IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

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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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> has extended its partial tender for <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a> to 15 October, keeping the price at JPY340; the extension suggests acceptances have been tepid.</li>
<li>SBI may hold firm on price, given its record of not bumping partial offers, such as Shinsei in 2021, and peers' 6% median derating. </li>
<li>However, a bump remains likely: the major shareholders are unlikely to tender, and the extension suggests most minorities are also holding out at JPY340. </li>
</ul>



SBI Holdings (8473 JP) has extended its partial tender for BASE Inc (4477 JP) to 15 October, keeping the price at JPY340; the extension suggests acceptances have been tepid.
SBI may hold firm on price, given its record of not bumping partial offers, such as Shinsei in 2021, and peers' 6% median derating. 
However, a bump remains likely: the major shareholders are unlikely to tender, and the extension suggests most minorities are also holding out at JPY340. 


BASE (4477 JP): SBI’s Tender Extension Signals a Price Bump Is Needed

Research Coverage of Japanese Listed Companies, Shared Research Inc

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Equity Bottom-Up

<ul><li>Revenue increased by 3.2% YoY to JPY5.5bn, with operating profit up 20.3% YoY to JPY598mn.</li><li>Domain & Rental Server (Hosting) revenue was JPY3.1bn, with operating profit declining 4.0% YoY to JPY971mn.</li><li>E-commerce Support revenue reached JPY1.5bn, with operating profit increasing 32.6% YoY to JPY459mn.</li></ul>

Revenue increased by 3.2% YoY to JPY5.5bn, with operating profit up 20.3% YoY to JPY598mn.Domain & Rental Server (Hosting) revenue was JPY3.1bn, with operating profit declining 4.0% YoY to JPY971mn.E-commerce Support revenue reached JPY1.5bn, with operating profit increasing 32.6% YoY to JPY459mn.

GMO Pepabo Inc (3633 JP): Q2 FY12/25 flash update

<ul><li>Revenue in Q1 FY12/25 increased YoY, driven by higher-priced contracts in EC Support and Financial Support businesses.</li><li>Domain & Rental Server (Hosting) revenue and operating profit progress lagged, despite increased customer spend from price revisions.</li><li>Handmade Products business achieved significant operating profit growth, aided by minne Ads, despite a decline in gross merchandise value.</li></ul>

Revenue in Q1 FY12/25 increased YoY, driven by higher-priced contracts in EC Support and Financial Support businesses.Domain & Rental Server (Hosting) revenue and operating profit progress lagged, despite increased customer spend from price revisions.Handmade Products business achieved significant operating profit growth, aided by minne Ads, despite a decline in gross merchandise value.

GMO Pepabo Inc (3633 JP): Q1 FY12/25 flash update

<ul><li>Full-year FY12/24 revenue increased YoY, driven by price revisions in recurring revenue businesses and reduced bad debt expenses.</li><li>FY12/25 forecast expects revenue growth from price revisions and high-priced plans, with a dividend increase to JPY67.0/share.</li><li>New medium-term policy targets FY12/27 revenue of JPY12.6bn and operating profit of JPY1.26bn, with increased payout ratio.</li></ul>

Full-year FY12/24 revenue increased YoY, driven by price revisions in recurring revenue businesses and reduced bad debt expenses.FY12/25 forecast expects revenue growth from price revisions and high-priced plans, with a dividend increase to JPY67.0/share.New medium-term policy targets FY12/27 revenue of JPY12.6bn and operating profit of JPY1.26bn, with increased payout ratio.

GMO Pepabo Inc (3633 JP): Full-year FY12/24 flash update

<ul><li>Revenue for Q3 FY12/24 was JPY8.1bn, with operating profit at JPY782mn, and net income at JPY551mn. </li><li>Recurring-revenue businesses showed strong performance, while one-time revenue businesses like SUZURI and Minne experienced stagnation. </li><li>Revised full-year FY12/24 forecast includes revenue of JPY10.8bn and net income of JPY554mn, exceeding previous expectations.</li></ul>

Revenue for Q3 FY12/24 was JPY8.1bn, with operating profit at JPY782mn, and net income at JPY551mn. Recurring-revenue businesses showed strong performance, while one-time revenue businesses like SUZURI and Minne experienced stagnation. Revised full-year FY12/24 forecast includes revenue of JPY10.8bn and net income of JPY554mn, exceeding previous expectations.

GMO Pepabo Inc (3633 JP): Q3 FY12/24 flash update

Japan

GMO Pepabo Inc provides web hosting services and internet solution services.

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GMO Pepabo Inc (3633 JP)

BASE (4477 JP): SBI’s Tender Extension Signals a Price Bump Is Needed

SBI extended its BASE tender to 15 October at JPY340, signalling tepid take-up. Despite its partial-offer track record and peer derating, a bump...

Arun George