Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Equity Bottom-Up

<ul><li><p>2Q sales below consensus. Announced downward revision of full-year guidance</p></li><li><p>The number of new projects was weak at 1,931 (+16.3% YoY, -18.2% QoQ). The QoQ drop was mostly due to seasonal factors, but the decline seems to be somewhat large.</p></li><li><p>Makuake Support Procurement service for professional buyers fully launched</p></li></ul>

2Q sales below consensus. Announced downward revision of full-year guidanceThe number of new projects was weak at 1,931 (+16.3% YoY, -18.2% QoQ). The QoQ drop was mostly due to seasonal factors, but the decline seems to be somewhat large.Makuake Support Procurement service for professional buyers fully launched

Makuake (4479): Announced Downward Revision of Full-Year Guidance

<ul><li><p>CVR declined despite an increase in the number of projects. However, this is not a new negative factor</p></li><li><p>Makuake (4479, the company) announced 1Q FY9/22 parent results. Total amount of pre-orders (GMV) was 5.369bn yen (+19.0% YoY, -7.5% QoQ)</p></li><li><p>KPIs: Focus on the effectiveness of CVR measures going forward</p></li></ul>

CVR declined despite an increase in the number of projects. However, this is not a new negative factorMakuake (4479, the company) announced 1Q FY9/22 parent results. Total amount of pre-orders (GMV) was 5.369bn yen (+19.0% YoY, -7.5% QoQ)KPIs: Focus on the effectiveness of CVR measures going forward

Makuake (4479): A Further Decline in CVR Is a Negative, but Not a New Factor

Japan Specialist

Mark Chadwick

<div><p><span xml:lang="EN-US" data-contrast="auto"><a href="https://www.smartkarma.com/entities/makuake-inc" target="_blank" data-smartkarma-citation="entities:29281:1" rel="noopener">Makuake Inc (4479 JP)</a> </span><span xml:lang="EN-US" data-contrast="auto"> is a unique online platform that helps companies to launch new products and services online. The seven-year-old company is a product of the Cyberagent incubation umbrella and debuted on Mothers in December 2019. The company's core business is the </span><span xml:lang="EN-US" data-contrast="auto">Makuake</span><span xml:lang="EN-US" data-contrast="auto"> platform, which supports new product launches, brings them in front of buyers/supporters, before formal market release. The </span><span xml:lang="EN-US" data-contrast="auto">Makuake</span><span xml:lang="EN-US" data-contrast="auto"> Incubator Studio (MIS) </span><span xml:lang="EN-US" data-contrast="auto">helps</span><span xml:lang="EN-US" data-contrast="auto"> firms with strong R&amp;D to develop and commercialize products via their platform. </span><span data-ccp-props='{"201341983":0,"335559739":160,"335559740":360}'> </span></p></div><div><p><span xml:lang="EN-US" data-contrast="auto">This note looks at the recent Q4 results, while the following note discusses in more detail the Market, Moat and Management.: <a href="https://www.smartkarma.com/insights/small-cap-growth-makuake-4479-launching-innovative-ideas" target="_blank" data-smartkarma-citation="insights:43337" rel="noopener">Small Cap Growth: Makuake (4479) - Launching Innovative Ideas</a> </span><span data-ccp-props='{"201341983":0,"335559739":160,"335559740":360}'> </span></p></div>

Makuake Inc (4479 JP)  is a unique online platform that helps companies to launch new products and services online. The seven-year-old company is a product of the Cyberagent incubation umbrella and debuted on Mothers in December 2019. The company's core business is the Makuake platform, which supports new product launches, brings them in front of buyers/supporters, before formal market release. The Makuake Incubator Studio (MIS) helps firms with strong R&amp;D to develop and commercialize products via their platform.  This note looks at the recent Q4 results, while the following note discusses in more detail the Market, Moat and Management.: Small Cap Growth: Makuake (4479) - Launching Innovative Ideas  

Small Cap Growth: Makuake (4479) - Innovative Ideas Drive Strong Q4 Sales

<div>
<p><span xml:lang="EN-US" data-contrast="auto"><a href="https://www.smartkarma.com/entities/makuake-inc" target="_blank" data-smartkarma-citation="entities:29281:1" rel="noopener">Makuake Inc (4479 JP)</a>  is a unique online platform that launches new products and services online. </span><span data-ccp-props='{"201341983":0,"335559739":160,"335559740":259}'> </span></p>
</div>
<div>
<p><span xml:lang="EN-US" data-contrast="auto">The seven-year-old company is a product of the <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a>  incubation umbrella and debuted on TSE Mothers in December 2019. Since then, sales have grown 128% to reach ¥2.1bn and operating profit +843% to ¥0.53bn. </span></p>
</div>
<div>
<p><strong><span xml:lang="EN-US" data-contrast="auto">What does it do?</span><span xml:lang="EN-US" data-contrast="auto"> </span> </strong></p>
</div>
<div>
<ol style="list-style-type: lower-roman;">
<li>
<span xml:lang="EN-US" data-contrast="auto">Makuake’s</span><span xml:lang="EN-US" data-contrast="auto"> platform helps to launch new products, bring them in front of buyers (or supporters), before a formal market release. </span><span data-ccp-props='{"201341983":0,"335559739":160,"335559740":259}'> <span xml:lang="EN-US" data-contrast="auto">Makuake takes 20% of Gross Merchandise Value (GMV) on transactions.</span></span>
</li>
<li>
<span xml:lang="EN-US" data-contrast="auto">Makuake</span><span xml:lang="EN-US" data-contrast="auto"> Incubator Studio (MIS) helps firms with strong R&amp;D to develop and commercialise products via their platform.</span><span xml:lang="EN-US" data-contrast="auto"> </span><span xml:lang="EN-US" data-contrast="auto">MIS charges a fixed fee for product development consultation plus 20% of GMV. </span><span data-ccp-props='{"201341983":0,"335559739":160,"335559740":259}'> </span>
</li>
</ol>
</div>
<div>Makuake's <a href="https://www.makuake.com" target="_blank" rel="noopener">website</a> is home to a wide-range of products, from well-known brands such as <em>Asics</em> to entrepreneurs looking to raise funds for their creative ideas. Here is a selection of weird and wonderful products ranging from a "wallet that you cannot lose", to a "laptop carrying T-shirt", and a new "iPhone holder" for your car. </div>
<div></div>
<div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/159/765/original/image_82436874821600388336974.png?1600388337" class="editor-image img-responsive" data-smartkarma-image-id="159765"></figure>
</div>


Makuake Inc (4479 JP)  is a unique online platform that launches new products and services online.  


The seven-year-old company is a product of the CyberAgent Inc (4751 JP)  incubation umbrella and debuted on TSE Mothers in December 2019. Since then, sales have grown 128% to reach ¥2.1bn and operating profit +843% to ¥0.53bn. 


What does it do?  




Makuake’s platform helps to launch new products, bring them in front of buyers (or supporters), before a formal market release.  Makuake takes 20% of Gross Merchandise Value (GMV) on transactions.


Makuake Incubator Studio (MIS) helps firms with strong R&amp;D to develop and commercialise products via their platform. MIS charges a fixed fee for product development consultation plus 20% of GMV.  



Makuake's website is home to a wide-range of products, from well-known brands such as Asics to entrepreneurs looking to raise funds for their creative ideas. Here is a selection of weird and wonderful products ranging from a "wallet that you cannot lose", to a "laptop carrying T-shirt", and a new "iPhone holder" for your car. 





Small Cap Growth: Makuake (4479) - Launching Innovative Ideas

Japan

Makuake, Inc. develops software products. The Company produces a crowdfunding platform called Makuake which provides various support services supporting, product manufacturing supporting, and other services. Makuake provides its services throughout Japan.

Makuake Inc (4479 JP)

Makuake (4479): Announced Downward Revision of Full-Year Guidance

2Q sales below consensus. Announced downward revision of full-year guidance. The number of new projects was weak at 1,931 (+16.3% YoY, -18.2% QoQ).

Mita Securities

Makuake (4479): A Further Decline in CVR Is a Negative, but Not a New Factor

CVR declined despite an increase in the number of projects. However, this is not a new negative factor. Makuake (4479, the company) announced 1Q...

Mita Securities

Small Cap Growth: Makuake (4479) - Innovative Ideas Drive Strong Q4 Sales

Makuake has a unique business model that helps entrepreneurs and companies to launch and commercialise products and services on line. It is scaling...

Mark Chadwick

Small Cap Growth: Makuake (4479) - Launching Innovative Ideas

Makuake is a unique online platform that launches new products and services online. The seven-year-old company is a product of the Cyberagent...

Mark Chadwick