Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

C. Uyemura & Co., Ltd. manufactures and sells plating chemicals.  The Company also manufactures plating machinery.  C. Uyemura markets its products in North America and Asia.

<ul>
<li>JPX's October 7 review adds 35 names and phases out 683 over eight quarterly steps, creating dated passive buying and selling in several AI and semiconductor stocks.</li>
<li>Ferrotec, santec, Seikoh Giken and C.Uyemura get passive buying at the October 29 close; Samco, Tazmo, Torex Semiconductor and Fixstars face eight quarterly passive selling dates.</li>
<li>The October 2027 re-evaluation is an escape hatch: deleted names that regain liquidity stop being cut, making buybacks, cross-shareholding unwinds and float will increase the catalysts to watch.</li>
</ul>


JPX's October 7 review adds 35 names and phases out 683 over eight quarterly steps, creating dated passive buying and selling in several AI and semiconductor stocks.
Ferrotec, santec, Seikoh Giken and C.Uyemura get passive buying at the October 29 close; Samco, Tazmo, Torex Semiconductor and Fixstars face eight quarterly passive selling dates.
The October 2027 re-evaluation is an escape hatch: deleted names that regain liquidity stop being cut, making buybacks, cross-shareholding unwinds and float will increase the catalysts to watch.


Japan AI Small Caps: Who Topix Funds Must Buy/Sell Following the Oct 30 Index Cull

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

CERES Inc provides internet marketing services. The Company's registered members earn reward points when they take actions at their website such as purchasing products. CERES also provides temporary staffing services online.

<ul><li>Ceres completed the sale of its bitbank stake on 1 October for ¥8.6bn and, the same day, announced a buyback of up to ¥2.5bn, as planned in June when the transaction was announced.</li><li>We think the buyback is incrementally positive for ROE, and if Ceres completes the buyback at the current share price by the end of FY12/26, we estimate that FY12/27E ROE would increase to ~18%.</li><li>The shares trade at 0.63x our SOTP value, so each share that Ceres buys back is also accretive to SOTP value per share.</li></ul>

Ceres completed the sale of its bitbank stake on 1 October for ¥8.6bn and, the same day, announced a buyback of up to ¥2.5bn, as planned in June when the transaction was announced.We think the buyback is incrementally positive for ROE, and if Ceres completes the buyback at the current share price by the end of FY12/26, we estimate that FY12/27E ROE would increase to ~18%.The shares trade at 0.63x our SOTP value, so each share that Ceres buys back is also accretive to SOTP value per share.

Ceres Inc. (3696 JP) - Exit Closed, Buyback Under Way

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Mitsui Fudosan Co., Ltd. provides overall real estate services such as leasing, subdivision, construction, sales, and maintenance of office buildings and residential houses.  The Company also manufactures building materials, operates commercial facilities including hotels and golf places, and provides financial services such as securitization of real estate properties.

<ul>
<li>Japan Post is monetizing a JPY 1.6 trillion portfolio, unlocking JPY 700bn in gains through private funds under activist pressure, creating a generational asset pipeline.</li>
<li>Mitsui Fudosan is uniquely positioned to dominate these mandates, expanding asset management fees and driving ROE toward 10% via aggressive share buybacks without balance sheet bloat.</li>
<li>Accelerated fund launches offer massive upside, while Bank of Japan rate shocks pose limited downside due to resilient fixed-rate corporate debt and robust Tokyo office rental growth.</li>
</ul>


Japan Post is monetizing a JPY 1.6 trillion portfolio, unlocking JPY 700bn in gains through private funds under activist pressure, creating a generational asset pipeline.
Mitsui Fudosan is uniquely positioned to dominate these mandates, expanding asset management fees and driving ROE toward 10% via aggressive share buybacks without balance sheet bloat.
Accelerated fund launches offer massive upside, while Bank of Japan rate shocks pose limited downside due to resilient fixed-rate corporate debt and robust Tokyo office rental growth.


USD 10bn Catalyst: Japan Post’s Mega-Monetisation & Mitsui Fudosan's Ascension

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

INPEX CORPORATION is a holding company established through the reorganization of INPEX Corp and Teikoku Oil.  The Company manages subsidiaries that explores, produces, and sells oil and natural gas.

<ul>
<li>It's a weak stub. And given <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a>'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against <a href="https://www.smartkarma.com/entities/japan-petroleum-exploration" target="_blank" data-smartkarma-citation="entities:12219:1" rel="noopener">JAPEX (1662 JP)</a>.</li>
<li>Keswick chips away at <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-southeast-asia-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Matheson Southeast Asia (JCNC SP)</a> (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> in-specie-distribution and special dividend.</li>
</ul>


It's a weak stub. And given Inpex Corp (1605 JP)'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against JAPEX (1662 JP).
Keswick chips away at Jardine Matheson (JM SP)'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. 

Jardine Matheson Southeast Asia (JCNC SP) (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the Toyota Motor (7203 JP) in-specie-distribution and special dividend.


Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

Travis Lundy

Equity Capital Markets

CKD Corporation manufactures pneumatic equipment and control devices including valves, cylinders, filters, and dryers.  The Company also produces automated labor-saving machines such as integrated circuit (IC) production equipment, assembly machines, auto-transport machinery, and packaging machines for pharmaceutical products.

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/ckd-corp" target="_blank" data-smartkarma-citation="entities:15225:1" rel="noopener">Ckd Corp (6407 JP)</a> announced a secondary offering where multiple banks and an insurer will sell shares. Other banks and corporates and various mutual ownership associations will still hold.</li>
<li>The offering is "small" at 6x ADV and 6% but the stock is well held by actives already. Only 13% of Max Real World Float on offer here but... overhang.</li>
<li>The company is in the right AI/semicon/machinery space (stock up big last 18mos) but it isn't dirt cheap and expected growth is slower than you'd like for the multiple.</li>
</ul>


Yesterday, Ckd Corp (6407 JP) announced a secondary offering where multiple banks and an insurer will sell shares. Other banks and corporates and various mutual ownership associations will still hold.
The offering is "small" at 6x ADV and 6% but the stock is well held by actives already. Only 13% of Max Real World Float on offer here but... overhang.
The company is in the right AI/semicon/machinery space (stock up big last 18mos) but it isn't dirt cheap and expected growth is slower than you'd like for the multiple.


[Japan Offering] CKD (6407 JP) Sees Banks and an Insurer Sell; Buyback but Index Selling Offsets

Japan Buybacks
Insights on Japanese buybacks

Japan AI Small Caps: Who Topix Funds Must Buy/Sell Following the Oct 30 Index Cull

Topix funds must buy 6 and sell 15 Japanese AI/semiconductor small caps after the Oct 30 index cull. Names and flow sizes, plus notes on the Oct...

Nico Rosti

Ceres Inc. (3696 JP) - Exit Closed, Buyback Under Way

Ceres completed the sale of its bitbank stake on 1 October for ¥8.6bn and, the same day, announced a buyback of up to ¥2.5bn, as planned in June...

Astris Advisory Japan

USD 10bn Catalyst: Japan Post’s Mega-Monetisation & Mitsui Fudosan's Ascension

Japan Post is monetizing a JPY 1.6 trillion portfolio, unlocking JPY 700bn in gains through private funds under activist pressure, creating a...

Jacob Cheng

Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Offering] CKD (6407 JP) Sees Banks and an Insurer Sell; Buyback but Index Selling Offsets

CKD sees financial crossholders doing a selldown. There is more behind eventually. Corporates too. Growthy sector. Lower growth projections than...

Travis Lundy