of 130 million yen, and net profit will increase by +14 million yen (+23.7% YoY)
to 73 million yen.
・The Company expects Q4’s sales to be the same amount as this fiscal year’s Q3 (October to December), but
Short Report

3/10This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

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

Issued: 2/6/2024

operating profit is expected to fall sharply (-81.5%) from Q3’s 701 million yen and the operating margin is also
expected to drop sharply from 18.0% to 3.3% (Figure 4 on page 4).
・The main reasons for this small amount of YoY increase in operating profit in Q4 are most likely that there will begreater product development and subcontracting costs for the PCA Hub series in preparation for the next phase of
growth, higher personnel expenses such as bonuses, and a strategical increase in promotional spending.
・The assumptions for the previous fiscal year’s Q4 (January to March 2023) had seemed conservative like the current
fiscal year, but the Company posted an operating loss of 52 million yen due to increased upfront investments.
Therefore, Q4 FY2023 remains similarly unpredictable, but the Company’s profit forecasts appear to be somewhat
conservative, given that cost control should be possible.
【Figure 3】Financial Forecasts for This Fiscal Year (the Company and Alpha-Win’s forecasts)

New RevenueRecognition Standard

New RevenueRecognition
Standard

YoY: Diff. inamount / Diff.

12,981
1,149
577
3,327
5,956
1,969
8,051
62.0%
6,763
52.1%
1,288
9.9%
1,326
10.2%
883
6.8%
17.0

14,700
1,403
547
3,359
7,282
2,107
8,797
59.8%
7,351
50.0%
1,445
9.8%
1,478
10.1%
925
6.3%
17.0

1,719
254
-30
32
1,326
138
746
-2.2%
588
-2.1%
157
-0.1%
152
-0.2%
42
-0.5%
0.0

Sales
Products
Merchandise

Sales byCategory

FY2024Previous Company Forecast: B

FY2023: A

Consolidated(units: million yen)

Maintenance Service
Cloud Services
Other Operating Revenue

Gross Profit
Gross Margin

SG&A Expenses
SG&A Expense Ratio

Operating Profit
O.P. Margin

Recurring Profit
R.P. Margin
Net Profit Attributable to Owners of the Parent

N.P. Margin
Annual Dividend Per Share (yen)FY2024Current Company Forecast: C

YoY: % change

13.2%
22.1%
-5.2%
1.0%
22.3%
7.0%
9.3%

FY2024The Company's Current Forecast－ Previous Forecast: D＝C-B

FY2024Alpha-Win's Old Forecast (Previous): E

FY2024Alpha-Win's New Forecast (Current): F

Amount ofrevision

New RevenueRecognition
Standard

YoY: Diff. inamount / Diff.

New RevenueRecognition
Standard

14,900
1,500
520
3,360
7,300
2,220
9,300
62.4%
7,300
49.0%
2,000
13.4%
2,030
13.6%
1,220
8.2%
19.0

1,919
351
-57
33
1,344
251
1,249
0.4%
537
-3.1%
712
3.5%
704
3.4%
337
1.4%
2.00

New RevenueRecognition
Standard

YoY: Diff. inamount / Diff.

YoY: % change

14,850

1,869

14.4%

150

1.0%

1,829
12.3%
1,867
12.6%
1,235
8.3%
62.0

541

41.9%

384

26.6%

541

40.7%

389

26.3%

352

40.0%

310

33.5%

45.0

2.6

45.0

264.7%% Revised

8.7%
12.2%
11.4%
4.8%

YoY: % change

14.8%
30.5%
-9.9%
1.0%
22.6%
12.7%
15.5%

14,950
1,300
550
3,500
7,350
2,250
9,300
62.2%
7,300
48.8%
2,000
13.4%
2,030
13.6%
1,300
8.7%
65.3

7.9%
55.3%
53.1%
38.2%
11.8%

YoY: Diff. inamount / Diff.

Alpha-Win's
New Forecast －Alpha-Win's
Old Forecast

Alpha-Win's
New Forecast ÷Alpha-Win's
Old Forecast

G＝F-E

H＝F/E

YoY: % change

1,969
151
-27
173
1,394
281
1,249
0.2%
537
-3.3%
712
3.5%
704
3.4%
417
1.9%

15.2%
13.1%
-4.7%
5.2%
23.4%
14.3%
15.5%

50
-200
30
140
50
30
0

0.3%
-13.3%
5.8%
4.2%
0.7%
1.4%
0.0%

7.9%

0

0.0%

55.3%

0

0.0%

53.1%

0

0.0%

47.2%

80

6.6%

46

243.7%

Comparison bet.
Comparison bet.
Alpha-Win's New
Alpha-Win's New
Forecast and Current Forecast and Current
Company Plan
Company Plan
I ＝F-CJ ＝F/C

100

0.7%

171
1.1%
163
1.0%
65
0.4%
3.3

9.3%
8.7%
5.3%
5.3%

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

【Figure 4】Consolidated Quarterly Financial Results for the Previous and the Current Fiscal Year(actual results and company forecasts)
Quarterly Results

Q1 FY2023

Q2 FY2023

Q3 FY2023

Q4 FY2023

Q1 FY2024

Q2 FY2024

Q3 FY2024

Q4 FY2024

Unit: Million yen

Apr-Jun 2022

Jul-Sept 2022

Oct-Dec 2022

Jan-Mar 2023

Apr-Jun 2023

Jul-Sept 2023

Oct-Dec 2023

Jan-Mar 2024

Consolidated Sales

Sales Category

2,954

3,209

3,370

3,448

3,387

3,687

3,888

Products

241

316

308

284

349

364

244
216

Merchandise

108

114

210

145

95

103

Maintenance Service

838

850

800

839

839

876

911

Cloud Services

1,361

1,499

1,512

1,584

1,616

1,827

1,933

Other Operating Revenue
Gross Profit
Gross Margin (%)

404

430

541

594

486

516

584

1,829

2,083

2,064

2,075

2,116

2,313

2,511

Q4 (Jan-Mar)
Change in Amount(FY2024 - FY2023)

440

12.8

130

182

To profit179

To profit

14

23.7

61.9

64.9

63.1

60.2

62.5

62.7

64.6

1,520

1,545

1,570

2,128

1,688

1,742

1,810

SG&A Expense Ratio (%)

51.5

48.1

45.3

61.7

49.8

47.2

46.6

309

538

493

-52

428

570

701

Operating Margin (%)

10.5

16.8

17.8

-1.5

12.6

15.5

18.0

3.3

315

556

501

-46

436

590

708

133

10.7

17.3

18.0

-1.3

12.9

16.0

18.2

3.4

SG&A Expenses
Operating Profit
Recurring Profit
Recurring Margin (%)
Net Profit
Net Profit Margin (%)% Change(FY2024/FY2023)

3,888

142

352

330

59

266

394

502

73

4.8

11.0

13.9

1.7

7.9

10.7

12.9

1.9

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

The Company’s Medium-Term Management Plan (financial forecasts for the next fiscal year)
・The following describes the Company’s medium-term management plan (Figure 5), which targets sales of at least
15 billion yen and operating profit of at least 2.5 billion yen in FY2025 (next fiscal year), the final year of the plan.
【Figure 5】Goals of the Medium-Term Management Plan
Goals of the Current Medium-Term Management Plan (FY2022 - FY2025)
・Consolidated Sales
Of which, sales of the subscription businesses (maintenance & cloud)Business Performance

Asset Efficiency
Shareholder Return

FY2025: Company Plan
Y15 billion or more
Y9.5 billion or more

・Consolidated Operating Profit

Y2.5 billion or more

・Consolidated Operating Margin

16% or more

・ROE

10% or more

・DOE
・Dividend Payout Ratio

2.5%
30% → 100%(Ref) Prepared by Alpha-Win Research Dept. based on the financial results briefing materials

Short Report

4/10

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

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

Issued: 2/6/2024

Alpha-Win’s Forecasts for This Fiscal Year Onward: Expecting increasing sales, profit, and dividendØ Our Financial Forecasts for This Fiscal Year (FY2024)
・Up through our previous research (see our reports published on August 1, 2023, and December 15, 2023), we had
forecasted that results will be greater than the Company’s plan, based on the Q1 and Q2 results and the situation at
the time, as well as our evaluation that the Company’s forecasts seem conservative. Currently, given the strong
results during the first nine months and the conservative assumptions for Q4, we believe that further upward revisions
are possible for the full year (operating profit may become 1.9 to 2.0 billion yen greater than the Company’s plan of
1,828 million yen) if the Company properly controls its investment and other costs (Figure 3 on page 4).
・Taking into account the results for the first nine months of this fiscal year, we have revised this fiscal year’s sales
forecast for each sales category, but have not made large changes to the overall sales forecast. In the order of ourprevious to our current forecast, we have slightly raised our forecast for overall sales from 14,900 million yen to
14,950 million yen. This is because sales of the cloud services, maintenance, and other operating revenue have beenstrong, although the products’ sales growth has been slower than expected. Our forecast is consequently 100 million
yen greater than the Company’s revised sales forecast of 14,850 million yen.
・Regarding the gross profit, operating profit, and recurring profit, our forecasts remain unchanged from our previous
forecasts. However, we have raised our forecast for net profit from 1,220 million yen to 1,300 million yen due to thechange in the tax rate assumption (≈ 100 - net profit ÷ recurring profit × 100; changed from 37% to 34% in the
Company’s forecasts and from 40% to 36% in our forecasts).
・This net profit forecast is slight greater than the Company’s forecast of 1,235 million yen (by +65 million yen or+5.3%). Based on this revision of net profit and the Company’s change in dividend policy (see page 7), we also
revised our forecast for dividend per share from 19 yen to 65 yen.
【Figure 6】Alpha-Win’s Financial Forecasts for This Fiscal Year and Beyond
Units: million yen or %Sales
Products

FY2022

FY2023

13,382

12,981

2,954

1,149

FY2024 Current CE

FY2024 New E

FY2025 New E

14,85014,95015,800

FY2026 New E FY2025 CE Medium-Term Plan
16,800

1,300

1,300

1,300

15,000

FY2024 Old E

FY2025 Old E

FY2026 Old E

14,90015,52016,500

1,500

1,550

1,600

Merchandise

439

577

550

500

450

520

500

480

Maintenance Service

3,316

3,327

3,500

3,400

3,350

3,360

3,350

3,340

Cloud Services

5,568

5,956

7,350

8,400

9,500

7,300

8,100

9,050

Other Operating Revenue

1,103

1,969

2,250

2,200

2,200

2,220

2,020

2,030

8,808

8,051

9,300

10,30011,0509,300

10,00010,750

65.8%

62.0%

62.2%

65.2%

65.8%

62.4%

64.4%

65.2%

Category

Gross Profit
Gross Margin
SG&A Expenses

9,500

6,153

6,763

7,300

7,900

8,500

7,300

7,900

8,500

(ratio to sales)

46.0%

52.1%

48.8%

50.0%

50.6%

49.0%

50.9%

51.5%

2,655

1,288

1,829

2,000

2,400

2,550

2,500

2,000

2,100

2,250

(ratio to sales)

19.8%

9.9%

12.3%

13.4%

15.2%

15.2%

16.7%

13.4%

13.5%

13.6%

2,697

1,326

1,867

2,030

2,430

2,580

2,030

2,130

2,280

(ratio to sales)

20.2%

10.2%

12.6%

13.6%

15.4%

15.4%

13.6%

13.7%

13.8%

2,367

883

1,235

1,300

1,460

1,550

1,220

1,280

1,350

(ratio to sales)

17.7%

6.8%

8.3%

8.7%

9.2%

9.2%

8.2%

8.2%

8.2%

-3.0%
-61.1%

14.4%

Products

0.6%
48.8%

15.2%
13.1%

5.7%
0.0%

6.3%
0.0%

14.8%
30.5%

4.2%
3.3%

6.3%
3.2%

Merchandise

-9.5%

31.4%

-4.7%

-9.1%

-10.0%

-9.9%

-3.8%

-4.0%

Maintenance Service

-6.6%

0.3%

5.2%

-2.9%

-1.5%

1.0%

-0.3%

-0.3%

Cloud Services

37.2%

7.0%

23.4%

14.3%

13.1%

22.6%

11.0%

11.7%

Other Operating Revenue

Operating Profit
Recurring Profit
Net Profit

Sales (YoY growth rate)

Category-65.8%

78.5%

14.3%

-2.2%

0.0%

12.7%

-9.0%

0.5%

Gross Margin (% YoY diff.)

5.7%

-3.8%

0.2%

3.0%

0.6%

0.4%

2.0%

0.7%

SG&A Expenses (% growth)

8.2%

9.9%

7.9%

8.2%

7.6%

7.9%

8.2%

7.6%

Operating Profit (% growth)

7.6%

13.3%

41.9%

55.3%

20.0%

6.3%

55.3%

5.0%

7.1%

Recurring Profit (% growth)

14.7%-51.5%

40.7%

53.1%

19.7%

6.2%

53.1%

4.9%

7.0%

Net Profit (% growth)

14.1%-50.0%

40.0%

47.2%

12.3%

6.2%

38.2%

4.9%

5.5%

16.0%

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

Ø Our Financial Forecasts for Next Fiscal Year (FY2025) and the Fiscal Year After the Next (FY2026)
・We have reviewed the financial forecasts for both the next fiscal year and the fiscal year after next, but have notmade any major changes (Figure 6). We expect increases in sales, profits, and dividends in both fiscal years. Profit
margins are expected to improve due to the continued contribution of the cloud services to both sales and profits, aswell as due to the various measures approaching the cost of capital (a shift to cost-performance oriented management;
pages 6 to 7).
・We revised upward the dividend forecast for both fiscal years in line with the upward revision of profit forecast andthe change in dividend policy (Figure A on page 9).
・In the next fiscal year, the price hike is expected to fully contribute to both sales and profit (because prices wereraised in the July of this fiscal year and will therefore positively impact next fiscal year’s Q1, and also because
upward price revisions for the subscription business will be applied at the time of subscription renewal).
Short Report

5/10This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

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

Issued: 2/6/2024

・On the other hand, the sales growth rate may appear to slow down due to the termination of sales of the packaged
PCA software products and the shift to the subscription and cloud versions (since it is difficult to ascertain the impactof the termination of product sales in the current forecast, we have forecasted sales based on the conventional
categories and plan to revise them in the next fiscal year).
・Regarding operating profit in the next fiscal year, we expect it to be 2.3 to 2.5 billion yen, while the Company’s
medium-term plan aims for 2.5 billion yen (we have revised our forecast upward from 2.1 billion yen to 2.4 billionyen). While the Company’s operating profit target seems somewhat high, it seems to be within an achievable range
if costs are controlled.
・The fiscal year after next will be the first year of the new medium-term management plan. Although the Company
may continue to make upfront investments for future growth, further improvements in profit margins are expected
due to management reforms. We therefore slightly raised our sales and profit forecasts from our previous forecasts.
・Inflation and rising interest rates may lead to a deterioration of the financial performance of small and mediumsized companies (the Company’s users) and suppression of their IT investments, which should be noted as factorsthat may impact the Company’s financial performance, along with its investments in development and the actual
spending of the budget for promotion.

The New Businesses’ Situation: Performance of the new businesses and subsidiaries is key
・After acquiring Dreamhop Co., Ltd., the Company has been focusing on improving its financial performance bystrengthening its sales, services/products, and capital. Although information on recent situations has not been
disclosed, Dreamhop seems to be continuing to post a loss and remaining stagnant.
・The Company is also working on the sales promotion of PCA Subscription (a fixed-price service in which users canuse PCA’s enterprise software in an on-premise environment) and PCA Hyper (enterprise systems for mid-tiercompanies). However, it is still in the stage of raising product awareness and strengthening sales efforts, and there
seems to be no significant progress so far. As for PCA Subscription, the Company plans to reduce the price to thesame price as the maintenance service starting on March 1, 2024, in order to promote sales. It will also terminate
sales of the packaged versions of the PCA software (products) at the end of March 2024, after which it will also end
their support in March 2029. Through these changes, the Company plans to concentrate its development and support
resources on its subscription and cloud services, thereby increasing efficiency and growth potential.
・Regarding PCA Hub (an online storage service that enables safe and secure sharing of important business data andfiles within a company; the goal was to reach a total of 2,000 corporate users within one year after its release in
March 2022), the Company is working on promoting sales but has not disclosed any information on the sales situation.
Sales are most likely slightly below its expectations. However, the Company is actively investing in development
and intends to gradually increase the product lineup to develop the service into its future growth driver.

◆ Capital Policy and Dividend Policy
Capital Policy: New goal set for EVA spread・According to the Company (in its release on January 29, 2024, titled, “Notice Regarding Change in Dividend Policy
and Revision of Dividend Forecast [Dividend Increase]”), achieving the ROE target of 10% as set forth in the current
medium-term plan (2024 Medium-Term Management Plan) is expected to be difficult due to its active investments
to expand its subscription businesses. The EVA spread1 (ROIC2 - WACC3), which has become a new management
indicator, has also been remaining negative (Figure 7 on page 7).
・In the next medium-term management plan (2027 Medium-Term Management Plan), the Company will aim to“quickly achieve an ROE of 10%” and “achieve a positive EVA spread” by incorporating balance sheet management
to enhance corporate value.
・The release did not include specific measures for achieving the above goals. In particular, measures to increase net
operating profit after tax4 (NOPAT) are likely to be key. We look forward to more disclosures in the next fiscal year
or in the next medium-term plan.
1. EVA Spread: A metric that measures whether a company’s true profitability exceeds its cost of raising capital (a positive spread indicates thatthe company is creating value).
2. ROIC: Return On Invested Capital = NOPAT ÷ (net assets + interest-bearing debt). A metric that indicates the efficiency of generating profit
on invested capital.
3. WACC: Weighted Average Cost of Capital. The weighted average rate of the shareholders’ expected rate of return (cost of equity) and theinterest rate (after-tax cost of debt rate).
4. Net Operating Profit After Tax (NOPAT) = Operating profit – Income Taxes. The profit attributable to creditors and shareholders.

Short Report

6/10

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

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

Issued: 2/6/2024

Dividend Policy: Dividend payout ratio raised to 100%
・Until the Company achieves its two goals (for the ROE and the EVA spread), it will raise its consolidated dividend
payout ratio from 30% to 100% (Figure 8 on page 7). In line with this change, the dividend for the current fiscal year
will also be significantly raised from 17 yen to 62 yen (+45 yen or +265%). Consequently, even with the sharp risein the stock price, the dividend yield jumped from 1.4% (=17/1,211) just before the release to 3.8% (=62/1,612) on
February 2 (based on its closing price). The dividend yield of 3.8% is the 172nd highest among all 1,656 companies
listed on the TSE Prime Market.
・In our previous reports, we had noted that “the Company’s business is a cash cow, with cash and deposits
accumulating year after year, and its challenges are to improve capital efficiency, execute investment strategies for
growth, and develop businesses that will become the next pillars of revenue generation.” We positively view the
Company’s decision to boldly increase shareholder returns, as well as its clear demonstration of its new management
strategy to prioritize capital efficiency and its policy to effectively utilize its excess capital.
【Figure 7】(1) Capital Policy and Measures for Shareholder Return (ROE and EVA spread)2024 Medium-Term
Management PlanROE

EVA Spread

2027 Medium-Term
Management Plan

2024 Medium-Term
Management Plan

2027 Medium-Term
Management Plan

0.8%

10%

0%

8.6%

5.0%
Achieving the goal is
expected to be difficultin the 2024 MediumTerm Management Plan
End of Mar.
23/3末
2023
実績

ResultEnd of Mar.
24/3末
2024
⾒込
Forecast

End of Mar.
25/3末
2025
計画
Plan

▲0.9％

Quickly achieve 10%
in the 2027 MediumTerm Management
Plan

7.0%

End
of Mar.
26/3末
2026
計画
Plan

End
of Mar.
27/3末
2027
計画
Plan

Further improve the
EVA spread▲2.6％
The EVA spread is expected toturn positive in the fiscal year
ending March 2025, but hasremained negative before that.

End of Mar.
28/3末
2028
計画

End
of Mar.
23/3末
2023
実績

Plan

ResultEnd
of Mar.
24/3末
2024
⾒込
ForecastEndof Mar.
25/3末
2025
計画
Plan

End of Mar.
26/3末
2026
計画
Plan

End
of Mar.
27/3末
2027
計画
Plan

End
of Mar.
28/3末
2028
計画
Plan

(Ref) Figures 7 and 8 are excerpts from the Company’s release on January 29, 2024. (Note) DOE in Figure 8 is the dividend on equity ratio.

【Figure 8】(2) Capital Policy and Measures for Shareholder Return (dividend payout ratio)

New

Raise Corporate Value

Previous
ROE

Goal
⽬標

Goal 1
Quickly achieve an

ROE of 10%

10%

Shareholder Return Policy

Dividend
Payout Ratio

DOE

30%

Dividend
Payout Ratio

100%

2.5%

Goal 2
Quickly achieve a positive
EVA spread

Capital PolicylllContinuously raise corporate value
Incorporate balance sheet management
as part of our corporate strategy
Improve capital efficiency by increasing
shareholder returns

Our Approach to Our Future Use of Capital
1. Reduce excess cash through investments that contribute to our growth over the
medium and long term
2. Improve capital efficiency by strengthening our measures for shareholder return
3. Keep down net cash and excess cash (or at least not accumulate them)◆ Stock Price and Characteristics
Stock Price and Performance: Stock price rose sharply after the announcement of Q3 results
・The Company has been seen as a small-cap, domestic-demand-oriented growth stock engaged in subscription
businesses, whose business performance is impacted by certain events (e.g., tax system changes, legal changes, andend of support for an OS or the Company’s products). Reflecting its strong business performance, its stock price has
been significantly outperforming the TOPIX since December 2018 (Figure C on page 10).
Short Report

7/10

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

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

Issued: 2/6/2024

・The Company announced its Q3 financial results and a large dividend increase after the close on January 29, 2024.
In response to this, the stock price surged by approximately 33% in four business days from the closing price of
1,211 yen on January 29 to the closing price of 1,612 yen on February 2, reaching the highest price since thebeginning of last year. The trading volume during this period exceeded 1.9 million shares (about 8.6% of all issued
shares), suggesting that some of the investors may have become replaced.
・The Company’s stock performance had been below the major indexes and its two competitors since the beginningof last year, but has been significantly outperforming them since the Q3 results announcement (Figure 9 on page 8).
・During the same period, the Company’s market capitalization increased by approximately 8.9 billion yen from 26.6
billion yen to 35.5 billion yen due to the rise in stock price. Although the Company had already met the criteria for
maintaining its listing on the TSE Prime Market (free-float market capitalization of at least 10 billion yen), it now
seems to significantly exceed this criteria.

Valuation: Stock price is cheap in terms of dividend yield・Compared to the average valuation of all stocks on the TSE Prime Market, on which the Company’s stock is listed,
the Company’s valuation does not seem cheap in terms of P/E (based on the EPS for this fiscal year as forecasted by
the Company) or the actual P/B. However, its valuation seems cheap in terms of the forecasted dividend yield (basedon the closing price on February 2, 2024; Figure 9).
・We also compared the major valuation measures with Obic Business Consultants (OBC 4722) and Miroku Jyoho
Service (MJS 9928), which are competitors on the TSE Prime Market. Among the three companies, the Company’svaluation is cheap in terms of dividend yield and P/B but in the middle range for the expected P/E (Figure 9).
・If the Company manages to achieve its medium-term plan’s target of 2.5 billion yen in operating profit in the next
fiscal year, then we estimate that its P/E will decline to around 20 while its dividend yield will rise to about 4.7%,
based on the current assumptions. This would further increase the attractiveness of the Company’s shares.
・As mentioned earlier, we expect slight upward revisions of the Company’s profit forecasts for the current fiscal
year. We estimate the P/E to be about 25 based on the current fiscal year’s forecasted EPS, 22 based on the next
fiscal year’s forecast, and about 21 based on the forecast for the fiscal year after the next (Figure B on page 9).
【Figure 9】Comparison of Valuation and Performance with Major Indices and Competitors
Actual P/B(at the end of quarter)

Dividend Yield(simple average)

Return Since the Beginning of Last Year
(Comparison with the end of Dec. 2022)

Return Since the
Closing Price on
Jan. 29, 2024

Stock Price /IndicesThis Fiscal Year's
P/E Forecast

PCA (P 9629)
OBC (P 4733)

1,612
7,142

26.47
43.16

1.77
3.71

3.85
1.12

20.1
66.3

33.1
5.9

MJS (P 9928)
Average of All TSE Prime Stocks: P

1,878
1,306.92

13.70
16.17

2.16
1.36

2.66
2.13

30.1
34.3

1.1
0.4

Average of All TSE Standard Stocks: S

1,230.57

15.14

1.03

2.15

23.6

0.7

Average of All TSE Growth Stocks: G

893.64

55.34

3.33

0.51

0.4

-0.6

Closing Price on February 2, 2024

TOPIX

2,539.68

-

-

-

34.3

0.4

TSE Growth 250 (former TSE Mothers)

706.87

-

-

-

-3.2

-0.5

Nikkei Stock Average

36,158.02

16.05

1.41

1.81

38.6

0.4

(Ref) Prepared by Alpha-Win Research Dept. based on each company’s financial results summary and stock price data.
(Note) Market cap = total outstanding shares x stock price [closing price on February 2, 2024]. The companies’ forecasted EPS for FY2024 wasused in the P/E calculations. BPS values used in the P/B calculations for each company reflect the Q3 results of this fiscal year. Dividend forecasts
are based on the companies’ most recent forecasts. Note that PCA’s Q3 results were announced on January 29, 2024.

Key Points Going Forward: Financial performance in the current and the next fiscal year, the KPIs,
and the next medium-term plan are the key points
Going forward, the following will be the key factors to watch due to their potential impact on the stock price.
・Financial results of this fiscal year (full year)
・Progress with achieving the performance targets for the next fiscal year (the final year of the medium-term
management plan) as set forth in the medium-term management plan and the financial forecasts that will beannounced at the beginning of the next fiscal year (including comparison with the medium-term business plan’snumerical targets).
Short Report

8/10

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

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

Issued: 2/6/2024

・Changes in the amount of upfront investments and profit margins
・Changes in the ROE and the EVA spread, as well as the specific measures and strategies for improving profit andincreasing the ROIC
・Number of corporate users of the PCA Cloud, which is the growth driver, and the growth rate of the cloud services’sales (YoY and QoQ)
・Sales trends of its services/products including the PCA Hub series, PCA Subscription, and Hyper.
・Financial performance of its subsidiaries Dreamhop and Xronos・Contents and financial targets of the next medium-term management plan (starting in FY2026)
・Share buybacks and M&A【 9629 PCA

Sector: Information & Communication 】 Figure A

FY

Sales

YoY

O.P.

YoY

R.P.

YoY

N.P.

YoY

EPS

BPS

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

（%）

(Y )

(Y )

（Y ）

2020
2021
2022
2022
2023
2024
2024
2024
2024
2025
2025
2025
2026
2026
2023

Old Standard
Old Standard
Old Standard
New Standard
New Standard
New CEOld CE
New E
Old E
CE: Medium-Term Plan
New E
Old E
New E
Old E
Q1

14,266
13,30815,142
13,382
12,981
14,85014,70014,95014,90015,00015,80015,52016,80016,500
2,954

24.7
-6.7
13.8
0.6
-3.0
14.4
13.2
15.2
14.8
1.0
5.7
4.2
6.3
6.3
-11.2

2,781
2,314
2,516
2,655
1,288
1,829
1,445
2,000
2,000
2,500
2,400
2,100
2,550
2,250
309

2024

Q1

3,387

14.7

2023
2024
2023

Q2
Q2
Q3

3,209
3,687
3,370

-2.2
14.9
-4.7

2024

Q3

3,888

15.4

2023

Q4

3,448

6.5

2024

Q4: CE

3,888

2023

First Nine Months

9,533

2024
2023
2024
2023
2024

First Nine Months
First HalfFirst Half
Second Half
Second Half: CE

10,962
6,163
7,074
6,818
7,776

Dividend

122.8
-16.8
8.7
14.7
-51.5
41.9
12.2
55.3
55.3
36.7
20.0
5.0
6.3
7.1
-68.3

2,808
2,340
2,542
2,697
1,326
1,867
1,478
2,030
2,030

119.9
-16.7
8.6
15.2
-50.8
40.7
11.4
53.1
53.1

1,816
1,668

100.4
-8.1

90.97
83.50

675.81
791.64

18.00
11.33

2,367
883
1,235
925
1,300
1,220

41.9
-62.7
40.0
4.8
47.2
38.2

118.36
44.16
61.79
46.27
64.89
60.90

847.14870.38916.76912.77

24.00
17.00
62.00
17.00
65.00
19.00

2,430
2,130
2,580
2,280
315

19.7
4.9
6.2
7.0
-68.0

1,460
1,280
1,550
1,350
142

12.3
4.9
6.2
5.5
-76.8

72.88
924.6463.89
957.6677.37
929.0167.39 1,005.05
7.13
830.18

73.00
20.00
77.00
21.00
0.00

428

38.5

436

38.4

266

86.9

13.33

867.22

0.00

538
570
493

-30.8
5.9
-39.1

556
590
501

-30.1
6.1
-38.7

352
394
330

-57.8
11.9
-59.7

17.60
19.67
16.49

-

0.00
0.00
0.00

701

42.2

708

41.3

502

52.1

25.07

-

0.00

-52

To loss-46

To loss

59

-40.4

2.94

-

17.00

12.8

130

To profit133

To profit

73

23.7

3.72

-

62.00

-6.0

1,340

-47.7

1,372

-47.2

824

-63.6

41.22

870.38

0.00

15.0
-6.7
14.8
0.7
14.1

1,699
847
998
441
831

26.8
-51.7
17.8
-51.1
88.4

1,734
871
1,026
455
841

26.3
-51.1
17.8
-50.3
84.8

1,162
494
660
389
575

41.0
-65.9
33.5
-57.6
47.8

58.07
24.73
33.00
19.45
28.79

913.26850.85885.19
-

0.00
0.00
0.00
17.00
62.00

(Note) “CE” is the Company’s forecast/estimate. “E” is Alpha-Win’s forecast/estimate (“Old E” is the previous forecast and “New E” is the current
forecast). Q1 is the result for the period from April to June. Q2 is the result for the period from July to September. Q3 is the result for the period
from October to December. Q4 is the result for the period from January to March. EPS, BPS, and dividend are actual values which retroactively
reflect the 3-for-1 stock split on October 1, 2021. “Old Standard” stands for the previous revenue-recognition standard and “New Standard”
stands for the new revenue-recognition standard. Figures are all based on the new standard since FY2023.

【 Stock Price and Valuation Indicators: 9629 PCA 】 Figure B
Item

2/2/2024

Item

P/E

P/B

Dividend Yield

Dividend Payout Ratio

Stock Price (Y)1,612

Forecast for Last FY

36.5

1.9

1.1%

13.6%

Shares Outstanding (thou.)

22,000

Forecast for This FY

24.8

1.8

4.0%

100.2%

Market Capitalization (million yen)

35,464

Forecast for Next FY

22.1

1.7

4.5%

100.2%

Forecast for Fiscal Year After the Next

20.8

1.7

4.8%

99.5%

2.0%

Last FY’s ROE

5.1%

Dilutive Shares (thou.)0

Equity Ratio at the End of This Third Quarter

57.1

Last FY’s Dividend on Equity Ratio (DOE)(Ref) Prepared by Alpha-Win Research Dept. (Note) Estimates were made by Alpha-Win. Valuations were all calculated based on the closing
price on February 2, 2024.

Short Report

9/10This Alpha-Win Company Research Report (hereinafter “this Report”) has been prepared by Alpha-Win-Capital Inc. (hereinafter “Alpha-Win”) on the request of the company presented in thisReport for the purpose of providing a description of the company. This Report is not to be construed as a recommendation or solicitation of investment. Contents of this Report are based on
information current as of the issue date and are subject to change without notice. We do not warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or
fit for any purpose and do not accept any responsibility or liability. Alpha-Win shall not be liable for any consequences including direct or indirect loss, lost profit, or damage resulting from theuse of or reliance on this Report. Investors who read this Report must make their own decisions on all investment matters and take full responsibility regarding their investment. Intellectual propertyof this Report belongs to Alpha-Win and no part of this Report may be copied, photocopied, cited, or translated without our consent.

Alpha-Win Company Research Report
PCA (9629 TSE Prime)【Stock Chart (end-of-week prices) : 9629 PCA】
(Y)

2,100

Figure C

1,612 yen

2,500
2,300

Issued: 2/6/2024

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

2.27

5.00
4.50

1,900

4.00

1,700

3.50

1,500

【Performance】
PeriodReturn vs. TOPIX
1 month43.3%
36.0%
3 months
45.6%
32.9%
6 months
6.8%-2.5%
12 months
24.6%
-4.0%

1,300

3.00 (Note) Reflects stock price and index values

1,100

2.50

900
700
500
08
/1
6
01
/1
7
06
/1
7
11
/1
7
04
/1
8
09
/1
8
02
/1
9
07
/1
9
12
/1
9
05
/2
0
10
/2
0
03
/2
1
08
/2
1
01
/2
2
06
/2
2
11
/2
2
04
/2
3
09
/
2
(M
3
M
/Y
Y)

300

(Note) From the fourth week of August 2016 to the first week of February 2024 (2/2)

through the closing price on February 2, 2024.
Performance relative to TOPIX (vs. TOPIX) is
2.00 the relative performance calculated bysubtracting the TOPIX’s performance from1.50 the stock performance (the starting period set
to 1.0). Performance for the 1-month period is
1.00 the comparison between the closing price on
the last day of December 2023 and the closing
price of 1,612 yen on February 2, 2024. Similar
for the other periods.

(Ref) Prepared by Alpha-Win Research Dept based on stock price data.

Note: Regarding the references to pages in the text, when the page number became different from that of the Japanese
report due to the translation to English, the page number of the English report was used instead.

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

Disclaimer
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 (https://www.awincap.com/). We do not
warrant or represent that the information in this Report is accurate, reliable, complete, appropriate, or fit forany 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 thewriter of this Report do not have any obligation to reply to inquiries.
SV2024-0206-1500

Short Report

10/10This 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.