DREAM INCUBATOR / 4310

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1 This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, is available on our website and various professional platforms. On May 10, 2018, Dream Incubator Inc. announced earnings results for Full-year FY03/18. Quarterly earnings FY03/17 (JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales 3,498 3,355 3,961 3,712 3,503 3,901 5,420 5,594 YoY 9.9% 23.6% 5.0% 23.0% 0.1% 16.3% 36.8% 50.7% Gross profit 1,957 1,863 1,633 1,565 1,916 2,070 3,095 2,470 YoY 24.4% 169.6% -26.5% -17.5% -2.1% 11.1% 89.5% 57.8% GPM 55.9% 55.5% 41.2% 42.2% 54.7% 53.1% 57.1% 44.2% SG&A expenses 1,519 1,614 1,632 1,735 1,758 1,854 1,899 2,185 YoY 9.5% 18.9% 18.0% 0.9% 15.7% 14.9% 16.4% 25.9% SG&A ratio 43.4% 48.1% 41.2% 46.7% 50.2% 47.5% 35.0% 39.1% Operating profit , YoY 136.8% % % -13.3% - - OPM 12.5% 7.4% 0.0% - 4.5% 5.5% 22.0% 5.1% Recurring profit , YoY 127.7% % % 1.9% % - RPM 12.7% 7.7% 0.5% - 4.3% 6.8% 22.1% 5.4% Net income YoY % -66.2% - - Net margin 8.5% 4.5% % 1.3% 14.3% 0.5% Cumulative Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales 3,498 6,853 10,814 14,526 3,503 7,404 12,824 18,418 YoY 9.9% 16.2% 11.8% 14.5% 0.1% 8.0% 18.6% 26.8% Gross profit 1,957 3,820 5,453 7,018 1,916 3,986 7,081 9,551 YoY 24.4% 68.7% 21.5% 9.9% -2.1% 4.3% 29.9% 36.1% GPM 55.9% 55.7% 50.4% 48.3% 54.7% 53.8% 55.2% 51.9% SG&A expenses 1,519 3,133 4,765 6,500 1,758 3,612 5,511 7,696 YoY 9.5% 14.2% 15.5% 11.2% 15.7% 15.3% 15.7% 18.4% SG&A ratio 43.4% 45.7% 44.1% 44.7% 50.2% 48.8% 43.0% 41.8% Operating profit ,569 1,854 YoY 136.8% % -3.9% -63.9% -45.6% 128.1% 258.2% OPM 12.5% 10.0% 6.4% 3.6% 4.5% 5.1% 12.2% 10.1% Recurring profit ,614 1,915 YoY 127.7% % 0.3% -66.2% -41.1% 123.9% 263.2% RPM 12.7% 10.3% 6.7% 3.6% 4.3% 5.6% 12.6% 10.4% Net income YoY % -75.9% -84.8% -78.6% 243.9% 787.4% Net margin 8.5% 6.5% 2.3% 0.7% 1.3% 1.3% 6.8% 4.9% Source: Shared Research based on company data Note: Figures may differ from company materials due to differences in rounding methods FY03/18 1/5

2 Earnings by segment Segment quarterly earnings (JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Strategic Consulting YoY 64.4% 49.7% -3.4% 0.0% -14.6% 0.2% -3.4% 26.0% Venture Capital ,401 1,284 YoY % -70.8% -25.5% % -89.6% 157.1% 193.7% 475.8% Insurance 2,332 2,430 2,604 2,701 2,840 2,964 3,149 3,259 YoY 26.5% 24.6% 23.3% 21.6% 21.8% 22.0% 20.9% 20.7% Others Operating profit Strategic Consulting YoY 181.1% 98.6% -15.3% 0.0% -22.7% -1.2% -16.5% 26.6% Venture Capital , YoY Insurance YoY 167.7% % % % - Others Cumulative (JPYmn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Strategic Consulting 687 1,578 2,433 3, ,480 2,306 3,275 YoY 64.4% 55.8% 28.2% 20.1% -14.6% -6.2% -5.2% 2.3% Venture Capital , ,468 2,752 YoY % 897.9% 39.0% 67.6% -89.6% -86.0% 53.6% 133.4% Insurance 2,332 4,762 7,366 10,067 2,840 5,804 8,953 12,212 YoY 26.5% 25.5% 24.7% 23.9% 21.8% 21.9% 21.5% 21.3% Others Operating profit Strategic Consulting ,414 1, ,245 1,811 YoY 181.1% 124.0% 42.5% 29.3% -22.7% -9.5% -12.0% -2.7% FY03/17 Venture Capital YoY Insurance YoY 167.7% 600.0% 227.8% 12.7% 122.9% -0.7% -44.6% 127.1% Others Source: Shared Research based on company data Note: Figures may differ from company materials due to differences in rounding methods. FY03/18 2/5

3 Full-year FY03/18 results Sales: JPY18.4bn (+26.8% YoY) Operating profit: JPY1.9bn (+258.2%) Recurring profit: JPY1.9bn (+263.2%) Net income*: JPY899mn (+787.4%) *Net income is net income attributable to parent company shareholders. Sales were up and profit down in Strategic Consulting Services. In Services, the Venture Capital segment and Insurance segment posted increases in sales and profit. The company does not announce its full-year company forecast given the volatility in the Venture Capital segment due to conditions in the stock market and IPO trends. Strategic Consulting Services Sales were JPY3.3bn (+2.3% YoY) and operating profit was JPY1.8bn (-2.7%). In Strategic Consulting Services, the company provides hands-on help in business producing (including guidance on recruiting reliable partners, policy making, driving both internal and external stakeholders), financial advisory for M&A, and assistance in developing core management this in addition to the strategic consulting to major corporations and government agencies. While sales and profit declined because the company did not receive large-scale orders from overseas companies that it booked in Q3 FY03/17, domestic sales grew steadily as the company succeeded in maintaining orders from existing customers and growing orders from new customers. Services Services consist of the Venture Capital segment, Insurance segment, and Other segment. Venture Capital segment Sales were JPY2.8bn (+133.4% YoY), with an operating profit of JPY632mn (operating loss of JPY344mn in FY03/17). In the Venture Capital segment, the company collaborated with partner venture capital companies and made new investments not only in Japan but also overseas namely in the US and Asia (particularly India). In regard to start-ups the company already invests in, Dream Incubator funnels funds and human resources to these companies at the stage where deeper involvement promises accelerated growth, and proceeds to sell them thereafter. In FY03/18, one company in the portfolio conducted an IPO; Dream Incubator invested in the IPO stock and sold the shares both during the fiscal year. Meanwhile, it booked impairment losses on operating investment securities as a result of a decline in the value of two portfolio companies. Insurance segment Sales were JPY12.2bn (+21.3% YoY) and operating profit was JPY402mn (+127.1). The Insurance segment is a medical insurance service for pets run by DI s consolidated subsidiary Ipet Insurance Co., Ltd. There was a steady growth in membership that led to increased sales. The company had been working to develop its core IT system with an eye to future business expansion. However, a delay in the project has led to a revision of its development plan. As a result, it booked a JPY256mn loss on the disposal of fixed assets as an extraordinary loss. Other segment Sales were JPY208mn (+166.7% YoY) with an operating loss of JPY125mn (loss of JPY65mn in FY03/17). This segment lists multiple businesses in the incubation stage (investment phase), including marketing in various Asian countries. As Dream 3/5

4 Incubator has secured the number of users enough to launch an online research, it was able to fully start sales activities in Japan, which lead to order increase. On the other hand, the company made upfront spending to establish overseas bases as the groundwork for further growth. Full-year company forecasts Given the volatility in Venture Capital segment due to conditions in the stock market and initial public offerings, the company does not release earnings forecasts on the consolidated basis. FY03/19 outlook by segment is as follows: In Strategic Consulting Services, the company expects sustained growth through continued focus on strategic consulting and business generation support targeting existing major corporate clients. In Services, the company anticipates further growth in the Insurance segment, leveraging consolidated subsidiary Ipet Insurance Co., Ltd. that completed an IPO. In the Other segment, the company has secured a certain level of users in the marketing businesses in various Asian countries; it plans to launch an online research service using its database as the segment aims to turn a profit for the full year. In the Venture Capital segment, the company plans an exit from some of its investment portfolio companies via IPO or trade sale. That said, the company noted it was difficult to forecast earnings at the segment as sales depended on gains from the sale of shares, and as such are sensitive to volatility in the stock market and IPO trends. This note is the most recent addition to the full report. 4/5

5 About Shared Research Inc. We offer corporate clients comprehensive report coverage, a service that allows them to better inform investors and other stakeholders by presenting a continuously updated third-party view of business fundamentals, independent of investment biases. Shared Research can be found on the web at Disclaimer This document is provided for informational purposes only. No investment opinion or advice is provided, intended, or solicited. Shared Research Inc. offers no warranty, either expressed or implied, regarding the veracity of data or interpretations of data included in this report. We shall not be held responsible for any damage caused by the use of this report. The copyright of this report and the rights regarding the creation and exploitation of the derivative work of this and other Shared Research Reports belong to Shared Research. This report may be reproduced or modified for personal use; distribution, transfer, or other uses of this report are strictly prohibited and a violation of the copyright of this report. Our officers and employees may currently, or in the future, have a position in securities of the companies mentioned in this report, which may affect this report s objectivity. Japanese Financial Instruments and Exchange Law (FIEL) Disclaimer The report has been prepared by Shared Research under a contract with the company described in this report ( the company ). Opinions and views presented are ours where so stated. Such opinions and views attributed to the company are interpretations made by Shared Research. We represent that if this report is deemed to include an opinion by us that could influence investment decisions in the company, such opinion may be in exchange for consideration or promise of consideration from the company to Shared Research. Contact Details Shared Research Inc Sendagi Bunkyo-ku Tokyo, Japan Phone: +81 (0) info@sharedresearch.jp 5/5

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