（6552） | Publish:Fri, Oct 27, 2017 IR「BRIDGE REPORT」

BRIDGE REPORT
（6552）

スタンダード

GameWith, inc. (6552)

President
Takuya Imaizumi

Company	GameWith, Inc.
Code No.	6552
Exchange	TSE Mothers
Industry	Business Services
President	Takuya Imaizumi
Address	Roppongi Hills Mori Tower 20F, 6-10-1 Roppongi, Minato-ku, Tokyo
Fiscal Year-End	May
URL	https://gamewith.co.jp/

Share Price	Number of shares issued (Excluding Treasury Shares)		Total Market Capital	ROE (Actual)	Trading Unit
¥2,795	8,200,000 shares		¥22,919 million	39.0%	100 shares
DPS (Est.)	Dividend Yield (Est.)	EPS (Est.)	PER (Est.)	BPS (Actual)	PBR (Actual)
¥0.00	0.0%	¥64.11	43.6 times	¥173.83	16.1 times

*Share price is closing price as of September 8.

Fiscal Year	Net Sales	Operating Income	Ordinary Income	Net Income	EPS	DPS
May 2014 (Actual)	7	-	-34	-34	-12,241.83	0.00
May 2015 (Actual)	389	127	124	94	12.83	0.00
May 2016 (Actual)	994	300	329	220	26.89	0.00
May 2017 (Actual)	1,581	657	654	465	56.78	0.00
May 2018 (Forecast)	2,070	787	785	527	64.11	0.00

*The forecasted values were provided by the company.
*The company conducted a 40-for-1 share split in Mar. 2016 and a 50-for-1 share split in Apr. 2017.

This Bridge Report spotlights GameWith, Inc., as listed in the Mothers of Tokyo Stock Exchange (TSE) on Jun. 30, 2017. The contents review financial results for the term ended in May 2017, provide an outlook for the term ending in May 2018, and feature an interview with GameWith President Imaizumi.

Key Points

Company Overview

GameWith, Inc. ("GameWith") operates a media business, offering game guides, reviews, community function, and video streaming. By providing articles and functions for playing games, the company attracts clients, and also provides advertisers with advertisement slots to earn revenue.

[Corporate history]

Originally started in an apartment unit in 2013, GameWith was founded during a time when the game-playing environment was moving from browsers to apps, smartphone games were becoming a sophisticated trend, and the need for game guides was growing. In June 2013, GameWith was established with the purpose of operating a video game information site under the belief that "players will be able to enjoy games more if there is a place where they can get necessary game tips and information."

In September 2013, the company's game information portal was released. Initially, it was a simple Q&A site in which users inquired mainly about game tips. In May 2014, GameWith established a full-scale system for producing walk-through articles, after which page views skyrocketed. In September 2015, the company started Game Review, and in September 2016 launched an advertising business related to live video streaming for game guides. In March 2017, the company began offering the community function.

GameWith, Inc. was listed in the Mothers of Tokyo Stock Exchange in June 2017, four years after its incorporation.

[Business Description]

GameWith acts as an intermediary between players and game companies by commercializing their needs. By providing articles and functions for gaming, the company attracts users and provides sponsors with advertisement slots to earn revenue.

Primary Services

The four main services offered by GameWith are Game Guide, which provides information to improve the users' game play; Game Review, which is a source of information for finding good games; Community, which enables game players to communicate with one another, and Video Streaming, in which exclusive and talented gamers stream their game play on YouTube. Users attracted to the game tips are led to such services as Game Review, providing opportunities to cross-sell services.

Game Guide

Through its Game Guide service, the company provides articles on game tips, predominantly for smartphone games. Through effective recruitment of players of popular games, training players as writers and methodically producing articles, GameWith developed a robust system for swiftly responding to events and producing high quality, game-related content.

A team of GameWith writers is created for each game title, where they complete games and write articles. Since there are multiple writers specialized in games producing articles, the company is able to offer high-quality tips for games. The company recruits gamers from the top 0.1%, educates and trains them after employment, developing them as writers through its in-housetraining system.

In May 2014, GameWith took action on the user feedback it received, and began to offer more accurate game guides. In May 2016, the company released a game tips app. By releasing the app version of the game guides that had previously been provided only on the website, users were able to utilize the contents of the company more easily. The app is built with an automatic matching function to find comrades in a game. As of the end of August 2017, the company released nine iOS apps and one Android app, and are planning new strategies based on corporate standards, including the number of users and page views.

Game Review

The Game Review service offers reviews that can motivate users to start playing different games. When information on a new game is released, the writers of GameWith publish reviews (note: for some games, video is produced in-house) Gamers can grasp the contents of new games prior to release not only by reading the reviews, but also receive notification of the release of each new game by using the prior registration function of GameWith.

In addition to the articles introducing games, Game Review provides unique ranking information and a comprehensive database of games which is excellent for quick reporting. By offering added values that are not in the app store, the company is implementing a differentiation strategy to search for games based on preferences.

Community

Provides the function to enable gamers to communicate after registering for free membership. It is aimed at increasing enthusiasm about games by connecting players who are playing the same game. The Community service leads to the vitalization of gaming media on the whole and increases its market value; in addition, Community supports game companies by tacitly encouraging gamers to play games for a longer period of time

Video Streaming

Initially, video streaming was used by game guide writers of GameWith to provide gaming tips in a clearer format. However, currently, it is used as a means to plan and disseminate attractive content to users through streaming live game-play videos. The cast for these videos is selected mainly from the company's team of Game Guide writers. Two of GameWith's strengths are finding and developing video streaming staff, and promoting games. This became evident as the number of video views increased in September 2016. As a result, GameWith began placing advertisements on these videos to generate revenue. The company also sells advertisement products that promote games and game products.

Earning revenue from online advertisements

GameWith earns revenue by selling advertisement slots for its network or tie-up advertisements utilizing the network to sponsors and advertisement agencies whilst offering content.

In network advertisement, GameWith earns revenue by selling its internet advertisement slots, as well as advertisement slots in video streaming and game guide apps through its advertisement distribution network.
The tie-up advertisement is produced through negotiation between GameWith and game companies, which are sponsors. The game companies order advertisement as part of their promotional activities aimed at boosting the popularity of game apps, increasing user retention rate.

The company introduces app games free of charge through its Game Review. Moreover, by receiving orders for advertisements from game companies, GameWith is able to offer game companies value-added services bundled with its advertising space (e.g. production, management, operation, etc. of banner advertisements; editorial advertisements including game trailers, and game guides). The system for tie-up advertisement was developed in the term ended May 2017, and subsequent promotional efforts are planned.

Financial Results for Fiscal Year Ended in May 2017

Sales and operating income grew 59.1% and 98.7%, respectively, up from the last term

Sales were 1,581 million yen, up 59.1% from the last term. The revenue from tie-up advertisements performed well, while the revenue from network advertisements increased due to the improvement in price per page view and the contribution of new services through various policy measures.

As for profits, although cost of sales increased 39.6% from the last term to 564 million yen (mostly due to increased labor cost augmentation from content writer and developer recruitment), gross profit rate improved 5.0 points from the previous term to 64.3%. Operating income was 657 million yen, up 98.7% from the last term, as sales growth offset the rise in SG&A expenses, including personnel expenses, recruitment costs (mainly for the staff of the management and advertising business sections), rent, advertisement costs, and remunerations paid (including consulting fees). Net income was 465 million yen, up 111.2% from the last term, because the tax burden rate dropped, although a stock issuance expenses of 2 million yen was posted in the non-operating expenses.

The term-end total assets were 1,815 million yen, up 604 million yen from the end of the previous term. Cash and deposits and net assets increased, as the company secured a free CF of 504 million yen, reflecting its favorable performance. On June 30, one month after the end of the accounting period, the company was listed in the Mothers of Tokyo Stock Exchange, and it procured funds amounting to over 282 million yen, through public stock offering (50 thousand shares) and third-party allocation of shares (110 thousand shares) related to over-allotment.

Financial Forecast for Fiscal Year Ending in May 2018

Sales and operating income are estimated to grow 30.9% and 20.1%, up from the last term.

Sales are projected to be 2,070 million yen, up 30.9% from the last term; the company is forecast to earn sales of 1,644 million yen from network ads and 346 million yen from tie-up ads, for which advertising slots, etc. are sold to mainly game companies (and 170 million yen from other businesses). As for network advertisements, the increase of target game titles will lead to sales growth, and price per page view is estimated to improve slightly.

Operating income is forecast to rise 20.1% to 787 million yen. As for cost of sales, it is estimated that labor costs and rent will augment due to the increase of writers and engineers, and server usage charges will grow due to the traffic increase because of the increase in services. As for SG&A expenses, total operating expenses are estimated to increase 38.7% from the last term to 1,283 million yen, as personnel expenses, rent, and remunerations paid are forecast to augment due to the increase of employees from the previous term. Stock issuance expenses for listing are included in non-operating expenses, while extraordinary income or loss is not expected.

Strategy

The strategy for the term ending in May 2018, in which the smartphone advertising market is estimated to grow, is twofold: to improve price per page view and make Community profitable. In the previous term ended in May 2017, the company succeeded in increasing price per view by strengthening advertisement management, increasing advertisement slots, and optimizing display methods. In the term ending in May 2018, the company will also aim to "Increase price per view" by taking these measures. To make Community profitable, the company will aim to monetize this service via advertisement. To achieve this end, GameWith will increase users by leading users of Game Guide, etc. to Community, adding new functionality to Community, and producing Community apps.

Interview with President Imaizumi

President Takuya Imaizumi is 28 years old, born on March 19, 1989. He graduated from the Faculty of Economics at Keio University, and became an engineer developing browser games. After graduation, he was appointed as Chief Technical Officer (CTO) of a game company for which he had served as an engineer, developing games during his academic years. However, that game company was dissolved in light of the change from mainstream browser games to the spread of smartphone apps. In June 2013, he established GameWith, Inc. for the purpose of operating and offering media game guides. The interview below offers Imaizumi's insights on the background, strengths, and growth strategies of the company.

[Acquiring IT skills to help with starting the business]

Firstly, could you talk about the background for starting the business? Having graduated from the Faculty of Economics at Keio University, I heard that you also have experience in developing games as an engineer.

Since I was a second-year college student, I had been hoping to establish my own company that would develop and offer original services. Since I was interested in the Internet, I thought of founding an IT firm, and that I would need to acquire engineering skills. However, there was no one around me who possessed engineering skills and even if I had found such a person, I would not have been satisfied with just observing their work. I hoped to take the initiative in developing IT services by establishing my own company, and so I started to develop engineering skills around my second year of college. In my third year, I was working as a part-time engineer.

Did you master engineering skills by yourself?

Yes. I think I spent half my campus life, including my part-time job, developing my engineering skills.

I heard that you were working as an engineer before establishing GameWith. Did you establish a predecessor company to GameWith?

I was in my fourth year of college. At an incubation event titled "Incubate Camp (joint management camp for entrepreneurs and investors)," which was organized by a venture capital, I came across a person who was planning to establish a game company. Around that time, the social game market emerged, and the platforms for browser games were growing. At first, I developed and offered IT services by myself, but could not think of how I could make my business continuously profitable, so I was not able to start up my own business. That was the time I participated in that incubation event. The person who invited me had experience as a producer in a game company and actually produced a hit title, having connections with illustrators and other key human resources.
Since I was working part-time as a freelance engineer, I worked with him casually and learned a lot by observing behind-the-scenes what was involved in game development. I was impressed that a newly released game achieved sales of over 1 million yen on its first day, thinking "Games are amazing!" and was attracted to the game industry. Just after graduating from college, I joined the company, with the hope to expand the company as much as possible and carry out my tasks responsibly in order to produce good results.

You achieved sales of over 1 million yen in a day?

Yes. Around that time, even a company that was only several months old could achieve sales of over 1 million yen a day, partially because the game market was growing rapidly. I felt strongly that it was important to do business that can go with the tide of the times in a growing market.

It seems that the business environment has changed, as browser games were replaced by smartphone games.

I became CTO after graduating from college in 2012. Around 2013, browser games started to lose steam, and the popularity of app games grew. Our game sales started declining, as game platforms changed from browsers to apps. Sales were dropping month by month, and our business was inevitably falling into the red. I thought "Even if we produce a new game, a browser game would not sell well" and "We have to produce an app game," and was aware that the required skills and personnel for app games were different from those for browser games. Browser games can be said to be web services rather than video games. On the other hand, smartphone games need to be developed in the same way as consumer games. Game development cost was augmenting, and the cost for releasing a smartphone game was about 100 million yen, while it only costs 20 million yen to produce a browser game. The current cost is much more.

Your experience is very real. We have seen companies produce several hit browser games, but face difficulties in getting their smartphone games on track.

Around that time, our company did not have sufficient surplus funds, and even if we had procured funds and released a game, it would have been difficult to make the game successful. It was considered satisfactory when only one out of five video games became a hit. Thus, it was a gamble to produce only one successful game because it was impossible to produce five successful games, and such a business cannot be carried out by a company that does not have sufficient funds. In these circumstances, we decided to dissolve our company in 2013 before it fell into the red.

After seeing first-hand the changes in the market and taking this into consideration, you decided to establish GameWith as a game-peripheral business that offers services to game players rather than directly developing games.

I thought that game development was best conducted by companies that have plentiful funds rather than by start-up firms, and expected that game companies would lead the market.

It seems you were able to calmly analyze the trends of the game market and accurately predicted its future.

I expected that the game market would grow because its content is very attractive. As the game market was growing, I pondered over what kind of business could be operated without developing games, and came up with the idea of a website for game tips. There were already some game guide sites, but most of them were for TV video games. Those who access game guide sites for TV games would have had to purchase a console first, followed by software. These are the two hurdles they face before accessing a game guide site. On the other hand, those who play games on a smartphone already have gaming hardware (smartphone) and can enjoy free games. As such, it would seem that there are more smartphone game players than TV game players. Smartphone games used to be inferior to TV-based games in quality, but I expected that the quality of smartphone games would become comparable to that of TV-based games in a matter of years. Accordingly, the smartphone game market has the potential for further growth. In addition, there were no strong players. That is why I established GameWith, with the purpose of developing a site that would attract game players with game guides, and adding functions to find new games and communicate with other gamers, to develop a gaming platform.

Since you have gained so much experience as well as gone through various hardships at the game company, what you have said is very easy to relate to, and your vision is clear. In addition, your market analysis is accurate. GameWith must have started smoothly, and has since got listed in the Mothers without significant hardship.

We have faced some hardships, but our business, GameWith, has developed smoothly as a whole. I made efforts to forecast the market trends accurately, and it is true that it progressed as I forecast to some degree. When our company entered the game guide business, there was only a small number of market players, and so we were able to ride the tide of market growth. As the market grew, new competitors emerged, but we took measures swiftly and implemented differentiation strategies, including the improvement of our services. More specifically, around 6 months after establishing the company we worked on the development of an organization for improving the quality of articles in order to differentiate our services. We recruited excellent gamers, trained them as writers, prepared writers' tools, brushed up our operations for streamlining our business and so on. I think that these efforts resulted in our significant success.
After developing an organizational structure, we diversified our services in addition to game guides. The current major services other than Game Guide are Game Review, Community, and Video Streaming. Community has just started, but already producing a domino effect with Game Guide, Game Review, and Video Streaming. I think that we developed our brand as not just a mere game guide website, but as a media brand that offers a variety of services.

I see. But, your company reminds me of mainly game guides. What is the current situation with Video Streaming and Game Review?

When I ask users how they heard about our services, most of them, especially teenagers, answered that it was through Video Streaming. From the viewpoint of increasing our popularity and performance, including revenue, Video Streaming contributed considerably to our services. Some users commented "I was using a game guide site without thinking and then noticed it was GameWith after watching the videos." and other users commented "I noticed that game players in the videos were from GameWith." Our company develops not only writers, but also game players for video streaming. Some game players trained by our company from scratch became top-class YouTubers in the gaming field.
Next, Game Review is a service for finding video games. Users are those who are looking for video games, so their attributes are obvious, making the advertisements effective. The users of our services mainly use Game Guide, but increasingly access Game Review. The synergy between these services is growing.

What is the growth potential of Community?

Community was started in March 2017, and is a service that is expected to create a market. We cannot mention exact figures, but this will become the core of our growth strategies. In the gaming industry, a culture in which gamers communicate with one another is still yet to be established. However, Community enables game players to further enjoy gaming and communicate with one another even outside of playing games. Game Guide is used only when game players get stuck. On the other hand, Community can be used casually whenever users want, even in their free time. By building up Community in this way, it is possible to seize usage opportunities. Considering the population of gamers in Japan, it can be said that our company has increased the number of users to the maximum. However, there remains significant room to increase the frequency and duration of contact. As the number of page views increases according to the frequency and duration of contact, the revenue from advertisement grows.

[Strengthening of existing services for further growth]

In the reference material regarding growth potential which was released when your company was listed in the Mothers of Tokyo Stock Exchange, it mentions the growth of existing services, the improvement of PV and ad reaction rate in Community, and new services as growth strategies.

I think it will take 2 to 3 years to start a paid membership service, which will be one of our new services. Our company earns revenue from enterprises, ad agencies, etc. and has not established a business model for receiving revenue from users. We plan to offer new added value to fee-paying members, rather than just changing our free-of-charge existing services to paid ones. To do so, we need to add direct merits that would motivate users to by pay to use them. We would like to start paid services after developing a system for providing fee-paying members with exclusive items, monetary merits of discounting 10% from in-game charges, etc. as direct incentives.

How do you plan to strengthen your existing services?

Specifically, we will raise the price per view for network advertisement and enhance ad promotion through Game Review and Video Streaming.
The improvement in price per view would increase sales considerably. The price per view has already increased since revision to the advertisement management system.

As for Game Review and Video Streaming, I think there is considerable room for increasing revenue from advertisement. For example, the revenue in Game Guide is from network advertisement, in which advertisements are automatically distributed with the advertisement technology. On the other hand, Game Review and Video Streaming earn revenue from tie-up advertisement, in which we conduct sales promotion face-to-face with game companies. For this, the sales division needs to carry out organized, down-to-earth sales activities. Previously, the sales division of our company lacked manpower, and did not conduct organized sales activities. Respective divisions used to sell easy-to-sell items without allocating budgets to Game Review and Video Streaming, but this term, we have started to allocate a budget to respective divisions that produce content, so that they will commit themselves to sales goals. Since there was demand, we could have sold our items, but we did not perform well. This term, we will perform well.

In addition, I think that setting sales goals for each division that produces content would not only enhance their commitment to revenue, but also produce other effects. For example, product development has been conducted by the sales division so far, but from this term, respective divisions will develop products to meet demand. The performance of tie-up advertisement is determined by selling methods and proposals, and so the reform of the sales system would contribute considerably to our revenue.

I see. You have developed an organizational system for differentiating your services, but you have just worked on the system development for sales activities. On the other hand, is it possible to raise price per view as you had hoped?

According to the reference material used in the briefing session, I think that it is possible to raise it up to around 200, considering the results for the previous term ended in May 2017. If it reaches 200, it will be double the price at the beginning of the year. So far, we have concentrated on improving users' experience, and the system for increasing unit price for advertisement is not sufficient. That system has finally been developed, and we are now able to raise the price per view. The reference material for the briefing session states "strengthening of the operation system" as a measure for raising price per view. As a matter of fact, it can be said that we did not have an operation system up until now. We have so far entrusted an external ad company with the operation of network advertisement, but in January this year, we developed a system, and at present, our five-member team operates the advertisement based on PDCA.

As a result, the problems with our network advertisements were clarified, and we took some measures. For example, there were no advertisement slots in some spaces where advertisements should be posted. Without advertisements, we cannot earn revenue from pay per view. At present, we use the advertisement networks of multiple companies, but we plan to take advantage of the competition among networks, by prioritizing high-performing networks (with high price per view) after measuring the performance of each network per unit time.

Your business is apparently very stable, but it seems that there are many obstacles to overcome for growth. Your business is developing in a good direction, which is an attractive point. This may be an abstract question, but what kind of company do you want to develop in the long term?

I hope that GameWith will become the infrastructure for games, which will be linked to all kinds of game-related businesses. At present, we attract users with Game Review and Video Streaming, and retain them with Game Guide and Community. From now on, we hope to expand the range of our business activities. One possible business idea is to offer game-related personnel services, with which we would be able to foster win-win relations with game companies. In the game industry, we are merely serving as the media, and there are many fields where we do not conduct any business in which we could do business.

I see. Since your company attracts many users and accumulates a large volume of data on video games, I think that there is significant room for business expansion and opportunities to exert synergetic effects. Lastly, please give us your opinion about the returns to shareholders and a message to shareholders and investors.

At present, our company is at the stage of investment for growth, and we need funds for operating a broad range of businesses. Therefore, we would like to return benefits to shareholders through our corporate growth rather than dividends. We would appreciate their understanding.

Your company has stable cash flows and a highly liquid financial condition, and is going to experience an accelerated growth rate after being listed in the Mothers. Please give a message to shareholders and investors.

As our company operates a game-related business, we have developed a portfolio for the entire gaming industry. Accordingly, we have linked our business performance to the growth of the entire gaming industry, rather than individual games. We will keep offering enjoyable content for gamers and support game companies, to contribute to the growth of the game industry. We will continue to improve our corporate value to meet your expectations. We appreciate your continued support.

The game market is thought of as one that changes rapidly, but your company operates a platform business rather than game development. We need to understand that difference. The app game market, in which your company conducts business, is expected to keep growing, and the smartphone market is estimated to expand further. In these circumstances, your company has developed the system for Game Guide, your core service, and has already begun diversifying your services. We also understand that your company has recognized certain issues and is working on addressing these issues by improving network advertisement and meeting the demand for tie-up advertisement. Whilst you are close to resolving some issues, there is still considerable room for growth.

Thank you very much for your valuable time and detailed explanations today. We hope that you, President Imaizumi, and GameWith will flourish and advance further.

Future Considerations

GameWith was listed in the stock market as early as four years after its establishment. The company has enhanced the reliability of media that specializes in game tips, so that more users can utilize its services. From here on in, the company plans to expand earning opportunities and enhance its profitability in game-related fields in parallel with taking measures to its existing businesses. We initially thought that this company was well developed although it is still only four years old, but it was found through the interview, that the strengthening of profitability is still required. We expect that the company will seize earning opportunities and flourish.

<Reference: Corporate Governance>

◎ Corporate Governance Report

Updated Jun. 30, 2017

Basic policy

Under the motto "Create a more enjoyable gaming experience," our company is working to establish a system which is robust and transparent, where rapid decision-making is made possible, as well as strengthening our internal control including stricter compliance and risk management, in order to develop a system of business operation to provide an optimal environment for all people and companies involved in gaming. Through these measures, we will strive to further enhance corporate governance and maximize our corporate value.

Our company follows all of our corporate governance codes.

[Principle 1-4 The so-called strategically held shares]
Our company may hold shares of other companies as a means to maintain or improve our transaction and cooperative relationships. The basic requirement for holding such shares is that these strategically held shares are expected to increase our corporate value, and they will be considered based on the possibility that they will maintain and strengthen medium to long-term cooperative relationship between the issuing company and our company, facilitate a transactional relationship, and create or develop business opportunities.
Regarding the voting rights arising from the strategically held shares, each resolution in question will be considered for its contents and its medium and long-term influences on increasing our corporate value, and the deciding authority as stipulated in the "Regulations of Administrative Authority" will make the decision, after comprehensively considering if the issuing company 1) possesses the objectives and businesses that are in line with our company's policy for strategically held shares, 2) discloses information of its corporate activities regularly and appropriately, and 3) possesses the business foundation that enables continuous growth.

[Principle 1-7 Transactions among parties concerned]
When the directors of our company perform a transaction that may constitute a conflict of interests, such a transaction shall be approved by the board of directors in accordance with laws and regulations as well as the rules governing the board of directors, so that such transactions are kept under appropriate observation. Additionally, should such a transaction that may constitute a conflict of interest be performed, the important facts shall be appropriately disclosed pursuant to laws and regulations.

[Principle 5-1 Policy on constructive dialogue with shareholders]
Our company operates a system that ensures continued constructive dialogue with shareholders from the mid and long-term viewpoints, regarding such matters as corporate governance, business strategies, capital policies, business results and financial condition, and service contents and its risks, in order to maintain the continuous growth of our corporate values and to build a strong relationship of trust with our shareholders.

- Dialogue with shareholders are supervised by the president, while individual interviews are held by the head of corporate planning, in consideration of purposes and effects of such meetings and the attributes of the shareholders, and the attendees for such events are carefully selected including the potential attendance by the president and the executive administrative managers, where the strategies are discussed in depth beforehand.
- Our Investor Relations (IR) staff collects necessary information from each section within the company, especially the business and management sections, and develops explanations that are easy to understand through close internal cooperation in order to enrich our dialogue with shareholders.
- Our company continues activities to deepen understanding of shareholders regarding management policies, corporate governance, strategies, and the present condition of businesses.
- For dialogues with our institutional investors, our company holds individual interviews as well as financial results briefings, held each half term. Additionally, through the page dedicated to shareholders and investors on our website, we disclose information of such events to individual investors as well as hold company information sessions for individual investors.
- When the interests and concerns of shareholders emerge through dialogue with them, they will be duly communicated to the management (heads of departments or higher) and are reflected in our business analyses and the examination of our methods of information disclosure.
- In the course of dialogue with shareholders, insider information is appropriately controlled in compliance with internal regulations.
- Our company has set aside a "silence period" in which we do not engage in dialogue concerning financial results.

Disclaimer

This report is intended solely for information purposes, and is not intended as a solicitation to invest in the shares of this company. The information and opinions contained within this report are based on data made publicly available by the Company, and comes from sources that we judge to be reliable. However we cannot guarantee the accuracy or completeness of the data. This report is not a guarantee of the accuracy, completeness or validity of said information and or opinions, nor do we bear any responsibility for the same. All rights pertaining to this report belong to Investment Bridge Co., Ltd., which may change the contents thereof at any time without prior notice. All investment decisions are the responsibility of the individual and should be made only after proper consideration.
Copyright(C) 2017 Investment Bridge Co., Ltd. All Rights Reserved.

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