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2934 東証グロース(食料品)




(公開日 2022.12.16)


J Frontier(2934 TSE Growth)

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Expansion of business domain from mail order sales of health food and medical products to medical platform SOKUYAKU

1. Corporate Overview
Until now, J Frontier has focused on mail order sales of in-house brand of health foods and medical products, but the company is entering a phase of full-scale expansion of its medical platform service SOKUYAKU, which offers one-stop services ranging from medical institution search and online medical examinations to online dosing guidance and delivery of prescription drugs.

2. Financial Analysis
Although net sales rose steadily from fiscal year ended May 2017 through fiscal year ended May 2022, profits declined for two consecutive fiscal years owing to increased expenses for launching new products in fiscal year ended May 2019 and increased amortization of goodwill and expenses for responding to circumstances related to the pandemic in fiscal year ended May 2020.
With regard to financial indicators, the company's return on assets is between that of a medical-related platform operator and that of a mail order business selling health foods, cosmetics and other products.

3. Non-Financial Analysis
The source of the company’s intellectual capital is the experience and expertise it has accumulated in BtoC e-commerce. In the e-commerce business, the accumulation of experience and knowledge led to an increase in customers, which in turn resulted in the accumulation of further experience and know-how. SOKUYAKU is also seen to be expanding through a similar virtuous cycle.

4. Corporate Strategy Analysis
Issues to be addressed include the expansion of SOKUYAKU, making advertising investment more cost-effective and putting appropriate integrated management into practice for companies and businesses acquired through M&A.
J Frontier’s long-term aim is to create a SOKUYAKU healthcare economic zone. The company believes that SOKUYAKU has entered the expansion phase and it plans to invest strategically in the further expansion of the platform, while being aware it will incur a significant operating loss in fiscal year ending May 2023.

5. Analyst Evaluation
We acknowledge that SOKUYAKU is a competitive platform. We will closely monitor the results of strategic investments the company will make in fiscal year ending May 2023.











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