Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

Curves Holdings Co Ltd / Equity Bottom-Up

<ul>
<li>
Curves sells adherence, not gym access: coaching and community help exercise-inexperienced older women sustain a habit they may struggle to maintain alone.</li>
<li>
The existing network remains underutilized: most recent member growth came from mature clubs, while company-operated locations still materially outperform franchisees.</li>
<li>
The thesis: transferring those economics across the franchise estate could sustain capital-light growth; labor intensity, technology-enabled self-service and execution in new formats are the key tests.</li>
</ul>



Curves sells adherence, not gym access: coaching and community help exercise-inexperienced older women sustain a habit they may struggle to maintain alone.

The existing network remains underutilized: most recent member growth came from mature clubs, while company-operated locations still materially outperform franchisees.

The thesis: transferring those economics across the franchise estate could sustain capital-light growth; labor intensity, technology-enabled self-service and execution in new formats are the key tests.


Curves Holdings: Selling Adherence, Not Gym Access

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

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

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of consolidation reshaping mobility-tech.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

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/fast-fitness-japan-inc" target="_blank" data-smartkarma-citation="entities:31510:1" rel="noopener">Fast Fitness Japan Inc (7092 JP)</a> has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).</li>
<li>There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. </li>
<li>This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).</li>
</ul>



Fast Fitness Japan Inc (7092 JP) has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).
There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. 
This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).


Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>Today after market-close, <a href="https://www.smartkarma.com/entities/fast-fitness-japan-inc" target="_blank" data-smartkarma-citation="entities:31510:1" rel="noopener">Fast Fitness Japan Inc (7092 JP)</a> announced they had received approval to move from the Mothers Section to the First Section of the Tokyo Stock Exchange.</li>
<li>They will move to the First Section on 27th December 2021 and that will trigger inclusion into the TOPIX Index at the end of January 2022.</li>
<li>In this insight, we take a look at the Index Inclusion Parameters to evaluate the upside potential of the TOPIX Inclusion Event. </li>
</ul>


Today after market-close, Fast Fitness Japan Inc (7092 JP) announced they had received approval to move from the Mothers Section to the First Section of the Tokyo Stock Exchange.
They will move to the First Section on 27th December 2021 and that will trigger inclusion into the TOPIX Index at the end of January 2022.
In this insight, we take a look at the Index Inclusion Parameters to evaluate the upside potential of the TOPIX Inclusion Event. 


Japan

CURVES HOLDINGS Co., Ltd. operates as a holding company. The Company, through its subsidiaries, provides fitness services. CURVES HOLDINGS serves customers in Japan.

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Curves Holdings Co Ltd (7085 JP)

Curves Holdings: Selling Adherence, Not Gym Access

Curves may be past its store-opening phase, but not its growth phase: the next leg depends on extracting more value from a nationwide network...

Urbem Capital

Curator's Cut: Asia Gets Fit, Thailand Bucks the Asia Sell-Off & Mobility-Tech Consolidates

In this cut, we track the fitness wave across Asia, why Thailand is the one Asian market foreign investors are buying, and the wave of...

Pranav Rao

Fast Fitness Japan (7092 JP): JGIA-Sponsored MBO Is a Done Deal

The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. Nevertheless, this is a done deal as irrevocables exceed...

Arun George

TOPIX Inclusion: Fast Fitness (7092 JP)

Fast Fitness (7092 JP) is moving to TSE1 which will trigger an inclusion into the the TOPIX Index. In this insight, we evaluate the upside...

Janaghan Jeyakumar, CFA

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