Smartkarma AI Primers, Smartkarma

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Smartkarma AI Primers

Smartkarma

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

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<ul>
 <li>i-mobile is undergoing a significant business mix shift, with its Consumer Service segment, centered on the 'Furunavi' hometown tax platform, driving strong revenue growth and profitability.</li>
 <li>The legacy Internet Advertising business is facing substantial headwinds, evidenced by a sharp decline in operating profit, which is currently dragging on the company's overall earnings.</li>
 <li>Shareholder returns are a key focus, supported by a high dividend yield and a stated policy of a 50% payout ratio combined with flexible share buybacks, though profitability pressures from strategic investments remain a near-term concern.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  i-mobile is undergoing a significant business mix shift, with its Consumer Service segment, centered on the 'Furunavi' hometown tax platform, driving strong revenue growth and profitability.
  The legacy Internet Advertising business is facing substantial headwinds, evidenced by a sharp decline in operating profit, which is currently dragging on the company's overall earnings.
  Shareholder returns are a key focus, supported by a high dividend yield and a stated policy of a 50% payout ratio combined with flexible share buybacks, though profitability pressures from strategic investments remain a near-term concern.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: i-mobile Co Ltd (6535 JP) - Aug 2026

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

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

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 cumulative Q3 FY07/26, the company reported revenue of JPY19.2bn (+3.0% YoY) and operating profit of JPY3.4bn (-15.0% YoY).</li><li>Consumer promotion costs were JPY12.0bn (+8.6% YoY), with an operating profit margin of 19.6% (-3.9pp YoY).</li><li>Internet advertising promotional spending increased to JPY447mn (+40.1% YoY), with operating profit at JPY24mn (-80.2% YoY).</li></ul>

In cumulative Q3 FY07/26, the company reported revenue of JPY19.2bn (+3.0% YoY) and operating profit of JPY3.4bn (-15.0% YoY).Consumer promotion costs were JPY12.0bn (+8.6% YoY), with an operating profit margin of 19.6% (-3.9pp YoY).Internet advertising promotional spending increased to JPY447mn (+40.1% YoY), with operating profit at JPY24mn (-80.2% YoY).

i-mobile Co Ltd (6535 JP): Q3 FY07/25 flash update

<ul><li>In 1H FY07/26, revenue was JPY16.8bn (+2.6% YoY), operating profit JPY2.9bn (-23.2% YoY), net income JPY2.0bn (-20.8% YoY).</li><li>Consumer Service business revenue in 1H FY07/26 was JPY15.6bn (+3.1% YoY), with segment profit JPY3.0bn (-20.8% YoY).</li><li>Online Advertising business revenue in 1H FY07/26 was JPY1.2bn (-5.9% YoY), with an operating loss of JPY23mn.</li></ul>

In 1H FY07/26, revenue was JPY16.8bn (+2.6% YoY), operating profit JPY2.9bn (-23.2% YoY), net income JPY2.0bn (-20.8% YoY).Consumer Service business revenue in 1H FY07/26 was JPY15.6bn (+3.1% YoY), with segment profit JPY3.0bn (-20.8% YoY).Online Advertising business revenue in 1H FY07/26 was JPY1.2bn (-5.9% YoY), with an operating loss of JPY23mn.

i-mobile Co Ltd (6535 JP): 1H FY07/26 flash update

<ul><li>In FY07/26, the company reported JPY10.1bn revenue (+129.7% YoY) and JPY8mn operating profit (-99.3% YoY).</li><li>Consumer Service business Q1 FY07/26 revenue was JPY9.6bn (+154.2% YoY) with JPY76mn operating profit (-93.0% YoY).</li><li>Online Advertising business Q1 FY07/26 revenue was JPY563mn (-12.6% YoY) with JPY50mn segment loss (profit in FY07/25).</li></ul>

In FY07/26, the company reported JPY10.1bn revenue (+129.7% YoY) and JPY8mn operating profit (-99.3% YoY).Consumer Service business Q1 FY07/26 revenue was JPY9.6bn (+154.2% YoY) with JPY76mn operating profit (-93.0% YoY).Online Advertising business Q1 FY07/26 revenue was JPY563mn (-12.6% YoY) with JPY50mn segment loss (profit in FY07/25).

i-mobile Co Ltd (6535 JP): Q1 FY07/26 flash update

Japan

i-mobile Co., Ltd. provides online advertising services. The Company offers online advertising campaigning, reporting, animation, and median branding services for personal computers, mobile phones, and tablets. i-mobile conducts its business in Japan.

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i-mobile Co Ltd (6535 JP)

Primer: i-mobile Co Ltd (6535 JP) - Aug 2026

i-mobile is undergoing a significant business mix shift, with its Consumer Service segment, centered on the 'Furunavi' hometown tax platform,...

αSK Primers

TOPIX Index Upweights: The Big April Basket 2021

TOPIX does an annual exercise to adjust Liquidity Factor. The time for trades around that is upon us. This insight looks at the best trade around...

Janaghan Jeyakumar, CFA