There is an increasing sense of undervaluation in the stock price of Being Holdings ＜9145＞, which operates logistics businesses and passenger businesses, etc. that specialize in household goods.

In the third quarter financial results for the fiscal year ending 2024/12, cumulative operating revenue was 22178 million yen, up 16.2% from the same period last year, and operating profit increased 19.7% to 1488 million yen, achieving record high operating income and operating profit. The breakdown of the increase in operating income in the logistics business is a well-balanced growth of +553 million yen for new operations, +1250 million yen for operations in the first quarter, and +1289 million yen for existing expansions. Consumption of household goods remained steady, and active cargo movements also contributed. As a result of analyzing data accumulated in the company's own comprehensive logistics system “Jobs” until now and thorough cost control according to predicted material volumes, it is possible to effectively utilize logistics resources such as starting new operations at existing bases while improving employee treatment, and (1) looking at the operating profit margin for the 3rd quarter (standalone), it has risen to 7.3%, an increase of 1.3 points from 2 years ago. (2) Operating profit margins have risen to 6.7%, an increase of 2.0 points since 2 years ago. Operating revenue for the full year was 29800 million yen, up 13.2% from the previous fiscal year, and operating profit was 2070 million yen, up 15.2% from the same period, and progress compared to the forecast for an increase in sales and profit is expected to be extremely smooth. The cumulative monthly operating revenue up to October is also up 15.6% from the same period last year.

Furthermore, the company plans and proposes logistics for customers, and develops a 4PL (Fourth Party Logistics) business that manages the entire supply chain by producing 3PL businesses to other companies in the same industry, centering on the 3PL (Third Party Logistics) business, which consistently promotes the construction of transportation/storage/packaging/cargo handling/distribution processing/information systems for the company and its customers. We are consolidating inter-site delivery, inventory management, inspection work, etc. carried out between manufacturers, wholesalers, and retailers into base logistics centers, and proposing, constructing, and operating “logistics without transportation,” which optimizes the whole through thorough rationalization of yard work processes and delivery operations. In addition, the company has developed its own comprehensive logistics system “Jobs,” and logistics DX is also being converted and visualized. As of the 2023/12 fiscal year, a total of 58 locations were operated, with 25 customer companies, and large customers were 2 companies, the drug company Aoki (3549) and Mitsubishi Foods (7451), accounting for about 45% of operating revenue in the previous fiscal year.

Going forward, the company will continue to invest management resources intensively in logistics specializing in household goods, and will focus on increasing the share of 25 existing customers. While considering expansion through M&A, we will expand contract operations in existing areas and aim to establish logistics bases nationwide over the medium to long term. Also, the function of “Jobs” will be expanded in the long term, and it seems that they are also considering expanding profits through sales of the same system. In addition, the company has been proactively responding to the “2024 logistics issue” since 2019, gradually lowering overtime hours for drivers, and aiming for 720 hours of overtime hours per year in the future. Wage increases have been implemented for all employees, including drivers, and issues such as labor shortages for drivers have no impact on the current situation. Shareholder returns aim to continue stable dividends over the long term while considering dividend payout ratio and DOE. Dividends have continued to increase continuously at the moment.