2025-06-11-Jefferies-dip_Corp（2379）_邀请_2025年7月15日（周二）日本标准时间晚上9点（美国东部时间上午8点_英国夏令时下午1点）与首席财务官的小组会议_7页_100kb

dip Corp Equity Research Summary

Key Event

• Invitation: Group meeting with dip Corp CFO on Tuesday, 15th July 2025, discussing Q1 results, quarterly guidance, business outlook, and market trends.
• Location: Conducted in Japanese, with English translation.

Stock Overview

• Ticker: 2379 JP
• Current Price: ¥2,183
• Rating: BUY (previous: multiple BUY ratings within same period)
• Price Target: ¥2,900 (+33% appreciation potential)
• Market Cap: ¥131.3B / $908.5M
• 52W High/Low: ¥3,185 - ¥1,943

Company Description

• Operates job listing platforms and recruitment agency for nurses in Japan.
• Baitoru: Primary revenue stream, online part-time job listing platform.
• Other platforms: Full-time work listings, temporary staffing.

Valuation & Risks

• Price Target Rationale: SOTP analysis, targeting FY2/2/26E P/E of 21.7x, EV/EBITDA of 9.6x.
• Risks: Replacement by new technologies; Increased competition; Failure to implement price hikes.

Key Discussion Topics (from upcoming earnings)

1. Q1 Results + Q2 Guidance
2. Growth & competitive advantage of Baitoru Spot
3. DX initiatives + new features
4. Nurse career segment performance
5. Part-time worker trends
6. Baitoru revenue vs market
7. Shohei Ohtani brand ambassador impact

Analyst Note

• Host: Ken Oiwa, Equity Analyst, CFA
• Contact: Ken Oiwa or Hiroko Sato
• Meeting Time: 9 PM JST; various times in other timezones.