GUPPY’s（5127 TSE Growth）
＋English Summary on This Page
Boasting high competitiveness in its main revenue source of human resources services business for dental care professionals
1. Corporate Overview
GUPPY’s is engaged in the human resources services business of operating a job listings site specializing in the medical care, nursing care and welfare fields, as well as the healthcare business of providing a smartphone-based health management app. The company's job listings site for mid-career dental care professionals has been well-received by the industry for its use of pageview-based pricing structure with around 30% of dental clinics using the service.
The composition of net sales for fiscal year ended August 2022 was 89.2% by the human resources services business (70.9% for mid-career hires, 18.3% for new graduate hires) and 10.8% from the healthcare business.
2. Financial Analysis
Net sales increased by 27.0% per annum from fiscal year ended August 2017 to fiscal year ended August 2022 due to rapid growth in advertising revenue from its pageview-based pricing structure for mid-career dental care professional hires. Ordinary profit margin increased from 6.7% in fiscal year ended August 2018 to 26.2% in fiscal year ended August 2022 due to increased revenue.
GUPPY’s is more attractive than other similar companies in terms of financial security, profitability and growth potential.
3. Non-Financial Analysis
GUPPY’s source of intellectual capital lies in its ability to respond to the needs of dental clinics and its long-term connections with dental care professionals seeking employment.
4. Corporate Strategy Analysis
GUPPY's growth strategy is to expand the added value of its human resources services for dental care professionals, enter the industry’s peripheral business and grow the number of customers for its healthcare business.
5. Analyst Evaluation
Given the company’s results for the first two quarters of fiscal year ending August 2023 and its measures, we forecast a year-on-year revenue increase of 28.3% and an operating income increase of 29.5% in the fiscal year.
We forecast a year-on-year revenue increase of 26.0% and an operating income increase of 21.8% in fiscal year ending August 2024 and a year-on-year revenue increase of 21.7% and an operating profit increase of 20.8% in fiscal year ending August 2025, expecting an increase in net sales from its pageview-based human resources services business.
1. Corporate Overview
GUPPY’s is engaged in the human resources services business of operating a job listings site specializing in the medical care, nursing care and welfare fields, as well as the healthcare business of providing a smartphone-based health management app. The company's job listings site for mid-career dental care professionals has been well-received by the industry for its use of pageview-based pricing structure with around 30% of dental clinics using the service.
The composition of net sales for fiscal year ended August 2022 was 89.2% by the human resources services business (70.9% for mid-career hires, 18.3% for new graduate hires) and 10.8% from the healthcare business.
2. Financial Analysis
Net sales increased by 27.0% per annum from fiscal year ended August 2017 to fiscal year ended August 2022 due to rapid growth in advertising revenue from its pageview-based pricing structure for mid-career dental care professional hires. Ordinary profit margin increased from 6.7% in fiscal year ended August 2018 to 26.2% in fiscal year ended August 2022 due to increased revenue.
GUPPY’s is more attractive than other similar companies in terms of financial security, profitability and growth potential.
3. Non-Financial Analysis
GUPPY’s source of intellectual capital lies in its ability to respond to the needs of dental clinics and its long-term connections with dental care professionals seeking employment.
4. Corporate Strategy Analysis
GUPPY's growth strategy is to expand the added value of its human resources services for dental care professionals, enter the industry’s peripheral business and grow the number of customers for its healthcare business.
5. Analyst Evaluation
Given the company’s results for the first two quarters of fiscal year ending August 2023 and its measures, we forecast a year-on-year revenue increase of 28.3% and an operating income increase of 29.5% in the fiscal year.
We forecast a year-on-year revenue increase of 26.0% and an operating income increase of 21.8% in fiscal year ending August 2024 and a year-on-year revenue increase of 21.7% and an operating profit increase of 20.8% in fiscal year ending August 2025, expecting an increase in net sales from its pageview-based human resources services business.
概要（レポートから抜粋）
1．会社概要
・グッピーズ（以下、同社）は、医療・介護・福祉に特化した求人サイトを運営する人材サービス事業と、スマートフォンによる健康管理アプリを提供するヘルスケア事業を展開している。歯科職種の中途転職者向け求人サイトで適用している閲覧課金型の料金システムが評価され、歯科医院の約3割を顧客化している。
・22/8期の売上高構成比は、人材サービス事業89.2%（うち中途転職者向け70.9%、新卒求職者向け18.3%）、ヘルスケア事業10.8%となっている。
2．財務面の分析
・中途転職者向け歯科職種の閲覧課金型広告収入の急拡大により、17/8期から22/8期に掛けて、売上高は年率27.0%増加した。経常利益率は、増収効果により、18/8期の6.7%から22/8期には26.2%に上昇した。
・財務の安全性、収益性、成長性の面で類似企業に比べ魅力的である。
3．非財務面の分析
・知的資本の源泉は、歯科医院のニーズへの対応力と歯科職種求職者との長期的な繋がりにある。
4．経営戦略の分析
・同社は、歯科人材サービスの付加価値拡大や、歯科周辺ビジネスへの参入、ヘルスケア事業の顧客拡大を成長戦略としている。
5．アナリストの評価
・証券リサーチセンター（以下、当センター）では、23/8期の業績について、第2四半期累計期間実績と同社の施策を踏まえ、前期比28.3%増収、29.5%営業増益と予想した。
・当センターでは、人材サービス事業の閲覧課金売上高の増加を想定し、24/8期は前期比26.0%増収、21.8%営業増益、25/8期は同21.7%増収、20.8%営業増益を予想している。
