In today’s briefing:
- FEFTA Classification Changes Summer 2025
- [Japan ECM/Index] Japan Business Systems (5036) Offering Triggers Move to TOPIX
- Mercari (4385 JP): Japan’s Leading C2C Trading App at 14x P/E with Margin Uplift Potential
- Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?
- SUMCO Q225. Operating Profit Tanks As Depreciation Soars
FEFTA Classification Changes Summer 2025
- The Ministry of Finance has published an updated “FEFTA List” of classifications of listed companies as of July 15, 2025.
- 50 names lowered their ranks from the most “core” Type 3 to Type 2(20), or Type 1(30). 104 names raised from Type 1(51) or Type 2(53) to Type 3.
- Smartkarma readers may want to peruse the lists and details to see if they think companies are trying to protect themselves (from threats as yet not known by the public).
[Japan ECM/Index] Japan Business Systems (5036) Offering Triggers Move to TOPIX
- Japan Business Systems (5036 JP) today announced a couple of interesting things. First, admission to TOPIX (contingent on a successful secondary offering of shares, also announced today).
- Then a ¥5/share special commemorative dividend (0.4%) and a “gift” of 4% of the company to a J-ESOP Trust for employees, where the company gifts the shares.
- The latter looks aggressive/generous, but the modalities here are interesting.
Mercari (4385 JP): Japan’s Leading C2C Trading App at 14x P/E with Margin Uplift Potential
I’m fascinated by the market for second-hand goods.
eBay has existed for many decades, but it was only with the smartphone that the market took off.
With a smartphone, you could snap a photo of your item and post it online within minutes.
Metaplanet (3350) | The Slowing Flywheel: Can Metaplanet Sustain Its Bitcoin Ambition?
- Metaplanet’s equity halved since June, slowing its bitcoin accumulation flywheel as mNAV collapsed from 8x to 2.1x, straining progress toward the 30,000 BTC target.
- Despite headwinds, ¥154b raised via SAR and new perpetual preferred shares expand funding capacity, though near-term headroom of ¥80b remains modest relative to ambitions.
- September’s EGM may prove pivotal; beyond share amendments, a potential U.S. listing via Metaplanet Treasury Corp could signal intent to access deeper capital markets.
SUMCO Q225. Operating Profit Tanks As Depreciation Soars
- SUMCO reported Q225 revenues of ¥102.9 billion, flat sequentially and roughly 3% higher than guidance.
- Operating profit of ¥1.5 billion was also slightly better than the forecasted breakeven, but dramatically down from its peak of ¥30.2 billion in Q322.
- A projected further increase in depreciation charges for the current quarter is forecasted to drive operating profit to negative ¥3.5 billion. Yikes!
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