2025-05-19-Jefferies-RAKSUL公司（4384）_邀请2025年6月12日（周四）日本标准时间晚上9点与首席财务官的小组会议_7页_103kb

Summary of Raksul Inc. Equity Research Report

• Company Overview: Raksul Inc. (Ticker: 4384 JP) provides internet-based services, including net printing and transportation, primarily in Japan. The company is currently delisted with a market cap of ¥68.1 billion and a float of 84.7%. Key metrics include ADV MM of ¥0.49 billion.

• Equity Research Findings: Jefferies assigns a "Buy" rating with a price target of ¥1,400, based on sum-of-the-parts (SOTP) valuation, which translates to an EV/GP ratio of 3.3x for fiscal year 2027/26 expectations. The current price is ¥1,170, with a +20% upside potential. Valuation also incorporates EV/Sales and PER due to the company's growth phase, using gross profit as a proxy for revenue given high COGS involvement. Risks include increased market competition, rising distribution costs, user-related issues, and IT system troubles. The report highlights efficiency gains from the recent factory setup and opportunities for M&A, such as through Novasell and other surrounding businesses.

• Key Discussion and Events: A group meeting with Director, SVP, and Group CFO Masaru Sugiyama is scheduled for Thursday, June 12, 2025, at 9:00 PM JST UTC time. The discussion will focus on Q3 earnings (due on the same day), next fiscal year guidance, operational efficiency from the factory, future M&A prospects, and upside from associated businesses. The meeting will be in English-only format.

• Investment Recommendation: The "Buy" rating expects a total return of 20% or more over 12 months, driven by strong growth potential. Risks to achieve the price target include market volatility and unspecified factors. Historical data shows a shift from "Hold" to "Buy" in early 2025, reflecting improved outlook. Analyst disclaimers emphasize conflicts of interest and general investment considerations, advising individual decision-making based on user objectives.

• Company Details: Key personnel like CFO Sugiyama, who joined in November 2023 from Goldman Sachs Japan, leads corporate value enhancement. Contact is through sales representatives or analyst Ken Oiwa. Disclosure notes cover regulatory aspects, including non-US analyst status. Distributor exclusions and market-specific considerations are also noted.