This women’s lifestyle media company has grown its operating profit margin to 27.2% in FY12/24—an 11.4pt increase over its 5-year average of 16%. This shift reflects a disciplined approach to audience engagement, with content strategies shaped directly by user feedback and evolving preferences.

While still ultra-small at ¥16.5B in market cap, the margin trajectory and responsiveness to its niche market suggest it may be worth keeping on your radar. The stock is up 47.3% this year and trades at 12/25 PE at 9.2x. My 6/24 note is available for the clients. 

About the company:

The company runs “OZ Magazine” and “OZ Mall,” focusing on women’s lifestyle media and earning referral fees when users book services like restaurants or salons through its site. The company has moved away from relying on print ads, now earning mainly from digital and influencer-driven promotions. It also makes and sells books and e-books for young women and it has begun expanding into men’s segment.

The company significantly increased publication volumes, with reprints driven primarily by adaptations of its original works into film and animation. Growth was further supported by the launch of new labels such as BL (Boys Love). As a result, the company achieved operating profit growth for the full year. Looking ahead to FY2026 (Dec-end), book sales are expected to remain strong, supported by new publications tied to media adaptations and continued reprints of existing titles.

If you’re interested in learning more about Starts and its growth potential, I’d like to invite you to experience my service—completely free of charge. I am confident that once you discover the value, convenience, and quality I offer, you’ll be glad you gave me a try.