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    Yoshitaka Nagao

    Research Analyst at BofA Securities

    Yoshitaka Nagao is an Equity Analyst at BofA Securities Japan, specializing in coverage of Japanese technology and internet companies such as CyberAgent, Recruit Holdings, and LY Corp. He regularly provides sector analysis and investment recommendations, with a published 'Outperform' rating on firms like CyberAgent and active earnings call participation for leading companies. Nagao began his equities research career at Nomura Securities before joining BofA Securities Japan, further building his expertise in the finance sector. He holds professional analyst credentials and is based in Tokyo, contributing thoughtful analysis to both local and global clients.

    Yoshitaka Nagao's questions to Yahoo! Japan (YAHOY) leadership

    Yoshitaka Nagao's questions to Yahoo! Japan (YAHOY) leadership • Q4 2024

    Question

    Yoshitaka Nagao asked for specific use cases of how AI agents will solve consumer pain points and questioned how the PayPay IPO would enhance LY Corporation's value beyond capital strategy, focusing on business synergies.

    Answer

    CEO Takeshi Idezawa explained that multiple AI agents across LY's services will streamline user actions like bookings and purchases, with monetization expected from FY'26 onwards. An executive added that PayPay's evolution into a digital financial platform is a core strategic goal, creating a powerful ecosystem that will generate synergies with the Media and Commerce businesses and enhance overall corporate value.

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    Yoshitaka Nagao's questions to Yahoo! Japan (YAHOY) leadership • Q3 2024

    Question

    Yoshitaka Nagao sought details on the product strategy for the postponed LINE and Yahoo! app renewals, especially regarding the use of GenAI to enhance user experience. He also asked for clarity on the potential size of the capital allocation buffer that might be rolled over to FY26.

    Answer

    CEO Takeshi Idezawa stated that the company is planning a 'game-changer' user experience with the app renewals but could not share specifics yet. On the capital buffer, he noted it was difficult to provide a clear answer on the rollover amount at this time but may offer an update with the full-year results.

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    Yoshitaka Nagao's questions to SATLF leadership

    Yoshitaka Nagao's questions to SATLF leadership • Q3 2025

    Question

    Inquired about the scalability of logistics efficiency improvements, the ROI on promotional strategies, the performance and outlook for the advertising business, and the strategy for managing ad space on the platform.

    Answer

    The company confirmed that new logistics centers bring repeatable efficiency gains. Promotional ROI has improved due to better data use, though it's constrained by inventory. The advertising business is strong but dependent on brand performance in Q4. Ad space is managed carefully to balance profitability with user experience and will be increased gradually.

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    Yoshitaka Nagao's questions to SATLF leadership • Q2 2025

    Question

    Asked about the expected trend for LY Commerce GMV in the second half after a strong first half. Also inquired about the growth strategy for the WEAR app following its traffic recovery and questioned the company's awareness of risks related to BNPL regulations.

    Answer

    The company expects steady growth for LY Commerce in H2, supported by promotions from Yahoo Shopping. The strategy for WEAR is to drive traffic to ZOZOTOWN and evolve the app into a personalized 'fashion agent'. The company is aware of and monitoring potential risks related to BNPL but has nothing to disclose at this time.

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