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/adways-inc" target="_blank" data-smartkarma-citation="entities:14696:1" rel="noopener">Adways Inc (2489 JP)</a> is an ad agency, ad platform, marketing platform, and a variety of sub-platforms serving certain mobile, PC, marketing, and app development niches. </li>
<li>They released earnings last Friday, but today released other - follow-on information. </li>
<li>Included was a buyback - up to 5.7mm shares (13.57% of shares out) for up to ¥2bn (9% of mktcap) - over the next 5.5 months. Seems big. Look closer.</li>
</ul>



Adways Inc (2489 JP) is an ad agency, ad platform, marketing platform, and a variety of sub-platforms serving certain mobile, PC, marketing, and app development niches. 
They released earnings last Friday, but today released other - follow-on information. 
Included was a buyback - up to 5.7mm shares (13.57% of shares out) for up to ¥2bn (9% of mktcap) - over the next 5.5 months. Seems big. Look closer.


Adways (2489 JP) - Really, Really Big News for a SmallCap

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/carta-holdings-inc" target="_blank" data-smartkarma-citation="entities:9634:1" rel="noopener">Carta Holdings, Inc. (3688 JP)</a> has recommended a preconditional tender offer from <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> at JPY2,100, a 37.2% premium to the last close price.</li>
<li>The offer is preconditional on several regulatory approvals, expected to commence in late August, and aligns with the midpoint of the IFA DCF valuation range.</li>
<li>Due to irrevocables from the controlling shareholder and key management, the required minority tendering rate is 11.2%. This low rate points to a done deal. </li>
</ul>



Carta Holdings, Inc. (3688 JP) has recommended a preconditional tender offer from NTT (Nippon Telegraph &amp; Telephone) (9432 JP) at JPY2,100, a 37.2% premium to the last close price.
The offer is preconditional on several regulatory approvals, expected to commence in late August, and aligns with the midpoint of the IFA DCF valuation range.
Due to irrevocables from the controlling shareholder and key management, the required minority tendering rate is 11.2%. This low rate points to a done deal. 


Carta Holdings (3688 JP): NTT DoCoMo’s JPY2,100 Preconditional Tender Offer Is a Done Deal

<ul>
<li>On 11 November 2021, mobile ad platform provider <a href="https://www.smartkarma.com/entities/adways-inc" target="_blank" data-smartkarma-citation="entities:14696:1" rel="noopener">Adways Inc (2489 JP)</a><a href="https://ir.adways.net/irnews/20211111_222D3s.pdf" target="_blank" rel="noopener">announced</a> a placement of treasury shares, and a small new share issuance to Hakuhodo DY totalling 3.6mm shares.</li>
<li>On 1 December 2021, the company announced a buyback of up to 6 million shares between here and May 2022.</li>
<li>That sets up an interesting offset of accretion and squeeze. And details matter.</li>
</ul>


On 11 November 2021, mobile ad platform provider Adways Inc (2489 JP)announced a placement of treasury shares, and a small new share issuance to Hakuhodo DY totalling 3.6mm shares.
On 1 December 2021, the company announced a buyback of up to 6 million shares between here and May 2022.
That sets up an interesting offset of accretion and squeeze. And details matter.


Adways (2489 JP) - A Dilutive Placement Before and a New Accretive Bigly Buyback

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.

On 10 February 2021, digital affiliate advertisement services and mobile/ad content development firm <a href="https://www.smartkarma.com/entities/adways-inc" target="_blank" data-smartkarma-citation="entities:14696:1" rel="noopener">Adways Inc (2489 JP)</a> announced its Q3 earnings <a href="https://ir.adways.net/irnews/20210210_183b2g.pdf" target="_blank" rel="noopener">results</a> (and two days later the Q3 <a href="https://ir.adways.net/irnews/20210212_1872RM.pdf" target="_blank" rel="noopener">yuho</a>), with a <a href="https://ir.adways.net/irnews/20210210_185SQr.pdf" target="_blank" rel="noopener">presentation</a>, and an <a href="https://ir.adways.net/irnews/20210210_182gSN.pdf" target="_blank" rel="noopener">upward revision to their full year forecast</a> and dividend.Revenues were set to be 6.4% ahead of the previous forecast, OP 49.6% ahead (and up 520%yoy), and Net Income 71% ahead of the last forecast (+466%yoy) which was made 6 November, which itself was a barn-burner.Those were big numbers already and these are big forecast jumps on top. The shares fell 11.2% in the next two days because the indications for Q4 were less good than expected. The expectation is for a higher revenue but lower quality mix, lower margins, and a small net loss at the net income level. This strikes me as lowballing Q4, but it is tough to know.Today, after the shares rebounded 2.8%, the company announced that the Director in charge of Business Development Yamada-san would become the new CEO in July, and the current CEO (and founder and major shareholder) Okamura-san would become Chairman. Founder Okamura-san retiring from day-to-day CEO-ship is big. He is not ancient by any means. He turns 41 in April. Yamada-san - currently the youngest board member - turns 36 next month. <section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/189/091/original/Screenshot+2021-02-16+at+7.46.59+PM.png?1613476065" class="editor-image img-responsive" data-smartkarma-image-id="189091"></figure></section>They also announced a BIG Buyback. The buyback is for up to 7.5mm shares (18.02% of shares out less treasury) spending up to JPY 3 billion. In actuality, it will likely come in a fair bit smaller than 7.5mm shares. Right now, it is aiming at 4.5mm. But that's still a lot. And there is another positive surprise lying in wait in April. More below the fold.

On 10 February 2021, digital affiliate advertisement services and mobile/ad content development firm Adways Inc (2489 JP) announced its Q3 earnings results (and two days later the Q3 yuho), with a presentation, and an upward revision to their full year forecast and dividend.Revenues were set to be 6.4% ahead of the previous forecast, OP 49.6% ahead (and up 520%yoy), and Net Income 71% ahead of the last forecast (+466%yoy) which was made 6 November, which itself was a barn-burner.Those were big numbers already and these are big forecast jumps on top. The shares fell 11.2% in the next two days because the indications for Q4 were less good than expected. The expectation is for a higher revenue but lower quality mix, lower margins, and a small net loss at the net income level. This strikes me as lowballing Q4, but it is tough to know.Today, after the shares rebounded 2.8%, the company announced that the Director in charge of Business Development Yamada-san would become the new CEO in July, and the current CEO (and founder and major shareholder) Okamura-san would become Chairman. Founder Okamura-san retiring from day-to-day CEO-ship is big. He is not ancient by any means. He turns 41 in April. Yamada-san - currently the youngest board member - turns 36 next month. They also announced a BIG Buyback. The buyback is for up to 7.5mm shares (18.02% of shares out less treasury) spending up to JPY 3 billion. In actuality, it will likely come in a fair bit smaller than 7.5mm shares. Right now, it is aiming at 4.5mm. But that's still a lot. And there is another positive surprise lying in wait in April. More below the fold.

Japan

Adways Inc. offers Internet marketing solutions through affiliate program services.  The Company provides services through PCs and mobile phones.

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Adways Inc (2489 JP)

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Travis Lundy

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

Big Buyback Announced by Adways (2489)

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