Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Early today, the Nikkei had an article saying <a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> would launch a takeover of <a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a>. The stock went limit up. Shorts are many times ADV. </li>
<li>Post-Close, we get a deal much as implied by the Nikkei article. It seems light to me but the top three holders have agreed to the deal.</li>
<li>Regulatory will take a couple of months. This will likely fall tomorrow. If you are a long-only fund holder, think about the alternatives (read the conclusions here).</li>
</ul>


Early today, the Nikkei had an article saying LY (4689 JP) would launch a takeover of Beenos Inc (3328 JP). The stock went limit up. Shorts are many times ADV. 
Post-Close, we get a deal much as implied by the Nikkei article. It seems light to me but the top three holders have agreed to the deal.
Regulatory will take a couple of months. This will likely fall tomorrow. If you are a long-only fund holder, think about the alternatives (read the conclusions here).


LY Corp (4689) Announces Takeover of Beenos (3328) - Lightish at ¥4,000 But A Done Deal

Research Coverage of Japanese Listed Companies, Shared Research Inc

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Equity Bottom-Up

<ul><li>In FY09/24, GMV increased 15.1% YoY to JPY116.0bn, exceeding the revised target of JPY108.0bn. </li><li>Revenue and profit declined significantly YoY due to the deconsolidation of the Value Cycle segment. </li><li>Operating profit fell 46.7% YoY, with extraordinary gains of JPY914mn from the Value Cycle business share transfer.</li></ul>

In FY09/24, GMV increased 15.1% YoY to JPY116.0bn, exceeding the revised target of JPY108.0bn. Revenue and profit declined significantly YoY due to the deconsolidation of the Value Cycle segment. Operating profit fell 46.7% YoY, with extraordinary gains of JPY914mn from the Value Cycle business share transfer.

Beenos Inc (3328 JP): Full-year FY09/24 flash update

David Blennerhassett

<ul>
<li>The new article on <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.</li>
<li>
<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. </li>
<li>Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in <a href="https://www.smartkarma.com/entities/ubtech-robotics-limited" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTech Robotics (9880 HK)</a> will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.</li>
</ul>


The new article on Seven &amp; I Holdings (3382 JP) from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.

CPMC Holdings (906 HK)'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. 
Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in UBTech Robotics (9880 HK) will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.


Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

<ul><li>GMV increased 21.4% YoY to JPY85.7bn, while revenue decreased 7.7% YoY to JPY20.4bn, and operating profit fell 46.6% YoY to JPY1.4bn.</li><li>In Q3 FY09/24, GMV grew 21.4% YoY, with Global Commerce revenue up 21.3% YoY and Entertainment revenue up 6.8% YoY.</li><li>The company recorded an extraordinary gain of JPY1.0bn from the Value Cycle segment share transfer, impacting FY09/24 results.</li></ul>

GMV increased 21.4% YoY to JPY85.7bn, while revenue decreased 7.7% YoY to JPY20.4bn, and operating profit fell 46.6% YoY to JPY1.4bn.In Q3 FY09/24, GMV grew 21.4% YoY, with Global Commerce revenue up 21.3% YoY and Entertainment revenue up 6.8% YoY.The company recorded an extraordinary gain of JPY1.0bn from the Value Cycle segment share transfer, impacting FY09/24 results.

Beenos Inc (3328 JP): Q3 FY09/24 flash update

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a>, despite missing earnings and offering smaller-than-expected buybacks, is potentially a deeply undervalued investment.</li>
<li>Beenos holds 38% of its market-cap in cash 14% in GoTo shares 72% in VC investments and 9% in investment securities, which amounts to over 133% of its current market-cap.</li>
<li>Distributing these excess assets to investors could potentially generate more than 100% upside.</li>
</ul>



Beenos Inc (3328 JP), despite missing earnings and offering smaller-than-expected buybacks, is potentially a deeply undervalued investment.
Beenos holds 38% of its market-cap in cash 14% in GoTo shares 72% in VC investments and 9% in investment securities, which amounts to over 133% of its current market-cap.
Distributing these excess assets to investors could potentially generate more than 100% upside.


Beenos: Holds 133% of Its Market Cap in Cash, GoTo Shares, VC Investments & Investment Securities

Japan

Beenos Inc sells various type of merchandise using group-buying method through Internet. The Company's merchandises include fashion goods, brand goods, convenience goods, baby goods, and toiletry goods.

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Beenos Inc (3328 JP)

LY Corp (4689) Announces Takeover of Beenos (3328) - Lightish at ¥4,000 But A Done Deal

LY (4689) has signed a deal to buy out Beenos (3328). This is not terribly surprising. That LY got the top three active-ist-ish-y holders with 28%...

Travis Lundy