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

Urbem Capital

Quality-first, Business-perspective, Long-term

Equity Bottom-Up

<ul>
<li>This is our second Insight into Tobila Systems - the absolute dominator in the niche of fraud/spam call and message filtering services in Japan;</li>
<li>We like the high-quality, unique assets owned by the company, although capital allocation appears to stand out as a wild card in our formula of long-term shareholder-value creation;</li>
<li>At the current level, we would hold the shares firmly and wait patiently for more opportunistic offerings from Mr. Market to accumulate more shares.</li>
</ul>


This is our second Insight into Tobila Systems - the absolute dominator in the niche of fraud/spam call and message filtering services in Japan;
We like the high-quality, unique assets owned by the company, although capital allocation appears to stand out as a wild card in our formula of long-term shareholder-value creation;
At the current level, we would hold the shares firmly and wait patiently for more opportunistic offerings from Mr. Market to accumulate more shares.


<ul>
<li>Kakaku.com Inc. can be a rare species among listed companies in Japan;</li>
<li>We had multiple email exchanges and meetings with the management team for a deep-dive view covering corporate cultural, management style, capital allocation, business model, and competitive strength.</li>
<li>We would wait for a 20%-30% pullback in the share price before looking to add to our position but would certainly remain reluctant to sell any share that we own.</li>
</ul>


Kakaku.com Inc. can be a rare species among listed companies in Japan;
We had multiple email exchanges and meetings with the management team for a deep-dive view covering corporate cultural, management style, capital allocation, business model, and competitive strength.
We would wait for a 20%-30% pullback in the share price before looking to add to our position but would certainly remain reluctant to sell any share that we own.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, things are picking up again going into the year end.</li>
<li>There were no large placement or blocks this week, although prior lockup linked blocks kept flowing through.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, things are picking up again going into the year end.
There were no large placement or blocks this week, although prior lockup linked blocks kept flowing through.


ECM Weekly (27th Nov 2022) - Growatt, Lygend, Sunshine Ins, Weilong, DPC, Daiei, Skymark, GoTo

Telco/Internet specialist

Kirk Boodry

Redex Research

<p>Z Holdings shares have sold off on disappointment over mid-term profitability targets that remain unchanged despite the addition of Line and possible synergies (and equity dilution). But management believes investments will pay off with stronger top-line growth. Some of its aspirational targets (like eCommerce leadership) seem to be a stretch but we do think that the merger gives it the resources to compete with heavyweights like Google (online ads), Facebook (social media), Amazon (eCommerce) and Rakuten (fintech). We are initiating coverage at Buy with a <a target="_blank">¥680 </a>FY21 (Mar-22) target price.</p>

Z Holdings shares have sold off on disappointment over mid-term profitability targets that remain unchanged despite the addition of Line and possible synergies (and equity dilution). But management believes investments will pay off with stronger top-line growth. Some of its aspirational targets (like eCommerce leadership) seem to be a stretch but we do think that the merger gives it the resources to compete with heavyweights like Google (online ads), Facebook (social media), Amazon (eCommerce) and Rakuten (fintech). We are initiating coverage at Buy with a ¥680 FY21 (Mar-22) target price.

Z Holdings - Great Expectations On (The) LINE (Initiation of Coverage)

<ul>
<li>Japanese Internet conglomerate Kakaku.com Inc reported its Q2, FY3/2021 results earlier this week;</li>
<li>Three business segments showed a mixed picture both financially and operationally;</li>
<li>Our quick "stress test" indicates a modest pandemic risk thanks to the flexible cost structure and diversified revenue streams;</li>
<li>The long-term strength of the business remains intact, in our view.</li>
</ul>


Japanese Internet conglomerate Kakaku.com Inc reported its Q2, FY3/2021 results earlier this week;
Three business segments showed a mixed picture both financially and operationally;
Our quick "stress test" indicates a modest pandemic risk thanks to the flexible cost structure and diversified revenue streams;
The long-term strength of the business remains intact, in our view.


Kakaku.com Inc: Our Takeaways Regarding Q2 Results

Japan

Kakaku.com, Inc provides price comparison services and products information through its website.  The Company also provides Internet advertising services.

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Kakaku.com Inc (2371 JP)

Tobila Systems: A Deep-Dive View

High-quality, predictable, high-growth business with slightly questionable capital allocation; shares modestly overvalued; we would hold and wait.

Urbem Capital

Kakaku.com Inc.: A Deep-Dive View

Kakaku.com Inc. has impressed us as a rare species compared to many other Japanese companies and is probably the most investable publicly-traded...

Urbem Capital

ECM Weekly (27th Nov 2022) - Growatt, Lygend, Sunshine Ins, Weilong, DPC, Daiei, Skymark, GoTo

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Z Holdings - Great Expectations On (The) LINE (Initiation of Coverage)

Z Holdings has sold off on disappointment over profitability targets that remain unchanged despite the addition of Line but near-term investments...

Kirk Boodry

Kakaku.com Inc: Our Takeaways Regarding Q2 Results

Three business segments showed a mixed picture both financially and operationally, but the long-term strength of the business remains intact, in...

Urbem Capital

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