R Yumeshin Holdings / 2362
CoverageUpdate Notes

Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp

This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, isavailable on our website and various professional platforms.

On January 29, 2021, Yumeshin Holdings Co., Ltd. announced the execution of an absorption-type merger agreement withBeNEXT Group, Inc.
On the same day, the company and BeNEXT Group reached a resolution at each company’s Board of Directors meeting on amerger of the two companies with a (scheduled) effective date of April 1, 2021. Under the absorption-type merger agreement,Yumeshin Holdings will be the absorbed company and BeNEXT Group will be the surviving company, and after the merger thecompany name of the surviving company will change to BeNEXT-Yumeshin Group Co.
Ahead of the merger’s (scheduled) effective date of April 1, 2021, Yumeshin Holdings common stock will be delisted from theTokyo Stock Exchange on March 30, 2021 (final trading date: March 29, 2021).
The exchange ratio for the merger is 0.63 shares of BeNEXT Group for each share of Yumeshin Holdings.
Overview of the two companies
Surviving company

Absorbed company

Company name

BeNEXT Group

Yumeshin Holdings

Business overview

Temporary staffing

Temporary staffing

Established

August 1997

January 1980

No. of issued shares

42,851,700

78,861,940

No. of employees

18,1259,848

BeNEXT Group: Business results and financial position for the past three years(JPYmn)Net assets

FY06/18

FY06/19

FY06/20

13,71515,802

14,765

Total assets

28,12831,20731,730

Revenue

65,36381,59681,755

Operating profit

4,297

5,719

4,666

Net income

2,5693,706

1,335

Yumeshin Holdings: Business results and financial position for the past three years
FY09/20

FY09/18

FY09/19

Net assets (equity)

13,972

11,92011,561

Total assets

23,571

28,86336,399

Revenue

40,41952,50558,669Operating profit

5,186

4,717

5,306

Net income (profit)

3,635

2,504

3,557

(JPYmn)(IFRS)On the same day, the company announced a revision to its interim dividend payment forecast (no dividend payment) for
FY09/21.
At the Board of Directors meeting held on January 29, 2021, Yumeshin Holdings resolved that it will revise its interim dividend
payment forecast for FY09/21 (previous forecast: JPY15.0 per share), and will not pay any interim dividend for FY09/21, under thecondition of a successful completion of the merger between Yumeshin Holdings and BeNEXT Group.

This note is the most recent addition to the full report.

1/2

R About Shared Research Inc.
Coverage

Research Coverage Report by Shared Research Inc. | https://sharedresearch.jp

We offer corporate clients comprehensive report coverage, a service that allows them to better inform investors and other stakeholders by presenting a continuously
updated third-party view of business fundamentals, independent of investment biases. Shared Research can be found on the web at https://sharedresearch.jp.

Disclaimer
This document is provided for informational purposes only. No investment opinion or advice is provided, intended, or solicited. Shared Research Inc. offers no warranty,
either expressed or implied, regarding the veracity of data or interpretations of data included in this report. We shall not be held responsible for any damage caused by
the use of this report.
The copyright of this report and the rights regarding the creation and exploitation of the derivative work of this and other Shared Research Reports belong to Shared
Research. This report may be reproduced or modified for personal use; distribution, transfer, or other uses of this report are strictly prohibited and a violation of thecopyright of this report. Our officers and employees may currently, or in the future, have a position in securities of the companies mentioned in this report, which may
affect this report’s objectivity.

Japanese Financial Instruments and Exchange Law (FIEL) Disclaimer
The report has been prepared by Shared Research under a contract with the company described in this report (“the company”). Opinions and views presented are ours
where so stated. Such opinions and views attributed to the company are interpretations made by Shared Research. We represent that if this report is deemed to include
an opinion from us that could influence investment decisions in the company, such an opinion may be in exchange for consideration or promise of consideration fromthe company to Shared Research.

Contact Details
Shared Research Inc.
3-31-12 Sendagi Bunkyo-ku Tokyo, Japan
https://sharedresearch.jp
Phone: +81 (0)3 5834-8787
Email: info@sharedresearch.jp

2/2