Meganesuper On December 15, 2016, Meganesuper announced earnings results for 1H FY04/17. FY04/16. Shared Research Report 1/7

Transcription

1 Shared esearch eport Meganesuper 3318 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 at and various professional platforms. Our sponsored research reports provide an in-depth and informative view of the companies we cover, and contain the latest available information updated in a timely manner. On December 15, 216, Meganesuper announced earnings results for 1H FY4/17. Income statement FY4/14 FY4/17 FY4/17 FY4/17 Q2 Q4 Q2 Q4 Q2 Q4 Q2 1H Act. 1H Act. 1H Est. % of 1H Est. % of FY Sales 3,785 3,555 3,67 3,964 3,558 3,643 3,634 3,456 3,868 3,91 3,935 3,995 4,349 4,296 7,778 8,645 8, % - 18, 48.% YoY -11.1% -13.% -5.% 3.5% -6.% 2.5%.7% -12.8% 8.7% 7.3% 8.3% 15.6% 12.4% 9.9% 8.% 11.2% 14.7% 14.6% CoGS 1,346 1,317 1,276 1,367 1,186 1,165 1,181 1,17 1,247 1,193 1,258 1,32 1,418 1,431 2,44 2,849 5, % CoGS ratio 35.6% 37.% 35.4% 34.5% 33.3% 32.% 32.5% 33.8% 32.2% 3.5% 32.% 32.6% 32.6% 33.3% 31.4% 33.% 31.2% Gross profit 2,439 2,279 2,291 2,597 2,371 2,478 2,453 2,287 2,621 2,717 2,677 2,693 2,93 2,866 5,338 5,796 12, % GPM 64.4% 64.1% 63.5% 65.5% 66.7% 68.% 67.5% 66.2% 67.8% 69.5% 68.% 67.4% 67.4% 66.7% 68.6% 67.% 68.8% SG&A expenses 2,975 2,872 2,926 2,957 2,845 2,592 2,529 2,435 2,478 2,53 2,587 2,616 2,778 2,86 4,981 5,584 11, % Salaries and retirement benefit expenses ,544 1,681 ents Advertising, other 1,323 1,29 1,335 1,374 1,291 1,12 1,72 1,53 1,87 1,9 1,146 1,145 1,248 1,321 3,381 3,84 YoY -4.% -1.3% -8.8% -1.7% -4.4% -9.8% -13.6% -17.7% -12.9% -3.4% 2.3% 7.5% 12.1% 12.1% -8.4% 12.1% 13.7% SG&A-to-sales ratio 78.6% 8.8% 81.1% 74.6% 8.% 71.1% 69.6% 7.4% 64.1% 64.% 65.8% 65.5% 63.9% 65.3% 64.% 64.6% 64.3% Operating profit % % YoY % -72.2% % 9.4% 52.9% OPM -14.2% -16.7% -17.6% -9.1% -13.3% -3.1% -2.1% -4.3% 3.7% 5.5% 2.3% 1.9% 3.5% 1.4% 4.6% 2.4% 4.4% 4.4% Non-operating income (expenses) Financial income Other non-operating income ecurring profit % % YoY % -76.3% % 11.3% 66.1% PM -16.3% -18.4% -19.% -12.4% -14.5% -4.4% -3.2% -5.6% 3.1% 4.8% 1.6% 1.3% 2.9% 1.% 3.9% 2.% 3.8% 3.9% Extraordinary gains (losses) Income taxes Implied tax rate -4.4% -4.1% -4.4% -5.6% -4.3% -6.5% -21.9% -17.7% 42.9% 39.5% 71.6% 17.4% 99.% 126.3% 36.7% 43.5% Net income % 4-2.7% YoY % % 53.3% Net margin -17.5% -19.9% -19.9% -13.6% -19.3% -12.3% -4.3% -5.6% 1.7% 2.8%.5% 1.7%.% -.3% 2.2% -.1% 2.% 2.2% Number of stores Store openings Store closings Inventories 2,438 2,428 2,554 2,522 2,495 2,61 2,749 2,727 2,719 2,697 2,657 2,641 2,558 2,51 2,77 2,51 Merchandise 2,411 2,399 2,531 2,488 2,459 2,571 2,718 2,697 2,682 2,657 2,618 2,67 2,524 2,455 2,667 2,455 aw materials and supplies Days in inventory Interest-bearing debt 9,871 9,912 1,17 7,955 7,896 7,896 7,896 7,896 7,846 7,846 7,82 7,66 7,616 7,611 7,846 7,611 Cash and deposits 1, , ,29 1,336 1,447 2,141 2,378 2,791 2,77 2,98 2,141 2,98 Net debt 8,315 9,124 9,423 6,253 7,15 6,963 6,868 6,56 6,4 5,76 5,423 4,869 4,99 4,73 5,76 4,73 Net assets -1,874-2,583-3, Income statement FY4/5 FY4/6 FY4/7 FY4/8 FY4/9 FY4/1 FY4/11 FY4/12 FY4/13 FY4/14 FY4/17 FY4/18 FY4/19 FY4/2 Cons. Cons. Cons. Cons. Non-cons. Non-cons. Non-cons. Non-cons. Non-cons. Non-cons. Non-cons. Non-cons. Est. MTP MTP MTP Sales 37,777 38,99 38,293 35,313 29,423 25,61 22,472 19,174 15,969 14,911 14,291 15,77 18, 19,8 21,8 23,98 etail services (eyewears) 37,321 37,68 37,879 34,945 28,535 24,27 21,665 18,692 15,859 14,759 14,76 15,414 17,635 19,36 21,3 23,43 Frames 12,797 13,37 13,18 11,748 9,363 7,579 6,214 4,861 4,364 4,323 4,239 4,47 Lenses 13,55 13,494 13,471 12,131 9,423 7,899 7,542 6,879 5,522 4,835 4,39 4,485 Contact lenses 7,65 7,3 7,363 7,496 7,73 6,378 5,783 5,177 4,529 4,125 3,991 4,95 Contact lens accessories Sunglasses, etc 3,559 3,439 3,722 3,278 2,425 1,983 1,97 1,655 1,351 1,391 1,433 1,848 Mail order Golf business Other business YoY 7.2%.9%.5% -7.8% -16.7% -14.8% -1.3% -14.7% -16.7% -6.6% -4.2% 9.9% 14.6% 1.% 1.1% 1.% etail services (eyewears) 7.4%.8%.7% -7.7% -18.3% -15.8% -9.8% -13.7% -15.2% -6.9% -4.6% 9.5% 14.4% 9.8% 1.% 1.% Frames 8.1% 1.9% -.1% -9.8% -2.3% -19.1% -18.% -21.8% -1.2% -.9% -2.% -4.5% Lenses 1.1% -.4% -.2% -1.% -22.3% -16.2% -4.5% -8.8% -19.7% -12.4% -1.9% 4.1% Contact lenses 3.7% 3.3%.9% 1.8% -5.6% -9.8% -9.3% -1.5% -12.5% -8.9% -3.3% 22.9% Contact lens accessories -12.9% -3.3% -1.1% -4.% -14.3% -24.6% -17.2% -22.9% -23.4% -8.8% 24.3% 23.5% Sunglasses, etc 5.3% -3.4% 8.2% -11.9% -26.% -18.2% -.7% -16.% -18.3% 2.9% 3.% 29.% Mail order % -11.4% -19.2% -77.1% 37.9% 41.2% 36.2% 24.2% 2.9% 13.6% 1.% Gross profit 27,65 27,716 27,532 24,44 19,814 16,454 14,747 12,768 1,62 9,65 9,589 1,78 12,381 13,56 14,824 16,195 GPM 73.2% 72.7% 71.9% 69.2% 67.3% 65.7% 65.6% 66.6% 66.5% 64.4% 67.1% 68.2% 68.8% 68.5% 68.% 67.5% SG&A expenses 23,75 24,672 25,178 24,989 2,71 16,867 15,285 14,58 12,227 11,73 1,4 1,185 11,581 12,46 13,124 13,895 Personnel 6,489 6,825 6,71 6,644 7,45 6,238 5,626 5,16 4,131 4,3 3,774 3,871 ent, lease, depreciation 5,28 5,85 6,52 6,813 6,377 5,358 4,786 4,37 3,936 3,222 2,954 2,72 Advertising 2,745 2,578 2,541 2,576 1,653 1,274 1,164 1, , Other 9,19 9,465 9,47 8,956 4,996 3,997 3,79 3,496 3,356 3,373 3,184 3,329 YoY 4.3% 4.1% 2.% -.8% -19.7% -16.% -9.4% -8.% -13.% -4.1% -11.3% -2.1% 13.7% 7.6% 5.3% 5.9% Personnel 3.1% 5.2% -1.7% -1.% 6.% -11.5% -9.8% -8.3% -19.9% -2.4% -6.4% 2.6% ent, lease, depreciation 7.8% 9.9% 12.3% 4.5% -6.4% -16.% -1.7% -8.7% -9.9% -18.1% -8.3% -8.5% Advertising 4.2% -6.1% -1.4% 1.4% -35.8% -22.9% -8.6% -11.4% -22.% 37.3% -55.8% -41.9% Other 3.3% 3.% -.6% -4.8% -44.2% -2.% -7.2% -5.8% -4.%.5% -5.6% 4.5% SG&A-to-sales ratio 62.7% 64.8% 65.8% 7.8% 68.2% 67.3% 68.% 73.3% 76.6% 78.7% 72.8% 64.8% 64.3% 62.9% 6.2% 57.9% Personnel 17.2% 17.9% 17.5% 18.8% 23.9% 24.9% 25.% 26.9% 25.9% 27.% 26.4% 24.6% ent, lease, depreciation 14.% 15.2% 17.% 19.3% 21.7% 21.4% 21.3% 22.8% 24.6% 21.6% 2.7% 17.2% Advertising 7.3% 6.8% 6.6% 7.3% 5.6% 5.1% 5.2% 5.4% 5.% 7.4% 3.4% 1.8% Other 24.3% 24.8% 24.6% 25.4% 17.% 15.9% 16.5% 18.2% 21.% 22.6% 22.3% 21.2% Operating profit 3,946 3,44 2, ,289-1,67-2, ,1 1,7 2,3 YoY 41.7% -22.9% -22.7% 52.9% 37.5% 54.5% 35.3% OPM 1.4% 8.% 6.1% -1.6% -.9% -1.6% -2.4% -6.7% -1.1% -14.3% -5.7% 3.3% 4.4% 5.6% 7.8% 9.6% Non-operating income Financial income Others ecurring profit 3,824 2,94 2, ,481-1,655-2, , 1,6 2,2 YoY 48.7% -23.1% -25.% 66.1% 42.9% 6.% 37.5% PM 1.1% 7.7% 5.8% -2.% -1.5% -2.2% -2.9% -7.7% -1.4% -16.4% -6.9% 2.7% 3.9% 5.1% 7.3% 9.2% Extraordinary gains ,212-3, Income taxes 1,466 1, , Implied tax rate 49.7% 51.3% 5.% % -3.4% -4.8% -8.% -6.5% -5.7% -4.6% -8.2% 41.1% Net income 1,485 1, ,95-3,77-4,253-1,579-1,979-2,293-2,628-1, ,24 1,84 YoY 29.4% -28.6% -6.9% 53.3% 82.5% 69.9% 48.4% Net margin 3.9% 2.8% 2.6% -8.4% -12.8% -17.% -7.% -1.3% -14.4% -17.6% -1.4% 1.7% 2.2% 3.7% 5.7% 7.7% YoY Comparable store sales 1.1% -5.1% -4.4% -1.1% -1.5% -1.6% -7.1% -11.3% -13.9% 2.1%.8% 11.1% All store sales 7.5%.8%.7% -7.7% -14.9% -16.9% -9.9% -13.9% -16.7% -7.% -3.4% 11.5% Source: Shared esearch based on company data Note: Figures may differ from company data due to differences in rounding methods 1/7

2 Shared esearch eport 1H: First year of renewed growth period. Initiated growth strategy underpinned by eye care. Sales up 11.2% and OP down 4.6% Sales: Higher comparable store sales and impact of new stores rolled out in. Although eyewear was flat YoY, contact lens sales rose 35%, driving earnings OP: Down 4.6%. OPM lower, since contact lens occupied more of the sales mix. Increased SG&A costs for growth, mainly personnel expenses Versus forecast: Contact lens and online sales overshot estimates, while eyewear and other products missed estimates. Operating profit missed target as sales and GPM dropped Growth strategy: Initiatives focused on both organizational improvement and eye care helped increase revenue for value added services. Initiatives expected to increase customer footfall Organization: Caravans, action meetings, review of initiatives, and quick decision-making for revising strategies, all bringing solid improvements evenue base: Transition to eye care service-focused stores. Diversified revenue base pushed earnings firmly into the black M&A: Local chain store (22 stores in Toyama Prefecture) to be converted into wholly owned subsidiary at end-january 217. Expects strategic M&A activity Full-year earnings forecast: Examining expected earnings impact from Me no Kenkou (made into wholly owned subsidiary in Q4) and acquisition of Megane House. Plans to investigate and disclose any impact on earnings Overview of results 1H: First year of renewed growth period. Initiated growth strategy underpinned by eye care. Sales up 11.2% and OP down 4.6% In 1H FY4/17, sales rose 11.2% to JPY8.6bn. At its etailing Services business, the various sales initiatives tied to the common theme of eye care continued to boost comparable store sales growth through 1H. Contact lens sales rose significantly through the company s sheer effort with promotional methods for store displays. The company decided to deal with unprofitable stores during, and in rolled out new stores, which in turn helped boost sales. GPM fell 1.6pp as contact lens sales with relatively lower margins rose by roughly 35% and high-margin eyewear sales were flat YoY. The SG&A-to-sales ratio rose 1.3pp to 65.3%, and operating profit dropped to JPY212mn (-4.6%, or -JPY145mn from 1H ) due to increased personnel spending that followed new store openings. The company worked on minimizing and optimizing personnel expenses considering the progress sales and profits versus 1H targets, but as sales rose, so did personnel expenses. To further improve the earnings power of each store, the company worked to revitalize existing stores through relocating stores to nearby locations based on tight profitability management, optimizing store floor space, renovating stores, changing store formats, and preemptively shutting down stores that require too much time to generate earnings. As a result, the company booked extraordinary losses (JPY19mn in losses on disposal of fixed assets and JPY51mn in losses from shutting down stores), with pre-tax profit at JPY96mn and net loss at JPY11mn. 2/7

3 Shared esearch eport Quarterly sales, gross profit, and GPM (JPYmn, %) 6, Sales Operating profit OPM (right axis) YoY sales (right axis) 4, 2, 2.3%1.3% -6.%-5.4% -1.5%1.6% -4.2% -6.3%.4% -3.2% -11.5% -15.% -3.7%-4.2% % -9.1% -18.8% -14.6%-14.2% -16.7% -17.6% -13.3% -2.1% -4.3%3.7% 5.5% %1.9% 3.5% 1.4% , Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 FY4/1 FY4/11 FY4/12 FY4/13 FY4/14 FY4/17 Source: Shared esearch based on company data Operating profit, GPM, and OPM (JPYmn, %) % 65.6% 66.3% 66.% 65.9% 67.2% 67.% 65.% 64.4% 66.7% 67.8%69.5% 66.7% 64.1% 64.9% 65.5% 67.1% 65.%67.% 69.% 68.% % 67.5% 63.9% 63.5%65.5% 66.2% 68.% 67.4% 67.4% % 2% -5% -3% -8 2% 1% % -6% -4% -4% -6% -4% -1, -12% -15% -19% FY4/1 FY4/11 FY4/12 FY4/13 Source: Shared esearch based on company data Operating profit OPM (right axis) GPM (right axis) -14% -18% -13% -3% -17% -9% -15% FY4/14-2% -4% 4% 5% 2% 2% 4% 1% FY4/17 % - -4% -6% 8% 6% 4% % - Comparable store growth rate The comparable store growth rate continued to outstrip the competition. Since July 214, sales have continued to grow over 1% monthly, excluding March 215 (due to a tough YoY comparison as there was increased demand right before a consumption tax hike in 214) and January 216 (internal sales promotion targeting family members of employees). Comparable store growth rate vs. competitors 3% 3318 MeganeSuper 346 JIN 7455 Miki HD 9854 Aigan 1% % -1% - -3% May Aug Nov Feb May FY6/214 FY6/215 Source: Shared esearch based on company data Aug Nov Feb May FY6/216 Aug Nov Gross profit down YoY mostly due to much larger share of contact lens sales, despite successful eye care initiatives Although GPM fell 1.3pp, this is primarily because contact lenses which have a relatively low GPM occupied more of the sales mix, going from 3.7% in 1H (3.% in and an estimated 31.4% in Q2) to 37.2% in 1H FY4/17 (36.1% in and an estimated 38.3% in Q2). Shared esearch estimates that there is more than a 1pp GPM difference between contact lenses and overall glasses (frames, lenses, and sunglasses). We think this reflects emerging results from the company s earnings growth initiatives, which include increased sales of premium lenses and private brand frames. The share of premium lens in the sales mix was up 2.5pp YoY to 41.5%, and the share of private brand frames was down 1.5% to 57.8%. Although the share of private brand frames fell, the company has been able to maintain the ratio at around 6% since. 3/7

4 Shared esearch eport The company continues to invest in its company-designed private-brand frames Varietas for sports (July 216), Morgrande for middle-aged and senior men (September), and Keith Valler turned by meganesupe for the same target audience (November) to contribute to the product line. Premium lens and private brand frame ratio 6% Premium lense ratio PB ratio July 214: declare as "the eye care company" 54% 58% 6% 59% 59% 58% 5% 4% 3% 28% 29% 25% 15% 15% 14% 34% 17% 41% 4% 27% 21% 46% 25% 3% 38% 4% 41% 4% 42% 1% FY4/14 Q2 Q4 Q2 Q4 Q2 Q4 FY4/17 1H Source: Shared esearch based on company materials eductions in SG&A expenditures lower breakeven point In 1H, the SG&A expense ratio rose 1.3pp YoY to 65.3%. SG&A expenses rose due to the following factors. In, the company worked to close unprofitable stores and open new stores, resulting in an increase in related costs. As contact lenses experienced robust growth, call center costs went up. Also, once assets started exceeding liabilities in, the company ramped up advertising and sales promotions. Sales growth also missed its target. That said, the company s breakeven point significantly lowered thanks to a reduction in fixed expenses such as rents, as the company closed 55 unprofitable stores in, and because expenses were effectively focused on cost effectiveness. Notably, new store opening costs were greatly reduced. Until it used to take about JPY4mn per store, while the medium-term plan was expecting the costs to be at JPY3mn. The company brought the average cost of new store openings down to JPY13.8mn in and plans to bring it further down to JPY1mn or so in FY4/17. This improvement of the breakeven point was achieved by reviewing the locations and needed floor space with the aim to increase profits in mind. SG&A expenses and YoY change (JPYmn, %) 5, 4, 3, Salaries and allowances, provision for retirement benefits ents Advertising, other 4,329 4,237 4,229 4,72 4,55 3,844 3,75 77% 82% 85% 79% 79% 81% 81% 3,637 3,597 7% 3,558 73% 75% 8% 3,482 71% 71% 3,421 7% 7% 1,752 1,72 1,712 3,99 3,28 64% 64% 66% 65% 64% 65% 1,666 1,716 2,911 3,9 2,975 2,872 2,926 2,957 1,538 2,845 1,55 2,778 2,86 1,463 1,457 1,439 2,592 1,392 2,529 1,353 2,435 2,478 2,53 2,587 2,616 1% 8% 6% 2, 1, 1,236 1,4 1,87 1,241 1,323 1,29 1,335 1,374 1,291 1,2431,261,185 1,12 1,72 1,123 1,53 1,87 1,9 1,146 1,145 1,248 1,321 1,1241,191,731,461,341,321,211, ,3341,3111,3321,2831,2151,1971,1721,1281,161,871,71, % FY4/1 FY4/11 FY4/12 FY4/13 FY4/14 FY4/17 % Source: Shared esearch based on company data 4/7

5 Shared esearch eport SG&A expenses ratio 4% 35% 3% 25% 15% 26% 26% 1% FY4/1 32% 31% 28% 29% 27% 28% 29% 29% 29% 29% 26% 24% 23% 23% 22% 22% 21% 22% 18% 18% 19% 19% 19% FY4/11 Salaries and retirement benefits expenses ents Advertising fee, etc 37% FY4/12 Source: Shared esearch based on company data 26% Quarterly sales, inventory, inventory turnover (JPYmn, days) 27% 35% 36% 37% 35% 36% 32% 3% 3% 29% 28% 28% 29% 31% 29% 29% 21% 22% 23% 23% 23% 24% 24% 23% 21% 22% 21% 23% 21% 21% 21% 21% 21% 24% 23% 23% 24% 23% 21% 19% 19% 19% 17% 15% 15% 16% 16% FY4/13 FY4/14 15% 15% FY4/17 7, 6, 5, 4, 3, 2, 1, 6,81 3,62 6,665 5,97 5,68 6,6 5,984 5,378 5,14 5,398 5, FY4/1 4,549 4,259 4, ,795 3,785 4,85 3,83 3,555 3,17 2,8 2,433 2,632 3,215 2,83 2,525 2,46 2,697 2,359 1,955 2,234 2,52 2,443 2,438 2,554 2,495 2,749 2,719 2,657 2,641 2,558 2,51 2,428 2,522 2,61 2,727 2,697 1,993 FY4/11 FY4/12 Source: Shared esearch based on company data Inventories Sales Inventory turnover (right axis) FY4/13 FY4/14 3,67 3, ,558 3,643 3,634 3,456 3,868 3,91 3,935 3,995 4,349 4,296 FY4/ Factors for changes in the operating profit 1, Gross profit items SG&A items Operating profit 1H Increase in sales Source: Shared esearch based on company data Other Selling expenses Personnel expenses ents Other expenses Operating profit 1H FY4/ Announced acquisition of prominent local chain store business The company announced that it will convert Megane House into a wholly owned subsidiary. Megane House operates prominent local chain stores with 22 locations in Toyama Prefecture. Under the company s eye care strategy, the company has been recruiting companies to be a part of Me no Kenkou s platform with plans for Megane House to be in charge of the Hokuriku region. Meganesuper expects synergies from joint procurement, distribution, store management, and added value propositions, and it also plans to contribute to the local community. The company will acquire 24 common shares (16 shares for the parent and 8 shares for Me no Kenkou) for JPY3mn. The advisory fee will be JPY48mn, and the share purchase date is set to end-january 217. Meganesuper plans to consolidate Me no Kenkou (wholly owned subsidiary) and Megane House in Q4 FY4/17. 5/7

6 Shared esearch eport Megane House performance FY1/13 FY1/14 FY1/15 (JPYmn, JPY') FY1/13 FY1/14 FY1/15 Sales Net assets Operating profit Total assets ecurring profit Book value per share 1,89.5 1, ,29.5 Net income Earnings per share Dividend per share - - Source: Shared esearch based on company data Store openings, store closings, and store count as of quarter-end Store openings Store closings Number of stores (right axis) Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 Q2 Q4 FY4/1 FY4/11 FY4/12 FY4/13 FY4/14 FY4/17 Source: Shared esearch based on company data This note is the most recent addition to the full report. 6/7

7 Shared esearch eport About Shared esearch 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 esearch 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 esearch 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 esearch eports belong to Shared esearch. 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 esearch 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 esearch. We represents 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 esearch. Contact Details Shared esearch Inc Sendagi Bunkyo-ku Tokyo, Japan Phone: +81 () info@sharedresearch.jp 7/7