Our Response to Aeria’s Release Dated Oct. 26, 2017

  Aeria admits that their downloads are far less than they advertised In Aeria’s response to our report, they admit that we are right and that they had substantially and materially overstated the number of A3! downloads by including marathon resets. Thus, it’s clear to see that in including the […]

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Aeria (3758): Floating on Unreal Numbers

Aeria Inc. has just one mobile game hit, but it likes to talk about it. The Co. has made 13 press releases so far to trumpet the success of pre-release and post-release download numbers. The problem is, independent industry trackers show that the download numbers are significantly lower than the statistics […]

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SMC (6273): Puncturing the Myth, a Follow-Up

ACCOUNTABILITY BY THE MAIN BANK, INSTITUTIONAL INVESTORS, PENSION FUND MANAGERS AND SELL SIDE ANALYSTS Nearly two months have passed since we published the report on SMC, “Puncturing the Accounting Myth.” Since then we’ve been contacted by a number of institutional investors around the world and sent additional questions to SMC […]

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WIR Releases Letter to Resona Management About SMC Concerns

February 9, 2017 Questions relating to SMC Corporation   Dear Resona Holdings Board Members, Mr. Kazuhiro Higashi, Director, President and Representative Executive Officer, Mr. Tetsuya Suga, Director and Representative Executive Officer, Mr. Yuji Koga, Director and Representative Executive Officer, Mr. Koaru Isono, Director, Ms. Emi Ozono, Non-executive Director, Mr. Toshio […]

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Well Investments Research Releases Letter to SMC Management

January 27, 2017 Letter to SMC management  Raises new question about SMC’s finances Asks SMC to provide clarification at financial results announcement in February   Well Investments Research (“WIR”) has announced that on January 16, 2017 it sent a letter to seven members of SMC Corporation (TSE: 6273, “SMC”), namely […]

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euglena (2931): a One-Trick Organism With No Fuel for Growth

euglena Co. (2931:JP), is a young company promising 21st-century, eco-friendly solutions for almost everything: energy, food, health, animals, and transport and even space travel! The dreams are big. The reality is rather small. The company’s Healthcare division, which makes health snacks, accounts for 99.9% of sales. Its big dreams in biofuel are […]

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SMC (6273): Accounts Beg Questions; SMC Keeps Plug on Answers

SMC responses, dated December 13, 2016 and December 14, 2016, to our original report “SMC (6273): Puncturing the Myth” barely address the key issues we have raised. The company claims there is “no problem” with their accounts and offers no evidence to support its position. The company’s comment on Seiyo is simply that they “have […]

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SMC (6273): Puncturing the Myth

SMC Corporation (6273:JP), is a ¥2 trillion market cap company, which manufactures pneumatic control equipment for factory automation. We believe SMC Corp has ‘fake’ cash and dramatically overvalued inventory on its balance sheet as a result of inflated margins if not other undisclosed losses. These questionable accounts have been enabled […]

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CYBERDYNE (7779): Talks the Talk, but Does it Walk the Walk?

During our earlier research into Jig-Saw (3914) we were amazed at the bubble that’s built around many robot-themed names in the Mothers Index. Nowhere was the extreme overvaluation as apparent as with its second-largest component: Cyberdyne. Cyberdyne is a researcher and developer of robotic suits that shot up in value […]

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