Yumeshin Holdings Co. Ltd.(2362 JT)
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Yumeshin Holdings Co. Ltd. (2362 JT) And The Booming Opportunity in IT Engineers
in Japan▪ METI estimate that by 2030 in Japan there will be a shortage of roughly 790,000 IT engineers▪ Structural job offers in the IT sector are rising: the job offer to applicant ratio in the IT andcommunication sector has risen from 6.17 X in 2010 to 10.83 X in 2019 and continues to rise
▪ Migration of both private companies and public entities to the Public Cloud is accelerating
rapidly: IDC see a 2019-2024 CAGR of 18.7% for the Public Cloud in Japan, with the overall market
growing 2.4X to Y2.0T. Companies are increasing their focus on the need to migrate in-housesystems to the Cloud▪ Yumeshin Holdings operates in the Engineer Temp Staff dispatch business and, in line with its
mid-term plan announced in September 2017, the company is transforming its overall revenue
structure away from its focus on the Japanese construction sector, towards the fastest growing
areas of the IT industry▪ The company will hire and train 1000 Salesforce.com engineers and 1000 AWS engineers for
dispatch in its Engineer Temp Staff Dispatch business. There are currently 3638 engineers
working in this division▪ The COVID 19 impact is accelerating the shift towards cloud-based business systems andsupports the company’s new positioning towards cloud-based business engineer dispatch▪ The Company’s unique in-house training programs enable them to produce qualified engineers
for the market in 2 weeks for the construction sector and 1-2 months for the IT sector, while
paying a salary▪ Yumeshin Holding’s high proportion of younger staff in the construction related temp dispatch
business will support the company’s profitability for longer, and as industry retirement rates
increase, along with enhanced staff retention rates, Yumeshin will be able to exploit a positive
pricing environment

1

Yumeshin Holdings Co. Ltd.(2362 JT)
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Investment Points
Growth Drivers▪ A pivot towards SaaS: The company is launching a major initiative to hire and train 1000
employees as Salesforce.com dispatch engineers and 1000 AWS (Amazon Web Service) dispatch
engineers by FY2022. The Engineer Temp Staffing business currently has 3638 engineers▪ Training periods will be from 1.5-2.0 months and conducted in-house▪ Yumeshin Holdings are targeting Y12-15B in annual sales for this new business that will sit within
the Engineer Temp Staffing Segment, Gross Profit of Y4B and Operating Profit of Y1.5-2.0B▪ In the last fiscal year Revenue in the Engineer Temp Staffing Segment was Y15.39B and Operating
Profit Y133M▪ The company is already certified as both a Salesforce.com consulting partner and an AWS Partner
Network (APNs) Select Consulting Partner▪ A stated intention to pay Y35 per share annual dividends through FY 09/2020

The Equity Price Relative to TPX index

2

Yumeshin Holdings Co. Ltd.(2362 JT)
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Competition and valuations

Strengths
Yumeshin Holdings Strengths:▪ As of September 2019, Yumeshin Holdings employed 10,499 staff with an average age of 31 years▪ A unique ability to continuously train both construction industry and IT technicians in-house▪ Group wide initiatives that enhance staff satisfaction and retention▪ As more engineers gain greater experience, knowledge is shared with other colleagues within
the company and across divisions▪ A proven track record in focused M&A-driven expansion

Construction Technician Temporary Staffing Segment Strengths:▪ Overwhelmingly No.1 in the construction engineer dispatching industry with 6000 engineers▪ A young and dynamic workforce with 70% of engineers in their 20s, playing directly into theyoung engineer dispatch market, a market pioneered by the company▪ Low customer concentration reducing potential revenue volatility

Engineer Temporary Staffing Segment Strengths:▪ A proven track record in training inexperienced young Japanese people into dynamic value
adding IT assets

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Yumeshin Holdings Co. Ltd.(2362 JT)
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Shirt@Astrisadvisory.com+813-6868-8700▪ Yumeshin’s excellent in-house training programs are designed to rapidly build a large-scale inhouse competence in new growth areas such as AWS and Salesforce.com. After 2 months
training, new recruits have acquired skills in Java, Python and C

4

Yumeshin Holdings Co. Ltd.(2362 JT)
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The Yumeshin Holdings Senior Management Team
President Mr. Daio Sato

After spending time at Nomura Real Estate Development from 2006, in 2010 Mr. Sato joined
Yumeshin Holdings and became Director and President in 2015.
A devoted family man with 6 children, Mr. Sato works 60 hour weeks and has key input withmanagement on all aspects of strategy and implementation, holding regular weekly feedback
meetings with all key team leaders.

Managing Director Mr. Yusaku Soeda
Mr. Soeda has former experience as a consultant at a major global consulting company, and healso worked overseas in both CEO and COO positions.
Since joining the company in 2017, Mr. Soeda has been mainly engaged in business planning.
He plays an important role in helping improve efficiency in company operations as they enter a
new growth phase.

Director Mr. Kenjirou Ogawa
Mr. Ogawa Joined Yumeshin in 1995 and is their longest serving officer starting as a salesman in
the days when the company began dispatching construction engineers.
As a sales manager, he has supported the launch of many regional bases and has played a pivotal
role in building the current nationwide network of the company.

5

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Director Mr. Yoshiyasu Fujii
Mr. Fujii Is qualified as a certified public accountant and has both major corporation and auditor
experience.
Since joining the company in 2018 has worked mainly in the financial accounting areas of thebusiness.
Mr. Fujii helps to maintain the overall financial soundness of the busines while playing animportant role in capital policy and structure.
With the number of group companies increasing through M&A, Mr. Fujii is working towards thefinancial integration of the group.

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Yumeshin Holdings Co. Ltd.(2362 JT)
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New Mid Term Plan
▪ On November 13th 2020 Yumeshin Holdings introduced their new Mid Term Plan covering
forecasts for the period FY 09/2021- FY09/2025▪ In their new mid-term plan covering the next 5 fiscal years, the company foresees a sustainableannual increase in overall demand growth across both major businesses. This will beaccompanied by an uplift in profit margins, as overall blended hourly dispatch rates rise and scaleeffects come through from lower overall SG&A.
▪ From an ESG perspective the company are proud of their record of offering opportunities forretraining and career advancement for Japanese people negatively affected by demographic
changes. The company also offers greater opportunities for career advancement for women▪ Accelerating growth opportunities, in dispatch related to AWS, Salesforce.com and Microsoft
Azure, in particular will play into Yumeshin’s strengths over the next 5 years, as the company
rapidly builds a large-scale in-house competence in these new areas

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Yumeshin Holdings Co. Ltd.(2362 JT)
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Latest Company Results
On 13th November 2020, the company announced Full FY 09/2020 results:▪

Revenue Y58.67.19B +11.7% YoY▪

OP Y5.31B +36.4% YoY▪

RP Y5.08B +31.2% YoY▪

NP Y3.56B +20.6% YoY

From the Japanese Tanshin:‘Although the negative influence of the Coronavirus from around the end of March 2020 caused
us to temporarily curtail our recruitment activities, overall, we were able to raise engineer
dispatch prices across both our main businesses while at the same time expanding ancillarybusinesses. We were also able to reduce SG&A and overall hiring costs
Businesses we acquired in the previous fiscal year also contributed to earnings growth

Construction Engineer Temporary Staffing Segment▪

Revenue Y37.9B +5.7% YoY▪

OP Y6.585B +13% YoY▪

SG&A dropped 13% YoY in the division
At the end of fiscal year September 2020, the total number of engineers in the division was 5,348
down 751 compared to the previous fiscal year, while total hires for the year came to 1805
compared with 3289 in fiscal year September 2019
“Long term trends such as the ageing workforce and a shortage of younger staff continue tosupport overall demand for dispatched construction workers.”

Engineer Temporary Staffing Segment▪

Revenue Y19.875B +21.5% YoY▪

OP Y653M +940.2% YoY▪

The ratio of SG&A to revenue in the division improved by 3.2% YoY
Total engineers at the end of the period stood at 3579 down 61 from the previous fiscal year
“While uncertainty remains over the duration of the Coronavirus outbreak, stability has returned
to overall business in the division and demand for engineers is strong on the back of IT capex.

8

Yumeshin Holdings Co. Ltd.(2362 JT)
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The overall macro environment is supportive as trends toward greater automation of
manufacturing processes accelerate.”
Others Segment▪

Revenue Y981M +170.9% YoY▪

OP LOSS Y-241M versus LOSS Y-417M“In this business we provide Japanese language training for overseas recruits of Japanesecompanies. The impact of the Coronavirus has been strongly negative, although overall
advertising-spend during the previous fiscal year helped raise revenues in the business”

For the New Fiscal Year 03/2021 the company announced forecasts▪

Revenue Y61B +4% YoY▪

OP Y6.0B +13.1% YoY▪

RP Y5.8B +14.3% YoY▪

NPY 3.8B +6.8% YoY
Revenue in the Construction Engineers Temporary Staffing segment is seen rising to Y38B +0.2%
YoY while OP is seen declining to Y6B-8.9% YoY
Revenue in the Engineer Temporary Staffing Segment is seen rising to Y22B+10.7% YoY and OP
is seen rising to Y900M +37.8% YoY
The company plans to raise the level of overall engineer numbers in the new fiscal year andtargets 5700 construction engineers and 4200 IT engineers by the end of September 2021.
In the Engineer Temporary staffing business, the company aims to raise overall dispatch rates as
demand conditions are seen remaining firm

9

Yumeshin Holdings Co. Ltd.(2362 JT)
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The Macro Outlook for Company Target Markets:
The Japanese Construction Market
Opportunity: Key Structural Drivers of Growth for Yumeshin Holdings Construction Technician
Temporary Staffing Segment
1. A historical structural decline in the overall number of construction workers in Japan:
Yumeshin Holdings estimate that the total number of Construction Workers in Japan has
declined from a peak in 1997 of 6.85M to 2018 5.03M with the specialist constructionengineer sub sector population declining from 430K to 330K over the same period.
2. The trend is seen accelerating in the future: the company see an ongoing decline in thenumber of construction engineers with the number of construction engineers falling to just230K by 2027.
3. Increased hiring of temp staff: Because General contractors and smaller construction
specialist companies are faced with overall slowing demand and the need for more efficientbalance sheets, they are increasingly outsourcing worker demand and hiring temporary staff.
Overall sourcing of temporary staff in the construction industry has risen by some 30% overthe last 10 years and will continue as project uncertainty and timing increases.
4. A structural ageing of the overall construction worker population in Japan: Company data
show that 1 in 3 construction workers in Japan is over 55, and while experience matters, in adangerous and physically demanding working environment, fit and capable workers willtrade at an increasing premium, as retirement of older workers inevitably accelerates.
The Japanese annual construction market peaked in late 1992 with an overall value of JPY84T
falling to a low of Y41T in 2010.
There are a number of well-known structural positives: following the 2011 Tohoku Earthquake
and tsunami, construction spending had been increasing annually, driven by factors such as1. Reconstruction
2. Rural to urban depopulation
3. Influx of foreign labour
4. Higher building standards
5. Preparation for major events such as the Olympics 2020 and Osaka World Expo 2025
6. Major national infrastructure projects such as The Japan National Maglev project, scheduled
to open in 2027, the extension of both the Hokuriku and Hokkaido Shinkansen and the
proposed introduction of Integrated Resorts and Casinos
7.
10

Yumeshin Holdings Co. Ltd.(2362 JT)
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Olympic uncertainty casts a shadow
Firstly, most major construction projects had already been completed ahead of the scheduled
Olympics 2020, and delay to 2021 would simply mean a resumption of any unfinished or
mothballed projects.
However, a cancellation would mean a short-term negative impact for the outlook for overall
domestic demand with the accompanying economic uncertainty leading to at least a temporary
slowdown in the construction market.
The outlook remains overall positive
The ongoing growth in infrastructure spending and demographic changes, remain supportive ofan overall positive outlook for the industry. This is particularly the case in the greater Kanto area,
where the company has its strategic focus.
Japan Annual Overall Construction Market
70

Trillion JPY

60
50
40
30
20
10
0

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PublicPrivateYumeshin Holdings Co. Ltd.(2362 JT)
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The Japanese IT Market
Opportunity: Key Structural Drivers of Growth For Yumeshin Holdings Engineer Temporary
Staffing Segment
1. A structural shortfall of engineers: METI estimate in Japan that by 2030 there will be ashortage of roughly 790,000 IT engineers.
2. Structural job offers in the IT sector are rising: the job offer to applicant ratio in the IT andcommunication sector has risen from 6.17 X in 2010 to 10.83 X in 2019.
3. Migration of both private companies and public entities to the cloud is accelerating rapidly:
AWS with 42% of the market and Salesforce.com with 30% of the market globally are thedominant new applications in Japan.
4. IDC see a 2019-2024 CAGR of 18.7% for the Public Cloud in Japan with the overall market
for cloud-based applications growing 2.4X to Y2.0T. Companies are increasing their focus on
the need to migrate in-house systems to the Cloud.
R&D expenditure in Japan only regained its 2008 highs in 2017: In FY 2008 at the time of theLehman Shock, Annual R&D spend in Japan peaked at JPY18.9T. It was FY17 before new highs of
JPY 19T were once again recorded.
Overall IT Growth is accelerating again driven by long-term structural factors:▪

System upgrades are essential: the need for basic upgrades of aging systems in response to
consumption tax increases and the end of support for Windows Server 2008.

▪

New business models are gaining traction: cashless payment systems, virtual and mobilebanking, multiple cloud-based applications, together with overall accelerating penetration
rates of E-commerce are all pressuring companies to intensify their focus on the IT budget.
This trend is seen continuing with IT investment is expected to continue increasing to a level of
JPY27.4T by 2021.

12

Yumeshin Holdings Co. Ltd.(2362 JT)
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The Business
50 years of corporate history: Yumeshin Holdings Company Ltd. was founded in 1970 as Sato
Construction Design Limited by Mr. Shingo Sato. Mr. Sato, formerly the company Chairman and
Representative Director, retired in December 2019 to become Director.
His son, Daio Sato, the current company President and Representative Director, joined thecompany in 2010 and became Director in 2015.
Yumeshin Holdings was originally listed on the Osaka Stock Exchange in 2003 and moved to
JASDAQ in 2013.
A core construction industry design business focus: the original business focus wasarchitectural, featuring structural design and drawing services. Over time, the company
established overseas subsidiaries in Vietnam and China to carry out some of the drawing anddesign functions, helping to control costs.
Shifting to a focus on construction and IT industry related staffing: the company began its
construction industry-focused staffing business in 1990, then through the 2011 acquisition of
Fullcast Technology Co. Ltd entered the engineering staffing business, renaming the newly
acquired business Yume Technology Co. Ltd.
A new mid-term plan was announced in November 2020: covering the period FY09/2021
through FY09/2025 and targeting FY09/2025 revenue of Y98.0B.
In May 2019 announced a move to a holding company and IFRS accounting: this has improved
transparency, clarified the decision-making process and enabled more efficient asset allocation
within the group.
Changes to business segments: the IT business network equipment sales and leasing businesses
were transferred from the “Others” business to the “Engineer Temporary Staffing” business. The
company now has 3 business segments.
▪

The Construction Technician Temporary Staffing Segment: the main business segment▪

The Engineer Temporary Staffing Business Segment: the focus for future strategic growth▪

The Others Segment: where the company carries out recruitment and education businesses

13

Yumeshin Holdings Co. Ltd.(2362 JT)
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Revenue and Operating Profit Contribution by Segment as of FY 09/2020

Historical and Forecast Consolidated Revenue and Profit YoY%

Historical and Forecast Consolidated Margins

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Yumeshin Holdings Co. Ltd.(2362 JT)
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Construction Technician Temporary Staffing Segment▪

Yumeshin Holdings have 15% market share in this segment which is more than twice the second
biggest player▪

Dispatched staff contribute to upstream and downstream areas in the customer value chain
Competition and market positioning
A fragmented market: The market for temporary staffing services in the Japan Construction
Sector is highly fragmented with more than 100 players. The business relies very much on
reputation and long- term relationships which favours Yumeshin, with its long track record datingback to 1970, and also its stock market listing.
Yumeshin has top market share: The company market share stands at 15%, more than twice thelevel of their nearest competitor, while the top 5 companies in the segment account for around
45% of the market.
Major direct competitors: number 2 by market share is Technopro Construction, a subsidiary ofTechnopro (6028 JT) who have 2870 engineers and Tekken Kosan a subsidiary of Tekken Corp
(1815 JT).
Other peers in the industry include staffing subsidiaries of major contractors such as Taisei (1801
JT) and Kajima (1812 JT).
A long history in core areas: The company has its history in drawing and blue-print production
for the construction segment. These functions together with those of CAD design and on-site
supervision comprise the main areas of business operation in this segment.
Employees
More staff than the competition: As of end FY September 2020, the company had 5348 staff
which it dispatches to work on projects at its customer worksites.
And younger as well: over the previous 5 years against the background of the structural ageingof the existing construction workforce in Japan, where more than 45% of all employees are in
their 50s, the company has been actively hiring young and inexperienced entrants as trainees
into the division.
60% of staff in this division are in their 20s and 30% in their 30s: despite the shrinking overallmarket for construction in Japan, this strategy leaves the company very well placed to take ahigher share of dispatched workers in the segment as worker numbers inevitably decline due toretirement
The work in the industry is after all physically demanding, and Yumeshin’s younger and fitter
labour force should be very much in demand in the future, despite the overall slowdown inconstruction spending.

15

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An excellent position - While the company may face rising acquisition and staff retention costs,
the overall industry should see a sustainable rise in average dispatch rates.
New recruits and training
On the job training programs: new recruits, some with no relevant experience are given an
intense 2 week, 10 hour per day training program in Yumeshin’s in house training facility. They
are then dispatched to customers as supervisors and for on the job training.
Initial hourly dispatch rates are 20% lower than industry dispatch rates, but these catch up intime and engineers typically break-even after 6 months.
Supervisors are the key: thanks to its communication training program, Yumeshin is able todispatch its newly trained staff mainly as supervisors to its customers, carrying out co-ordination
work such as organizing teams, resources and even such roles as the morning exercise regime.
Break-even after 6 months: 30% of new recruits leave after 1 year, and the company estimatesthat breakeven on new hiring is after 6 months. Clearly staff retention is key for the company.
Staff satisfaction and retention programs
In April of this year, the company invested in a new, 6-member career development andretention division, which helps dissatisfied staff by offering career planning and development.
According to members of this new division, who we met with, the dispatch model to manydifferent corporate cultures means that staff sometimes feel a sense of alienation fromYumeshin. This is described as “feeling like a grain of rice”.
These new initiatives will help alleviate these problems and higher retention rates will lead longer
term to higher margins.
The new program is already showing results with an increase in retention rates and success indissuading staff from leaving early after the first year.
The Dispatch Model
Off the customer balance sheet, a global trend: Before dispatching a worker Yumeshin Holdings
signs a worker staffing agreement with the client and then sends its own full-time employees toperform the job at client sites. The client directs the staff on a day to day basis and uses the staff
as needed.
This trend to “balance sheet reduction” is seen in many industries globally for example with EMS
growing now in Vietnam and the outsourcing of R&D in major drug companies.
Sales Growth Drivers in this business
The key drivers of sales in the segment are the number of staff dispatched, utilization rates, hours
dispatched, and hourly billing rates. The majority of cost of sales is labor costs in this division.
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Regular disclosure of Key metrics
The overall utilization rate: in FY 09/2020 for this division was 92.3% down 0.4% versus the same
period in the previous fiscal year
Additional data
Average hourly wages: Y3064 in March 2020 versus Y2977 in the same quarter of last year
Average number of hours worked per day: 9.60 hours per day in March 2020.

Historical Key Metrics in the Construction Technician Temporary Staffing Segment

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Yumeshin Holdings Co. Ltd.(2362 JT)
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Utilization Rates and Hourly Dispatch Rates

Customers and Concentration
As of FY092020, Yumeshin Holdings had more than 2000 clients in total with the largest bycontribution being the general contractors, Daiwa House, Taisei, Shimizu, Shinryo Corp and theelectrical and utilities contractor Kinden
The ranking of customers changes in line with successful contract wins in the market.
Overall customer concentration in terms of revenue has been declining at around 1% per year as
the business grows in scale and penetration. Top 10 customers currently contribute 19.3% of
Revenue in the Segment and Top 5, 13.8%.

Segment Top 5 Customers by % Revenue as of FY 09/2020

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Yumeshin Holdings Co. Ltd.(2362 JT)
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Engineer Temporary Staffing Segment
Fullcast Technology Co Ltd., was acquired by Yumeshin Holdings in FY09/2011 and became theconsolidated subsidiary Yume Technology Co Ltd in January 2019. Yume Technology Co Ltd.,
operate the business of this segment
As of end FY09/2020 the company had a total of 3379 staff engineers in this division
The Dispatch model-off the balance sheet Similar to the Construction Technician Temporary
Staffing Segment Yumeshin Holdings signs a worker staffing agreement with the client and thensends its own employees to perform the job at client sites. The client directs the staff on a day
to day basis and uses the staff as needed.
In this division the company mainly dispatches more experienced staff to IT and manufacturing
companies depending on the customer project execution needs.
Experienced Engineers While the company has an overall younger workforce of Engineers
relative to its competitors, in this division Yume Technology mainly dispatches more experienced
engineers, that work in design, testing, and maintenance/technical support.
Sales Growth Drivers in this Segment
Similar to the Construction Technician Temporary Staffing business, the key drivers of sales are
the number of staff dispatched, utilization rates, hours worked and billing rates.

Total Annual Staffing Numbers and New Hires

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Retention Rate of Employees

Utilization Rate and Average Dispatch Rate/Hour20

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Segment Customers by End User Industries
Engineers dispatched to telecoms related companies tend to work on the infrastructure andapplications development side of the end user businesses, while in the manufacturing space, thefocus is more on the testing and design functions.
Engineering Staff Customer Segments

Telecoms

7%
33%
60%

Manufacturing

OthersCustomers and Concentration
Overall the company has more than 800 customers in this segment. Top 5 Customers accountfor 12.2% Revenue as of FY 09/2020, while top 10 account for 20.1%

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Disclaimer
The document has been prepared by Astris Advisory Japan K.K. (Financial Instruments Business Operator: Kanto Finance
Bureau No. 3111, Member of the Japan Investment Advisers Association), (henceforth the “Company”) under a contract
with the corporation described in this report. Opinions and views presented are ours where so stated. Such opinions andviews attributed to the corporation are interpretations made by the Company. We represent that if this report is deemed toinclude an opinion from us that could influence investment decisions in the corporation, such an opinion may be inexchange for consideration or promise of consideration from the corporation to Astris Advisory Japan K.K.
The current document was prepared for information purposes only and is not intended to be an offering for the purchase
and/or sale of financial instruments nor the solicitation of such purchase/sale activities.
Whilst the document has been prepared based on information and data, we believe to be reliable, we cannot guarantee
the accuracy, the completeness, nor the timeliness of such information. The Company does not foresee the inclusion in the
document of any material non-public information. The Company has taken every precaution regarding the information
provided in the document.
Note, however, that the Company cannot be held responsible in any way for any damages that may arise stemming fromsuch factors as source errors and/or third-party data falsification. Based on assessments of current circumstances andforecasts, the document may contain views on the future outlook. Such views, however, may be altered and/or revised by
the Company, at any time, without advance notification.
The Company has copyright over the contents of this document. To copy, report or transfer this document without
permission from our company will be viewed as copyright infringement and is strictly prohibited.

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.

25

Notes