Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Strong Q2 results with revenue +42% yoy versus +33% in Q1</li>
<li>Gross margin expansion to 51.3% on improving AI algorithm performance</li>
<li>Stock down around 20% over past couple of months, No change to bullish growth forecasts.</li>
</ul>


Strong Q2 results with revenue +42% yoy versus +33% in Q1
Gross margin expansion to 51.3% on improving AI algorithm performance
Stock down around 20% over past couple of months, No change to bullish growth forecasts.


<ul>
<li>Appier achieved 32% revenue growth and 50.1% gross margin in Q1 FY23, exceeding company expectations</li>
<li>We expect the pace of growth to accelerate, driven by stronger momentum in Digital Content in Q2 and Q3</li>
<li>We remain bullish following the recent pullback in the share price. Stock is attractive at 5x EV/Rev</li>
</ul>


Appier achieved 32% revenue growth and 50.1% gross margin in Q1 FY23, exceeding company expectations
We expect the pace of growth to accelerate, driven by stronger momentum in Digital Content in Q2 and Q3
We remain bullish following the recent pullback in the share price. Stock is attractive at 5x EV/Rev


<ul>
<li>ChatGPT has focused the investment community on the potential of AI to drive business performance and investment returns.</li>
<li>Forbes picked Adobe as its top AI pick in 2023. We pick Appier, which is a faster-growing alternative in the digital marketing space.</li>
<li>Appier’s revenue grew by over 50% last year and unlike many SaaS companies, it is profitable.</li>
</ul>


ChatGPT has focused the investment community on the potential of AI to drive business performance and investment returns.
Forbes picked Adobe as its top AI pick in 2023. We pick Appier, which is a faster-growing alternative in the digital marketing space.
Appier’s revenue grew by over 50% last year and unlike many SaaS companies, it is profitable.


Appier (4180) | It's Doubled, so What's Next

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/appier-group-inc" target="_blank" data-smartkarma-citation="entities:32165:1" rel="noopener">Appier Group (4180 JP)</a> had been among our picks for TSE Prime promotion and we had recommended positioning for it. That worked. On 8 Dec they announced the promotion.</li>
<li>The company is now part of TSE Prime which means a TOPIX Inclusion at end-January and an upweight in April. More than 20% of TSE float to buy by end-April.</li>
<li>Share price performance has not kept pace with potential, and yesterday's BOJ decision saw a flurry of volume selling (bailing). Pre-IPO holder overhang may be the biggest "risk" here.</li>
</ul>



Appier Group (4180 JP) had been among our picks for TSE Prime promotion and we had recommended positioning for it. That worked. On 8 Dec they announced the promotion.
The company is now part of TSE Prime which means a TOPIX Inclusion at end-January and an upweight in April. More than 20% of TSE float to buy by end-April.
Share price performance has not kept pace with potential, and yesterday's BOJ decision saw a flurry of volume selling (bailing). Pre-IPO holder overhang may be the biggest "risk" here.


Appier (4180) - Down But Not Out; Shareholder Structure Still The Biggest Risk

<ul>
<li>On 17 Feb 2022, <a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> wrote about <a href="https://www.smartkarma.com/entities/appier-group-inc" target="_blank" data-smartkarma-citation="entities:32165:1" rel="noopener">Appier Group (4180 JP)</a> suggesting it was a TOPIX inclusion candidate in the not-distant future.</li>
<li>In mid-August 2022, he reiterated his opinion. Three days later, the company said they had applied for TSE Prime membership. We are coming up on the timing for an announcement.</li>
<li>It would mean buying, but the shareholder structure is interesting, and intentions are not easy to read. But if they announce imminently, the calendar makes the event even more interesting.</li>
</ul>


On 17 Feb 2022, Janaghan Jeyakumar, CFA wrote about Appier Group (4180 JP) suggesting it was a TOPIX inclusion candidate in the not-distant future.
In mid-August 2022, he reiterated his opinion. Three days later, the company said they had applied for TSE Prime membership. We are coming up on the timing for an announcement.
It would mean buying, but the shareholder structure is interesting, and intentions are not easy to read. But if they announce imminently, the calendar makes the event even more interesting.


Appier (4180) Nearing A TSE Prime (And TOPIX) Announcement?

Japan

Appier Group, Inc. provides artificial intelligence software as a service (AISaaS) services based on data-driven decisions. The Company offers data analysis for potential users predicting and acquiring, relationships building and maintaining, purchasing and action motivation, audience intelligence, and more. Appier Group serves clients across Asian.

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Appier Group (4180 JP)

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