Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. </li>
<li>That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. </li>
<li>And there are some very interesting dynamics to consider in the meantime. </li>
</ul>


The NTT Data Corp (9613 JP) Tender Offer closed today. Results will come out tomorrow. I expect it will have been successful. 
That will mean some US$8bn+ of passive tracking flows to sell and $8bn+ to buy related to this event alone in the next 3 months. 
And there are some very interesting dynamics to consider in the meantime. 


[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>US diplomacy with Iran has been given two weeks, bringing it close to the reciprocal tariff deferral date. Both may roll later, while central bankers wait to see the impact.</li><li>Unsurprising UK and EA inflation data offered little direction, nor did the BoE or Fed. Brazil and Norway delivered opposite surprises outside a flood of cautious statements.</li><li>Next week is much quieter for data and decisions (TH and MX). The flash PMIs are the main global highlight, although some HICP and PCE data are notable on Friday.</li></ul><p></p>

US diplomacy with Iran has been given two weeks, bringing it close to the reciprocal tariff deferral date. Both may roll later, while central bankers wait to see the impact.Unsurprising UK and EA inflation data offered little direction, nor did the BoE or Fed. Brazil and Norway delivered opposite surprises outside a flood of cautious statements.Next week is much quieter for data and decisions (TH and MX). The flash PMIs are the main global highlight, although some HICP and PCE data are notable on Friday.

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.</li>
<li>Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.</li>
<li>Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.</li>
</ul>


Insiders say Google’s fast-growing phone biz now overlaps Samsung’s, sparking serious rivalry fears. This “Google shock” has become a major topic among Samsung’s top execs lately.
Sammy’s crisis plan involves carving out System LSI from foundry, with a likely spin-off of the foundry biz as a separate entity—insiders say that’s the favored move now.
Samsung’s restructuring sparks a tug-of-war between shareholder value erosion and foundry re-rating. A spin-off looks likely, with recent stock moves showing investor optimism.


Fresh Intel on Samsung’s Foundry Spin-Off Plan

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/seven-bank-ltd" target="_blank" data-smartkarma-citation="entities:16063:1" rel="noopener">Seven Bank Ltd (8410 JP)</a> announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM. </li>
<li>There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.</li>
<li>I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.</li>
</ul>


Today after the close, Seven Bank Ltd (8410 JP) announced a MASSIVE ToSTNeT-3 transaction to buy back up to 200,000,000 shares (17.0% of shares out) for ¥52.4bn. Tomorrow AM. 
There is a complex iterative calculation on the part of Seven Eleven Japan to figure out how many shares they should put into the buyback.
I see a minimum buyback of 10.8%. 17% would be great. But there is a potential issue on the back end of which investors should be aware.


[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Trump said he will make a decision on whether to launch military strike on Iran "within next two weeks;" otherwise markets quiet - ie. closed</li>
<li>Seven &amp; i Holdings will sell part of its Seven Bank stake, reducing its shareholding to 39.9%, making it an equity-method affiliate</li>
<li>Sony projects 90% of major global automakers will adopt its automotive CMOS sensors by fiscal 2027, aiming for a 43% market share.</li>
</ul>


Trump said he will make a decision on whether to launch military strike on Iran "within next two weeks;" otherwise markets quiet - ie. closed
Seven &amp; i Holdings will sell part of its Seven Bank stake, reducing its shareholding to 39.9%, making it an equity-method affiliate
Sony projects 90% of major global automakers will adopt its automotive CMOS sensors by fiscal 2027, aiming for a 43% market share.


[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

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Sanghyun Park

[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow

Seven Bank will buy back shares this AM (Friday 20 June) in a ToSTNeT-3 transaction as York Holdings entities sell and 7-Eleven Japan goes below...

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Ohayo Japan | Two Weeks to Negotiate

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[Japan Event] Potentially Interesting Dynamics of Post-Tender NTT Data (9613) Trading. $8bn+ One Way

The NTT Data TOB closed today. Results out tomorrow should trigger index downweights/deletions from next week to end-Sep, every 4 weeks. Depending...

Travis Lundy

HEW: Playing For Time

US diplomacy with Iran has been given two weeks, bringing it close to the reciprocal tariff deferral date. Both may roll later, while central...

Phil Rush

Fresh Intel on Samsung’s Foundry Spin-Off Plan

This post shares the latest intel on Sammy’s foundry spin-off. Local chatter is picking up around a carve-out that could spark notable price movement.

Sanghyun Park

[Japan Event] Seven Bank (8410) To Buy Back Up to 17.0% of Shares Out Tomorrow

Seven Bank will buy back shares this AM (Friday 20 June) in a ToSTNeT-3 transaction as York Holdings entities sell and 7-Eleven Japan goes below...

Travis Lundy

Ohayo Japan | Two Weeks to Negotiate

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Mark Chadwick

Trump considers military strike on Iran, markets quiet; Seven & i Holdings reduces stake in Seven Bank; Sony predicts widespread adoption of...