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CUBE SYSTEM's FY 2023 Q3 Research ReportShort Reportin English was published

2335 CUBE SYSTEM:CUBE SYSTEM: sales & profit decline in Q3; full-year forecast revised down but sales & profit growth still expected
・In Q3, sales and profits declined due to employee shortage and because measures to improve profit were less effective than expected.
・Although the full-year forecast was revised downward, the Company maintained its forecast that it will increase sales and profits to record-high figures. Dividend was also not changed.
・Formed a capital and business alliance with NRI. Plans to invest over 2.1 billion yen to strengthen its production facilities and production system.
・Positive effects expected from the alliance and investments over the medium to long term.
・Although employee shortage is a bottleneck, the demand for IT investments such as DX is strong, so sales and profit growth is expected in the next fiscal year as well.

23/3期第3四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2023 Q2 Research ReportShort Reportin English was published

2335 CUBE SYSTEM: in the first half, sales & profit declined and fell short of plan; no change to full-year forecast that sales & profit will grow
・In the first half, sales and profit growth had been planned, but the results fell short of plan due to the change in the corporate customers' IT investment policies. Profit-improvement measures had also been less effective than expected, and sales and operating profit decreased by 2% and 20% YoY, respectively.
・Expecting recovery in the second half, the Company maintained its plan made at the beginning of the fiscal year that it will achieve sales and profit growth for the full fiscal year and hit consecutive record highs for sales and profit. It also plans for a large dividend hike through the payment of commemorative dividend.
・Due to strong demand from IT investments such as those for DX, increase in sales, profit, and dividend can be expected in the next fiscal year too.

23/3期第2四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2023 Q1 Research ReportShort Reportin English was published

2335 CUBE SYSTEM:sales & profit declined in this FY's Q1 but no change to full-year forecast; announced dividend hike
・This FY's Q1: sales declined by 2.4% YoY and operating profit declined by 28.1% YoY due to scaled-down system building projects and upfront investments. Results seem to have fallen somewhat short of the company plan as there was a delay in receiving orders for some of the projects and in improving the earnings of the Enhancement Business.
・However, progress with both sales and operating profit in Q1 in terms of the full-year plan was about the same as the average (of the actual progress) over the past nine years.
・There was no change to the full-year forecast that it will achieve consecutive record highs for sales and profits.
・It plans to increase sales and profits by shifting to the SI Business and the Digital Business and receiving orders for projects related to strategic IT investments and high-profit projects, while covering the increase in cost through profit margin improvement realized by resource optimization.
・Announced to pay a commemorative dividend for the 50th anniversary since founding. Plans to increase the annual dividend from 26 yen to 50 yen.

23/3期第1四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2022 Research ReportFull Reportin English was published

2335 CUBE SYSTEM: record sales & profits last FY, planning for consecutive record highs and dividend hike this FY
・Last FY: achieved goals and hit record-high sales and profits
・Sales grew by 8.9% YOY due to the increase in orders such as those for system development received from the transportation & telecommunications industries.
・Operating profit grew significantly by 20.7% YOY due to the improvement of profit margin from the shift to high-profit projects and optimization of resources.
・This FY: planning for consecutive record-high sales and profits and consecutive dividend hike, expecting to increase sales and profits by successfully receiving orders for projects related to strategic IT investments
・Revised the medium-term plan upward. Shifting to the SI Business and the Digital Business.

22/3期本決算を対象とした フルレポートを掲載しました。

CUBE SYSTEM's FY 2022 Q3 Research ReportShort Reportin English was published

2335 CUBE SYSTEM:solid Q3 results with 2-digit sales & profit growth; potential for upward revision of full-year results
・Q3 results: sales grew by 13.7% YoY due to the increase in orders received for system building projects, etc., from the distribution, transportation, and telecommunication industries
・Significant operating profit growth of 41.7% YoY achieved due to improvement in profit margin from shifting to high-profit projects and optimizing resources
・Q3 progress against the full-year forecast was higher than expected; the Company’s full-year forecast has the potential to be revised upward.
・Highly likely to hit consecutive record highs in sales and profits

22/3期第3四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2022 Q2 Research ReportShort Reportin English was published

2335 CUBE SYSTEM: H1 results were above expectation with large sales & profit growth; full-year forecast for profit & dividend revised up
・H1 results: Sales grew by 13.8% YoY thanks to the acquisition of strategic investment projects related to systems for transport companies and the cloud, etc. Significant operating profit growth of 35.1% YoY due to the shift to high-profit projects and optimization of resources.
・Progress with business structure/model reform, contributing to sales and profit through the SI Business.
・The Company revised its full-year forecast for profit and dividend upward.
・Since the Company’s forecasts for second-half sales and profit seem somewhat conservative, there is potential for the results to become higher, and we reviewed and revised our forecast upward.

22/3期第2四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2022 Q1 Research ReportShort Reportin English was published

2335 CUBE SYSTEM: large sales & profit growth in Q1; H1 forecast revised up; full-year forecast unchanged but has potential to be revised up
・Q1 results: sales +18.2% YoY due to new strategic investment projects, etc.
・Operating profit grew significantly by +56.5% YoY due to the shift to high-profit projects and the optimization of resources.
・Growth thanks to SI businesses related to delivery systems and the cloud
・The Company revised its H1 forecast upward, but kept the full-year forecast the same due to uncertainties caused by COVID-19.
・Since the Company's forecast of sales and profits after Q1 seems somewhat conservative, Alpha-Win Research Dept. revised this FY's forecast upward.

22/3期第1四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2021 Research ReportFull Reportin English was published

2335 CUBE SYSTEM:last FY, record profit & dividend hike; this FY, expecting sales & profit growth again
・Last FY: Record-high sales & profit. Dividend hike. Sales growth was small, but improvement in the profit margin contributed to the results.
・This FY: Expecting sales & profit growth again. Recovery in the second half is anticipated.
・New medium-term plan: With growth of digitalization and SI businesses, expecting annual sales growth rate of 7.8%.
・Final year of plan (FY 2024): Aiming for sales of Y18.5 billion and operating profit of Y1.48 billion.
・Actively engaged in developing new technologies/services and forming alliances with other companies.

21/3期本決算を対象とした フルレポートを掲載しました。

CUBE SYSTEM's FY 2021 Q3 Research ReportShortl Reportin English was published

2335 CUBE SYSTEM: solid Q3 results, upward revision of FY profit more likely
・Q3 results: small sales growth, but significant profit growth thanks to gross margin improvement and control of SG&A expenses
・Decline in sales and profit of business for finance/distribution industries was offset by the delivery service system business for the transportation industry and the education-related business in the “other industries” category.
・Realized gain on investment of Y130 million, which had not been expected at the beginning of the FY, was recorded under non-operating profit.
・Assumptions for Q4 profit margins and costs seem conservative. For the full FY, sales may fall below target, but upward revisions in profit can be expected.
・Next FY, the new medium-term plan will be started under the new president. Will focus on areas such as DX, blockchain, and AI.

21/3期第3四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2021 Q2 Research ReportShortl Reportin English was published

2335 CUBE SYSTEM:solid H1 results, large profit growth, expecting record profit for full FY
・H1 results: small sales growth YoY, but large profit growth with expenses held down, streamlined operation, and elimination of unprofitable projects. Record-high H1 profit.
・COVID-19 crisis caused stagnation in negotiations and fewer received orders. In H2, planning to conduct upfront investment and strengthen sales activity for future growth.
・The Company’s H2 profit forecast is conservative. No change to the full-year forecast made at the beginning of the FY. Increasing likelihood of achieving record-high full-year profit.
・Actively expanding into the digital business. Domestic-demand-related, defensive, and stable growth stock.
・Stock price reflects solid financial performance. Continuing to outperform its competitors and TOPIX.

21/3期第2四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2021 Q1 Research ReportShortl Reportin English was published

2335 CUBE SYSTEM: In Q1, small sales decline but large profit growth due to improved profitability; full-year forecast unchanged
・Q1 results: sales -0.2%, but large profit growth with expenses held down and no unprofitable projects unlike last FY
・Due to COVID-19, negotiations were stalled, causing a decline in the orders received. Plans for countermeasures and enhancement of sales activities.
・Kept the full-year financial forecast made at the beginning of the FY that sales will grow by 8.8% and net profit will grow by 33.3%
・Domestic-demand-related, defensive, and stable growth stock
・Stock price outperforming TOPIX thanks to solid financial performance. Valuation is about the same as its competitors.

21/3期第1四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2020 Research ReportFull Reportin English was published

2335 CUBE SYSTEM: sales/profit/dividend rose last FY, aiming again for record profit this FY
・Last FY's results: sales and profit were below the Company's initial forecast, but results were solid as sales grew 2.7% YoY and O.P. grew 4.4% YoY. Due to an extraordinary loss, net profit decreased, but dividend rose by Y2. As business toward finance recovered, sales hit a record high. O.P. and R.P. came close to record highs.
・This FY's forecast: planning for 8.8% sales growth and double-digit profit growth. Will aim again to achieve record-high profit. Under the new president, it will focus on strengthening profitability management, digitalization businesses such as DX and AI, and proposal-based business. Point of interest: next medium-term plan.

20/3期本決算を対象とした フルレポートを掲載しました。

CUBE SYSTEM's FY 2020 Q3 Research ReportShort Reportin English was published

2335 CUBE SYSTEM:flat but solid Q3 results, 2-digit full-year profit growth still expected
In Q3, sales grew by 1.3% and O.P. grew by 2.1% thanks to recovery of business with the finance industry.The results are flat on a YoY comparison but solid compared to competitors.
Anticipating Q4 growth, no change was made to this FY's targets - 8.2% sales growth, 2-digit profit growth, and Y2 dividend hike. Aiming for record-high sales and profit.
Domestic-demand-related, defensive, stable growth stock. Valuation does not seem expensive. Key point: current and next FY's financial performance. Next FY, the president will change. Will focus on DX.
　　　　　　

2020/3期第3四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2020 Q2 Research ReportShort Reportin English was published

2335 CUBE SYSTEM:H1 sales/profit rose, plans record FY profit
This H1: sales +3.2% & O.P. +9.4% YoY. Recovering from loss in Q1. Strong sales, hitting H1 record high.
Sales & profit were slightly below initial targets due to costs from some unprofitable projects, but profit rose with greater sales & margins.
Unchanged full-year forecast: sales +8.2%, double-digit profit growth, record-high profit, and Y2 dividend hike.
　　　　　　

2020/3期第2四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2020 Q1 Research ReportShort Reportin English was published

2335 CUBE SYSTEM: sales up & profit down in Q1, unchanged FY forecast
In Q1, sales rose but profit fell due to unprofitable projects. Should watch the Company’s profitability in Q2 and onward.
With a strong pace in receiving orders, no change has been made to the full-year forecast that sales and profits will increase, dividend will be raised, and record-high sales/profits will be achieved.
Over the medium to long term, we expect a continuous rise in IT investments and a stable sales and profit growth of 8-10% per year.
　　　　　　

20202/3期第1四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2019 Research ReportFull Reportin English was published

2335 Cube System:expects record-high sales/profit & dividend hike this FY
Independent system integrator – specialized, mid-tier company.
Defensive, domestic-demand-related growth stock.
Annual growth rate for sales and profit over the past 18 years is approx. 6%. Strong long-term financial performance and stock performance.
In the previous FY, strong financial performance with consecutive rise in sales and profits. This FY, record-high sales and profits and an increase in dividend are expected.
Focused on the strengthening of the Enhancement business, acquisition of new customers, overseas development, and new business domains and technologies including AI, the cloud, and IoT.
Expecting a 6-10% annual profit growth rate over the medium term.

19/3期本決算を対象とした フルレポートを掲載しました。

CUBE SYSTEM's FY 2019 Q3 Research ReportShort Reportin English was published

2335 CUBE SYSTEM: Great Q3 as profit soared, plans share buyback
Excellent fundamentals maintained. For this Q3’s results, sales rose by 9% and recurring profit rose by 40%.
Results were along the Company’s plan, and its full-year plan made at the beginning of the fiscal year also seems achievable.
Large increase in sales for the consulting business and system development for manufacturers as well as cost control contributed to profit.
Share buyback was announced, positively affecting stock price.
We should keep watching this company as a domestically-oriented, defensive, and stable growth stock.

19/3期第3四半期決算を対象とした ショートレポートを掲載しました。

CUBE SYSTEM's FY 2019 Q2 Research ReportFull Reportin English was published

2335 Cube System: Great results, plans record-high FY2019 profit
Independent, mid-tier SI. Steady business expansion. Increases and record-highs in sales/profits planned this FY.
Over the medium term, steady double-digit annual growth expected for sales/profits.

19/3期第2四半期決算を対象とした フルレポートを掲載しました。

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