In today’s briefing:
- [Japan LolWut?] Ikuyo (7273) Says “Iku Yo!” – Bitcoin, M&A, Weirdness, More
- Lucror Analytics – Morning Views Asia
- Pre-IPO Liuliu Orchard – Hard to Achieve High Growth Due to the Lack of Product Competitiveness
- BBW: 2H Signposts: Winning with Multiple Drivers; Reiterate Buy, $65 PT
- SLIGR NA – What’s News in Amsterdam – 8 July (Shell | Household consumption | Corporate agenda)
- GES: 2H Signposts: Reproving the Model; Reiterate Buy, $23 PT
- The Change in Record Date Is Difficult, and Most AGMs Next Year Will Be Held in June
[Japan LolWut?] Ikuyo (7273) Says “Iku Yo!” – Bitcoin, M&A, Weirdness, More
- Several Japanese companies jumped onto the OBaaBM/TABaaBM (Own/Talk-About-Bitcoin-as-a-Business Model) last fall to this spring as Microstrategy Inc Cl A (MSTR US) shares went up and bitcoin did too.
- Yesterday, resin coating/injection molding product maker Ikuyo Co Ltd (7273 JP) announced an M&A Policy, and a Shareholder Benefits Program where shareholders will “win” amounts of bitcoin by lottery.
- Ikuyo expects revenues +955% this year. Details are sparse. The shareholder structure has red flags. The CEO sold himself half the company in Feb for peanuts. Forewarned. But it’s interesting.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Tata Motors, Nissan Motor
- UST yields rose yesterday, ahead of an auction cycle beginning today. The UST curve bear steepened, with the yield on the 2Y UST rising 1 bp to 3.90%, while that on the 10Y UST climbed 3 bps to 4.38%.
- Equities retreated from record high levels after US President Donald Trump unveiled his tariff plans for countries that have yet to secure a trade deal with Washington. The S&P 500 fell 0.8% to 6,230, while the Nasdaq was down 0.9% at 20,413.
Pre-IPO Liuliu Orchard – Hard to Achieve High Growth Due to the Lack of Product Competitiveness
- Liuliu adopts a light asset model for cost control. Through OEM production model, Liuliu has avoided the risk of heavy asset investment, so its gross margin is higher than peers.
- In the context of fierce competition, how to keep high performance growth while maintain profit margin is not easy.We’re not optimistic about Liuliu’s “single product category + marketing/promotion driven” business model.
- Sequoia ceased to be Liuliu’s Shareholder in 2025, right before this IPO, which is not a good signal. In our view, valuation of Liuliu should be lower than peers.
BBW: 2H Signposts: Winning with Multiple Drivers; Reiterate Buy, $65 PT
- We are reiterating our Buy rating, $65 price target and projections for Build-A-Bear as we look at key trends for 2HFY25 and beyond.
- We believe the company remains ideally positioned, with multiple drivers in store, internationally and third party operations to register top and bottom line upside for 2H and beyond, and to continue to capture further margin expansion.
- Further, we believe there remains online opportunities to continue to expand the overall Build-A-Bear universe.
SLIGR NA – What’s News in Amsterdam – 8 July (Shell | Household consumption | Corporate agenda)
- In this edition: • Shell | 2Q25 update: a clear profit warning • Dutch household consumption | up 1.1% YoY in May • Corporate agenda | week 29 – 34
GES: 2H Signposts: Reproving the Model; Reiterate Buy, $23 PT
- We are reiterating our Buy rating, $23 price target, and projections for Guess?
- as we look at key trends for 2HFY26 and beyond.
- GES, trading at 7.2X our FY26 EPS, has remained fully in “show me” mode with investors since the rag and bone acquisition (April 2024) and weakness in Guess?
The Change in Record Date Is Difficult, and Most AGMs Next Year Will Be Held in June
- T&D Holdings and HOYA, two March fiscal year-end companies that filed their annual securities reports more than 2 weeks ago this year, have previously filed their reports 2-3 weeks earlier.
- Only two companies will revise articles of incorporation this year and postpone the record date. Most companies will hold AGM in June next year and file reports just before AGM.
- Since institutional investors decide their votes based on various aspects of the company as a whole, companies should disclose their annual securities reports well in advance of AGM.
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