COMPANY RESEARCH AND ANALYSIS REPORTJUST PLANNING INC.
4287
TSE JASDAQ

18-Jun.-2021
FISCO Ltd. Analyst

Yuzuru SatoFISCO Ltd.
https://www.fisco.co.jp

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/■ Index■Summary---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 01
1. Review of FY1/21 results.............................................................................................................................

01

2. FY1/22 outlook...................................... ......................................................................................................

01

3. Shareholder return policy....................... ......................................................................................................

02■Business overview---------------------------------------------------------------------------------------------------------------------------------------------------- 03
1. ASP Business........................................ ......................................................................................................

03

2. System Solution Business.. ..........................................................................................................................

06

3. Logistics Solution Business................... ......................................................................................................

07

4. Solar Power Generation Business. . ..............................................................................................................

07

5. Other Businesses.........................................................................................................................................

07■Results trends--------------------------------------------------------------------------------------------------------------------------------------------------------------- 07
1. Review of FY1/21 results.............................................................................................................................

07

2. Performance trends by business segment. ..................................................................................................

08

3. Financial condition and key financial indicators. ..........................................................................................

13■Outlook-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 15
1. FY1/22 outlook...................................... ......................................................................................................

15

2. Growth strategy...........................................................................................................................................

16■Shareholder return policy---------------------------------------------------------------------------------------------------------------------------------- 18■Information security------------------------------------------------------------------------------------------------------------------------------------------------ 18

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/█ Summary
Aiming to increase the number of Makasete Net contracts andrecover earnings, with the iToGo app for take-out businesses
playing a hook role
Just Planning <4287> (hereafter, also “the Company”) operates Makasete Net service (ASP* business), a store
management system (sales, purchasing, and attendance management) for the restaurant industry, as its mainstay
business. It is one of the industry’s largest firms with 4,950 store contracts as of the end of FY1/21, mainly with small
and medium-sized restaurant chains. It achieves high profitability and stability thanks to having a recurring-income
business model based on monthly fees. Also, the subsidiaries are conducting the Logistics Solution Business andthe Solar Power Generation Business, while in February 2018, the Company newly established Putmenu Inc., toconduct the new business of Putmenu (a mobile ordering and payment system that utilizes IoT technologies).
*	ASP (Application Service Provider): a business that provides customers with application software functions used on IT
devices as a service via networks. ASP can also refer to this type of service itself.

1. Review of FY1/21 results
In the FY1/21 consolidated results, net sales decreased 13.3% year-on-year (YoY) to ¥2,103mn and operating profit
declined 25.3% to ¥185mn. Due to the novel coronavirus pandemic (hereafter, COVID-19) and the Japanese government’s subsequent declaration of a state of emergency, in the restaurant industry, one after another businesses
were suspended and restaurants were temporarily closed, and the number of stores contracting to Makasete Net,
which is the mainstay service, declined by 142 on the end of the previous period to 4,950 stores. This was also themain reason for the slump in sales in the other businesses, such as the Logistics Solutions Business, and although
the Company worked to keep down SG&A expenses, this was insufficient to cover for the decline in gross profit due
to the fall in sales. In the mainstay business of Putmenu as well, although deployments for SS (service stations) havebeen progressed since the fall of 2020, sales to restaurants have been sluggish, and also proposals have stopped
for tourist sites because of the end of inbound demand, and these were the main reasons why the results as a whole
were less than forecast. Conversely, for the smartphone app iToGo (an advanced reservation ordering and payments
service) for take-out businesses, which is a business that the Company acquired from SUNCORPORATION <6736>
in August 2020, the number of stores deploying it increased, mainly for existing customers of Makasete Net, including
due to the growth of take-out demand.
2. FY1/22 outlook
The FY1/22 outlook is for sale and profits to increase, with net sales to rise 12.8% YoY to ¥2,372mn and operating
profit to grow 88.0% to ¥348mn. From the growth strategies of “Vertical business development in the restaurant
industry,” “Horizontal business development to industries other than the restaurant industry,” and “Developmentof new businesses other than the ASP Business,” the Company is aiming to once again achieve growth throughstrengthening Group collaborations and rationalizing operations. In the mainstay ASP Business, its strategy is for
iToGo, for which demand is strong, to pay a hook role that will lead to new contracts for Makasete Net. That said,
market conditions continued to be severe, including that the number of temporarily closed stores has once again
started to increase following the re-declaration of a state of emergency for Metropolitan Tokyo and 3 prefectures in
April 2021, so results may be less than forecast if the COVID-19 pandemic becomes prolonged.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Summary

3. Shareholder return policy
The Company’s basic policy for shareholder returns is to stably and continuously pay dividends, while also retaining
the retained profits necessary for business development in the future and to strengthen the management structure.
For FY1/22, it plans to pay a dividend per share of ¥7.4, which is unchanged YoY. The capital ratio at the end of
FY1/21 was 92.8%, and as it conducts no-debt operations, it has ample cash and deposits of ¥2,230mn. Therefore,
in the future also, it is expected to continue its basic policy of stably paying dividends, while considering the demand
for funds.
Key Points
Although sales declined in the ASP Business, has started deployments of Putmenu for the SS industry andacquired the iToGo app business for take-out businesses• In FY1/22, is aiming for double-digit increases in sales and profits by focusing on Makasete Net new contracts,with iToGo to play a hook role
• Is targeting growth through vertical business development in the restaurant industry and horizontal businessdevelopment to other industries•

Results trends
Net sales (left)(¥mn)

Operating profit (right)

(¥mn)

3,000

500
432

427

2,400

348

284

1,800

1,200

300

247

2,450

2,390

2,426

2,254

400

185
2,372

200

2,103

600

100

0

0
FY1/17

FY1/18

FY1/19

FY1/20FY1/21

FY1/22 E

Source: Prepared by FISCO from the Company's financial results

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/█ Business overview
Major supplier of store management systems to the restaurant
industry; exceeding 4,900 contracting stores
The Company’s operations are classified into five business segments; the ASP Business, the System Solution
Business, the Logistics Solution Business, the Solar Power Generation Business, and the Other Businesses. In
the FY1/21 business segment composition, the ASP Business and Logistics Solutions Business accounted for justunder 90% of net sales at 39.8% and 49.1%, respectively. However, the ASP Business dominates overall earnings
at 73.6% of segment profit. We review segment content below.

Business segment composition (FY1/21)
Other Businesses
Logistics Solution Business
ASP Business100.0%
4.8%

Solar Power Generation Business
System Solution Business

3.0%

6.6%
5.2%
12.6%

80.0%

2.0%
49.1%

60.0%
3.4%

40.0%

20.0%

73.6%

39.8%

0.0%

Net sales

Segment profit

Note: Net sales indicate sales to external customers
Source: Prepared by FISCO from the Company’s results briefing materials

1. ASP BusinessIn the ASP Business, the core service is Makasete Net (launched in 1999). This service allows customers to utilize thebusiness software they need to operate various aspects of restaurants, such as sales, purchasing, and attendance
management, via the Internet. The main customers for this service are small and medium-sized restaurant companies that operate chains of between 20 to 50 restaurants. Introducing Makasete Net makes it possible for theseclient companies to promptly and inexpensively gather, manage, and analyze data on operating conditions at theirrestaurants. It is a recurring-income business model in which the monthly usage fees from the contracting restaurants
provide the majority of the net sales. Its gross profit margin is also high and it is the Company’s mainstay business.
While the Makasete Net monthly fee varies depending on the service used, it averages in the ¥20,000 range per store(the full- service costs about ¥30,000). This seems expensive compared to the services from many rivals suppliedin the range of ¥10,000 per month. However, the difference can be attributed to the Company’s free provision ofcustomized support that requires additional charges at other companies (though the Company charges extra feesin the case of large-scale changes to specifications).

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.

18-Jun.-2021

4287 TSE JASDAQ

https://www.justweb.co.jp/ir/

Business overview

Contracted store volume totaled 4,950 stores at end-FY1/21 (this includes 258 contracting stores for the Logi Logi
logistics management system). Japan has about 56,900 restaurant chain stores as of March 31, 2020 (according todata from the Japan Franchise Association). While the Company’s industry share is just under 9%, we estimate that it
holds a share of just over 10% for small and medium-sized restaurant chains with less than 50 stores, its main target.

Number of chain restaurants in Japan and
JUST PLANNING’s contracting restaurants(thousandrestaurants )Number of contracting restaurants (left)
Total number of chain restaurants (right)(Restaurants)
7,000

70.00
58.9

58.5

58.6

58.5

6,000

57.7

56.9

60.00

5,000

50.00

4,000

40.00

3,000
2,000

30.00
4,733

5,052

4,891

4,881

4,532

5,092

4,950
20.00

1,000

10.00

0
FY1/15

FY1/16

FY1/17

FY1/18

FY1/19

FY1/200.00
FY1/21(Fiscal year-end)

Note: Figures for the number of chain restaurants are from the Japan Franchise Association (as of the end of March 2020)

Source: prepared by FISCO from the Company’s results briefing materials and other materials

Looking at the Company’s competitors, there are 5 to 6 rival companies of a similar size, including ALPHAX FOOD
SYSTEM CO., LTD. <3814>, Hitachi Systems, Ltd., and ASPIT CO., LTD. Of these, looking at the comparison with
ALPHAX FOOD SYSTEM, their net sales were around the same scale in FY2020 in the ASP Business. In ASP services
for restaurant companies, Infomart Corporation <2492> also provides order receipt and placement services, sosome of its services overlap with those of the Company. However, Infomart Corporation mainly focuses on providing
services to the selling side (food wholesalers), so these two companies have built a good relationship, such as bymutually linking their systems when their customers overlap.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.

18-Jun.-2021

4287 TSE JASDAQ

https://www.justweb.co.jp/ir/

Business overview

Trends in the number of contracting restaurants andnet sales in ASP business for the two major companies(Restaurants)
8,000

6,000

7,115

4,891

JUST PLANNING’s net sales (right)
ALPHAX’s net sales (right)
JUST PLANNING’s number of restaurants (left)
ALPHAX’s number of restaurants (left)
7,567
7,403
7,232

4,881

4,532

(¥mn)
2,000

4,950

5,092

4,000

1,500

1,000
1,559

2,000

907

1,099

895

1,103

1,193
893

878

837 851

FY1/19

FY1/20FY1/210500

0FY1/17

FY1/18

Note: ALPHAX FOOD SYSTEM’s results to the end of September (number of restaurants in FY9/20 undisclosed)
Source: Prepared by FISCO from Company materials 

The Company is also promoting enhancement of added-value services besides Makasete Net, with the aim of verticalexpansion within the restaurant industry. Of these services, Makasete Touch (this service was launched in 2012 with
the name POSITEV and changed to the current name in 2014) is a service that facilitates replacement of specialized
terminals (handy terminals) used to accept orders from customers at restaurants with an iPad, iPod Touch, orother general-use terminal. The advantages of this service include a major reduction in the initial deployment costs
to about one-third the usual amount through utilizing general-use terminals, that education and training periods
and costs are kept down as employees learn quicker from using terminals that they are already familiar with, andthat maintenance costs can be reduced. The number of contracting stores is still small, at slightly more than 200
stores, but the number of contracts has started to steadily increase not only from stores that have already deployed
Makasete Net, but also from new customers.
Separately, the ASP business includes Putmenu as a new service. The Company established Putmenu Inc. throughjoint investment with Boxyz Inc. and Tagcast Inc. as a consolidated subsidiary (it holds a 70% stake) in February
2018. Boxyz is responsible for developing Putmenu, which it is progressing while also utilizing external partners,
mainly the Company, for customer acquisitions.
Putmenu is a mobile ordering and payment system that realizes “zero minute” order and payment wait time atrestaurants and other stores by having customers utilize a smartphone app. Payment options include not only major
credit cards but also the three mobile carriers and various online payment systems, such as LINE Pay, Apple Pay,
PayPal, Alipay and PayPay. The app is also available in 12 languages and it also provides allergy-related information
at the menu display stage, if the user has preregistered allergy substances, as well as Halal and vegan displays. This
service envisioned use by foreigners from the initial design.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Business overview

The main targets for deployments are restaurants, particularly food courts in commercial facilities, but also venues
such as restaurants and merchandise stores at sites where people tend to line-up, like event venues, and at hotels
and tourist sites with many overseas tourists. The service has three income models. It is available at a monthly fixed
fee for restaurants and other sites operating on a regular basis; with a revenue-sharing framework that charges
a certain percentage of the gross purchase value handled through Putmenu, mainly for event venues and tourist
sites; while it is also now offered with a hybrid-type fee structure, which combines the fixed fee and the percentageof the gross purchase value structures.
Other than this service, multiple IT companies provide similar services*, but different to the competitors’ systems,
the Company’s system combines a beacon (a radio wave transmitter) using near distance wireless communication
technology (Bluetooth) and IoT technology that utilizes a GPS function to recognize the position of the user. It
is a mechanism in which orders can only be made from an area determined in advance through confirming theuser-location information via the beacon and other means. For businesses, it provides the ability to collect andanalyze data on the seat and location of the order, enabling effective marketing measures, which is a strengthcompared to similar services. Tagcast has the international patent for the Company’s mechanism (it holds patents
in nine countries, including Japan, the US, China, South Korea, the UK, Germany, and France).
*	Since 2019, Starbucks and McDonalds launched services from systems developed in-house for some stores. Also, several
IT venture companies (such as Showcase Gig Inc. and O:der Table) provide mobile orders and payment services.

Features of Putmenu
Main features

Effect1. Increase in sales contact points
Orders can be received anytime because it does not use register (face-to-face) sales
Supports larger sales per hour without additional investment

Larger sales, labor savings,
improved customer satisfaction

2. Cashless (non-face-to-face online payment)
Eliminates need for register support due to payment via an app
Only necessary to hand over product

Labor savings, improved customer
satisfaction

3. Foreign language and allergen ingredient display
Labor savings for foreign traveler
Foreign visitors to Japan can conduct ordering and payment in their native language on their own smartphone support, improved customer
Supports display of allergen ingredients and Halal and vegan dishes
service
4. Provision of convenience tailored to the user experience
Use of spatial awareness technology prevents order placement outside of the defined area
Allows for customer recruitment measures via O2O (Online to Offline)

Promotion, improved customer
satisfaction

Source: Prepared by FISCO from the Company’s results briefing materials

2. System Solution Business
The System Solution Business is mainly comprised of the sales of various devices and equipment, such as POS
systems and order entry systems that are deployed by the restaurants of companies contracting to Makasete Net
and to other services, as well as related system configuration and maintenance revenues. However, net sales in
the System Solution Business are only weakly correlated to those of the ASP Business. This is because there isno need for customers to repurchase devices and other equipment that are already installed in their restaurants,
which is true even when customers are contracting to Makasete Net or another service for the first time. Also, it
provides a comparatively low amount of the segment profit margin, as these items are purchased from third parties
for sales to customers.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Business overview

3. Logistics Solution Business
The Logistics Solution Business is mainly being developed by SuccessWay Inc., made a wholly-owned subsidiaryof the Company in 2005. This business mainly provides services such as logistic solutions and merchandisingsolutions for restaurant companies, along with corporate business support services. Currently, since labor-intensive
logistics-business support services account for the bulk of its net sales, the segment profit margin trended at a low
level. The Company is pursuing increased sales of Logi Logi System, a service for a logistics total management
system (store orders placement, warehouse management, inventory management, etc.) developed by itself (thisservice currently has under 400 contracting stores).
4. Solar Power Generation Business
The Company operates its solar power business through subsidiary JP Power Inc. (wholly owned). It runs power
plants at two sites in Tochigi Prefecture with a total of 1.7MWh (started operating in February 2015) and one locationin Miyagi Prefecture with 1.1MWh (February 2016) and sells electricity to power companies. Since the Company
intends to maintain the current level of power-generation capacity. this will become a business of stable income thatis projected to achieve a higher margin as depreciation cost burden declines.
5. Other Businesses
Subsidiary JP Power operates restaurants as locations for employee training to obtain knowhow on store operations
and test marketing of new systems. As of end-FY1/21, it had two izakaya pubs and one golf bar in addition to a
newly opened shop for box lunches and side dishes, bring the total number of stores to four.

█ Results trends
In FY1/21, sales and profits declined due to the negative impact of
COVID-19
1. Review of FY1/21 results
In the FY1/21 consolidated results, net sales decreased 13.3% YoY to ¥2,103mn, operating profit declined 25.3% to¥185mn, ordinary profit fell 19.4% to ¥198mn, and net profit attributable to parent shareholders decreased 29.6%
to ¥76mn. In March 2020, the novel coronavirus pandemic began to spread in Japan and from April to May, theJapanese government issued a declaration of a state of emergency and restaurants were required to temporarilyclose for business. Then as the pandemic began to spread once again from November 2020, the government
ordered that restaurants shorten their working hours in some regions. In such ways, the severe market conditions in
the restaurant industry have continued, and the decreases in the sales of Makasete Net provided by the Company
and in the restaurant business have been the main reasons for the declines in sales and profits.
The Company worked to keep down expenses, mainly transportation expenses and advertising and publicity
expenses, so SG&A expenses declined 7.4% YoY to ¥583mn. However, this was insufficient to cover for the decline
in gross profit due to the fall in sales. Also, the reason for the large rate of decline of net profit attributable to parent
shareholders was the recording in extraordinary losses of a provision for a bad credit allowance of ¥47mn, an
investment securities valuation loss of ¥13mn, and an impairment loss on non-current assets of ¥14mn relating to
the restaurants operated by the subsidiary JP Power.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Results trends

Consolidated financial results for FY1/21(¥mn)
FY1/20FY1/21Results% of sales

Results% of sales

Net sales

2,426

-

2,103

-

-13.3%

YoY

Gross profit

877

36.2%

768

36.5%

-12.4%

SG&A expenses

629

26.0%

583

27.7%

-7.4%

Operating profit

247

10.2%

185

8.8%

-25.3%

Ordinary profit

246

10.2%

198

9.4%

-19.4%

Extraordinary loss

-57

-

-75

-

-

Profit attributable to owners ofparent shareholders

108

4.5%

76

3.6%

-29.6%

Source: Prepared by FISCO from the Company's financial results

Sales declined in the ASP Business, but started deployments of
Putmenu for the SS industry and acquired the iToGo app businessfor take-out businesses
2. Performance trends by business segment(1) ASP BusinessIn the ASP Business, net sales declined 4.8% YoY to ¥837mn and segment profit decreased 6.0% to ¥565mn.
The number of stores contracting to Makasete Net and to other services during the period increased 11.5%.
But as previously stated, due to the declaration of a state of emergency because of COVID-19, in April and May
the number of customer companies temporarily closing their stores increased (so usage fees were not invoiced),
and the Company also responded to customers’ requests for discounts, and these were the main reasons forthe declines in sales and profits. However, looking at the YoY growth rates of net sales on a quarterly basis, they
declined 11.7% in the 1Q, 4.6% in the 2Q, and 3.0% in the 3Q, so the sales decrease rate gradually contracted.
Then in the 4Q they increased 0.4%, rising for the first time in four quarters, while segment profit also changed
direction and increased, so signs of a recovery could be seen. Makasete Net’s monthly usage fee income
declined, but the main factors behind the higher sales and profits were the new deployments of iToGo*, which isa smartphone app for take-out businesses whose business the Company acquired in August 2020, and also theprogress made centered on Makasete Net’s existing customers.
*	The fee plan for the smartphone app version for chain stores start from ¥500,000 for the initial deployment costs, a monthly
usage fee (per store) of ¥8,000, and a usage-based fee (3% of the sales amount). There are also separate optional services.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.

18-Jun.-2021

4287 TSE JASDAQ

https://www.justweb.co.jp/ir/

Results trends

Results of the ASP BusinessNet sales (left)

Segment profit (left)

Segment profit margin (right)
(%)

(¥mn)
76.9

1,200

80.0

70.0
895

68.5

893

67.6

878

900

688

625

837

60.0

602

565

600

40.0

300

20.0

0

0.0
FY1/18

FY1/19

FY1/20FY1/21

Source: Prepared by FISCO from the Company's financial results


The ASP Business’ quarterly results
Net sales

(¥mn)
250

227

225

Segment profit

221

201

194

200
162

153

148

137

150

222

219

204

148
133

151

132

100

50

0
1Q

2Q

3Q

4Q

FY1/20

1Q

2Q

3Q

4Q

FY1/21

Source: Prepared by FISCO from the Company's financial results

Looking at the breakdown in the increases and decreases of contracting stores in FY1/21, acquisitions of new
customers were 142 stores (down 586 stores), openings of new stores by existing customers (including storesreopened for business) were 975 stores (down 148 stores), contract cancellations were 132 stores (up 51 stores),and the decrease in existing customers was 1,066 stores (up 222 stores). So on the one hand, there were declines
in new acquisitions and in the increase in store openings by existing customers, while on the other hand, market
conditions were severe due to COVID-19. Against this backdrop, the numbers of cancelled contracts and store
closures increased, and in particular, the number of stores closed by existing customers reached a record highlevel.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.

18-Jun.-2021

4287 TSE JASDAQ

https://www.justweb.co.jp/ir/

Results trends

Breakdown of changes in the number of contracting restaurants(Restaurants)

New contracting restaurants

Increase in existing restaurants

Decrease in existing restaurants

Cancellations

2,000
1,500
1,123
1,000
500

975
419
187

0
-549
-500

728

320

142

79

-690

-844

-64

-64

-1,066-81-1,000-132-1,500FY1/18

FY1/19

FY1/20FY1/21

Source: Prepared by FISCO from the Company’s results briefing materials

Putmenu, which is a new business, also struggled to increase sales due to COVID-19. Due to the absence ofinbound demand and the postponement of holding the Tokyo Olympics and Paralympics, sales discussions fortourist sites were put on hold, and introduction to event halls did not progress due in part to the cancellation of
events. As proposals for new deployments, deployments were progressed for take-out operations at multiple
AEON stores, while for the sports industry, deployments included for J.LEAGUE teams, of the official goods storeof YOKOHAMA FC, the food-stall village that is opened for the home games of TOKUSHIMA VORTIS, and forthe pre-purchases of box lunches at the home games of F.C. TOKYO. This means that for the J.LEAGUE, it has
now been deployed for a total of four teams, following on from its deployments for Fagiano Okayama in 2019.
As people can queue to purchase food and drink on match days, it seems needs are strong for a service that will
improve convenience. Also, it is being introduced into multiple stores as part of a series of measures in a project
to revitalize restaurants in the area around Kamata, which is where the Company’s head office is located.
Other than the above, in April 2020 Putmenu was adopted as a mobile ordering and payment system for Refueling
Orders by Smartphone, which is a mobile ordering and payment service for SS provided by NEC Platforms,
Ltd., so deployments for SS have also begun. NEC Platforms is a major provider of POS systems for SS, and it
was also the first in the industry to deploy a mobile ordering and payment service for SS. Although the effect on
results is still negligible, as of April 2021, the number of deploying stores had steadily risen by around 60 stores.
Business conditions are also severe in the SS industry, and in order to survive, improving work efficiency throughdigitalization (labor saving, going paperless, etc.) and improving services to customers have become importantmanagement issues. So it seems there is significant potential demand for this service that resolves these issues,and its use is expected to spread in the future.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Results trends

Also, due to COVID-19, demand for take-out, such as for box lunches and sushi, is increasing. In this situation
and with the aim of acquiring sales for this business format, in August 2020 the Company acquired the businessof iToGo, which is a mobile ordering and payment app for take-out businesses, from SUNCORPORATION, its
business partner. Putmenu is also a mobile ordering and payment app, but it has the problem of being difficult
to deploy under the customer companies’ own brand names. In contrast, the iToGo app can be deployed undercustomer companies’ own brands and linked to their own websites, so it enables a system to be constructed
more inexpensively than developing one in-house. Moreover, its UI (User Interface) has also been evaluated as
being easy to understand and use, and following its deployment by Kozosushi Co., LTD<9973>, the numberof deploying stores has been increasing, mainly to sushi businesses. For chain restaurants with multiple storesalso, its price settings make it easy to deploy, while it also makes possible delivery orders. So the Company isproposing its deployment to its Makasete Net existing customers.
(2) System Solution BusinessIn the System Solution Business, net sales decreased 64.0% YoY to ¥71mn, and segment profit declined 53.1%
to ¥15mn. Due to the impact of COVID-19, customers’ desire to invest in equipment cooled-down and postponements of planned system deployments occurred, including of ordering and payments projects, and these werethe main reasons for the declines in sales and profits.



Results of the System Solution BusinessNet sales (left)

Segment profit (left)

Segment profit margin (right)
(%)

(¥mn)
250

23.9

25.0

21.5

20.9
197

200

20.0

165
16.6
150

15.0

103
100

50

10.0

71
24

34

5.0

32
15

0

0.0
FY1/18

FY1/19

FY1/20FY1/21

Source: Prepared by FISCO from the Company's financial results(3) Logistics Solution BusinessIn the Logistics Solution Business, net sales declined 8.0% YoY to ¥1,031mn and segment profit decreased 8.7%
to ¥96mn. The market environments of logistics solutions for the restaurant industry and corporate businesssupport services are the same, and their sales declined greatly, by double-digits YoY. However, sales increased
for food supply logistics services for nursing facilities, for which the Company has worked to acquire customers
since FY1/20, and this kept down the sales decrease rate to a single digit.

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11 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Results trends

Results of theLogistics Solution BusinessNet sales (left)

Segment profit (left)

Segment profit margin (right)

(¥mn)

(%)
11.1

2,000

12.0

10.6
9.5

9.4

1,500

9.0
1,166

1,121

1,031

964

1,000

6.0

500

3.0
129

102

FY1/18

FY1/19

106

96

0

0.0
FY1/20FY1/21

Source: Prepared by FISCO from the Company's financial results(4) Solar Power Generation BusinessIn the Solar Power Generation Business, net sales decreased 6.6% YoY to ¥100mn, but segment profit increased
2.3% to ¥40mn. Sales declined because the amount of sunshine decreased compared to in the previous period,so the amount of power generated fell. But profits increased because depreciation expenses declined by ¥7mn,
from ¥61mn in the previous period to ¥54mn. Due to the decrease in depreciation expenses, the segment profit
margin has continued to trend upward in the last few years.



Results of the So
lar Power Generation BusinessNet sales (left)

Segment profit (left)

Segment profit margin (right)

(¥mn)

(%)

150

50.0

40.1
120

107

106

107

36.6

40.0
100

28.7
90

60

30.0

20.0

19.6
39

40

30
30

10.0

20

0

0.0
FY1/18

FY1/19

FY1/20FY1/21

Source: Prepared by FISCO from the Company's financial results

We encourage readers to review our complete legal statement on “Disclaimer” page.

12 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Results trends(5) Other Businesses
In the Other Businesses, net sales decreased 48.3% YoY to ¥63mn and segment profit declined 48.4% to ¥50mn.
Due to the requirement to temporarily close businesses following the Japanese government’s declaration of astate of emergency in April 2020, in Fukuoka Prefecture 1 golf bar store was temporarily closed from April until
mid-May, while in Tokyo also, 2 Japanese-style izakaya bars were forced to operate on reduced business hours,
and these were the main reasons for the declines in sales and profits. In the 3Q, the order to temporarily close
was lifted and results were gradually recovering. But on entering the 4Q, the pandemic began to spread soorders were again issued, including to reduce working hours. Therefore, conditions once again became severe
and compared to the same months in the previous fiscal year, stores’ net sales declined 35.1% in November and39.1% in December 2020, and 53.3% in January 2021. In the 2H, 1 box lunches and side dishes store will open.

Other Businesses
Net sales (left)

Segment profit (left)

Segment profit margin (right)

(¥mn)

(%)

200

100.0
81.6

80.0

80.0

79.9

160

120

80.0
123

118
96

121
98

60.0

97

80

40.0

63
50

40

20.0

0

0.0
FY1/18

FY1/19

FY1/20FY1/21

Source: Prepared by FISCO from the Company's financial results

Maintains healthy financial standing with no-debt operations and an
equity ratio of just over 90%
3. Financial condition and key financial indicators
At the end of FY1/21, total assets were down ¥59mn on the end of the previous period to ¥3,377mn. Looking at
the main increase and decrease factors, in current assets, there were increases in cash and deposits of ¥50mn
and accounts receivable of ¥30mn. In non-current assets, property, plant and equipment decreased ¥77mn, while
software declined ¥17mn, investment securities decreased ¥9mn, and the provision for the bad credit allowance
increased ¥47mn (a decrease factor).
Total liabilities were down ¥44mn on the end of the previous period to ¥240mn. This was mainly due to the decreasesof accounts payable of ¥25mn and income taxes payable of ¥16mn. Total net assets decreased ¥15mn to ¥3,137mn,
mainly because profit surplus declined ¥18mn due to the payment of dividends.

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13 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.

18-Jun.-2021

4287 TSE JASDAQ

https://www.justweb.co.jp/ir/

Results trends

Looking at the management indicators, the equity ratio, which indicates management stability, continues to be
maintained at the high level of 92.8%, and the Company’s financial condition can be judged to be sound. This isbecause even though profits decreased in the ASP Business, which is the main business, it has a recurring-income
business model that maintains stable earnings and also has no large demand for investment funds. Looking at thisfrom the opposite direction, the key to results growth, which has been stagnant in the last few years, can be said
to be developing the existing businesses, and this has become a management issue.
Consolidated balance sheet(¥mn)
FY1/18

FY1/19

FY1/20FY1/21

Change

2,666

2,579

2,460

2,548

88

2,253

2,044

2,179

2,230

50

837

824

976

828

-147

Total assets

3,503

3,403

3,437

3,377

-59

Total liabilities

323

267

284

240

-44

-

-

-

-

-

3,180

3,136

3,152

3,137

-15

88.9%

92.0%

91.6%

92.8%

1.2pt

-

-

-

-

-

ROA (return on assets)

12.4%

8.6%

7.2%

5.8%

-1.4ptROE (return on equity)

9.4%

4.7%

3.4%

2.4%

-1.0ptOperating margin

17.9%

12.6%

10.2%

8.8%

-1.4ptFY1/19

FY1/20FY1/21

Current assets(Cash and deposits)
Non-current assets(Interest-bearing debt)
Total net assets
Key financial indictors(Stability)
Equity ratio
Interest-bearing debt ratio(Profitability)

Source: Prepared by FISCO from the Company's financial results

Statement of cash flows(¥mn)
FY1/18Cash flow provided by operating activities

390

65

320

185

Cash flow provided by investing activities

-322

-85

-96

-40

Cash flow provided by financing activities

-75

-188

-88

-94

1,653

1,444

1,579

1,630

Cash and cash equivalents at the end of the period
Source: Prepared by FISCO from the Company's financial results

We encourage readers to review our complete legal statement on “Disclaimer” page.

14 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/█ Outlook
In FY1/22, is aiming for double-digit increases in sales and profits byfocusing on Makasete Net new contracts, with iToGo to play a hookrole
1. FY1/22 outlook
The forecasts for the FY1/22 consolidated results are for net sales to increase 12.8% YoY to ¥2,372mn, operating
profit to rise 88.0% to ¥348mn, ordinary profit to grow 85.3% to ¥368mn, and net profit attributable to parent
shareholders to increase 234.7% to ¥255mn. So the outlook is for sales to increase for the first time in two fiscal
periods and operating profit to increase for the first time in six fiscal periods. The Company will grow sales of iToGo
for take-out businesses, for which demand is strong, and it will also use iToGo as a hook in order to acquire newcontracts for Makasete Net, which is the main service, with the aim of recovering earnings in the ASP Business.
In addition, earnings are forecast to increase in the Logistics Solution Business, as it will progress acquisitions ofcustomers other than in the restaurant industry, and in the Solar Power Generation Business, due to the decline indepreciation expenses.
FY1/22 outlook(¥mn)
FY1/21

FY1/22Full-year
results

YoY

1H forecast

YoY

Full-year
forecast

YoY

2,103

-13.3%

1,133

9.2%

2,372

12.8%

Operating profit

185-25.3%

158

68.7%

348

88.0%

Ordinary profit

198-19.4%

179

84.5%

368

85.3%

Profit attributable to owners ofparent shareholders

76-29.6%

123

2321.3%255

234.7%

Earnings per share (EPS) (¥)

5.98

Net sales

9.63

20.03

Source: Prepared by FISCO from the Company's financial results

However, since the spring of 2021, the COVID-19 pandemic has become prolonged and the external environment
continues to be as severe as before, including that on entering April, a declaration of a state of emergency was issued
for Metropolitan Tokyo and three prefectures. In Metropolitan Tokyo and the three prefectures, not only must restaurants operate with reduced business hours, but an order was also issued requiring self-restraint for the provision of
alcoholic drinks. So in alcoholic drinks-related business establishments as well, the number of temporarily closed
stores is increasing, and there are concerns about the negative impact of this on Makasete Net’s sales. Looking at
the growth rates of monthly sales of restaurant chains compiled by the Japan Food Service Association, in Marchoverall, the sales decline rate contracted to 2.9% from 23.3% in February. But as this was in comparison to Marchof the previous year when the impact of COVID-19 first appeared, in fact conditions remained just as severe as inFebruary. In particular, in drinking establishment businesses, sales continued to decline significantly over the year,
and there are concerns about the impact this will have on the Company’s number of contracting stores in the future,such as due to store closures and companies changing their business form. At the end of March, the number ofcontracting stores had decreased 6.1% to 4,916 stores compared to the same month in the previous fiscal year.
The Company established the forecasts assuming that this number would increase on the previous fiscal year, so
depending on the conditions of the number of contracting stores in the future, the timing of the earnings recovery
may be delayed.

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15 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

OutlookRestaurant net sales (compared to same month in previous fiscal year)
Total
20.0%

Pub / izakaya bar

1.9% 4.8%

0.0%
1.0%
-20.0%-14.0%-15.0%-16.0%-21.9%-32.2%-39.6%-5.7% -7.8%-17.3%-5.5%-2.9%-15.5%-21.0%-23.3%-40.0%-36.3%-42.8%-43.3%-60.0%-48.9%-52.8%-59.0%-60.1%-80.0%-39.7%-60.9%-70.7%-74.9%

2020

March

February

January

DecemberNovember

October

SeptemberAugustJuly

June-90.0%May

April

February

JanuaryMarch-91.4%-100.0%2021

Source: Prepared by FISCO from the monthly data of the Japan Food Service Association

Trends in the number of contracting restaurants andcontracting companies(Restaurants)

Number of contracting restaurants (left)
Number of contracting companies (right)(Companies)

6,000

300

5,000

250

4,000

200

3,000

150

2,000

100

1,000

50

0

0
1/19

Source: Prepared by FISCO from Company materials



1/20

1/21

(Year/month)Aiming for growth through vertical business development in therestaurant industry and horizontal business development to otherindustries
2. Growth strategy
Within the harsh market environment, the Company has set a strategy of getting back onboard a growth track
through working on vertical business development in the restaurant industry and horizontal business development
to other industries.
We encourage readers to review our complete legal statement on “Disclaimer” page.

16 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.
4287 TSE JASDAQ

18-Jun.-2021
https://www.justweb.co.jp/ir/

Outlook(1) Vertical business development in the restaurant industry
As vertical business development in the restaurant industry, the Company previously focused on Makasete
Net and on providing value-added services, such as Makasete Touch and Putmenu. But during the COVID-19
pandemic, restaurants’ sales have continued to slump and companies’ desire to invest has cooled-down, andin this situation, growing sales has become difficult. Conversely, in order to cover for the decline in store sales,demand is strong for systems investment to provide take-out and delivery services, and the Company is working
to grow sales of iToGo as the optimum solution for these services. Among Makasete Net’s existing customers as
well, many companies are considering take-out and delivery services to cover for their declines in sales. A trackrecord of deployments is starting to appear among the main customers, including that in April 2021, iToGo wasadopted as the official app of the Café de Crié chain of coffee stores. By adding iToGo to existing Makasete Net
services, sales per store are forecast to increase. So going forward also, the Company’s policy is to progress
proposals to existing customers that are considering take-out and delivery services.
The Company also expects iToGo to play a hook role for acquisitions of new customers for Makasete Net.
This is because in the current market environment, it is difficult to provide deployment proposals and to obtain
appointments for sales discussions only for Makasete Net, but interest in iToGo is high and opportunities forsales discussions increase when adding it as an app for take-out and delivery services. Through deployments of
iToGo, opportunities to acquire contracts for Makasete Net are expected to increase. So in the future, it seems
that the key to growth will be aspects such as strengthening the functions and further improving the convenienceof iToGo, and enhancing its support structure.
(2) Horizontal business development to other industries
As one more growth strategy, the Company is progressing measures to horizontally develop to other industries
the services constructed for the restaurant industry. Specifically, in the Logistics Solution Business, the numberof customers for the food supply logistics service for nursing facilities is increasing, and going forward also, it will
work to acquire customers in the same industry.
In addition, the use of Putmenu for the SS industry, which started in 2020, is expected to spread. For the SS
industry, NEC Platforms, which is a major provider of SS-use POS systems, is progressing its sales growth
as one solution, and there are no concerns with regards to sales. In total, there are approximately 30,000 SS
stores in Japan, and currently, in addition to cash payments, they are deploying multiple payment systems,
including payments by prepaid card and credit card. Therefore, at FISCO we think that deployments of this mobile
ordering and payment system as one more system are highly likely to be progressed. This is because it enables
a smartphone to be used in the car to complete the ordering and payment for the refueling service, and also as
it further increases convenience for users. In addition, the Company is focusing on increasing deployments toprofessional sports team, including in the J.LEAGUE and the B.LEAGUE, while once the COVID-19 pandemic
has settled down, it also plans to restart deployment proposals activities for tourist sites.
(3) Joint development with OGIS-RI
In June 2020, the Company announced that it had concluded a capital and business partnership agreement with
OGIS-RI Co., Ltd., and that OGIS-RI would become the Company’s second largest shareholder, holding 10%of its shares. OGIS-RI is a subsidiary of Osaka Gas Co., Ltd. <9532> and its strengths include its information
solutions business, such as IT services and big data analysis. Through this capital and business partnership, theCompany’s expertise, including in systems development for the restaurant industry, will be integrated with thedevelopment capabilities of OGIS-RI, and they have in sight joint development toward constructing next-generation
services. They are currently at the stage of regularly holding meetings to plan and propose new projects, and it
seems some time will be required until a project is actually realized. But we shall be focusing on developments inthe future, from a medium- to long-term viewpoint.

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17 18

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

JUST PLANNING INC.

18-Jun.-2021

4287 TSE JASDAQ

https://www.justweb.co.jp/ir/█ Shareholder return policy
At the present time, intends to return profits to shareholders basedon a basic policy of stable dividends
The Company’s basic shareholder return policy is to stably and continuously pay dividends, while securing theretained profits necessary to develop its business in the future and to strengthen its management structure. In
accordance with this policy, in FY1/22 it plans to pay a dividend per share of ¥7.4 (dividend payout ratio, 36.9%), thesame as in the previous fiscal year. In the future also, while considering the demand for funds, its basic policy is tostably pay dividends, while at the stage at which results are back on a growth track, it is expected to pay dividends
with an awareness of the level of the dividend payout ratio.

Dividend and dividend payout ratio
Dividend per share (left)(¥)

Dividend payout ratio (right)

10.0

(%)
150.0

123.7
8.0

120.0
86.9

6.0

90.0

63.6
4.0

2.0

7.3

7.4

7.4

7.4

7.4

36.9

35.2

0.0

60.0

30.0

0.0
FY1/18

FY1/19

FY1/20FY1/21

FY1/22 E

Note: The Company implemented a 1:3 stock split in August 2018. We adjusted dividend values retroactively.

Source: Prepared by FISCO from the Company's financial results█ Information security
As information security actions, the Company implements various measures, such as computer virus detection in
information infrastructure equipment and building firewalls to remove viruses. In server policy, it completed a transition
from running its own servers to cloud-based servers in FY1/19. Moving onto the cloud is expected to contribute tostable operation and cost efficiencies in the Makasete Net business.

We encourage readers to review our complete legal statement on “Disclaimer” page.

18 18

Disclaimer
FISCO Ltd. (“FISCO”) offer stock price and index information for use under the approval of theTokyo Stock Exchange, the Osaka Stock Exchange and Nikkei Inc.
This report is provided solely for the purpose of offering information, and is not a solicitationof investment nor any other act or action.
FISCO prepared and published this report based on information which it considered reliable;
however, FISCO does not warrant the accuracy, completeness, fitness nor reliability of thecontents of this report or the said information.
The issuers’ securities, currencies, commodities, securities and other financial instruments
mentioned in this report may increase or decrease in value or lose their value due to influence
from corporate activities, economic policies, world affairs and other factors. This report does
not make any promises regarding any future outcomes. If you use this report or any information
mentioned herein, regardless of the purpose therefor, such use shall be made based on yourjudgment and responsibility, and FISCO shall not be liable for any damage incurred by you asa result of such use, irrespective of the reason.
This report has been prepared at the request of the company subject hereto based on theprovision of information by such company through telephone interviews and the like. However,
the hypotheses, conclusions and all other contents contained herein are based on analysis
by FISCO. The contents of this report are as of the time of the preparation hereof, and are
subject to change without notice. FISCO is not obligated to update this report.
The intellectual property rights, including the copyrights to the main text hereof, the data
and the like, belong to FISCO, and any revision, reprocessing, reproduction, transmission,
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FISCO and its affiliated companies, as well as the directors, officers and employees thereof,
may currently or in the future trade or hold the financial instruments or the securities of issuersthat are mentioned in this report.
Please use the information in this report upon accepting the above points.

◾ For inquiry, please contact: ◾

FISCO Ltd.
5-13-3 Minami Aoyama, Minato-ku, Tokyo, Japan 107-0062
Phone: 03-5774-2443 (IR Consulting Business Division)
Email: support@fisco.co.jp