Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>On 1-Jan-2025, the new <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> (formerly GMO Ad Partners) was reborn. It was basically a RTO (of parent GMO's data centre business) with a new Prime Listing.</li>
<li>Float was tiny. Maybe 2%. Then there was a TOPIX inclusion. The stock was squeezed from ¥1,200 to ¥3,100 (was ¥350 when the plan was announced in mid-2024). </li>
<li>An offering was announced last year at ¥3,100. Nobody wanted it. The stock fell 80%, rebounded a bit. Now we have a new offering. But it's still rich. </li>
</ul>


On 1-Jan-2025, the new GMO Internet (4784 JP) (formerly GMO Ad Partners) was reborn. It was basically a RTO (of parent GMO's data centre business) with a new Prime Listing.
Float was tiny. Maybe 2%. Then there was a TOPIX inclusion. The stock was squeezed from ¥1,200 to ¥3,100 (was ¥350 when the plan was announced in mid-2024). 
An offering was announced last year at ¥3,100. Nobody wanted it. The stock fell 80%, rebounded a bit. Now we have a new offering. But it's still rich. 


[Japan Offering] GMO Internet (4784) - A New Offering at a LOT Lower Price

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αSK

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<ul>
 <li>
<a href="https://smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0">GMO Internet</a> is a dominant player in Japan's internet infrastructure market, holding a commanding market share in domain registration, which provides a stable, recurring revenue base.</li>
 <li>The company is strategically expanding into high-growth areas, including Internet Finance and Cryptoassets, which offer significant upside potential but also introduce higher volatility and regulatory risk.</li>
 <li>A key strategic focus is the expansion into AI and cybersecurity, aiming to capture growth in the next phase of the internet revolution, supported by investments in high-performance GPU cloud services.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
GMO Internet is a dominant player in Japan's internet infrastructure market, holding a commanding market share in domain registration, which provides a stable, recurring revenue base.
  The company is strategically expanding into high-growth areas, including Internet Finance and Cryptoassets, which offer significant upside potential but also introduce higher volatility and regulatory risk.
  A key strategic focus is the expansion into AI and cybersecurity, aiming to capture growth in the next phase of the internet revolution, supported by investments in high-performance GPU cloud services.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: GMO Internet (4784 JP) - Apr 2026

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> was created by the reverse takeover of a listed cad/media company by its parent company's "internet infrastructure" business. GMO Internet Group ended up with ~98%.</li>
<li>In the process, the stock rose 500%. Now, as part of its promise to the TSE allowing TSE Prime membership for the extraordinarily low-float target, the parent is offering shares.</li>
<li>The squeeze has it at 180x Dec25e EPS, 111x EBIT, 70x book. The offering likely gets pulled and the stock isn't shortable... so what next? Pain, and an ECLWO.</li>
</ul>



GMO Internet (4784 JP) was created by the reverse takeover of a listed cad/media company by its parent company's "internet infrastructure" business. GMO Internet Group ended up with ~98%.
In the process, the stock rose 500%. Now, as part of its promise to the TSE allowing TSE Prime membership for the extraordinarily low-float target, the parent is offering shares.
The squeeze has it at 180x Dec25e EPS, 111x EBIT, 70x book. The offering likely gets pulled and the stock isn't shortable... so what next? Pain, and an ECLWO.


GMO Internet (4784) - Squeeze-Able So Squeezing, Offering Likely Gets Pulled - AVOID LIKE THE PLAGUE

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-ad-partners-inc" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">Gmo Ad Partners (4784 JP)</a> has become GMO Internet as of 1 January 2025. On that day, it merged with the "internet infrastructure business" of <a href="https://www.smartkarma.com/entities/gmo-internet-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet (9449 JP)</a>. </li>
<li>It was a kind of reverse takeover - a backdoor listing - and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.</li>
<li>The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.</li>
</ul>



Gmo Ad Partners (4784 JP) has become GMO Internet as of 1 January 2025. On that day, it merged with the "internet infrastructure business" of GMO Internet (9449 JP). 
It was a kind of reverse takeover - a backdoor listing - and it on 24-Dec-2024, it was announced GMO Internet would move from TSE Standard to TSE Prime end-Jan2025.
The stock is +300% since then. Why? A squeeze. Share count increase? 15x. Float share increase? Zero. Resulting Real World Float? 1.24% of shares out and about to shrink.


GMO Internet (4784) DropDown Holdco Gone Ballistic - Squeezed on Truly Tiny Float

David Blennerhassett

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a> needs to sell shares in <a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. </li>
<li>Preceding my comments on the GMO group - and <a href="https://www.smartkarma.com/entities/haw-par-corp-ltd" target="_blank" data-smartkarma-citation="entities:9898:1" rel="noopener">Haw Par Corp (HPAR SP)</a>/ <a href="https://www.smartkarma.com/entities/united-overseas-bank-ltd" target="_blank" data-smartkarma-citation="entities:113:1" rel="noopener">UOB (UOB SP)</a> - are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>



GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP) to achieve a "float" of 35% by 31 December 2026. Recent filings show they are selling. 
Preceding my comments on the GMO group - and Haw Par Corp (HPAR SP)/ UOB (UOB SP) - are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched

Japan

GMO Internet, Inc. offers marketing services. The Company offers internet advertising, mobile advertising, search engine marketing, and other services to medium sized advertising agencies. GMO Internet conducts businesses throughout Japan.

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GMO Internet (4784 JP)

[Japan Offering] GMO Internet (4784) - A New Offering at a LOT Lower Price

1yr ago, parentco tried a huge offering at a huge price but no takers. Shares dropped 70+%. Earnings were as predicted. Now they try again. Still a...

Travis Lundy

Primer: GMO Internet (4784 JP) - Apr 2026

GMO Internet is a dominant player in Japan's internet infrastructure market, holding a commanding market share in domain registration, which...

αSK

GMO Internet (4784) - Squeeze-Able So Squeezing, Offering Likely Gets Pulled - AVOID LIKE THE PLAGUE

Re-boomeranging this. Since I wrote, the stock is down more than 40%. The shares have now broken ¥2,000/share. We still have an additional 50% to...

Travis Lundy

StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched

GMO Internet (9449 JP) needs to sell GMO Internet (4784), and it is doing so. If you can take down borrow on 4784, stay short. It could get bumpy....

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Japan Offering] GMO Internet (4784) - A New Offering at a LOT Lower Price

1yr ago, parentco tried a huge offering at a huge price but no takers. Shares dropped 70+%. Earnings were as predicted. Now they try again. Still a...

Travis Lundy

Primer: GMO Internet (4784 JP) - Apr 2026

GMO Internet is a dominant player in Japan's internet infrastructure market, holding a commanding market share in domain registration, which...

αSK

GMO Internet (4784) - Squeeze-Able So Squeezing, Offering Likely Gets Pulled - AVOID LIKE THE PLAGUE

Re-boomeranging this. Since I wrote, the stock is down more than 40%. The shares have now broken ¥2,000/share. We still have an additional 50% to...

Travis Lundy

GMO Internet (4784) DropDown Holdco Gone Ballistic - Squeezed on Truly Tiny Float

GMO Internet is the old GMO Ad Partners with a reverse takeover executed as of Jan 1. Float now is low. The company sees it as 1.44%. It's lower...

Travis Lundy

StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched

GMO Internet (9449 JP) needs to sell GMO Internet (4784), and it is doing so. If you can take down borrow on 4784, stay short. It could get bumpy....

David Blennerhassett