Oshadhi Kumarasiri

LightStream Research

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> 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>

Event-Driven

<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> is a relatively small cross-border e-commerce and internet company from Japan with a consolidated GMV of ¥64.7bn last year.</li>
<li>The company also runs an incubator platform to create new businesses and invest in start-ups mainly in emerging regions such as India and South-East Asia.</li>
<li>Down below, we analyse the impact on Beenos’ valuation following GOTO’s impending IPO of which Beenos owns 0.5%.</li>
</ul>

<ul>
<li>Leading up to the GoTo IPO, <a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a> shares rallied more than 80% to ¥2,364 per share, possibly expecting substantial listing gains from the “conservatively” priced GoTo IPO.</li>
<li>
<a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> opened around 18% above its IPO price on 11th April 2022, but Beenos fell by around 7% and 8% on 11th and 12th April 2022 respectively.</li>
<li>It may be too late to ride the GoTo IPO rally, but exposure to a high-profile company like GoTo brings visibility, resulting in a much narrower NAV discount.</li>
</ul>

<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> is a relatively small cross border e-commerce and internet company from Japan with a consolidated GMV of ¥63.2bn in the last four quarters.</li>
<li>The company also runs an incubator platform to create new businesses and invest in startups in emerging regions such as India and South-East Asia.</li>
<li>At 1.3x FY+2 consolidated revenue and 8.2x FY+2 consolidated EBITDA, Beenos may not look exceedingly cheap compared to the internet companies in Japan. However, it is important to note that around 50% of Beenos’ market cap comes from minority investments under its incubator platform (not reflected in consolidated revenue and EBITDA) which effectively halves the above valuation multiples.</li>
<li>Moreover, Beenos has done some extremely successful investments under its incubator program over the years, including Tokopedia and the Indian car sales marketplace Droom. These two investments are expected to have their IPOs soon with significant unrealised gains to early-stage investors like Beenos.</li>
</ul>

Lloyd Moffatt

<ul><li>We uncover a stake in post-merger Tokopedia-GoJek held by the Japanese e-commerce company Beenos (3328 JP) that, at the slated US$40bn IPO valuation for the Southeast Asian unicorn, would account for more than 80% of the US$270m enterprise value.</li><li>MM2 Asia (MM2 SP) has signed an SPA to dispose of their cinema business as part of an ongoing restructuring of the media and entertainment group</li><li>Metro Pacific (MPI PM) accelerated repurchases of a further 224.8m shares during the past week taking the 30-day tally to 1.71% shares out.</li></ul>

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.

Beenos Inc - 3328 JP

Description