Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<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> operates cross-border e-commerce websites that allow mainly individual users to buy and sell goods both in Japan and internationally over the Internet.</li>
<li>In FY09/23, BEENOS reported full-year consolidated revenue of JPY32.5bn, operating profit of JPY4.5bn, recurring profit of JPY4.1bn, and a net income attributable to owners of the parent of JPY2.2bn.</li>
<li>BEENOS Inc. has announced changes in its consolidated subsidiaries (share transfer).</li>
</ul>



Beenos Inc (3328 JP) operates cross-border e-commerce websites that allow mainly individual users to buy and sell goods both in Japan and internationally over the Internet.
In FY09/23, BEENOS reported full-year consolidated revenue of JPY32.5bn, operating profit of JPY4.5bn, recurring profit of JPY4.1bn, and a net income attributable to owners of the parent of JPY2.2bn.
BEENOS Inc. has announced changes in its consolidated subsidiaries (share transfer).


Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).   

TOPIX Index Upweights: The Big April Basket 2021

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  Higher Yields and Lower Equities as Major US Indices were lower; Focus on Jackson Hole Speech from Powell; Fed Collins Hints at hikes; Boeing Supply Issues. </li>
<li>JAPAN. NKY Futures -1.9% vs Cash; USDJPY 145.8; Fukushima Water Release prompts China Backlash; Gasoline reachs 15 year high - govt considers subsidies; Boon from Yen for Japan Majors. </li>
<li>JAPAN X: Farewell to lifetime employment ?   Japan's workers are embracing job hopping. This is driving higher wages as labor get reallocated to higher value added roles.</li>
</ul>


OVERSEAS.  Higher Yields and Lower Equities as Major US Indices were lower; Focus on Jackson Hole Speech from Powell; Fed Collins Hints at hikes; Boeing Supply Issues. 
JAPAN. NKY Futures -1.9% vs Cash; USDJPY 145.8; Fukushima Water Release prompts China Backlash; Gasoline reachs 15 year high - govt considers subsidies; Boon from Yen for Japan Majors. 
JAPAN X: Farewell to lifetime employment ?   Japan's workers are embracing job hopping. This is driving higher wages as labor get reallocated to higher value added roles.


Ohayo Japan| Tech Sold as Yields Take Their Toll; JAPAN X: Tradition Ends-Japan Embraces Job Hopping

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>Beenos revealed a ¥300m buyback plan in 2QFY23 and recently declared a ¥500m buyback in 3QFY23. This incremental buybacks is likely to continue due to disposal of incubator investments.</li>
<li>The cash balance of 34% of total assets and over 49% of market cap, supports the ongoing buyback trend even if incubator divestments take longer than expected.</li>
<li>Hence, we expect <a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a>’s Holdco discount to move closer to the 20% mark, potentially resulting in a 75% upside in the short term.</li>
</ul>


Beenos revealed a ¥300m buyback plan in 2QFY23 and recently declared a ¥500m buyback in 3QFY23. This incremental buybacks is likely to continue due to disposal of incubator investments.
The cash balance of 34% of total assets and over 49% of market cap, supports the ongoing buyback trend even if incubator divestments take longer than expected.
Hence, we expect Beenos Inc (3328 JP)’s Holdco discount to move closer to the 20% mark, potentially resulting in a 75% upside in the short term.


<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> results beat with revenue at ¥7.2bn (+4.6% vs consensus) and OP of ¥431m (+21.4% vs consensus).</li>
<li>FY22 guidance was raised across Beenos’ core e-commerce businesses due to the favourable impact of the yen depreciation on overseas demand and changes to shipping methods and rates.</li>
<li>What caught our eye the most was Beenos’ decision to gradually realise gains from its VC investments.</li>
</ul>



Beenos Inc (3328 JP) results beat with revenue at ¥7.2bn (+4.6% vs consensus) and OP of ¥431m (+21.4% vs consensus).
FY22 guidance was raised across Beenos’ core e-commerce businesses due to the favourable impact of the yen depreciation on overseas demand and changes to shipping methods and rates.
What caught our eye the most was Beenos’ decision to gradually realise gains from its VC investments.


Beenos Decides to Lock-In Profits from Incubator Investments

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)

BEENOS (3328): Q1 FY09/24 Update

Beenos Inc (3328 JP) operates cross-border e-commerce websites for individual users to buy and sell goods in Japan and internationally.

Shared Research

TOPIX Index Upweights: The Big April Basket 2021

TOPIX does an annual exercise to adjust Liquidity Factor. The time for trades around that is upon us. This insight looks at the best trade around...

Janaghan Jeyakumar, CFA

Ohayo Japan| Tech Sold as Yields Take Their Toll; JAPAN X: Tradition Ends-Japan Embraces Job Hopping

Higher Yields, Tech Sell Off Ahead of Powell's Speech; NKY Futures -1.9% vs Cash; USDJPY 145.8; Fukushima Water Release prompts China Backlash;...

Mark Chadwick

Beenos: Ramps Up Buybacks

Beenos revealed a ¥300m buyback plan in 2QFY23 and recently declared a ¥500m buyback in 3QFY23. This incremental buybacks is likely to continue due...

Oshadhi Kumarasiri

Beenos Decides to Lock-In Profits from Incubator Investments

We think the realisation of profits from these investments could lead to a higher overall payout (dividend and buybacks), which could bring...

Oshadhi Kumarasiri

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52-week Range

Market Cap (USDm)

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BEENOS (3328): Q1 FY09/24 Update

​Beenos Inc (3328 JP) operates cross-border e-commerce websites for individual users to buy and sell goods in Japan and internationally.

Shared Research

TOPIX Index Upweights: The Big April Basket 2021

TOPIX does an annual exercise to adjust Liquidity Factor. The time for trades around that is upon us. This insight looks at the best trade around...

Janaghan Jeyakumar, CFA

Ohayo Japan| Tech Sold as Yields Take Their Toll; JAPAN X: Tradition Ends-Japan Embraces Job Hopping

Higher Yields, Tech Sell Off Ahead of Powell's Speech; NKY Futures -1.9% vs Cash; USDJPY 145.8; Fukushima Water Release prompts China Backlash;...

Mark Chadwick

Beenos: Ramps Up Buybacks

Beenos revealed a ¥300m buyback plan in 2QFY23 and recently declared a ¥500m buyback in 3QFY23. This incremental buybacks is likely to continue due...

Oshadhi Kumarasiri

Beenos Decides to Lock-In Profits from Incubator Investments

We think the realisation of profits from these investments could lead to a higher overall payout (dividend and buybacks), which could bring...

Oshadhi Kumarasiri

Beenos Inc (3328 JP) operates cross-border e-commerce websites for individual users to buy and sell goods in Japan and internationally.