Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

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> is currently one of the cheapest stocks in the Japanese e-commerce sector with a consensus FY+2 EV/OP of 4.5x with an OP CAGR of around 130%.</li>
<li>In addition, the relatively cheap-looking valuation multiple excludes the current valuation of Beenos’ incubation program investments.</li>
<li>We think Beenos can sell its stake in GoTo in the short-term to conduct a big share buyback as the management thinks that Beenos is unfairly valued by the market.</li>
</ul>



Beenos Inc (3328 JP) is currently one of the cheapest stocks in the Japanese e-commerce sector with a consensus FY+2 EV/OP of 4.5x with an OP CAGR of around 130%.
In addition, the relatively cheap-looking valuation multiple excludes the current valuation of Beenos’ incubation program investments.
We think Beenos can sell its stake in GoTo in the short-term to conduct a big share buyback as the management thinks that Beenos is unfairly valued by the market.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Early today, the Nikkei had an article saying <a href="https://www.smartkarma.com/entities/ly-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">LY (4689 JP)</a> would launch a takeover of <a href="https://www.smartkarma.com/entities/beenos-inc" target="_blank" data-smartkarma-citation="entities:18023:1" rel="noopener">Beenos Inc (3328 JP)</a>. The stock went limit up. Shorts are many times ADV. </li>
<li>Post-Close, we get a deal much as implied by the Nikkei article. It seems light to me but the top three holders have agreed to the deal.</li>
<li>Regulatory will take a couple of months. This will likely fall tomorrow. If you are a long-only fund holder, think about the alternatives (read the conclusions here).</li>
</ul>


Early today, the Nikkei had an article saying LY (4689 JP) would launch a takeover of Beenos Inc (3328 JP). The stock went limit up. Shorts are many times ADV. 
Post-Close, we get a deal much as implied by the Nikkei article. It seems light to me but the top three holders have agreed to the deal.
Regulatory will take a couple of months. This will likely fall tomorrow. If you are a long-only fund holder, think about the alternatives (read the conclusions here).


LY Corp (4689) Announces Takeover of Beenos (3328) - Lightish at ¥4,000 But A Done Deal

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul><li>In FY09/24, GMV increased 15.1% YoY to JPY116.0bn, exceeding the revised target of JPY108.0bn. </li><li>Revenue and profit declined significantly YoY due to the deconsolidation of the Value Cycle segment. </li><li>Operating profit fell 46.7% YoY, with extraordinary gains of JPY914mn from the Value Cycle business share transfer.</li></ul>

In FY09/24, GMV increased 15.1% YoY to JPY116.0bn, exceeding the revised target of JPY108.0bn. Revenue and profit declined significantly YoY due to the deconsolidation of the Value Cycle segment. Operating profit fell 46.7% YoY, with extraordinary gains of JPY914mn from the Value Cycle business share transfer.

Beenos Inc (3328 JP): Full-year FY09/24 flash update

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).

The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation. For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation. This affects both TSE-1 incumbents and new entrants (depending on the date of entry). Every April, the application of this liquidity factor is reviewed by the TSE for all TSE1 constituents. Last April, 71 constituents saw their liquidity factors removed causing an increase in their respective FFWs used for index calculation resulting in a TOPIX upweight.This situation opens up interesting opportunities for a basket trade. Below is a discussion regarding the key details of TSE's FFW Calculation Methodology and the candidate stocks which could potentially experience a change in the application of the liquidity factor (including some surprisingly big names).   

TOPIX Index Upweights: The Big April Basket 2021

David Blennerhassett

<ul>
<li>For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. </li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2025, 13 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$27bn. 
The average premium for the new transactions announced (or first discussed) in May was ~28%, with a year-to-date average of 49%.
The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, May 2025 Wrap: NTT Data, ZEEKR, MAC Copper, Torii, Mitsu. Shokuhin, SBI Sumishin

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.

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Beenos Inc (3328 JP)

Beenos: Big Buybacks Forthcoming

We think it is quite possible for Beenos to sell its stake in GoTo in the short term to conduct a big share buyback as the management is of the...

Oshadhi Kumarasiri

LY Corp (4689) Announces Takeover of Beenos (3328) - Lightish at ¥4,000 But A Done Deal

LY (4689) has signed a deal to buy out Beenos (3328). This is not terribly surprising. That LY got the top three active-ist-ish-y holders with 28%...

Travis Lundy