Miyazaki Golf Co., Ltd (E04615) Stock Price

**Core Business and Service Overview**

Miyazaki Golf is an established golf course operator located along the coast of Miyazaki City. The company opened an 18-hole golf course in 1960 and operates a scenic course surrounded by pine forests and tropical plants along the coastline. The company's distinctive feature is providing an environment where golf can be enjoyed year-round by leveraging Miyazaki's warm climate.

**Customer Base and Revenue Structure**

The company operates as a membership-based country club, with members holding 20 or more shares as its primary customers. The course is also open to general users outside the membership, with particularly high visitation from other regions during winter months seeking the warm climate. Additionally, the company secures stable rental income by leasing a 9-hole public course to its affiliated company, Miyazaki Public Golf.

**Business Operations and Ancillary Services**

The company operates a single golf course business, which includes a driving range in addition to the main course. The clubhouse is equipped with a pro shop, restaurant, and locker facilities. The pro shop is operated through outsourcing, generating fee-based income. These ancillary services enhance convenience for golf users and diversify revenue streams.

Miyazaki Golf has established a clear strategy for sustainable growth despite challenging business conditions. The company has set a target of 40,000 visitors and prioritizes securing net profit for the current period. As the domestic golf industry faces declining golfer populations due to aging baby boomers and declining birth rates, the company is strengthening efforts to stabilize its customer base and improve profitability.

The core of the company's differentiation strategy is maximizing customer satisfaction through improved service quality. It is making focused investments in course maintenance to provide a more comfortable golfing experience and differentiate itself from competitors. To address labor shortages, the company is actively working to improve employment conditions for caddies and other staff, thereby strengthening the human foundation that supports service quality.

As part of business expansion efforts, the company is intensifying sales activities to acquire new customers. In an increasingly competitive customer acquisition environment, Miyazaki Golf leverages its geographic advantage of Miyazaki's warm climate while prioritizing the development of systems that meet customer needs. The company has clarified its policy to stabilize its business foundation from a long-term perspective while adapting to external environmental changes such as rising energy prices and raw material costs.