Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<ul>
 <li>Macromill is a dominant player in the Japanese online market research industry, leveraging its proprietary technology and extensive consumer panels to provide data-driven insights.</li>
 <li>The company is navigating a strategic shift, highlighted by its recent privatization led by CVC Capital Partners, aimed at accelerating digital transformation and AI integration without the pressures of public markets.</li>
 <li>While revenue growth has been modest and net income has been volatile, the company has demonstrated strong and consistent growth in operating cash flow, free cash flow, and dividends per share over the past three years.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Macromill is a dominant player in the Japanese online market research industry, leveraging its proprietary technology and extensive consumer panels to provide data-driven insights.
  The company is navigating a strategic shift, highlighted by its recent privatization led by CVC Capital Partners, aimed at accelerating digital transformation and AI integration without the pressures of public markets.
  While revenue growth has been modest and net income has been volatile, the company has demonstrated strong and consistent growth in operating cash flow, free cash flow, and dividends per share over the past three years.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Macromill, Inc (3978 JP) - Apr 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today post-close, activist/engagement investor Oasis Management <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100UYE4.pdf?sv=2020-08-04&amp;st=2024-12-17T08%3A17%3A44Z&amp;se=2029-12-17T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=8CF7Al7qa3iep7%2Be%2FYKZuyvDIrkbe2s%2B3M%2FLLvosDIs%3D" target="_blank" rel="noopener">filed</a> a new LSR on <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> owning 7.12% of shares as of 13-Dec-2024. Reason: Defend shareholder value, propose measures to management.</li>
<li>That is 7.56-7.65% of effective voting/tender rights. It's big enough to matter. Of course, the stock has not traded below terms once since full trading started post-announcement. </li>
<li>And this was warned in <a href="https://www.smartkarma.com/insights/cvc-offers-1150-for-macromill-3978-wrong-price-wrong-register-expect-activism-or-an-overbid" target="_blank" data-smartkarma-citation="insights:166322" rel="noopener">CVC Offers ¥1150 for Macromill (3978) - Wrong Price, Wrong Register - Expect Activism or An Overbid</a>. Shareholder structure REALLY matters. </li>
</ul>


Today post-close, activist/engagement investor Oasis Management filed a new LSR on Macromill, Inc (3978 JP) owning 7.12% of shares as of 13-Dec-2024. Reason: Defend shareholder value, propose measures to management.
That is 7.56-7.65% of effective voting/tender rights. It's big enough to matter. Of course, the stock has not traded below terms once since full trading started post-announcement. 
And this was warned in CVC Offers ¥1150 for Macromill (3978) - Wrong Price, Wrong Register - Expect Activism or An Overbid. Shareholder structure REALLY matters. 


Activist Buys 7+% of Takeover Target Macromill (3978 JP)

<ul>
<li>Today, CVC announced a deal to buy out <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a>. It is agreed and supported by management and the Board. </li>
<li>The shareholder register on this stock is wide open. It is not burdened by crossholders. It IS burdened by 7 large active holders who have 55%. </li>
<li>Those holders may complain about the process, the transparency, and the low price. This could be a target for an activist or a strategic overbidder.</li>
</ul>


Today, CVC announced a deal to buy out Macromill, Inc (3978 JP). It is agreed and supported by management and the Board. 
The shareholder register on this stock is wide open. It is not burdened by crossholders. It IS burdened by 7 large active holders who have 55%. 
Those holders may complain about the process, the transparency, and the low price. This could be a target for an activist or a strategic overbidder.


CVC Offers ¥1150 for Macromill (3978) - Wrong Price, Wrong Register - Expect Activism or An Overbid

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Dow Jones Industrial Average extended its historic losing streak to nine sessions on Tuesday, falling 267 points (-0.61%) to 43,449, marking its longest skid since 1978</li>
<li>
<a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> are reportedly in talks for a merger. NIssan ADR up 11% overnight.</li>
<li>Oasis has emerged as a significant shareholder of <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> . The company is currently subject to a TOB from CVC Capital Partners. </li>
</ul>


The Dow Jones Industrial Average extended its historic losing streak to nine sessions on Tuesday, falling 267 points (-0.61%) to 43,449, marking its longest skid since 1978

Nissan Motor (7201 JP) and Honda Motor (7267 JP) are reportedly in talks for a merger. NIssan ADR up 11% overnight.
Oasis has emerged as a significant shareholder of Macromill, Inc (3978 JP) . The company is currently subject to a TOB from CVC Capital Partners. 


Ohayo Japan | Nissan and Honda in Merger Talks

Index Rebalance

<ul>
<li>This year there are 10 Free Float Weight Changes for April. There are 20 Liquidity Factor Changes, 2 Inclusions, and 3 M&amp;A-related downweights. There are 90+ Share Count Change Downweights.</li>
<li>This is a bigger Big April Basket than normally comes around. And there are some big flows. All trades are 28 April at the close.</li>
<li>Total flow is ~US$2.1bn a side. 64 trades of &gt;2 days of ADV, and of those, 27 with &gt;US$10mm to trade (7 of US$50mm+). Top 20 in USD average 5dADV.</li>
</ul>


This year there are 10 Free Float Weight Changes for April. There are 20 Liquidity Factor Changes, 2 Inclusions, and 3 M&amp;A-related downweights. There are 90+ Share Count Change Downweights.
This is a bigger Big April Basket than normally comes around. And there are some big flows. All trades are 28 April at the close.
Total flow is ~US$2.1bn a side. 64 trades of &gt;2 days of ADV, and of those, 27 with &gt;US$10mm to trade (7 of US$50mm+). Top 20 in USD average 5dADV.


The End-April TOPIX Rebalance - US$2.1bn a Side

Japan

MACROMILL, INC. is a market research company utilizing Internet System. The Company collects and analyzes data and prepares research reports. MACROMILL also provides digital marketing solutions.

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Macromill, Inc (3978 JP)

Primer: Macromill, Inc (3978 JP) - Apr 2026

Macromill is a dominant player in the Japanese online market research industry, leveraging its proprietary technology and extensive consumer...

αSK

Activist Buys 7+% of Takeover Target Macromill (3978 JP)

Activist Oasis has added themselves to the mix. The language in the new 7.1% filing is interesting. Noteworthy: none of the large fundamental long...

Travis Lundy

CVC Offers ¥1150 for Macromill (3978) - Wrong Price, Wrong Register - Expect Activism or An Overbid

The Macromill (3978) Tender Offer ends next week on the 26th. So far it has not traded below terms a single time, and hasn't traded within 1% of...

Travis Lundy

Ohayo Japan | Nissan and Honda in Merger Talks

Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...

Mark Chadwick

The End-April TOPIX Rebalance - US$2.1bn a Side

There is US$2bn a side to trade on 28 April at the close for a variety of reasons. It is a big month of events with a long list of trades which...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Macromill, Inc (3978 JP) - Apr 2026

Macromill is a dominant player in the Japanese online market research industry, leveraging its proprietary technology and extensive consumer...

αSK

Activist Buys 7+% of Takeover Target Macromill (3978 JP)

Activist Oasis has added themselves to the mix. The language in the new 7.1% filing is interesting. Noteworthy: none of the large fundamental long...

Travis Lundy

CVC Offers ¥1150 for Macromill (3978) - Wrong Price, Wrong Register - Expect Activism or An Overbid

The Macromill (3978) Tender Offer ends next week on the 26th. So far it has not traded below terms a single time, and hasn't traded within 1% of...

Travis Lundy

Ohayo Japan | Nissan and Honda in Merger Talks

​Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...

Mark Chadwick

The End-April TOPIX Rebalance - US$2.1bn a Side

There is US$2bn a side to trade on 28 April at the close for a variety of reasons. It is a big month of events with a long list of trades which...

Travis Lundy

Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...