Minsetsu x Logmi Finance co-hosted webinar (Day1)

For After-Corona
What is the ideal online financial results briefing talked about by institutional investors × Minsetsu?

Minsetsu x Logmi Finance co-hosted webinar (Day1)

Date: June 10, 2020
Number of participants: 531
Mr. Go Saito, Portfolio Manager, AXA Investment Managers
Mr. Yuki Nakayasu, CEO, Minsetsu, inc.
Mr. Yohei Akimoto, Division Manager, Logmi Co., Ltd. Logmi Finance
Day 1) Institutional Investors Wanting to Bring Earnings Briefings Online?

  • Advantages and disadvantages of various methods of holding financial results briefings
  • How did you handle the financial results briefing period in May 2020 ?
  • The ideal IR for a company


Mr. Yohei Akimoto (Akimoto):
Ladies and gentlemen, Hello. Now that it’s time, we’ll start a webinar “Day 1 Institutional Investors Want Online Financial Results Briefing?” co-hosted by “Minsetsu x Logmi Finance”. My name is Akimoto from Logmi Co., Ltd. Thank you.
From around March of this year , many financial results briefing sessions were canceled due to the influence of the new coronavirus. Meanwhile, some companies have turned online and turned a pinch into an opportunity by reaching many investors. However, it seems that many companies did not proceed due to fears such as “Will investors accept online?” and lack of know-how to hold the event.
So, in today’s ” Day 1 Institutional investors want online financial results briefing?”, Mr. Saito from AXA Investment Managers gave a presentation, and from the perspective of institutional investors, various methods of holding financial results briefing, I would like to ask what you have done during the concentrated period of the financial results briefing session in May this year.
Then, one week later, on Wednesday, June 17, next week, as a sequel to today, the person in charge of the company that actually used the online tool at the financial results briefing will be present and a more specific story on going online I hope you can visit. I hope that you can watch it along with today’s content, making online online more realistic for everyone.
After that, in the first half of 30 to 40 minutes, we will talk to Mr. Saito and Mr. Nakayasu, and during the remaining time, we will use the raising function of “Zoom Webinar” and ask questions from everyone. I hope we can accept it.
I think that there are some points that I can not reach because I am unfamiliar, but I would like you to be a teacher when you go online. Mr. Saito, Mr. Nakayasu, thank you.
Mr. Yuki Nakayasu (Nakayasu): Thank you.
Mr. Go Saito (Saito): Thank you.
Nakayasu: Instead, I will proceed. Currently, there are about 300 viewers . With pre-registration, there are about 500 people, but I think it will cost about 2 million yen to hold a seminar for 500 people. This time it will be held at “Zoom”. How much does it cost?
Akimoto: With a maximum audience of 500 viewers, the cost is 20,000 yen no matter how many times a month it is held.
Nakayasu: If we hold quarterly financial results briefing sessions, it would be extremely difficult to secure a venue, and it would be fairly easy to hold due to the considerable cost involved, such as having operating staff and preparing materials.


17:00〜17:30 Voice of institutional investors

  1. How to work this final season
  2. Which format was good for the financial results briefing?
  3. Pros and cons of online financial results briefing
  4. Companies that were good and impressed by the online financial results briefing
  5. Requests to IR staff for online financial results briefing

17:30〜18:00 Q&A

Today’s speakers

Mr. Go Saito
Portfolio manager
Framlington Equity
AXA Investment Managers
Mr. Yuki Nakayasu
Minsetsu, inc.

Nakayasu :
Once again, Saito-san, thank you.
Saito : Thank you.
Nakayasu : As I explained earlier, I would like to ask you a question for 30 minutes, and then I would like to receive your questions.
Nakayasu : Mr. Saito originally joined Daiwa Securities and was also enrolled in JP Morgan Securities and SMBC Nikko Securities, and came to Start Today (now ZOZO ). In addition, after being experienced operating companies and sell-side, joining AXA Investment Managers last year. I hope to hear about various stories from three perspectives: sell, buy, and IR.

Q1. How to work in the final settlement season

Nakayasu : First of all, I think that the work styles were considerably limited by the effects of the new coronavirus in March, April, and May, but what kind of work style did Mr. Saito have from this March to May?
Saito : As for the company, that is still the case, but in mid- April, we completely shifted to ” Work from Home “. Until about mid- April, I was able to go to briefing sessions and interviews, but since then I have moved online such as videos and telephones, there are no briefing sessions now, but basically all interviews ” Zoom ” we use.
Even on the sell side, the security was the most severe at the time of the briefing season, so it was very common that ” Zoom and YouTube can not be used. Only by phone or Skype “, but now it is gradually becoming global. With the approval, it seems that more and more ” Zoom ” can be used.
In particular, after going out self-restraint regulations are relaxed, while basically consultation, we are in the form of “I will go if you want to meet face-to-face”, but many IR people are still working from home. So often have meetings where people connect from home to home.
Nakayasu : sell-side also do home often now?
Saito : Probably everyone knows that sell-side is basically a workaholic. Many people who say  “I’ll go to office because I’m free at home” even if they say “Stay Home” isn’t it? Even if I talked to the sales people of each company, I used to say that there were many senior analysts who came, even if they said they didn’t have to come to the company. It seems that there is a command that you should not go to the office more than top-down, and I hear that “Many people work at home because they cannot compulsorily go to the office.”
Nakayasu : It was basically that sell-side was relatively in the office, and buy-side and IR were at home. But have sell-side been starting to stay home too these days?
Saito : That’s right.

Q1. Working style in the final settlement season ~Holding format of financial results briefing session~

Nakayasu :We post information on financial results briefings for each listed company on our website. The left side of the slide shows the last year’s holding format, and the right side shows this year’s holding format. Until last year, 96 % of the final accounts were held at the venue . I wrote that the percentage of venues held this year is 26 %, but there are still undecided things, so I think that it will probably decrease considerably from now on. Telephone conference is 50 % and live distribution is 24 % . I think that there were a lot of Telephone conference and LIVE distributions in this year’s final settlement . Did Mr. Saito participate in all?
Saito : We didn’t go to the venue, but LIVE and Telephone conference participated.

Q2. Format that was good at the financial results briefing

Nakayasu : Let’s move on to the next question. Which format did you like the most because you participated in various financial results briefings this time?
Saito : I can’t go out, so I think LIVE was the best. However, it’s difficult to say that this is basically the season for final accounts, so I think it would have been better to have seen the management face on LIVE . I think it depends on the fiscal year end, but this is the first quarter for the December settlement, so if you are not used to it, I think that it is OK to call instead of LIVE . However, the basic was that LIVE was the best.
Nakayasu : Telephone conference What about?
Saito : Since there were many companies that couldn’t enter the video on the sell side yet, I think the companies I was listening to were mostly doing both video and phone as a set. Then I choose LIVE .
In the case of telephone calls, I think that there were many two- step operations, such as telephoning on the night of the announcement of financial results so that the video of the event being held at the real venue could be shown. As usual, isn’t it?
Nakayasu : On that day, you would announce your financial results at about 3 o’clock, and there would be a telephone caller from 17:00 to 18:00 on that day, and would you like to hold a financial results briefing session the next day at noon or in the morning?
Saito : That’s right.

Q2. Good form at the financial results briefing ~Questionnaire results~

Nakayasu : I took a questionnaire to us in advance for members of the “Minsetsu,” but, LIVE delivery accounted for about half. Twenty-four percent said that either live or telephone conference be used , and I thought that all the venues would be switched, and as Mr. Saito said today, there were also voices who wanted to see it live, and it was 9 percent.

Q3. Pros and cons of online financial results briefing

Nakayasu : Could you tell us about the good and bad points of each?
Saito : The best thing about LIVE is that you can listen a lot. Normally, you wouldn’t have to move from Marunouchi to Yaesu and back from Yaesu to Marunouchi again in 5 minutes or 10 minutes, so you can go to the next venue as soon as you switch lines. I think that is the biggest thing.
When I was busiest, I probably had about 3 lines open at the same time. You can hear only the opening president’s story, or you can see only the president’s complexion because you don’t need the sound. Also, there are no specific sectors especially on the buy side, and there are dozens of companies during the busy season, so I usually have a hard time deciding where to go. It may be annoying to the people of the operating company, but it is a good point such as LIVE that you can go there and here and there in time .
Nakayasu : Is there anything wrong?
Saito : In some cases, it became a little unstable depending on the line, and in some cases, the question and answer was received in the text, and it was delayed. For example, it’s nice to say “Please send a question while talking now”, but at some companies , after the president gave a presentation for about 30 minutes at LIVE , “I will enter the question and answer time, You can ask a question,” and then put a 5- minute intro. I think this is the first time for most companies, so I think it’s a matter of getting used to it, but it’s a bad thing to say.
Nakayasu : After all, is the Q & A that is the form of text making the main thing?
Saito : Basically, there were two patterns : send by text or answer by phone if you want to ask a question . Personally, I thought that texts would be much easier to do in practice.
Nakayasu : Why is that?
Saito : It’s a good idea to keep your viewers from seeing questions. Ordinary Q & A , for example, asks analysts what they want to hear, rather than asking the same questions in the same flow. Can be put together.
I think it’s in every sector, but isn’t it just a question that sell-side analysts want to talk about? All that is removed, so pure questions come up.
Also, I think there are some areas where questions can be asked easily. For example, I usually don’t ask the buy side normally, but I feel that the text makes it easier to ask questions.
Nakayasu : In that case, will the name appear?
Saito : There are some places that do not put out. I think it’s okay to divide by the stance of the company, but I basically don’t care who it is. Also, regarding the problem that I asked a question but did not answer, I think that it is enough to say that at the very beginning, “I will answer each question that I could not answer due to time constraints later” I will.
In addition, I think there are companies that do not often ask questions, such as always ending with two questions. This may be a bit of a “trick”, but you can also say the FAQ like a question if you don’t make the question visible to anyone . I think it will be a lot more controllable if you ask a question and say what your company wants to say. When I talk about it when I was in a business company, I think that “ Text ” are easy to do in that sense.
Nakayasu : If you know what other people want to ask in advance, you don’t have to ask similar questions again.
Saito : That’s right.

Q3. Pros and cons of online financial results briefing ~ Questionnaire results~

Nakayasu : We also conducted various questionnaires on this, but as Saito said, it is absolutely impossible to have three in a real venue, so it is a big thing that traveling time is unnecessary. Also, it was relatively good because you can see the face of the owner clearly on the LIVE distribution.
The bad thing is that the line is unstable, and I think it’s surprising that the Wi-Fi environment at home is not in place. Also, as I mentioned earlier, it’s security.
Saito : As for security, as a result of the increase in the number of places holding “ Zoom ” in this way, we have decided that each company is OK because it will not be possible to work unless “ Zoom ” is permitted . In that sense, if everyone permits it, this point will be fine.
Nakayasu : In terms of the four axes of sell and buy, domestic and foreign capital , where is the most secure?
Saito : Domestic cells are the toughest.
Nakayasu : Where is the loosest?
Saito : Is it a hedge fund?
Nakayasu : Certainly, I think you can respond in any format.
Saito : That’s right.
Nakayasu : AXA Investment Managers What about?
Saito : We have been conducting internal and global conferences all with ” Zoom ” from an early stage , so there is no problem with ” Zoom “, but we still cannot do ” Google Meet ” and ” YouTube “.
Nakayasu : What about Microsoft ‘s “ Teams ” ?
Saito : I can’t even do ” Teams ” from the company.
Nakayasu : That’s surprising.
Saito : We are currently working on telework, so I am free, but I think that there will be security restrictions if we come to the office in the after corona, for example.
I think the buy-side isn’t too strict about bringing in my own device, but when it comes to the sell-side, there are things like banning my laptops and tablets, so I think that might be a bottleneck.
Nakayasu : Certainly That’s right. Also, it is quite a lively voice that the telephone bill is charged on the telephone. I understand very well.
Saito : I hope the company will pay this much.
Nakayasu : 1 to is the hour, yet the coverage is 50 companies, 100 is very and become in such companies. Some companies, such as BlackBerry , provide mobile phones and others do not, and sometimes you can call from your home landline phone, and nowadays some homes do not use your landline phone.
Saito : Young people, right?
Nakayasu : That’s right. It seems that some things have to be carried out with a mobile phone. I still for such a long time, to Telephone conference it is common, the 1 quarter, the first 3 quarter I think there is also a company called Telephone conference.
Saito : There are many.
Nakayasu : It has been quite a lot since olden times. Telephone conferencing provides a more stable connection than LIVE distribution, and I think many investors are accustomed to entering.

Q4. Companies that were good/impressive at the online financial results briefing

Nakayasu : Is there any company that you were happy with at the live or conference call you attended?
Saito : M3, Inc. is particularly popular including myself.
I asked Mr. Tanimura, the president of M3, to give me a video that is not posted on the website.Originally M3 holds webinars for medical providers and has a studio. First of all, the image is very beautiful. You can understand Mr. Tanimura’s expression well. The combination of materials and images is properly made.
(Video is played)
Q&A was accepted over the telephone line, so I was exchanging with voice like a normal information session.
Nakayasu : (while watching the video) Is this a question and answer session?
Saito : That’s right. I am displaying the page that applies to the question.
Nakayasu : Is this on the phone?
Saito : Regarding Q & A , most of the questions are answered by phone.
Nakayasu : Where is the venue?
Saito : This is an M3 studio in Kodenmacho. By the way, M3 seems to have received very good feedback from investors. There are about 130 to 140 people in the survey, and about 90 % of the survey respondents said that this method is better. Mr. Tanimura said, “If there are people who want to use it at other companies, I will give it at all.” “It is okay if you come to the studio, but it is okay if not,” Mr. Tanimura said, so if you are interested, please go to M3. Please contact us.
Other than that, I think the user base was pretty good. It was held using ” Zoom “, but it was really nice to ask questions using a service called ” sli.do ” and completely “visualize” using the ones with audience interaction . It was interesting that it could move interactively.
Nakayasu : Besides, people who like “I want to hear it” can vote.
Saito : When someone asks a question and clicks on it, the one with the most likes comes to the top. So, for example, even if 100 people participate , even one person who asks , Just press “I want to hear it” to know the heat of the participants. I think it was interesting to have a method of prioritizing and answering concentrated questions. The company side can immediately understand what kind of place they are interested in, so I thought it was good.
Nakayasu : ” Zoom ” while held in ” Sli.do do you use?”
Saito : “ Sli.do ” itself can be used in combination with “ Zoom ” and “ YouTube ”. I haven’t touched it in practice, but I think it was interesting.
On the other hand, I think that there were many people who were confused when the IR company , a securities company, switched to it by saying, “I prefer the video this time.
Nakayasu : Is that true?
Saito : To be honest, there was something sponsored by a certain retailer that the audience could not connect for about 40 minutes , not because the audience could not enter.
Nakayasu : That is miserable.
Saito : It’s my first time, so I’d like to think that there’s nothing I can do about it, but I thought it was faster to hold it at Zoom . In that sense, this company was impressive.
Nakayasu : Since ” Zoom ” this time is a ” Zoom webinar”, the viewers can basically set it to mute on the management side, but in the format that the viewer can also speak, the voice can be heard all the time during the seminar. However, even if the management side said, “I’m sorry, I don’t know who, please turn off your voice.” However, the person did not know that he was himself, and the sound was leaking as it was I’ve heard of
Saito : In some cases, if a business operator entered, the business operator could understand who is on which line and deal with that person individually. However, you can force mute it with the Zoom Webinar. I think you mentioned at the beginning, “How much does it cost to hold the event?” From a sensory point of view, there is no big difference between ” Zoom “, ” Teams ” and ” Google Meet “, and I think it is necessary and sufficient.
Nakayasu : At first, ” Zoom ” was very stable and the rest was not so stable. Especially, ” Google Meet ” was not so good in the hangout era, but recently ” Google Meet ” was also stable . The image quality and sound quality seem to have improved.

Q5. Requests from IR staff regarding online information sessions

Nakayasu : Do you have any request for IR staff regarding the briefing session ?
Saito : In this time, we suddenly changed from holding the venue to online holding. For example, on “Minsetsu”, there were reports that “the venue was canceled” and “the venue was changed to online”. Even so, in principle, there are many cases where “contact the person in charge of IR ” to ask about which method to hold, and there is a place where we could not respond flexibly.
If you are receiving a business card, you can make an inquiry immediately, but if not, it will be “Where should I contact?”. If there is a contact on the company’s “Minsetsu” page, ” Please contact ◯◯ in charge of IR “, I would like to contact there, but if not, it is rude, but we are Since I will decide whether or not to participate immediately before, there are cases where it is impossible because there is no more time. Mr. Nakayasu may want to say, “Please use “Minsetsu,” but there are places where you want the conductors to be clear.
Nakayasu : There have been many complaints this time. As you said, everyone, ” Please tell me the contact information of IR ” “If it is a conference call, please tell me the telephone number of the conference call” on the day before or on the day. If you ask the person in charge of IR to write on “Minsetsu” as much as possible, the investor will not bother to call or e-mail, so I think that the person in charge of IR will be much less burdened.
Saito: Everyone, I think you use an IR support company, and I think that it sends several briefings in advance, but we basically don’t see much. I think that there are very many cases where you can’t see it if you divide it into folders and automatically enter the folders there, and you can’t see them. It would be fine if I searched just before and said, “I got the information,” but if not, I think it would be a little painful.
Nakayasu: I don’t know which IR support company the company has a contract with, so I have to go and see each site in the end. It would be nice if the email arrived, but in the story we just mentioned, the email may have been automatically put in the trash can.
Saito : I’ve just divided the folders and haven’t sent them to the Recycle Bin, but when I look at it now, I can’t see 3,700 folders related to IR , so I don’t see them anymore, so it ‘s time to delete them.
Nakayasu : It’s a trash can.
Saito : That’s right. As I said when I visited a business company, I only see “Minsetsu” because I don’t have to see various sites. You don’t have to look at each IR company, but there are cases when you look at the Minsetus calendar and make a mistake if it is not listed there.
IR people might think, “When we contact you in advance, please reply “I will participate” immediately”, but the buy side is looking at the stocks in the cross sector, and the smaller the number of members, the more coverage As the number increases, there are many things that overlap at the same date and time, so it is difficult to judge.
Nakayasu : Why can’t you decide which earnings briefing to attend in advance? Why do you decide on the day?
Saito : In my way, I see “Minsetsu” and put the schedule in my schedule for the time being, but when there are 5 companies at the same time or when it is held at the venue, , “If I go to this company, I won’t be able to go to this company, what should I do?”
For example, suppose each company announces its financial results at 3 o’clock and the briefing session starts at 4 o’clock or 5 o’clock. In that case, I first confirm the financial results announcement at 3 o’clock. And I will have to judge from the numbers, such as “This is a “No surprise” so I don’t have to go to the financial results briefing.”
Nakayasu : That’s right. In that sense, we would like to make the conductors as easy to understand as possible.

Q5. Requests from IR staff about online briefing session  ~Questionnaire results ( Live distribution)~

Nakayasu : This is the story we received from investors in the survey. “I want you to make it easier to register for attendance,” “I want you to announce a wider range of ways to hold the event,” and so on.
Saito : It’s the same not only for live performances, but also for ordinary information sessions as usual, and if you apply for different parties, you have to create IDs , so that’s an eternal task.

Q5.Requests for IR staff about online briefing session  ~Questionnaire result (Telephone conference)~

Nakayasu : Telephone conference It is also together after all. There is an opinion that it would be better if the holding method could be a little easier, and it would be hard if the same folder was entered even if the number was sent by email after the information was sent by email. Again Web I think that it is better to summarize in.
Saito : I think it’s inevitable that IR people will email us later. And if they listen to all of our opinions that will be very hard. So I think it’s OK to “Please check yourself how to participate in the financial results briefing session”.

Questions from IR staff (preliminary questionnaire) ①

Nakayasu : I have received some questions in advance from the people in charge of IR . “Which format would you like for the briefing session after the new coronavirus?”
Saito : I think it depends on whether it is the full year, the first quarter, or the third quarter, but I think it’s a multiplication of “real + virtual”. Considering the cost of holding the venue, hold it in the meeting room of each company, go to the person who wants to go, and if people who say “I don’t want to go there” can be entered on the Web or telephone think.
Nakayasu : Does that mean “multiple choice” is good?
Saito : That’s right. Originally, Z Holdings, Rakuten, and DeNA performed in such a format, so I think that “multiple choice” is good. In the 1st and 3rd quarters, you can use video or phone for online without real information session.
Nakayasu : “Multiple choice” is good for the first half and the full year.
Saito : That’s right.
Nakayasu : The question is, “If the event is held at a real venue, is there any refrain from participating in the company policy?”
Saito : It’s a corporate stance, and I think that global companies like ours will probably be regulated. For the time being, we are not supposed to have an unnecessary urgent meeting during June . However, since it has not been decided yet after July , I think that it will probably be different for each company.
As I’ve talked about a bit now, Zoom is spreading more and more, so I think that those who can not enter Zoom should have a telephone line as an escape.
Nakayasu : That’s the case when you respond to questions and answers in text.
Saito : Yes, I think it’s good.
Nakayasu : It’s a great opportunity from around the settlement of accounts, so I’d like to ask you various questions, but what kind of alternative would be good if I couldn’t hold the interview or the briefing on earnings? Is it better to have an opportunity such as a 1on1 meeting?
Saito : I think it’s probably best to record a video and put it on your homepage. At that time, a company that is unpleasant to be seen by the unspecified majority will not be opened if it responds by sending the URL to the investors and securities companies who have met before. think.
Basically, I think most of the briefing session materials are disclosed on the website, so I think it would be good to have a video of the president’s explanation in addition to that. I think that 1on1 etc. in small, which took time daringly, is a part that has been supported so far, and I think that it is only the difference between doing offline and online, so I basically thought of building it as a cancellation In some cases, I prefer to keep a so-called video archive somewhere.
Nakayasu : Will investors watch it?
Saito : I’m watching. Especially, it is great that you can watch it later when the briefing sessions are overlapped as before. However, now that I am doing remote work at home all the time, I have a lot of time to spend and I can watch it slowly, but when I go to the office and start working, I sit at a desk and listen to it all the time. There is a concern as to whether or not there are cases.
Nakayasu : Sometimes, 1.5 speed and 2 Do not have that seen at double speed?
Saito : There is. However, I don’t like listening at double speed.

Questions from IR staff (preliminary questionnaire) ②

Nakayasu : By the way, the next question is about the 1on1 meeting, I think you are having an online interview. How about when you become an after corona?
Saito : If you’ve met people before, I’d be happy to say “This time, it’s okay to be online”. For example, we are always looking for new investment destinations, not just updated ones. So at first , I feel that ” Face to Face ” is better than online . Even if I talk to other fund managers or sell-side companies of other companies, I still get the impression.
The next question says “overseas IR” but this time, I asked a fund manager that I originally knew, ” Is an overseas IR necessary in the future?” Basically, although I may not come again all quarter, etc., year 1 it is surprisingly many people that want to come around times. The point is that things like performance updates use the Web , and there is a time lag, especially for people from overseas, so many people can use videos if they can be seen in the archive.
On the other hand, when talking about medium- to long-term, many respondents wanted to talk ” Face to Face “. Especially in the sense of searching for new ideas, there were quite a lot of voices wanting us to do ” non-deal “.
Nakayasu : From Europe or the UK headquarters?
Saito : Both. It was like that in the UK and New York.
Nakayasu : they have the same situation, right?
Saito : The most likely issue for “overseas IR” is not knowing whether the investor is in the office. Overseas investors may move to “ Work from Home ” as they are, and in that case, the efficiency of visits may become a problem, so they may need to make effective use of broker conferences.
Also, as I am concerned with the question of the next conference, Credit Suisse held a conference online last week, and there is a big conference of Mizuho Securities and Merrill Lynch in September, but Mizuho Securities is quite early I heard that we are preparing to participate in either stage from the stage.
As the number of virtual conferences increases, conversely, there seem to be many welcome things about ” deal ” that can make ” Non-deal ” .
Nakayasu : In that sense, it’s fine to talk online about quarterly updates and business results, but before that Brest, which is an idea-exploring one, is offline.
Saito : That’s right.
Nakayasu : It took a little time, but I would like to proceed with a question and answer session from the audience.
Akimoto : Right now, there are 18 Q & A questions.
Nakayasu : Great.
Saito : Shall I answer those questions while we wait?

Question: About Competitor Participation at Zoom

Nakayasu : Is the question, “I would like to post the Zoom URL on the Minsetsu website. But I don’t want competitors to participate. What should i do?”. This is also the main subject of “Minsetsu” (laughs).
Saito : Setting a password will prevent others from entering.
Nakayasu : Of course, you can do that, but if they display all passcodes on Minsetsu, there is a risk that competitors will be able to participate. But setting the viewing permission can solve the problem.
Saito : It would be nice to have a password issued after the investors click the “Join” button. It’s also issued in a conference call, and when the line is connected they enter their company name and name, and if they don’t tell the coordinator their password, they’ll be told, “Who are you!”. I don’t mind if IR exclude other companies in their industry.

Question: About pre-recording

Saito : Regarding pre-recording, I think it should be done in a way that you do not know if it is pre-recording. This time, there were many things that would be restored only when connecting to a Q&A. For example, I think that there will be no problem because there are many places where you can watch the video at that time, even if you say that the video will be delivered at 4 o’clock. However, I think it would be good to remove complaints that sell side said, “I want to ask a question as an appeal, but I can’t do it.”
Also, I’m totally different, but I think some people really care what questions they get on the buy side, but we don’t know what they think.
Nakayasu : Is it a buy-side that cares about buy-side questions?
Saito : Instead, it seems that there are many buy-sides who care about what kind of questions they asked at the briefing. I don’t know how much their thoughts will be eliminated.
Nakayasu : I hear that kind of voice. But maybe I can’t get the text.

Question: About the questionnaire in the web conference

Saito : In many cases, questions at web conferences are sent by email later. Perhaps the “Zoom Webinar” should be able to take the questionnaire as it is, so there are many cases where the answer is made there or the questioner pushes the next day. Perhaps the recovery rate is higher than having them write on paper at the venue.
Nakayasu : I think it’s probably hard for both people to write and total. By the way, we will automatically switch to the questionnaire after the end. I think that way is good.

Question: About the difference between holding the venue and holding the video, and utilizing transcription

Saito : It means that you can listen to the end of the day at the venue, but as I said earlier, when the information sessions overlap, I sometimes go to see other people, but when I go, I have no choice but to listen. There is no such thing, so I don’t really care about it, so I hope that you always make a presentation that you want to hear.
Another question is “Are transcriptions being used?” The answer is yes.  I confirm it well.

Question: About online support for 1on1 meetings

Nakayasu : In addition to the current information session, is 1on1 etc. compatible with online?
Saito : I think there will be quite a few online events such as 1on1, but I think we both have the same feeling as to whether or not we will continue to use online after the convergence. I think that’s why it’s okay to have exchanges such as “this time be online” and “let’s meet once in a while”.
I think it depends on the person’s taste. Maybe some people want to go outside because they don’t want to be in the office, others want to get involved, and others want to see their faces and see the mood of the office rather than what they are talking about. I look at the atmosphere of the office very much, but I don’t really know when it’s online.

Question: About the order of explanation

Saito : It is important that the order of explanations is important because it is online with multiple attendees, but basically, the flow of reporting financial results and then going from management to the qualitative part should be changed because it is online. There is no such thing. I think it’s okay to speak in the same order as the real thing.
Nakayasu : How about the time? What kind of allocation do you have for Q&A in one hour?
Saito : We spend most of our time together, with presentations of 30 minutes and Q&As of 30 minutes.

Question: About English and Japanese interpreters

Saito : Regarding English and Japanese interpreters, we have two lines available for user bases, such as “For Japanese people, click here” and “For English people, click here.”
I used to have simultaneous interpreters on Start Today. I think that Start Today, Mercari, and Cyber ​​Agent all use the same method, but basically the simultaneous interpreting voice is sent on a separate line. On the contrary, isn’t it easy to do?
I think it’s better to stream video, rather than to prepare a headset at a real venue, because I think it’s just to stream on the line.
Nakayasu : It means that hybrids will be good in the future.

Question: Regarding posting of financial results videos on IR website

Nakayasu : The question is, “Mr. Saito supports posting videos of financial results on IR sites. How much are you watching?”
Saito : You often see videos on IR sites in archives. For example, I’ve been increasing the coverage since June, but it’s very rude to hear the contents directly because I was asked to put it up and I could not attend the briefing, so I listen properly. I am doing it. On the other hand, see “because they put on, look, please,” to those who do not with the previously saying I think that is better had I. You don’t have to worry too much about us, so I think it’s good to say “Because I don’t have time, look ahead”.
Nakayasu : By the way, do you see the latest version? Or do you dig back and look at old things?
Saito : You never see old things. Even if it is an old thing, I look back at the briefing materials, brief reports, and business reports, but the video is only the latest one. However, I have talked about the medium-term plan such as future possibilities, and I will also watch past videos during the period.

Question: About small meetings

Saito : The question is, “What are you doing at small meetings?”, but I think what kind of content they will have in the end. In the case of those sponsored by securities companies, there are cases where sell-side analysts hold small meetings on the day after the information session or on the day after that, but honestly, there are many that do not mean anything. think. On the other hand, I think there is a great need for a “specific” sponsored by a company to hold a small meeting in this area to let this person in charge speak.
Nakayasu : In other words, do you want to let people in the business division speak not only IR people?
Saito : That’s right. For example, if there is a question in this briefing session that is biased toward a field, I think that there is something in the company that “If you ask this person to explain, will everyone understand?” I think it is better to carry out such a thing.

Question: Regarding changes in attracting customers at business company information sessions

Nakayasu : The question is, “How will the attracting customers at the financial results briefing change?” Is it something other than email?
Saito : Even though I say “I’m not looking at emails”, after all, there is no other way but email.
Nakayasu : Or the Web. However, assuming that you are a company that you are interested in, you participate in the financial results briefing, right?  In other words, is it “I participate because I got an email” or “In the case of a company I care about, I will participate even without receiving an email”. Which one is it?
Saito : I’m not looking at email. If you are interested, I will participate. I think there are many such people on the buy-side. Since sell-side has its own coverage and scope of responsibility, it only has to think about which financial results briefing to attend within that range.
Nakayasu : It means that many people don’t see emails.
Saito : However, since the buy-side people really differ depending on their stance, I think that the buy-side people who go to regular information sessions are basically domestic buy-side analysts, and the fund managers are really mixed.
Anyway, there are people who appear in various information sessions and say “I met you again”, while others say “I don’t go to information sessions”. That’s the way that person does, so what a business company can do is communicate to those people in various ways. I think it’s “best effort” to send a URL and leave some text for people who don’t have time, or offer some options.

Question: Q & A About Session Target

Nakayasu : What about the question, “We are considering giving only the sell-side the right to ask Q&A session questions”?
Saito : There are quite a few companies that do this, and the other day, there are also companies that hold small meetings only on the sell side. Speaking of sell-side only, for example, buy-sides probably don’t feel good. “If you complain about it, do you ask? If you don’t ask, don’t complain”, I wonder.
There are many people who feel unpleasant when it is made clear that they have been excluded. According to my experience, although it is not for sell side, ZOZO held a financial results presentation at 10 o’clock in the hall, but when I held a global teleconference the night before, “Why Japanese investment I was angry, “Is it going to be talked to by an overseas investor earlier than at home?”, and he said, “Isn’t it okay to enter at 10 o’clock?” There are many people in the financial world who don’t want to be the first to do it. Even now, some analysts usually say in reports that there was a sell-side briefing.
Looking at it makes me feel very excluded. A relatively large number of people-affiliated companies first ask questions from sell-side and buy-side, and then they ask questions from people in the media in a staggered manner.
There are also financial results briefings where seats are decided at the venue.Sometimes they say, “Sell-side and Buy-side should sit in front” and “Media people should not come before them.”
I think it isn’t bad to accept questions only from the sell-side. Please devise a way of communicating.
Nakayasu : It would be nice to be able to ask questions as evenly as possible.
Saito : That’s why the text is very controllable. To be honest, I think that the order of questions is fixed halfway in the sell side as well as in all sectors at the venue, but sometimes I hate if that person’s question comes first. However, I think there are times when only those people will raise their hands only at such times, so I think that text is actually the easiest way to eliminate it.
Nakayasu : There are times when you have to raise your hand and nominate that person. You may not be able to exchange business cards because the chances of receiving business cards decrease. However, you can find your contact information online.
Saito : I think it would be nice if you could enter basic information such as personal information, company name, contact information, and email address online. I think that the contact method is by email or phone, so I think that it will be possible to respond if you receive the company name, name, phone and email.

Question: About posting minutes after the telephone call ends

Nakayasu : “? The next question is, “We are planning to hold a conference conference for the first time, but if we post the minutes after the conference, will you see it?”
Saito : This time it’s a Logmi Finance event, but there are quite a few companies that have transcripts of Logmi Finance, and there are also places that only transcribe Q&A. I’m glad that there is.
Nakayasu : whether in the transcript of the video and Rogumi, you look at the Which?
Saito : It depends on how much time you have. Whether you’re interviewing “Face to Face” or online, the text is quick enough to read through.
Sometimes, if I can’t spend an hour watching a video, I watch the text. Also, I said that I do not look at the stock of Q&A so much, but if I understand what they were concerned about, it will be useful in the form of “What is this part here?” when interviewing.
In that sense, I think the text is very good. In addition, United Arrows posts the text that officers read as it is under PowerPoint, and places it on their website. Conversely, I think that it is different for each company whether or not they prepare manuscripts, but it is convenient to have them.
Nakayasu : Although there are some questions that we have not answered yet, I will pick up the questions later and have Mr. Saito take time to answer.
Akimoto : Thank you, Mr. Nakayasu and Mr. Saito. This time, this is the end. Thank you for watching.

Questions and answers that could not be introduced during distribution

Regarding the questions we received from all of you, we were able to answer questions that could not be taken up on the day due to the time, and after the end of distribution, Mr. Saito answered.

〈About the format of financial results briefing〉

Nakayasu : The question is “How often do you have video recording and audio distribution?”.
Saito : Right now, there are about 4,000 listed companies. Among them, About 70% of the companies have a fiscal year ending in March?
Nakayasu : There are more. About 80 percent.
Saito : Is it so much! If that is the case, more than 3,000 companies will hold an explanatory meeting at this timing, so you can not watch it at the same time, so including the meaning of the countermeasure, I will let you play it at the time of recording, it is a good method. think. When I talk to business people, I often say, “Don’t only deal with people who see you at the time of the event.” In that sense, I think recording is good, not video.

〈About 1on1 format〉

Nakayasu : The question “What was the conventional 1on1?” and the question “What will you do in the future?” We had the same question as before.
Saito : Regarding the basic pattern, we have interviews after the financial results are announced. After that, there is a preview, and it is in the form of reaching the settlement. I think that there is a big difference in the closing date depending on the company, such as quarterly, twice a year, or once a year, so I think there is no difference between online and offline.
Probably, the frequency will not decrease as you go online, and on the other hand, the frequency will increase because you are online. I don’t think I’m going to cover data, but I think it works both when I’m doing online coverage and when I make a phone call and change what I’ve been doing online.
Nakayasu : I’m sure it will increase at local companies.
Saito : I think it will definitely increase.

〈Announcement of changes in venue and briefing session format〉

Nakayasu : “Where should the information be posted about the change in the format of the venue and the briefing session so that the investors will be able to confirm it? Is it okay to put it on Minsetsu ?” is the question.
Saito : From the perspective of Mr. Nakayasu, how many people are dependent on “Minsetsu”?
Nakayasu : There are so many.
Saito : It’s better than Mr. Nakayasu’s answer, but it’s better to say clearly that “this data is used so much as real data”.
Nakayasu : We will provide you with clean data. If you add the buy side and sell side of “Minsetsu”, about 3,800 people are registered, but during the busy season, the active rate rises to about 70%. In other words, in the briefing season, about 2,500 institutional investors and analysts will check the briefing information at “Minsetsu”. That’s why there were so many inquiries this time.
Saito : In my opinion, I would like you to be able to grasp everything when you see Minsetsu. In addition to that, I have not seen any emails from IR support companies, but in the emails individually sent from the company, “I think that they are also sent from the IR support company, but the company also directly informs the briefing session. I think it would be better to send it in the form of “I will send it.” E-mail delivery is not particularly costly, and I think that a list is enough. Isn’t it all right to use the two columns?
Even IR support companies are very solid independent. As was the case with the people I met before, I think he works very well in that kind of place. The list of investors at a securities company’s IR support company is probably about half in terms of the active rate of “Minsetsu” quality.
Nakayasu : Probably you don’t hit the URL of each IR support company. Participants do not know which IR support company has a contract with which listed company.
Saito : The reason why I couldn’t go over there was that when I tried to apply, when I clicked the “Join information session” button in “Minsetsu,” “Please log in on the “○IR” page.” I thought, “I don’t remember that.”
If you can’t log in after entering two or three of the things you use most of the time, you’ll just be “quit”. On the other hand, if you have the ID of “MinSetsu”, if to put it on the page of each IR company, “MinSetsu” is IDaaS I think that it may become.
Nakayasu : There was a lot of fighting around that, and I really want to do it, but it’s difficult.
Saito : It’s impossible for an IR support company, because I think they can take the lead.
Nakayasu : Really, IR has no choice but to change the listed companies.

〈About sell-side questions as an appeal to the buy-side〉

Nakayasu : ” Question of the sell-side is I think that there is also appealing to the buy-side side or not will be dissatisfied by becoming the question of text input” that it is a question, I’m here replied.
Saito : In addition, I don’t think the company needs to spend time for such sell-side appeal. You wouldn’t ask such a good question. There are many cases where you ask a question after the sell side has given an endless 5 minutes of speech.
I don’t do that often because there are many young analysts on the net, but that is often the case in other sectors, and some moderators make “Ooka judgments.” “In such a question because you, here is the president, this is officer in charge” by some people to shake and, the question content that person to summary I end up in 10 seconds. The buy side doesn’t want that time, right?
Nakayasu : That’s right.
Saito : I don’t think there is any need to worry about it.
Nakayasu : It means that the text is good.
Saito : That’s right.

〈Timing of posting video of financial results briefing〉

Akimoto : There is also a question that “Isn’t it necessary to have a live stream of the briefing session? I feel that it will be enough to deliver pre-recorded videos when the materials are disclosed.”
Nakayasu : How about the timing? How about uploading the briefing materials along with the financial results and uploading the video as it is, or at a later date?
Saito : AXA Investment Managers is a very long term, and we don’t play in the settlement, so it’s okay at a later date, but coverage analysts sometimes say that they can’t write a report unless they get it during the day.
Also, for people like hedge funds who have to judge to some extent at this timing and think about how they will move toward the next day, it would be nice to be timely.
Nakayasu : It means that the earlier you go, the better.
Saito : That’s why the real information session is also held that evening. If you are going to record it in advance, I think it may be good to post it at the timing of uploading the short newsletter and briefing session material this year.
Basically, there is probably a flow after approval of financial results at the board meeting in the morning of that day, so it may be risky for some companies to shoot before that.
Nakayasu : It means that you have to retake the picture.
Saito : That’s right. I think it’s probably okay except for a company like ZOZO, where something flips over that day.
Nakayasu : Results Briefing of ZOZO is interesting. It remains in the archive, right?
Saito : You’re left.
Nakayasu : Please take a look at the page of ZOZO. Everyone, including Mr. Saito, will appear wearing a costume.

〈About the media participation〉

Nakayasu : How are the media participating?
Saito : I want the media to be separated. Even when I was offline, I didn’t want the media to come to me. I think it was a different question, but probably what you want to ask in the Q&A is different, so I think it would be good to separate it.
When I was ZOZO, I was not allowed to ask any questions other than those involved in the market. I think that a company that has to deal with it by simply setting up another place for public relations and IR.
Nakayasu : However, journalists such as Nikkei Shimbun and Toyo Keizai would like to have an article during that day.
Saito : I think the reporters will also contact us if there is anything.
Nakayasu : It means that it’s better not to ask questions on the spot because you’ll be calling after the briefing session, right?
Saito : I think so. The questions asked at briefings are rarely written as articles.

〈Regarding the method of answering the question envisioned in advance〉

Nakayasu : Q&A plans to answer some expected questions by one-sided delivery from the organizer side, not by two-way delivery, but the method of answering the expected questions without accepting the questions on the day is, What about institutional investors?
Saito : Isn’t it good? It’s the same as playing a video, so if you have any questions, just write in a text or email, I think. And whether to provide a place to share it.
For example, United Arrows discloses all inquiries received on a monthly basis on its website from the perspective of fair disclosure. I think it would be better to prepare a text like “I have a question like this and I answered such a question”. If you put everything you’ve exchanged by email later on, it’s fair disclosure.
Nakayasu : Does it mean that it is better to respond individually and publish properly?
Saito : That’s right. Perhaps the issue is fair disclosure, and I think it’s whether you’re answering everyone, so I think it’s a good idea to do that.

〈About simultaneous interpretation〉

Nakayasu : The question is “Does your user base include simultaneous interpretation?”
Saito : The user base should have included simultaneous interpretation.
Nakayasu : Are the entrances different for Japanese and foreigners?
Saito : We will prepare two Zoom addresses in Japanese and English. ZOZO is YouTube, but we have two lines available, both cyber agent and Mercari are held in the same format, so that we can only hear the sound of simultaneous interpretation in English.
ZOZO didn’t have any questions from foreigners, so I’m happy with that, but it might be a little troublesome if foreigners can ask questions. If you have an English question, you will need a person who can translate English into Japanese, so a person who can interpret at the same time cannot handle both. It’s a little messy, but basically, even if two lines are prepared, the cost does not increase.

〈Regarding measures to make many investors view the financial results briefing〉

Nakayasu : What kind of measures should be combined in order for more investors to see the contents of the financial results briefing?
Saito : After all, it may be disclosed on the website. For example, at the time of settlement of accounts, when I was asked “I wanted to hear a briefing session of a company here” instead of “People who want to come” and “Is this company listed on the market?” You go to see Alternatively, you can jump to the basic information of the company from the 4-digit securities code with “Minsetsu”, so if you go to the homepage from that, you can see from the explanation “what kind of company we are” By the way, I hope I can understand everything.
I think CyberAgent is the best in that part. From “We are doing this,” to the latest financial statements, we are able to open all worksheets up to that point in Excel.
In addition, when I put up materials, audio, and video of the financial results briefing, I get the voice that “I can not take one hour” after all, but in order to enclose people who think “I do not have time”, the article is 5 minutes There’s no way out if you have something like “I understand everything this time” that you can read at. If you enter it as an Excel sheet, you will be able to make a worksheet.
Nakayasu : You don’t need an analyst anymore.
Saito : Regarding performance, the people in the operating companies and the “ultimate insider” can explain it most. To tell the truth, I can’t forgive the fact that the production of short stories is sweet. There is no problem if you can understand all by reading the extreme theory and the short report. For those who do not have the time to watch the short message, if you can say “This is the point this time”, there is no need for briefing sessions, videos or audio.
I think it is how the company and IR staff work hard to create such fans. That place is probably the homepage, and it would be good if “Minsetsu” could be used as one of the points for guiding to the homepage.
Even if you search by entering the name of the company on “Google” every time, the BtoC service jumps to the service site, so “I do not know where the company information is” is displayed. Rakuten scrolls down a long page, and finally the company information comes out. Isn’t it okay to paste a URL that directly jumps to the IR page in “Minsetsu” so that there is no such trouble? If you harden your gateway, that’s all you need.
Nakayasu : Saito-san I have a page called “IR Shoinage” which had been operated by ZOZO, do not can I share it? Is there no more?
Saito : It’s been 3 to 4 years since I left ZOZO, so there is no such page. The first thing I did when I was at ZOZO was “short-circuit reform.” I stopped writing from “Japan’s economy” and read it only by reading the short report. When a person on the sell side came to interview, I asked most of the questions, “It’s written in the short message, but you didn’t read it?”
I wrote on my homepage blog, “For those who don’t have time to read short stories, for individual investors who can’t read short stories.” For those who don’t have much time, “simply say the points” means, “If you read this, you will have a complete understanding of your achievements, so please give us your expectations in the future.” I tried to write the words as funny and funny as possible for the individual.
Nakayasu : It means that it is good to post the basic disclosure information properly on the website and upload it to “Minsetsu”.