BRIDGE REPORT
(8860)

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Fuji Corporation Ltd. (8860)
Nobutsuna Miyawaki, President
Nobutsuna Miyawaki, President
Corporate Profile
Company
Fuji Corporation Ltd.
Code No.
8860
Exchange
Tokyo Stock Exchange, 1st Section
Industry
Real Estate
President
Nobutsuna Miyawaki
HQ
1-4-23 Habucho, Kishiwada-shi, Osaka
Year End
March
Website
Stock Information
Share Price Shares Outstanding Market Cap. ROE (Act.) Trading Unit
¥836 35,945,554 shares ¥30,050 billion 13.1% 100 shares
DPS (Est.) Dividend Yield (Est.) EPS (Est.) PER (Est.) BPS (Act.) PBR (Act.)
¥27.00 3.23% ¥118.23 7.07x ¥883.73 0.95x
*Stock prices as of the close on November 29, 2017. Number of shares issued at the end of the most recent quarter excluding treasury shares.
ROE and BPS are based on FY 3/17 earnings results; EPS is based on FY 3/18 earnings estimates.
 
Consolidated Earnings Trends
Fiscal Year Sales      Operating
        Income
Ordinary
      Income
Parent
   Net Income
EPS(¥) DPS(¥)
March 2014 86,363 5,806 5,660 3,261 91.13 26.00
March 2015 79,594 4,361 4,322 2,756 76.46 26.00
March 2016 90,726 5,441 5,298 3,430 95.18 26.00
March 2017 99,359 5,969 5,721 3,945 110.06 26.00
March 2018 Est. 106,000 6,600 6,300 4,250 118.23 27.00
* Estimates are those of the Company.
 
This Bridge Report provides information about the First Half of Fiscal Year March 2018 earnings results and other details of Fuji Corporation Ltd.
 
Key Points
 
 
 
Company Overview
 
Fuji Corporation Ltd. provides various real estate related services including sales of new and used condominiums and detached homes primarily in Osaka Prefecture (where the Company is based), between Osaka and Kobe, and within Wakayama City. Their main business is the sale of detached homes, albeit a built-for-sale type, that would maximize customer satisfaction by allowing for the "free-design home" regarding layout, specifications, etc. within the boundaries of Japan's Building Standards Act. Fuji also boasts of strengths in the development of properties where 50 to 200 homes are constructed in coordination with the surrounding environment and each other to provide uniformity in neighborhoods. The other main pillars of the Company's business include renovation and sale of used residential properties, collaboration with financial institutions for effective land utilization, sales of rental apartments for sale to individual investors, property leasing and management services, and custom housing.

Fuji boasts of unique knowhow developed in various businesses realms derived from its sales agency and detached home services. Furthermore, the complementary and synergistic effects that occur between its various business divisions allow the Company as a Complete Home Provider to respond with solutions that match the needs of home owners and residents in various geographic regions and times. Another strength of Fuji is local community-based management to match the time and place of the markets, and to maintain high levels of customer satisfaction by upholding the principles of "never ignoring customers after the sale" and "never ignoring customers after the completion of construction."
 
(1) Business Description
Residential Properties for Sale (31.1% of the First Half of Fiscal Year March 2018 Total Sales)
Sales of detached homes and condominiums are conducted in this business. A characteristic of this business is Fuji's ability to develop neighborhoods of new detached homes in 50 to 200 units that match the local neighborhoods, and to allow its customers to participate in the designing of the property. More specifically, these "free-design" homes respond to the needs of individual customers by allowing them to customize the layout and specification of the homes to suit their tastes and needs. Furthermore, new condominiums for sale are also included in the residential properties for sale business segment. Fuji halted the condominium for sale business in spring of 2005, based upon the outlook for a weakening in pricing due to declines in demand and increases in supplies. However, in the aftermath of the Lehman Shock, declines in land prices and improvements in supply and demand conditions in the condominiums for sale market led Fuji to restart the condominiums for sale business in February 2012. Another feature of Fuji is its focus upon condominiums and residential properties that are carefully selected (such as their convenient proximity to stations) and that are attractively priced for first-time buyers.
 
Housing Distribution (32.3% of the First Half of Fiscal Year March 2017 Total Sale)
Sales of refurbished used residential property called "Kaizo Kun" and the new detached homes (spec new homes) are conducted in this business segment. "Kaizo Kun" refurbished used residential properties are used residential properties purchased for renovation and sales. Fuji's unique knowhow is leveraged in local community-based management and manualized procedure for renovation. On the other hand, sales of small-scale newly constructed detached homes (spec new homes) has allowed the Company to satisfy a wide range of customer needs that could not be completely met with free-design homes and large-scale development projects. Yet, the Company will end that service henceforward and will switch to free-design homes.
 
Effective Land Utilization (20.7% of the First Half of Fiscal Year March 2017 Total Sale)
Contract construction for leased properties and sales of rental apartment for sale to individual investors are conducted in this business. Construction work is performed for construction of rental residential properties sold on a proposal basis and leverages Fuji's knowhow developed in its property leasing and management business. In addition, Fuji purchases lands and then constructs rental apartment buildings for sale to individual investor in this business. The highly price competitive wooden structure apartments called "Fuji Palace" were launched in November 2008, subsequently affordable rental apartments for seniors with nursing-care service, which are called "Fuji Palace Senior" as a means of differentiation. With regards to rental apartments for sales to individual investors, the price for apartments is roughly ¥100 million, and the demand for these types of rental properties remains strong as a fund management method.
 
Property Leasing and Management (15.6% of the First Half of Fiscal Year March 2017 Total Sale)
The fully owned subsidiary Fuji Amenity Services Co., Ltd. provides rental apartment structure management, tenant solicitation, rent collection and other management services, in addition to consigned management of condominiums. Superior rental and management related services not only act as stable source of earnings, but also provide opportunities to achieve high synergy with contract construction of rental income properties, sales of rental apartments for sale to individual investors, and sales of condominiums.
 
Custom Housing (0.3% of the First Half of Fiscal Year March 2017 Total Sale)
By leveraging the knowhow cultivated in the detached homes business, Fuji has successfully grown and marketed its services of reconstruction of existing detached homes and construction of new detached homes to land owning clients. This business has also grown to become the fifth cornerstone of its overall business.
 
(2) Strengths of Fuji Corporation
Strength as a Complete Home Provider
Knowhow in the realms of acquisition of land and building permits, design, construction and sales cultivated in the detached home services has allowed Fuji to develop a wide range of businesses including its used residential property sales, effective land utilization, rental apartment buildings for sale to individual investors, and property leasing and management, as well as to cultivate synergies between these businesses. Furthermore, its local community-based management has also contributed to cultivate synergies among these wide ranging businesses and achieve high levels of customer satisfaction in its real estate and related services.
 
 
Capabilities of the Refurbished Used Residential Property Business
The "Kaizo-kun" refurbished used residential property business was born from the fusion of knowhow cultivated in the residential property agency sales and renovation businesses, which were launched along with the start of the Company. Fuji maintains a unique business model that enables them to conduct the three main functions of the residential property sales process including "acquisition," "renovation," and "sales" of used residential properties. The Company also boasts of the ability to create used residential properties that match the needs of customers because of its creation of manuals regarding how to renovate homes and information gathering of local markets based on its local community-based management style. In addition, a service called "Fuji Home Bank" has been created where coordination with judicial scriveners is conducted to purchase properties in cases of conclusion of inheritance registration. This service also offers the convenience of paying the inheritance registration fees from the fees derived from the sale of properties.
 
 
Ability to Increase Returns by Proposing Effective Land Utilization
Fuji does not only provides the ability to propose effective land utilization, but also offers market surveys, planning, design, construction, and rental property management services to maximize its capability as a comprehensive real estate developer. Land purchases and sales, apartment and condominium reconstruction, legal and tax related services, and other various expert opinions and services are available as precise solutions to suit the needs of customers. As to its rental property management business, strict selection of land from the vast amount of real estate information is based upon meticulous market surveys conducted by its full-time marketing staff, and planning is carried out only when long-term and stable management is feasible. In addition, Fuji only purchases properties that boast of highly superior locations and other conditions to be turned into high yielding used real estate products. Moreover, Fuji proposes a bundled leasing system to property owners as a means of providing them with full "security, safety, and stability" in the rental property management service.
 
 
Business Portfolio Synergies
The real estate industry is hugely influenced by external factors such as the economic environment and changes in interest rates. To establish a business model that can withstand these conditions, Fuji Corporation has endeavored to build a business portfolio that can generate stable profits by providing diversified products and services. Looking at the sales composition during the last 5 years, residential properties for sale has previously accounted for more than 40% of total sales in the past. However, Fuji Corporation has been able to achieve a more balanced business portfolio as the three business segments, 1) residential properties for sale, 2) housing distribution, and 3) effective land utilization and property leasing and management businesses, now account for over 30%.
 
 
Medium Term Business Plan (From Fiscal Year March 2016 to 2019)
 
With regards to the current medium term business plan, Fuji Corporation maintains targets for sales and ordinary income of ¥102.0 and ¥6.0 billion respectively to be achieved by Fiscal Year March 2019, the plan's final year. Furthermore, this plan calls for the turning of the large development of detached housing projects and the restarted sales of condominiums, which had been curtailed due to weak supply and demand conditions, into earnings drivers of the residential properties for sale business segment. Moreover, the plan also calls for growth in used residential properties through the expansion in the sales regions in the housing distribution business segment, and securing of stable profits through strengthening of property purchases in the effective land utilization business segment. In addition to these strategies, efforts to grow earnings through sustained increases in managed properties will be conducted in the property leasing and management business segment.
 
 
Medium Term Business Plan Profit Assumptions
Achievements during Fiscal Year March 2016
Strong sales and profits were recorded during Fiscal Year March 2016 and they far exceeded the assumptions of the current medium term business plan. Fuji Corporation expected both free-design homes sales and property leasing and management sales to expand by large margins, and anticipated large increase in sales of the effective land utilization business on the back of increases in rental apartments for sale to individual investors. All of these business segments exceeded the Company's estimates, and the used residential properties sales also posted much better than expected sales.
 
Achievements during Fiscal Year March 2017
Both sales and profits exceeded the Medium Term Business Plan targets by large margins during Fiscal Year March 2017. Initially, increases in the number of deliveries of high quality and large scale residential properties for sale, in the number of units for sale due to an expansion in the sales region of used residential properties, and in the number of rental apartments for sale to individual investors allowed property leasing and management business to rise. In addition to these strong performances, higher sales pricing of used residential properties also contributed to the strong performance.
 
Plans for Fiscal Year March 2018
The start of deliveries of residential properties for sale of large projects in the Osaka and surrounding Hanshin regions, the restart of supplies of condominiums for sale, which had been halted, with the sale of units on a prime location in front of the Japan Railway Wakayama Station, and the delivery of rental apartments for sale to individual investors are expected to allow for growth in both sales and profits in the property leasing and management business. Sales of condominiums for sale located in front of Japan Railway Wakayama Station started a year earlier than expected in July 2016. Moreover, the Fiscal Year March 2018 estimates (Revised upward on Nov.27)call for sales, ordinary income and net income of ¥106.000, ¥6.300 and ¥4.250 billion respectively, and if achieved will allow Fuji to achieve its targets of the Medium Term Business Plan one year earlier than planned.
 
Plans for Fiscal Year March 2019
Deliveries of condominiums for sale in prime locations are expected to begin contributing to sales in the residential properties for sale business. The expansion of the sales territory for used residential properties services to Hyogo and Nara Prefectures is expected to contribute to growth in sales. Moreover, sales in the property leasing and management business are also expected to grow on the back of increases in subleases and rental apartments for sale to individual investors, and to expansion in property leasing and management and used residential property assets services. The delivery of condominiums of development projects has been brought forward by a year and some aspects of the plan are expected to change henceforth.
 
 
 
 
The First Half of Fiscal Year March 2018 Earnings Results
 
 
Sales Rise 2.0%, Ordinary Income Fall 28.6% from Previous Term
Sales rose by 2.0% year-on year to ¥48.831 billion. With regard to sales, a decline in deliveries of condominiums for sale caused sales of the residential properties for sale segment to fall, but an increase in sales value of used residential properties allowed housing distribution segment sales to rise, higher sales of rental apartments for sale to individual investors boosted sales of the effective land utilization segment, and growth in sales of managed rental properties caused sales of the property leasing and management segment to grow. Sales conditions within the market contributed to a 4.5% decline in orders for both condominiums for sale and land sales. At the same time, order backlog as of September 2017, which is a leading indicator for sales, rose by 7.3% year-on-year.

Ordinary income fell by 28.6% year-on-year to ¥2.285 billion. With regard to segment profits, higher sales of rental apartments for sale to individual investors allowed the effective land utilization segment sales to rise, and increases in managed rental properties contributed to an increase in sales of the property leasing and management segment to also grow. However, liquidation of properties with low profitability as part of aggressive efforts to improve the quality of the Company's inventory of used residential properties and declines in sales of the high profit margin new detached homes for sale caused the housing distribution segment profits to decline. Also, profits of the residential properties for sale segment also fell on the back of declines in the number of condominiums for sale deliveries. A decline in new detached home sales contributed to a 0.8% point year-on-year decline in gross income margins. Furthermore, higher anticipatory investments including expanses for advertising contributed to a 1% point year-on-year increase in the ratio of sales, general and administrative expenses to sales and a 1.9% point year-on-year decline in operating income margin to 5.0%. Consequent to these developments, operating income fell by 25.6% year-on-year to ¥2.444 billion. At the same time, declines in contract penalty fees caused ordinary income to decline by a larger margin than that of operating income. In addition, loss on tangible assets expanded from ¥1 million in the previous term to ¥9 million during the current term at the extraordinary level.
 
 
Sales and operating income of the residential properties for sale segment fell by 5.7% and 40.4% year-on-year to ¥15.210 and ¥0.845 billion respectively due in part to a decline in deliveries of condominiums for sale. Also, new orders fell by 14.0% year-on-year to ¥18.963 billion due to decline in condominiums for sale from 168 in the previous term to 47 in the current term, and despite a slight rise in custom designed homes from 400 to 452.

Sales of the housing distribution segment rose by 2.6% year-on-year to ¥15.758 billion, but operating income declined by 62.6% year-on-year to ¥271 million. The rise in sales is attributed to an increase in the sales value of used residential properties. At the same time, liquidation of properties with low profitability as part of the aggressive efforts to improve the quality of Fuji Corporation's inventory of used residential properties and declines in sales of the high profit margin new detached homes for sale caused the housing distribution segment profits to decline. Orders for used residential properties fell from 713 in the previous term to 681 in the current term, and the value of new orders fell by 2.4% year-on-year to ¥15.026 billion.

Sales and operating income of the effective land utilization segment rose by 7.4% and 22.6% year-on-year to ¥10.117 and ¥1.360 billion respectively on the back of increases in sales of rental apartments for sale to individual investors. However, new orders fell by 2.4% year-on-year to ¥12.276 billion due to a 3.2% year-on-year decline in new orders for rental apartments for sale to individual investors and despite a 59.4% year-on-year increase in new orders for consigned construction of rental properties.

Aside from the above mentioned changes, the property leasing and management segment saw both sales and operating income rise by 13.4% and 23.5% year-on-year to ¥7.606 billion and ¥703 million respectively. An increase in the number of properties managed was derived from the delivery of condominiums for sale in the residential properties for sale segment, and increases in used residential rental properties within the used residential property assets. In addition, custom housing sales and operating income fell by 47.4% and 83.6% year-on-year to ¥138 and ¥3 million respectively.
 
 
 
Sales during the second quarter of fiscal year March 2018 exceeded Fuji Corporation's estimates. And while sales estimates for the third quarter are only slightly higher than that of the second quarter, sales are expected to rise by a large margin during the fourth quarter due to the anticipated delivery of condominiums from a large condominium complex in Wakayama City (256 total units)
 
 
New orders during the second quarter of fiscal year March 2018 trended favorably and exceeded the Company's estimates. Estimates for the third quarter call for a decline to below the second quarter.
 
 
While there are some fluctuations in order backlogs, they are generally on a growth trend. Order backlogs at the end of September 2017 rose 7.3% from the end of September 2016.
 
 
Total assets rose by ¥11.139 billion from the end of the previous fiscal year to ¥126.012 billion at the end of September 2017, due in part to increases in cash and deposits, inventories, tangible assets, and short and long term debt. Within inventories, real estate for sale fell slightly from ¥23.28 billion at the end of the previous fiscal year to ¥22.25 billion in the current term, uncompleted real estate for sale rose from ¥21.02 to ¥23.19 billion, and real estate for development grew from ¥38.47 to ¥41.42 billion. Interest bearing liabilities rose by ¥11.728 billion, and capital adequacy ratio rose by 1.5% points from the end of the previous term to 26.1%.
 
 
With regard to cash flow, the margin of net outflow of operating cash flow expanded due to declines in accounts payable and net income before taxes. Increases in acquisition of tangible assets also caused the margin of net outflow of investing cash flow to expand. Consequent to these changes, the margin of net outflow in free cash flow also expanded. At the same time, net increases in short term debt and an expansion in the margin of increase in long term debt contributed to an increase in the margin of net inflow of financing cash flow. Also, cash and equivalents rose by 37.9% from the previous first half.
 
 
Fiscal Year March 2018 Earnings Estimates
 
 
Estimates Call for Sales, Ordinary Income to Rise by 6.7%, 10.1% Year-On-Year
Fuji Corporation revised its fiscal year March 2018 earnings estimates on October 27, 2017, and now expects sales and ordinary income to rise by 6.7% and 10.1% year-on-year to ¥106.0 and ¥6.3 billion respectively in the full year. This upward revision is based upon the outlook for increases in the number of deliveries of condominiums for sale, improvement in profitability of the property leasing and management segment, and earnings booked from homes with services for the elderly.

With regard to sales, termination of supplies of new detached homes for sale is expected to contribute to a decline in sales of the residential properties for sale segment. However, increases in condominiums for sale within the residential properties for sale segment and rental apartments for sale to individual investors in the effective land utilization segment are expected to contribute to increases in the stock based business of Fuji Corporation and allow the property leasing and management segment to undergo stable expansion. In addition, sales of used residential properties are expected to grow on the back of increases in sales pricing and despite only marginal increases the number of sales units arising from difficulties in procurement of properties because of higher purchase prices.

With regard to profits, the higher sales are expected to offset negative factors including declines in highly profitable consigned construction of rental properties and termination of supplies of new detached homes for sale, and expansion in anticipatory costs arising from hiring related activities and television commercials. The Company assumes that operating income margin will improve by a 0.2% points from the previous term to 6.2%.

Consequently, dividend payment forecast remains unchanged and call for a ¥1 hike from the previous term to ¥27 per share (Dividend payments of ¥14 and ¥13 at the ends of the first half and full year).
 
 
Within the residential properties for sale segment, sales of custom designed homes is expected to decline from 772 in the previous term to 731 in the current term, and condominiums for sale to rise from 110 to 252. Within the housing distribution segment, the number of used residential properties is anticipated to rise from 1,516 to 1,523 over the same period.

In the effective land utilization segment, sales of rental apartments for sale to individual investors are expected to rise from 104 in the previous term to 111 in the current term, and consigned construction of rental properties to decline from 51 to 44.
Supplies of new detached homes have been terminated and will be replaced by custom designed homes.
 
 
During the fourth quarter of the current term, deliveries of condominiums for sale of a large condominium complex in Wakayama City (256 units) are anticipated to accompany planned deliveries of custom designed homes. Consequently, sales and all levels of profits during the second half are expected to benefit from this concentration of deliveries.

In addition to the sales of ¥48.831 billion recorded during the first half of the current term, an additional ¥34.070 billion of sales are expected to be booked from the order backlogs that existed at the end of September 2017 and bring total sales visible at this point in time to ¥82.901 billion or 78.2% of the full year estimate. Consequently, the full year estimate appears to be a readily achievable target. Also if the visible sales of the property leasing and management segment, which is normally stable from October onwards, of ¥7.973 billion is also included, the achievement rate of the full year sales estimate rises to 85.7%. Consequently, Fuji Corporation only needs to achieve orders for sales of ¥15.126 billion or 14.3% of the full year sales estimate in its detached and used residential properties business during the remainder of the fiscal year, and the Company appears to be on course to achieve its estimates.
 
(2) Main Topics
Future Expansion of the Full Service Elderly Care Home Services
The Fuji Corporation Group has already started operating over 100 elderly care homes with nursing services nationwide since the start of its effective land utilization business in 2008, and now ranks as the second largest service provider in Japan. The Fuji Corporation Group announced in 2015 that it would begin operating 15 elderly care homes with nursing services over the course of the following three years to 2018, and has already acquired properties in the central and southern regions of Osaka for 13 new facilities. The Company also has plans to begin operation of 50 facilities on a consigned basis and 50 facilities on a self-owned basis to bring its total facilities to 100 over the next five years totally, and maintains sales and operating income targets for this business of ¥5.5 and ¥2.0 billion within five years. This new business is part of Fuji's strategy of creating a stable long term earnings structure that includes its "stock" based business.
For facilities which will be owned by the Group, the 100% owned consolidated subsidiary Fuji Amenity Services Co., Ltd. will newly acquire properties to be converted into elderly care homes with nursing facilities and conduct the leasing business for these facilities. Each facility entails a wooden structure containing between 30 and 50 rooms, on 200 to 400 tsubo (1 tsubo is equal to 3.3 square meters) of land.
 
 
"Dream Housing Center Opened" in Wakayama City
On September 16, 2017, Fuji Corporation opened the "Dream Housing Center" in Wakayama City as a new marketing facility for the sale activities for its custom designed homes. This facility was opened in Wakayama City to leverage its growing credibility and urban development knowhow in the region in its sales activities for custom designed detached homes
there. In the future, Fuji Corporation expects Wakayama City to be a stable operating area and this new facility to enable it to implement effective marketing activities in the region. The "Dream Housing Center" is a new type of facility that will allow customers to experience creating the homes of their dreams, and will display the most advanced interiors, exteriors and other home amenities. Home construction features will also be displayed to give customers a greater understanding of how homes are constructed. In addition, a special earthquake exhibit will also be available for customers to experience how Fuji Corporation homes can withstand the stresses of earthquakes. Furthermore, a special corner will also be created for parents and children to learn how to cook bread and where beverages will be served free of charge.
 
 
Shareholder Incentives Program Fortified
Fuji Corporation passed a resolution during its board of directors' meeting held on October 27, 2017 to fortify its shareholder incentives program. Until now, the program which gave shareholders with over 1,000 shares a Quo Gift Card for ¥1,000 has been expanded to include shareholders with between 500 to 1,000 shares. This program applies to shareholders who are recorded in the shareholder registry as of March 31, 2018, and the gift card will be mailed to shareholders upon the completion of the regular annual shareholders' meeting expected to be held during the latter half of June.
 
 
Conclusions
 
The increases in the effective land utilization and property leasing and management segments during the first half of fiscal year March 2018 allowed total sales to rise by 2.0% year-on-year. However, large declines in the housing distribution and residential properties for sale segments contributed to a large 25.6% year-on-year decline in operating income. While conditions for Fuji Corporation appear to be rather severe at first glance, at first glance deliveries of condominiums for sale from its large 256 room condominium complex in Wakayama City are anticipated to take place during the fourth quarter are expected to boost earnings during the second half of the fiscal year. This optimistic outlook is also supported by favorable sales and order trends which have surpassed the Company's estimates. In particular, the favorable orders for custom designed homes and increases in both sales and profits of the property leasing and management segment currently being seen point to the potential for expansion in earnings during the coming term. Also during the second half of current term, Fuji Corporation expects to expand sales of custom designed homes and condominiums for sales in the highly popular Nishinomiya and Sakai regions of Osaka. Furthermore, close attention should be paid to the Company's ability to capture high levels of orders to be delivered during the coming term, and to order trends in both the housing distribution and residential properties for sales segments to assess its ability to expand earnings in the coming term. In addition, close attention should also be paid to order trends in both the rental apartments for sale to individual investors, supplies of which Fuji Corporation has restrained temporarily, with a view to expansion in earnings in the coming term.

In addition, efforts to fortify the earnings structure through the expansion of the stock business in the form of the elderly care homes with nursing services will be required to further boost the reputation of this business in the market. Consequently, the deployment of the elderly care homes with nursing services business should also be watched closely.
 
 
<Reference: Regarding Corporate Governance>
 
 
◎ Corporate Governance Report
The company submitted its latest corporate governance report on November 13, 2017.
 
 
 
<Other>
In Basic Views regarding corporate governance, the company states that "it is crucial for the improvement of our business performance that the president himself demonstrates the management philosophy, business purposes, and code of conduct and the directors with excellent "capabilities," "enthusiasm," and "attitude" and great willingness to contribute to our company work in a complete solidarity toward the same aim in order to increase the shareholder investment value."
 
Disclaimer
This report is intended solely for informational 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) 2018 Investment Bridge Co.,Ltd. All Rights Reserved.
 
 
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