Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>In Q3 FY24, Appier achieved record-breaking revenue, reaching JPY 9.1 billion, marking a 28% year-over-year growth.</li>
<li>Operating income for Q3 surged by 2.5 times YoY to JPY 788 million, with the operating margin improving by 4.3 percentage points to 8.7%.</li>
<li>At less than 4x EV/Sales and 16x FY25 EBITDA the stock does not appear expensive.</li>
</ul>


In Q3 FY24, Appier achieved record-breaking revenue, reaching JPY 9.1 billion, marking a 28% year-over-year growth.
Operating income for Q3 surged by 2.5 times YoY to JPY 788 million, with the operating margin improving by 4.3 percentage points to 8.7%.
At less than 4x EV/Sales and 16x FY25 EBITDA the stock does not appear expensive.


<ul>
<li>Appier achieved 32% YoY sales growth in Q2, driven by strong US market performance and balanced revenue from both new and existing customers.</li>
<li>The company's EBITDA margin improved to 13%, reflecting strong operating leverage despite ongoing investments in growth initiatives.</li>
<li>Trading at a 2.9x EV/FY25 revenue multiple, Appier is undervalued relative to peers, with significant upside potential from sustained growth and strategic initiatives.</li>
</ul>


Appier achieved 32% YoY sales growth in Q2, driven by strong US market performance and balanced revenue from both new and existing customers.
The company's EBITDA margin improved to 13%, reflecting strong operating leverage despite ongoing investments in growth initiatives.
Trading at a 2.9x EV/FY25 revenue multiple, Appier is undervalued relative to peers, with significant upside potential from sustained growth and strategic initiatives.


Appier (4180) | The Hidden Gem in AI Marketing

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Some low liquidity stocks in the TOPIX Index 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 enjoy buying flows from passive trackers of TOPIX.</li>
<li>In this insight, we take a look at Quiddity's final predictions for the names that are likely to see their Liquidity Factors removed in April 2023.</li>
</ul>


Some low liquidity stocks in the TOPIX Index 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 enjoy buying flows from passive trackers of TOPIX.
In this insight, we take a look at Quiddity's final predictions for the names that are likely to see their Liquidity Factors removed in April 2023.


TOPIX Index Upweights: Final Predictions for The "The Big April Basket” 2023

<ul>
<li>Post FY23 results in mid-February, Appier's stock exhibited significant volatility, despite robust financial performance.</li>
<li>We believe that Appier is a beneficiary of continued growth in ecommerce and increasing ubiquity of AI solutions for marketing.  </li>
<li>Appier trades at a significant discount to global peers and domestic SaaS companies, suggesting significant upside</li>
</ul>


Post FY23 results in mid-February, Appier's stock exhibited significant volatility, despite robust financial performance.
We believe that Appier is a beneficiary of continued growth in ecommerce and increasing ubiquity of AI solutions for marketing.  
Appier trades at a significant discount to global peers and domestic SaaS companies, suggesting significant upside


Appier (4180) | A Volatile Stock Despite Solid SaaS Metrics

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  US Equities rebound led by Tech as NVIDIA +7% gets boost from MS report; China troubles persist: Country Garden suspends bond trading; Foreign Investors losing interest in China</li>
<li>JAPAN. NKY Futures +0.7% vs Cash; USDJPY 145.5;  Yen Weakens be beyond 145 to USD, heads to 146 on widening spreads; JP M&amp;A Boom as Cos seek improvements; Dentsu Miss</li>
<li>NUGGET. Activism-Japanese Firms Expect It ! June's Reuters survey of companies in Japan revealed this fact. At the very minimum, an implicit acknowledgement that there is room for improvement</li>
</ul>


OVERSEAS.  US Equities rebound led by Tech as NVIDIA +7% gets boost from MS report; China troubles persist: Country Garden suspends bond trading; Foreign Investors losing interest in China
JAPAN. NKY Futures +0.7% vs Cash; USDJPY 145.5;  Yen Weakens be beyond 145 to USD, heads to 146 on widening spreads; JP M&amp;A Boom as Cos seek improvements; Dentsu Miss
NUGGET. Activism-Japanese Firms Expect It ! June's Reuters survey of companies in Japan revealed this fact. At the very minimum, an implicit acknowledgement that there is room for improvement


Ohayo Japan| Tech Lead in Equity Rebound Amid Concerns; NUGGET: Activism-Japanese Firms Expect It !

Japan

Appier Group, Inc. provides artificial intelligence software as a service (AISaaS) services based on data-driven decisions. The Company offers data analysis for potential users predicting and acquiring, relationships building and maintaining, purchasing and action motivation, audience intelligence, and more. Appier Group serves clients across Asian.

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

Appier Group (4180 JP)

Appier (4180) | Record Quarter

Appier reports record-breaking revenue in Q3 FY24 with a 28% YoY growth, showing strong financial performance and potential for investment.

Mark Chadwick

Appier (4180) | The Hidden Gem in AI Marketing

Appier reports strong Q2 sales growth driven by US market performance, improved EBITDA margin, and undervalued stock with potential for growth.

Mark Chadwick

TOPIX Index Upweights: Final Predictions for The "The Big April Basket” 2023

This insight (from Feb 2023) discusses the annual TOPIX Liquidity Factor (LF) removal event (which we call the "Big April Basket"). It might be a...

Janaghan Jeyakumar, CFA

Appier (4180) | A Volatile Stock Despite Solid SaaS Metrics

Appier's stock shows volatility post FY23 results despite strong financials, benefiting from ecommerce growth and AI marketing solutions. Trading...

Mark Chadwick

Ohayo Japan| Tech Lead in Equity Rebound Amid Concerns; NUGGET: Activism-Japanese Firms Expect It !

US Big Cap Tech leads amid concerns; NKY Futures +0.7% vs Cash; USDJPY 145.5; Yen Weakens be beyond 145 to USD, heads to 146 on widening spreads;...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Appier (4180) | Record Quarter

​Appier reports record-breaking revenue in Q3 FY24 with a 28% YoY growth, showing strong financial performance and potential for investment.

Mark Chadwick

Appier (4180) | The Hidden Gem in AI Marketing

​Appier reports strong Q2 sales growth driven by US market performance, improved EBITDA margin, and undervalued stock with potential for growth.

Mark Chadwick

TOPIX Index Upweights: Final Predictions for The "The Big April Basket” 2023

This insight (from Feb 2023) discusses the annual TOPIX Liquidity Factor (LF) removal event (which we call the "Big April Basket"). It might be a...

Janaghan Jeyakumar, CFA

Appier (4180) | A Volatile Stock Despite Solid SaaS Metrics

​Appier's stock shows volatility post FY23 results despite strong financials, benefiting from ecommerce growth and AI marketing solutions. Trading...

Mark Chadwick

Ohayo Japan| Tech Lead in Equity Rebound Amid Concerns; NUGGET: Activism-Japanese Firms Expect It !

US Big Cap Tech leads amid concerns; NKY Futures +0.7% vs Cash; USDJPY 145.5; Yen Weakens be beyond 145 to USD, heads to 146 on widening spreads;...

Mark Chadwick

Appier reports record-breaking revenue in Q3 FY24 with a 28% YoY growth, showing strong financial performance and potential for investment.

Appier reports strong Q2 sales growth driven by US market performance, improved EBITDA margin, and undervalued stock with potential for growth.

Appier's stock shows volatility post FY23 results despite strong financials, benefiting from ecommerce growth and AI marketing solutions. Trading...