Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> in their portfolio.</li>
<li>
<a href="https://www.smartkarma.com/entities/hongkong-land-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15465:1" rel="noopener">Hongkong Land (HKL SP)</a> stamps its "recycling capital" motto and sells nine floors of One Exchange Square to <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a> for HK$6.3bn (US$810mn).</li>
<li>
<a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>asks <a href="https://www.smartkarma.com/entities/minebea-mitsumi-inc" target="_blank" data-smartkarma-citation="entities:5032:1" rel="noopener">Minebea Mitsumi (6479 JP)</a> whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". </li>
</ul>


Negligible float, highly manipulatable, 150x+ forward earnings - yes, investors can afford NOT to have GMO Internet (4784 JP) in their portfolio.

Hongkong Land (HKL SP) stamps its "recycling capital" motto and sells nine floors of One Exchange Square to HKEX (388 HK) for HK$6.3bn (US$810mn).

Shibaura Electronics (6957 JP)asks Minebea Mitsumi (6479 JP) whether they intend to change the consideration terms. Minebea says it is "proceeding with its consideration". 


Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

<ul>
<li>Negligible float, 150x+ forward earnings - yes, investors can afford NOT to have <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> in their portfolio.</li>
<li>Preceding my comments on the GMO group are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Negligible float, 150x+ forward earnings - yes, investors can afford NOT to have GMO Internet (4784 JP) in their portfolio.
Preceding my comments on the GMO group are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: GMO Internet (4784) Will Be Squeezy. Until It's Not.

Travis Lundy

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-ad-partners-inc" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">Gmo Ad Partners (4784 JP)</a> has become GMO Internet as of 1 January 2025. On that day, it merged with the "internet infrastructure business" of <a href="https://www.smartkarma.com/entities/gmo-internet-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet (9449 JP)</a>. </li>
<li>It was a kind of reverse takeover - a backdoor listing - and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.</li>
<li>The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.</li>
</ul>



Gmo Ad Partners (4784 JP) has become GMO Internet as of 1 January 2025. On that day, it merged with the "internet infrastructure business" of GMO Internet (9449 JP). 
It was a kind of reverse takeover - a backdoor listing - and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.
The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.


GMO Internet (4784) DropDown Holdco Gone Ballistic - Squeezed on Truly Tiny Float

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Index Rebalance

<ul>
<li>In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.</li>
<li>These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.</li>
<li>The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.</li>
</ul>


In the TOPIX Index, some "low liquidity" names carry a liquidity factor of 0.75x resulting in their actual index weights being smaller than their default weights.
These names are reviewed every April and if the liquidity factor of a stock gets removed, the stock will see index inflows from passive trackers of TOPIX.
The results for April 2025 liquidity factor removal have been confirmed and we achieved very high hit rates for our High and Medium conviction baskets.


TOPIX Index Upweights: Great Hit Rate; Strong Trade Performance; A Rare Win!

Japanese news, equities, and trends, Teddy Letter

Teddy Okuyama

Japanese news, equities, and trends

Teddy Letter

We aim to fill the information gap on the Japan market, especially on small cap companies with little or no analyst coverage. While brokerages and sponsored research provide useful information, there is still an information divide between domestic and foreign investors. We aim to fill that gap by providing access to insights that are lost in translation.

Equity Bottom-Up

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative title: Japan Small Caps Handbook). I’m writing these unedited versions in a stream of consciousness style, and they will be refined before being finalized later on.

Japan

GMO Internet, Inc. offers marketing services. The Company offers internet advertising, mobile advertising, search engine marketing, and other services to medium sized advertising agencies. GMO Internet conducts businesses throughout Japan.

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GMO Internet (4784 JP)

Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: GMO Internet (4784) Will Be Squeezy. Until It's Not.

Taking down borrow is the right trade. But given the float, only a persistent few will be up to the challenge. Plus the BIG catalyst - a massive...

David Blennerhassett

TOPIX Index Upweights: Great Hit Rate; Strong Trade Performance; A Rare Win!

Our LONG Tokyo Metro outperformed the TOPIX Index by 22% from 27th January 2025 to 7th April 2025 and ended up as one of the best performing names...

Janaghan Jeyakumar, CFA

Day 6: Fringe81 (6550)

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative...

Teddy Okuyama

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52-week Range

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Last Week in Event SPACE: GMO Internet, Hongkong Land, Shibaura Electronics, Millennium & Copthorne

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: GMO Internet (4784) Will Be Squeezy. Until It's Not.

Taking down borrow is the right trade. But given the float, only a persistent few will be up to the challenge. Plus the BIG catalyst - a massive...

David Blennerhassett

GMO Internet (4784) DropDown Holdco Gone Ballistic - Squeezed on Truly Tiny Float

GMO Internet is the old GMO Ad Partners with a reverse takeover executed as of Jan 1. Float now is low. The company sees it as 1.44%. It's lower...

Travis Lundy

TOPIX Index Upweights: Great Hit Rate; Strong Trade Performance; A Rare Win!

Our LONG Tokyo Metro outperformed the TOPIX Index by 22% from 27th January 2025 to 7th April 2025 and ended up as one of the best performing names...

Janaghan Jeyakumar, CFA

Day 6: Fringe81 (6550)

This is installment #6 of my 200-day challenge to do write-ups on 200 Japanese small caps, at the end of which I plan to publish a book (tentative...

Teddy Okuyama