Beenos

Japanese tech company at bargain price

Beenos is a Japanese technology company. It operates mostly in E-commerce and has a $125 million market cap.

This is a deep deep value company with a growth profile, but at the same time hard to value. I have read previous comments about the company full of jargon words like “limited downside, 200% upside with catalysts”. I will be more measured in this article and provide a careful review.

History

Beenos was founded in 1999 and from the start, was an innovative ecommerce business growing with organic development.

Tenso Inc. was established in 2008, and the proxy purchasing site "Buyee'' opened in December 2012.

In 2012-2013, Beenos started investing in venture capital, in America and emerging markets.

It was listed in 2016 to the main board of the Tokyo exchange.

During its history the company has set up multiple start up business, most that have failed or remained small, and a few became significant, while Tenso and Buyee became very successful.

Business overview

The company has four segments:

Global commerce:

It is the main revenue maker. It consists of Buyee and Tenso.

Buyee let you buy directly from Japanese sellers and marketplaces. Japan is known for it’s unique fashion and cultural items that attract people from all over the world and this website allow fans to purchase directly. This is a segment that benefits from a depreciation of the Yen as buying in Japan becomes more attractive. Most product sold are typical Japanese artistic products and collectibles.