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Japanese to English: Stock coverage General field: Bus/Financial Detailed field: IT (Information Technology)
Source text - Japanese 同社の投資判断を「Buy」、目標株価を44.0万円で新規カバーを開始する。09年3月期の業績はインターネット接続サービスやシステムインテグレーションなど既存事業の好調が続くものの、新規事業への先行投資負担から売上高は前年同期比16.6%増と二けた増ながら、営業利益は同6.2%増、EBITDAも同6.3%増にとどまるとABC 証券（以下「当社」）では予想している。ただし、10年3月期以降は新規事業が回収期に入るため、利益率が改善すると予想する。この結果、今後3年間のEBITDA成長率は15.7%に達すると予想する。
Translation - English We begin the stock coverage with a ‘Buy’ recommendation and set the target price at 440,000 yen. ABC Securities predicts that earning will continue to show strength for FY ending March 31st, 2009, due to the growing ISP and system integration business, sales growth will remain double digit at 16.6% on year-over-year basis, operating profit 6.2%, and EBITDA at 6.3% as the investment spending for new business puts pressure on the earnings. However, it expects that profit margin will improve after FY ending March 31st, 2010 as the company will see the return on its earlier investments. As a result, the EBITDA growth over the next three years is expected to reach 15.7%.
In the area of corporate market, this company will be able to leverage its advanced know-how on IP technology as the business model shifts from 'dedicated line customized applications' to ‘internet customizable packaged applications’.
As for the consumer market, the growing number of streaming video contents will continue to drive the company’s business. The company will not only benefit from the expansion of internet service but also be able to materialize on the content business as it collects viewership fee from its ActVila's customers. Also, it will be able to provide security related solutions as a result of its acquisition of Hiho Company.
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Years of experience: 24. Registered at ProZ.com: Nov 2008.
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