Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

<ul><li>Q1-4 FY3/25 results were in line with guidance, with progress made YoY to transform both Sports and Lifestyle segments into material earnings pillars.</li><li>Company guidance for FY3/26 appears conservative.</li><li>The core theme is a significant investment in growing the TIPSTAR (domestic keirin, or cycle team sports) betting service, achieving high user retention, and strong sales growth YoY. </li></ul>

Q1-4 FY3/25 results were in line with guidance, with progress made YoY to transform both Sports and Lifestyle segments into material earnings pillars.Company guidance for FY3/26 appears conservative.The core theme is a significant investment in growing the TIPSTAR (domestic keirin, or cycle team sports) betting service, achieving high user retention, and strong sales growth YoY. 

MIXI Inc. (2121 JP) - Investing in Scale to Unlock Sustainable Returns

<ul>
<li>MIXI has announced an all-cash deal worth ¥35.2bn for PointsBet Holdings (PBH), an Australian sports and racing online betting company operating in Australia and Canada.</li>
<li>The deal is due to close in mid-June 2025. We view this transaction as aligned with MIXI’s strategies of business diversification and overseas expansion, leveraging the expertise gained from TIPSTAR in Japan’s keirin and auto-race betting businesses to enter the Australian market, thereby accelerating the growth of both TIPSTAR and PointsBet.</li>
<li>MIXI is demonstrating a positive and active allocation of its capital, with a high intent to accelerate the development of its Sports business and make it a key earnings pillar.</li>
</ul>


MIXI has announced an all-cash deal worth ¥35.2bn for PointsBet Holdings (PBH), an Australian sports and racing online betting company operating in Australia and Canada.
The deal is due to close in mid-June 2025. We view this transaction as aligned with MIXI’s strategies of business diversification and overseas expansion, leveraging the expertise gained from TIPSTAR in Japan’s keirin and auto-race betting businesses to enter the Australian market, thereby accelerating the growth of both TIPSTAR and PointsBet.
MIXI is demonstrating a positive and active allocation of its capital, with a high intent to accelerate the development of its Sports business and make it a key earnings pillar.


MIXI Inc. (2121 JP) - A Potentially Game-Changing Deal

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

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/betr-entertainment-limited" target="_blank" data-smartkarma-citation="entities:41181:1" rel="noopener">BETR Entertainment (BBT AU)</a> has switched its <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet Holdings (PBH AU)</a> offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22. </li>
<li>Betr’s claim that its offer is superior is debatable. <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">Mixi Inc (2121 JP)</a>’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.  </li>
<li>Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition. </li>
</ul>



BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22. 
Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.  
Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition. 


PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

<ul><li>Stronger than expected performance – Q1-3 FY3/25 results were a positive surprise, with larger than expected OPM expansion YoY driven by effective advertising cost control in both the Digital Entertainment and Lifestyle segments and strong sales growth in the Sports segment driven by the Spectator Sports business.</li><li>The company has upwardly revised FY3/25 guidance, denoting a strong finish for Q4 FY3/25 and indicating that profitability will remain higher than expected for the medium term.</li><li>We have revised our earnings estimates for FY3/26, which denotes flat reported earnings growth YoY; the underlying trend, excluding the sale of Timee (215A) shares in FY3/25, shows OP growth of approximately 10% YoY.</li></ul>

Stronger than expected performance – Q1-3 FY3/25 results were a positive surprise, with larger than expected OPM expansion YoY driven by effective advertising cost control in both the Digital Entertainment and Lifestyle segments and strong sales growth in the Sports segment driven by the Spectator Sports business.The company has upwardly revised FY3/25 guidance, denoting a strong finish for Q4 FY3/25 and indicating that profitability will remain higher than expected for the medium term.We have revised our earnings estimates for FY3/26, which denotes flat reported earnings growth YoY; the underlying trend, excluding the sale of Timee (215A) shares in FY3/25, shows OP growth of approximately 10% YoY.

MIXI Inc. (2121 JP) - Sustaining Higher Returns Looks Realistic

<ul>
<li>Q1-2 FY3/25 results were ahead of guidance in our view, with underlying earnings growth stemming from improved profitability in the Digital Entertainment segment and robust sales growth in both the Sports and Lifestyle segments.</li>
<li>The governance issue disclosed in December 2024 involving improper transactions at subsidiary Chariloto appears to have been fully resolved with no contingent issues to resolve.</li>
<li>The company has maintained FY3/25 guidance, and we view the earnings outlook for H2 FY3/25 to be positive due to a combination of stabilizing performance with sustained successful collaborative activity with Monster Strike and seasonal uplift in the Sports segment.</li>
</ul>


Q1-2 FY3/25 results were ahead of guidance in our view, with underlying earnings growth stemming from improved profitability in the Digital Entertainment segment and robust sales growth in both the Sports and Lifestyle segments.
The governance issue disclosed in December 2024 involving improper transactions at subsidiary Chariloto appears to have been fully resolved with no contingent issues to resolve.
The company has maintained FY3/25 guidance, and we view the earnings outlook for H2 FY3/25 to be positive due to a combination of stabilizing performance with sustained successful collaborative activity with Monster Strike and seasonal uplift in the Sports segment.


MIXI Inc. (2121) - Advancing Towards Strategic Objectives

Japan

mixi, Inc. operates community style website, mixi.  The Company sells advertising spaces on its website.  mixi also runs online recruiting services for IT related positions.

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Mixi Inc (2121 JP)

MIXI Inc. (2121 JP) - Investing in Scale to Unlock Sustainable Returns

Q1-4 FY3/25 results were in line with guidance, with progress made YoY to transform both Sports and Lifestyle segments into material earnings pillars.

Astris Advisory Japan

MIXI Inc. (2121 JP) - A Potentially Game-Changing Deal

MIXI has announced an all-cash deal worth ¥35.2bn for PointsBet Holdings (PBH), an Australian sports and racing online betting company operating in...

Astris Advisory Japan

PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer

Betr’s claim that its offer is superior is debatable. Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to...

Arun George

MIXI Inc. (2121 JP) - Sustaining Higher Returns Looks Realistic

The company has upwardly revised FY3/25 guidance, denoting a strong finish for Q4 FY3/25 and indicating that profitability will remain higher than...

Astris Advisory Japan

MIXI Inc. (2121) - Advancing Towards Strategic Objectives

Q1-2 FY3/25 results were ahead of guidance in our view, with underlying earnings growth stemming from improved profitability in the Digital...

Astris Advisory Japan

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