KOYO is a service-backed accessibility platform with a credible domestic earnings base in Japan. The core value is the installed base-to-maintenance flywheel, supported by technical execution and long-standing supplier access. This is not a pure distribution arbitrage.
| Question | Answer | Decision Implication |
|---|---|---|
| Is the base case investable without overseas success? | Yes, based on domestic cash generation and net-cash cushion. | Proceed if QoE confirms repeatability. |
| Where does upside come from? | Maintenance mix migration + disciplined TW/HK market entry. | Price upside as staged options. |
| What is the biggest avoidable error? | Paying for narrative expansion before operating-access evidence. | Use explicit gate criteria before capital deployment. |