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宁夏省11选5开奖结果: COMPANY RESEARCH AND ANALYSIS REPORT:PiPEDO HD, Inc.- 3919-Tokyo Stock Exchange First Section( I )

2018-07-11  提供機構:FISCO  作者:FISCO  點閱次數:2

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十一选五玩法 www.yhyqa.cn ◆Summary

Main business is provision of cloud-type middleware SPIRAL®

PiPEDO HD, Inc. <3919> (hereafter, also “the Company”) is a pure holding company, and PIPED BITS Co., Ltd., its main consolidated subsidiary, is a unique IT company that supplies the SPIRAL® platform (middleware) in a cloud format. The Company provides a platform for national clients and other large companies, mid-sized companies, and smaller system integrators and also sells proprietary applications for specific industries (such as beauty and construction industries) and engages in businesses that utilize these applications.

1. Operating profit down 11.2% YoY in FY2/18 with advertising business missing forecast

In FY2/18, the Company reported ¥5,143mn in net sales (+7.1% YoY), ¥750mn in operating profit (-11.2%), ¥749mn in recurring profit (-13.3%), and ¥457mn in profit attributable to owners of parent (+13.2%). These results slightly undershot forecast from the 1H announcement. Advertising shortfall was the primary reason for missing the outlook and mainstay information asset platform business expanded at a healthy pace. This concern hence did not raise concern. Profit attributable to owners of parent increased because of the absence of extraordinary losses incurred in FY2/17 (impairment losses, security incident response losses, and others).

2. Expects a 33.4% YoY decline in FY2/19 operating profit due to investing in personnel ahead of the following fiscal year

The Company’s FY2/19 forecast targets ¥5,800mn in net sales (up 12.8% YoY), ¥500mn in operating profit (down 33.4%), ¥490mn in recurring profit (down 34.6%), and ¥300mn in profit attributable to owners of parent (down 34.5%). While this forecast envisions healthy expansion of net sales, the Company expects significant decline in earnings because of proactive investments, mainly in personnel, toward the final year of the three-year plan. However, these are constructive outlays aimed at realizing robust gains in the final fiscal year of the medium-term plan, and it is not a reason for concern.

3. Medium-term plan goals unchanged at ¥7,300mn in net sales and ¥1,700mn in operating profit in FY2/20

The Company’s three-year medium-term business plan targets ¥7,300mn in net sales and ¥1,700mn in operating profit in FY2/20. It maintains the initial plan goals because personnel hired in the first two years of the plan period (FY2/18 and FY2/19) should contribute significantly to the final fiscal year. We will be closely monitoring these trends because of larger profit change rates if results proceed in line with the plan.

◆Company profile

Conducts businesses that primarily leverage the proprietary SPIRAL® platform

1. Company profile

The Company is a pure holding company established through a transfer of shares from PIPED BITS on September 1, 2015. It has 14 consolidated subsidiaries and one equity-method affiliate as of February 28, 2018.

2. History

PIPED BITS was established by its founder and current President of PiPEDO HD, Nobuaki Satani, in April 2000. For most companies, data acquired in the course of business including customer attributes and e-mail addresses form important “information assets,” so the company commenced operations with services to effectively use them at the same time as managing them securely. What was developed in-house in order to carry out this business was the proprietary SPIRAL® platform for data management. (Details to follow.) Subsequently, the Company developed a range of applications based around SPIRAL® and has been engaged in rolling out these business applications.

3. Business overview

(1) Product overview

The Group’s flagship business is its proprietary platform SPIRAL®, and the provision to users of related appli­cations, not by way of outright sales but rather in a rental format (a monthly fee method). Within the layers of software, SPIRAL®’s position may be referred to as a cloud-based middleware.

Generally, when developing operational and other systems, the majority of companies need to purchase the hardware required to develop and run the system, the operating system (OS), development environment (tools), database(s), middleware and other elements themselves (or outsource development), and by combining them, develop the base (platform) in order to run the system. Additionally, they must also bear the burden (cost) of maintaining its post-development. However, with SPIRAL® developed by PIPED BITS, the use and sharing in each application of customer and other data stored in SPIRAL® can be used and the development tools are embedded, which allows for a range of applications to be easily developed as it has a built-in database. Further, these applications and data may be easily reproduced and delivered. This provides a significant advantage over package software.

As a result, corporate customers may easily and holistically operate with (use) and manage data, and at the same time greatly reduce application development costs by using SPIRAL®. Additionally, given that it is a pay-for-use monthly fee format platform, it further helps to reduce costs. Starting with major financial institutions, the companies that have introduced SPIRAL® include many preeminent corporations.

Recently in the IT industry, the majority of services are provided in a cloud format, with them being described in a variety of ways depending on the content of the particular cloud format service. SPIRAL® belongs to the area called PaaS (Platform as a Service).

(2) Main product content and prices

The Company’s flagship product SPIRAL® is a platform environment. Accordingly, the main customers using it range from large companies which internally develop in-house operating systems and other software to SME-sized system integrators that undertake development of systems for SMEs, and also web production and web development companies. By using SPIRAL®, the Company is also able to internally develop applications aimed at specific industries and users, and then also sell these applications. These types of core products are not sold as a package but are sold entirely in an ASP format. Below are the major products and their monthly pricing (minimum fees).

It goes without saying that in the Company’s business model, increases in active accounts (fee-based) is linked to sales growth. However, the fees mentioned below are only basic or minimum fees and the actual fees change depending on data volumes (pay-for-use). Therefore, sales do not simply equal the number of accounts multiplied by the basic fee. But in order to view sales trends, the number of active accounts is an important indicator.

a) SPIRAL®

This is the Company’s main product. The core platform is equipped with a database, development environment, execution environment, and other features. While it is often utilized in email distribution, seminar management, and questionnaire form creation applications, this product offers many other functions as well. Furthermore, it flexibly coordinates with services from other companies and customization can substantially broaden the scope of applications. The monthly fee starts at ¥25,000.

b) SPIRAL PLACE®

Cloud format groupware possessing website creation and updating functions, and at the same time linked to SNS. As groupware, it allows web content enhancement and updating as well as traffic analysis via simple (manual) operations while sharing calendars and files, being also linked to Facebook and Twitter. It is highly regarded by retail chain stores and others that employ large numbers of staff. Basic fees start at ¥6,000/month.

c) SPIRAL EC®

An e-commerce (EC) platform focused on apparel. While pursuing a sophisticated brand image for EC sites for apparel, it is highly regarded by the industry for resolving a number of issues, such as simplifying update procedures and also containing this within a low budget. Fees are pay-for-use up to 5% of the transaction amount.

d) SPIRAL Affiliate®

A holistic ASP affiliate management service that reduces the issues and costs associated with introducing and operating affiliate marketing for advertisers. It contains a number of special offers for SPIRAL® users, such as free upfront costs.

e) Other*

There are also applications aimed at specialist fields and industry sectors. Further, through alliances with various specialist companies, the Company aims to expand the use and applications of SPIRAL®.

* Announced exits from Net de KaikeiR and Net de AoiroshinkokuR in May 2017

(3) Business segments

Up until FY2/17, the Company had three main business segments – information asset platform business, advertising business, and solutions business. In FY2/18, it newly established the social innovation business. The information asset platform business supplies PaaS mainly through SPIRAL®, including SPIRAL®, SPIRAL PLACE®, SPIRAL EC®, and others. The advertising business handles agent sales of various Internet ads and consists of SPIRAL Affiliate®, listing, and other advertisements. The solutions business receives contracting of apparel EC operations and other production projects and is divided into production, EC operations, BIM consulting, digital CRM, custom-made personnel training service, and other consignments. The social innovation business promotes activities with public benefits, such as efforts to realize Internet voting and stimulate local areas and shopping districts.

(4) Other consolidated subsidiaries and their business overview

In addition to the mainstay businesses (PIPED BITS’ SPIRAL®), the Company also operates various related businesses via the following subsidiaries*.

* Dissolved WEARHEART Inc. and exited this business at the end of February 2017

a) PaperlessStudio co., ltd.

PaperlessStudio is involved in the construction project planning and management and BIM (Building Information Modeling) consultant businesses. The company also runs BIM and CIM (Construction Information Modeling) personnel courses for people working in design and construction. In May 2012, the company started providing the BIM construction information platform ArchiSymphony®. It also released ArchiSymphonyVBP, the first cloud service exclusively for BIM/CIM collaboration in Japan, in September 2017 (details provided below).

b) AsBase Inc.

AsBase develops and provides the ASP/SaaS type call center platform service BizBase® (groupware, work flow, attendance management, expense calculation, transportation fee calculation, business talk records, customer management, work progress, time card, shift management, screen sharing and remote operation, point man­agement, etc.).

c) Publica Co., Ltd.

A specialist company for providing services using open data from local governments and government agencies. Publica promotes the availability of data held by government agencies, local governments, and private-sector businesses and develops services that make use of the data to enable it to be managed autonomously. The company has developed a system for Internet distribution of local government public relations bulletins–the “My Public Relations Bulletin” system.

d) GONDOLA CO., LTD

GONDOLA was formed by the corporate split of the media strategy company on March 1, 2016. The company is active in the three service domains of advertising solutions, web solutions, and social management. By combining an original service line-up in planning, production, system development, and operation, with IT utilizing information management platforms such as SPIRAL Affiliate®, SPIRAL® and Sprinklr, the company enables one-stop solutions for corporate management issues and business activity optimization.

e) FRIENDIT Inc.

FRIENDIT provides comprehensive support for e-commerce-related system implementation, online shop man­agement, and omni-channels at the strategic level. Assisting customers with the common issues of personnel shortages and experience gaps, the company produces marketing activities that directly boost sales volume and value, from IT-based administration optimization through to promoting use of data on products, members, and purchasing. The company was formed on March l, 2016 by a corporate split-off from the in-house Apparel and Fashion Company. With April 1, 2018 as the effective date, FRIENDIT absorbed AsBase, Inc., with FRIENDIT the surviving entity.

f) BIREKI Co., Ltd.

BIREKI provides IT services centered on the digital record app “BIREKI®” for beauty salons. The company’s business activities aim to enrich the lives of people by helping to increase the value of as many people working in the beauty industry as possible and making beauty treatments more accessible and enjoyable. The company was newly established on March 1, 2016 through a corporate spin-off from the previous Bireki Company.

g) Current, Inc.

Current’s core businesses involve web access improvement and digital CRM for developing loyal users (imple­mentation services such as communication and data management design, message creation and construction, message delivery, and effect verification) while integrating information assets and implementing optimal messaging to users. Aiming to generate business synergies between PIPED BITS, which has expertise in information asset utilization and IT solutions, and Current, with its strengths in stationed marketing support, the Company increased its equity stake in Current in December 2015 and converted it into a subsidiary.

h) BLOOM NOTES, INC.

The Company spun off its division in charge of in-house human resource development and education as a subsidiary on October 3, 2016 in order to provide similar education services to external customers. It organized knowhow into a structured program to resolve issues related to human resource development at SMEs and also operates a human resource development agent business to support implementation.

i) VOTE FOR, INC.

The Company established this entity in Mach 2017 to facilitate Internet-based voting. It aims to build voting systems that utilize blockchain and other new technologies. It also continues to operate the Seijiyama® political and election information website that existed internally.

j) I LOVE, INC.

The Company created this entity in Mach 2017 to make further progress in the “I LOVE ShimoKitazawa” local revitalization project and pursue development of a new transaction format for single-coin donations, tips, and other small-sum transactions employing smartphone cryptocurrency.

k) L Coin, Inc.

The Company invested 70% in L Coin, which was established in December 2017, as a consolidated subsidiary. L Coin builds payment systems for local governments, companies, and local financial institutions using an electronic regional currency platform that applies blockchain technology and thereby promotes cashless transactions in local communities. It can also issue unique electronic regional currencies at low cost through the platform and supports smooth development of payment systems and store point systems.

SPIRAL®’s primary feature is flexible customization

(5) Special characteristics and strengths

a) Ease of system construction

SPIRAL®’s greatest distinguishing feature is its ability to be freely customized. As explained above, the Company itself combines SPIRAL®’s functions to develop applications for its own operational systems and specific cus­tomers (areas). Apart from areas such as financial institutions, which require extremely high reliability, almost any operational system could be created by combining SPIRAL®’s functions. These operational systems have been generally developed by operators known as system integrators. However, it is possible to replace the majority of the work traditionally done by system integrators through a combination of SPIRAL® functions, with corporate customers able to easily undertake a range of development and system creation themselves.

b) Every type of application can be linked

SPIRAL® possesses a broad range of functions. However, the most basic function is that it enables, for example, a corporate customer managing databases over the Internet to easily engage in various tasks, from database creation through to data manipulation (such as registration, updating and deletion), batch data registration, and downloading. Specifically, in cases such as those where companies undertake online surveys, market research or new product evaluations, by using SPIRAL® the company can very easily create a survey, deliver it to targeted and prospective customers, have them complete the surveys, and then collect them. If a customer satisfaction questionnaire is linked to the customer database, it becomes possible to analyze them according to customer attributes, and conduct follow-up in order to enhance satisfaction levels. Survey results may be aggregated in real time, and compiled into a report. Via SPIRAL®, this series of actions between different applications may all be easily undertaken with simple operations.

In the same way, with regard to creating forms, such as for gift promotions/affinity marketing campaigns, recruit­ment application forms, inquiry forms, seminar applications, account openings, and information requests, it is possible via SPIRAL® to expeditiously undertake actions such as form creation; the recording, updating, and deletion of member attributes; and login verification. For example, in a case such as holding seminars, even if hypothetically multiple seminars are proceeding simultaneously, the taking of multiple applications and management of cancellations can be carried out instantaneously, making the holding of the seminar more efficient. It is also easy to develop this data in a search form tabulating it, having a yes or no Q&A questionnaire, or creating a summary chart or graph. Also, given the addition of services from AsBase that possesses voice (telephone) solutions, and an alliance with Sprinklr Japan KK, whose strength is systems for SNS, it is expected that customer convenience will be enhanced further.

One of the Company’s competitors is salesforce.com, Inc. <CRM> of the United States, but this company has grown through repeated acquisitions of other companies. Therefore, its various applications were developed by the different companies it acquired, so each application was not created on the same platform. Consequently, when a client needs to link multiple applications, in many cases this requires additional development costs and time. On this point, SPIRAL® is considerably superior to salesforce.com’s product, as its applications are on the same platform and as a result, each of the applications can be easily (inexpensively and quickly) linked.

c) Superiority in installation costs and security

Further, because SPIRAL® is not sold as package software, but provided as a pay-as-you-go cloud service, a distinctive feature is that client companies may themselves build requisite systems rapidly and at low cost, without taking and incurring unnecessary time and expenses. That is, after the system is installed, it can be developed with just a small investment.

In addition to its superiority in terms of costs, the Company also provides guarantees, maintenance and monitoring functions on the security front, which is extremely convenient, particularly for SME-sized system integrators. For example, in the event that vulnerability is identified in the SSL (Security Sockets Layer), which is the most widely used communication cryptographic technology on the Internet, normally it is necessary for each system integrator to individually deal with this vulnerability. But if SPIRAL® is used, the Company is able to take all necessary actions and the issue is resolved on SPIRAL®, eliminating the need for the system integrators to deal with it individually. Use of SPIRAL®, meanwhile, reassures end customers about security.

d) Installation case studies

One example of a successful installation of the Company’s SPIRAL® was the case of Asahi Fire and Marine Insurance Co., Ltd. The company introduced SPIRAL® as a customer service system. By linking client attributes with various types of data, the number of requests for information materials increased by 130 times, and the work time needed from receiving to answering a customer request was reduced from the usual time of around 30 minutes to just 2 or 3 minutes, thereby realizing a 10-fold increase in efficiency. Moreover, when introducing the system, the Company competed with other system integrators to win the account and the Company’s quote was only about 1/10th the cost of its competitors. Although every case is different, this example clearly demonstrates the competitive advantages of SPIRAL®.

 

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