Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

<ul><li>Q1 FY3/25 results were in line with guidance in our view, with indications that efforts to activate earnings growth are starting to deliver.</li><li>While the core Digital Entertainment segment maintains a stable source of earnings, the Lifestyle business showed 13% sales growth YoY and reduced segment losses as monetization efforts began to make an impact.</li><li>The Sports business continues to scale, with accelerated growth at the ‘TIPSTAR’ keirin (cycle team sports) betting service. </li></ul>

Q1 FY3/25 results were in line with guidance in our view, with indications that efforts to activate earnings growth are starting to deliver.While the core Digital Entertainment segment maintains a stable source of earnings, the Lifestyle business showed 13% sales growth YoY and reduced segment losses as monetization efforts began to make an impact.The Sports business continues to scale, with accelerated growth at the ‘TIPSTAR’ keirin (cycle team sports) betting service. 

MIXI Inc. (2121 JP) - Results in Line with Positive Signaling

<ul><li>Approaching a transformational phase – MIXI Inc. is a digital content company generating earnings from its ‘MONSTER STRIKE’ mobile gaming franchise.</li><li>Operating in a mature domestic gaming market, the company has successfully diversified into lifestyle and sports, but to date has experienced limited earnings contribution.</li><li>We believe this is about to change, driven by the new monetization strategy for the ‘FamilyAlbum’ video and photo- sharing service app in FY3/25. </li></ul>

Approaching a transformational phase – MIXI Inc. is a digital content company generating earnings from its ‘MONSTER STRIKE’ mobile gaming franchise.Operating in a mature domestic gaming market, the company has successfully diversified into lifestyle and sports, but to date has experienced limited earnings contribution.We believe this is about to change, driven by the new monetization strategy for the ‘FamilyAlbum’ video and photo- sharing service app in FY3/25. 

MIXI Inc. (2121 JP) - At an Inflection Point to Generate Shareholder Value

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> is Korea's leading game development studio. It is seeking to raise up to US$320 million.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/shift-up-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:144015" rel="noopener">Shift Up IPO: The Investment Case</a>. </li>
<li>We examine the syndicate's valuation methodology. Our analysis suggests that Shift Up is attractively valued in the IPO price range. We would participate in the IPO.</li>
</ul>



Shift Up (462870 KS) is Korea's leading game development studio. It is seeking to raise up to US$320 million.
We previously discussed the IPO in Shift Up IPO: The Investment Case. 
We examine the syndicate's valuation methodology. Our analysis suggests that Shift Up is attractively valued in the IPO price range. We would participate in the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> is Korea's leading game development studio. It is seeking to raise up to US$320 million.    </li>
<li>Shift Up now focuses only on game development and has a policy of publishing games in cooperation with global partners such as <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> and <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a>. </li>
<li>The investment case rests on a stellar game development track record, several growth drivers, high profitability and cash generation.</li>
</ul>



Shift Up (462870 KS) is Korea's leading game development studio. It is seeking to raise up to US$320 million.    
Shift Up now focuses only on game development and has a policy of publishing games in cooperation with global partners such as Tencent (700 HK) and Sony Corp (6758 JP). 
The investment case rests on a stellar game development track record, several growth drivers, high profitability and cash generation.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA (2432 JP)</a> announced in June a buyback programme to buy up to ¥15bn of stock over the next nine months. They are two-thirds the way through. </li>
<li>At current pace, they should finish by end-Jan or early Feb, then cancel 8mm shares, leading to a small TOPIX selldown likely in March or April. </li>
<li>The company remains cash and securities rich (net cash, after-tax value of securities, and equity affiliates are 100% of market cap). And growth lines will slowly claw their way positive.</li>
</ul>



DeNA (2432 JP) announced in June a buyback programme to buy up to ¥15bn of stock over the next nine months. They are two-thirds the way through. 
At current pace, they should finish by end-Jan or early Feb, then cancel 8mm shares, leading to a small TOPIX selldown likely in March or April. 
The company remains cash and securities rich (net cash, after-tax value of securities, and equity affiliates are 100% of market cap). And growth lines will slowly claw their way positive.


DeNA (2432) Buyback - Accretive on a Low Leverage Business Which Will Grow In Time

Japan

mixi, Inc. operates community style website, mixi.  The Company sells advertising spaces on its website.  mixi also runs online recruiting services for IT related positions.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mixi Inc (2121 JP)

MIXI Inc. (2121 JP) - Results in Line with Positive Signaling

Q1 FY3/25 results were in line with guidance in our view, with indications that efforts to activate earnings growth are starting to deliver.

Astris Advisory Japan

MIXI Inc. (2121 JP) - At an Inflection Point to Generate Shareholder Value

Approaching a transformational phase – MIXI Inc. is a digital content company generating earnings from its ‘MONSTER STRIKE’ mobile gaming franchise.

Astris Advisory Japan

Shift Up IPO: Valuation Insights

We examine the syndicate's valuation methodology. Our analysis suggests that Shift Up is attractively valued in the IPO price range. We would...

Arun George

Shift Up IPO: The Investment Case

The investment case rests on a stellar game development track record, several growth drivers, high profitability and cash generation.

Arun George

DeNA (2432) Buyback - Accretive on a Low Leverage Business Which Will Grow In Time

DeNA (2432) is a nice pot of assets with a small business attached. It should be better. It appears to be on its way to getting better. It is very...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)