Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

17LIVE is a leading pure-play live streaming platform in Asia with key markets in Japan and Taiwan. Its business lines include Liver live streaming, V-Liver live streaming and other businesses such as in-app games and live commerce. 17LIVE is accessible globally and has fostered a diverse live streaming ecosystem with a loyal and engaged user community, as well as a deep pool of live streamers.
The Smartkarma team spoke to 17Live's Chief Executive Officer and Executive Director, Jiang Honghui, in an exclusive corporate webinar. Honghui sheds light on the company's impressive journey and future growth outlook within the vibrant live streaming space.
You can view the webinar via the link below.

17LIVE is a leading pure-play live streaming platform in Asia with key markets in Japan and Taiwan. Its business lines include Liver live streaming, V-Liver live streaming and other businesses such as in-app games and live commerce. 17LIVE is accessible globally and has fostered a diverse live streaming ecosystem with a loyal and engaged user community, as well as a deep pool of live streamers.
The Smartkarma team spoke to 17Live's Chief Executive Officer and Executive Director, Jiang Honghui, in an exclusive corporate webinar. Honghui sheds light on the company's impressive journey and future growth outlook within the vibrant live streaming space.
You can view the webinar via the link below. 

Smartkarma Corporate Webinar Recap: 17Live’s CEO on the Live Streaming Company's Outlook

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Nine months ago I first wrote on <a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a>. I thought the guidance growth pattern and valuations remarkable. Results handily beat guidance. Now we're in Year 2 of guidance.</li>
<li>After the first full year listed, FY2024 guidance was for +30% in revenue to ¥33bn, and +35% growth in OP. For Q1, reported yesterday, actual results were +51% and +91%.</li>
<li>The stock is popping this AM, but it is still cheap vs growth rates and margins. There are, notably, still "context issues" here. They merit some consideration (and investigation).</li>
</ul>


Nine months ago I first wrote on Anycolor (5032 JP). I thought the guidance growth pattern and valuations remarkable. Results handily beat guidance. Now we're in Year 2 of guidance.
After the first full year listed, FY2024 guidance was for +30% in revenue to ¥33bn, and +35% growth in OP. For Q1, reported yesterday, actual results were +51% and +91%.
The stock is popping this AM, but it is still cheap vs growth rates and margins. There are, notably, still "context issues" here. They merit some consideration (and investigation).


Anycolor (5032) - Great Quarter Guys! Again. Context Issues. Still.

Event-Driven

<ul>
<li>3D Investment Partners, known to be activist-ish-y, purchased 18% of <a href="https://www.smartkarma.com/entities/tohokushinsha-film-corp" target="_blank" data-smartkarma-citation="entities:15129:1" rel="noopener">Tohokushinsha Film (2329 JP)</a> in the 12 months to March 2024. They started a public activism campaign in February.</li>
<li>The company has started down a better governance track, but now 3D has made a takeover proposal to Tohokushinsha, which will consider it under Special Committee.</li>
<li>There are a couple of possible outcomes here which are interesting to consider. There are no other spoilers possible except those friendly to founders and management.</li>
</ul>


3D Investment Partners, known to be activist-ish-y, purchased 18% of Tohokushinsha Film (2329 JP) in the 12 months to March 2024. They started a public activism campaign in February.
The company has started down a better governance track, but now 3D has made a takeover proposal to Tohokushinsha, which will consider it under Special Committee.
There are a couple of possible outcomes here which are interesting to consider. There are no other spoilers possible except those friendly to founders and management.


Tohokushinsha (2329 JP) - 3D Investment Partners Proposes Take-Private

Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

<ul><li>Cover Corp, a leading talent management company in the rapidly growing VTuber industry.</li><li>They’re considered the most prestigious agency and should attract the best talent.</li><li>Superior Underlying Performance Metrics: Cover boasts superior key performance indicators (KPIs) compared to their main competitor Anycolor, including higher engagement metrics like subscribers, hours watched, and viewership.</li></ul>

Cover Corp, a leading talent management company in the rapidly growing VTuber industry.They’re considered the most prestigious agency and should attract the best talent.Superior Underlying Performance Metrics: Cover boasts superior key performance indicators (KPIs) compared to their main competitor Anycolor, including higher engagement metrics like subscribers, hours watched, and viewership.

Cover Corp (TYO 5253) - High Growth Opportunity in the Expanding VTuber Sector

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anycolor-inc" target="_blank" data-smartkarma-citation="entities:36618:1" rel="noopener">Anycolor (5032 JP)</a> IPOed a year ago, rose several-fold, saw the underwriting broker offer a huge target price, then it fell. There was an offering. And then the murders began.*
</li>
<li>The offering in January, discussed <a href="https://www.smartkarma.com/insights/anycolor-5032-overseas-offering-pre-ipo-vcs-selling-this-high-growth-name" target="_blank" rel="noopener">here</a>, created overhang, and the stock fell sharply in the next 6 weeks. Blowout earnings came in mid-March. Along with a TSE Prime transfer application.</li>
<li>Now we have the Prime promotion on 8 June, which leads to a TOPIX inclusion on 28 July. </li>
</ul>



Anycolor (5032 JP) IPOed a year ago, rose several-fold, saw the underwriting broker offer a huge target price, then it fell. There was an offering. And then the murders began.*

The offering in January, discussed here, created overhang, and the stock fell sharply in the next 6 weeks. Blowout earnings came in mid-March. Along with a TSE Prime transfer application.
Now we have the Prime promotion on 8 June, which leads to a TOPIX inclusion on 28 July. 


Anycolor (5032 JP) - Moving to Prime Next Week, TOPIX Inclusion Next Month

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Cover Corp (5253 JP)

Smartkarma Corporate Webinar Recap: 17Live’s CEO on the Live Streaming Company's Outlook

17LIVE is a leading pure-play live streaming platform in Asia with key markets in Japan and Taiwan. Its business lines include Liver live...

Smartkarma Research

Anycolor (5032) - Great Quarter Guys! Again. Context Issues. Still.

Anycolor had another great quarter. Revenues flying, OP up 90%yoy. Net Profit up. OPMs and NPMs at a record. And still limited coverage and take-up...

Travis Lundy

Tohokushinsha (2329 JP) - 3D Investment Partners Proposes Take-Private

3D Investment Partners bought ~10% of Tohokushinsha Film in Mar-23. Then went to 18+% by Mar-24, going activist. TFC has responded. Now 3D have...

Travis Lundy

Cover Corp (TYO 5253) - High Growth Opportunity in the Expanding VTuber Sector

Cover Corp, a leading talent management company in the rapidly growing VTuber industry. They’re considered the most prestigious agency and should...

Altay Capital

Anycolor (5032 JP) - Moving to Prime Next Week, TOPIX Inclusion Next Month

Anycolor (5032 JP) is moving to TSE Prime, and therefore to TOPIX. Big news, but not unexpected. Perhaps more importantly, earnings are next week.

Travis Lundy

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