独自の高収益ビジネスモデルを評価■HowTV's Growth Strategy (7064)
2. Shareholder return policy
We recognize return of profits to shareholders as one of the important management issues, but we are currently in the growth stage, and we believe that further business expansion by further enhancing internal reserves and stabilizing/diversifying the profit base and allocating it to new investments will lead to maximum return of profits to shareholders. In the future, it is a policy to return profits to shareholders while taking into account management results and financial status at that point, but the possibility of implementing dividends and the timing of implementation are undecided at this time.
Evaluate unique high-profit business models
3. Our point of view
The company has established a unique positioning as a high-value-added recruiting media, and the number of customers and members is on an increasing trend. The members are young, high-class members, and their client companies are mainly targeted at foreign-affiliated companies and major domestic companies, the fact that it is a virtuous cycle user stock type platform that is continuously used from a flow-type new graduate service area to a stock type mid-career service area, and the fact that the amount of advertising costs and sales promotion costs is overwhelmingly small compared to general human resources service companies, etc., and it has medium- to long-term growth due to its unique high-profit business model We evaluate it as having great potential. Also, the 2024/1 fiscal year fell below plan and profit growth slowed down, but a transient factor such as a gap in sales recording in the new graduate service area also had an impact, and taking into account that customer unit price improvements and customer number increases set forth in the growth strategy are progressing, it is not a situation where there are concerns about a slowdown in growth, and I would like to pay attention to the progress of the growth strategy for the 2025/1 fiscal year.
(Author: FISCO Visiting Analyst Masashi Mizuta Exhibition)
