Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener"><strong>Rakuten Bank (5838 JP)</strong></a> deal is good for <strong><a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a></strong> and <strong><a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial (8411 JP)</a></strong>; bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.</li>
<li>CSRC has approved <strong><a href="https://www.smartkarma.com/entities/china-resources-power-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5385:1" rel="noopener">China Resources Power (836 HK)</a></strong>'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.</li>
<li>
<strong><a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a></strong> has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.</li>
</ul>


The Rakuten Bank (5838 JP) deal is good for Rakuten (4755 JP) and Mizuho Financial (8411 JP); bad for Bank shareholders. The favouritism is cleanly visible. This is a takeunder.
CSRC has approved China Resources Power (836 HK)'s A-share listing of its renewable energy unit. Even assigning a large holding company discount, there is material upside to CRP's share price.

ROHM Co Ltd (6963 JP) has a possible merger/arrangement on power semiconductors with Toshiba Storage and Device, and also with Mitsubishi Electric. That would be big.


Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 7th. The aggregated net margin trading position is USD20,487m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Advantest, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 7th. The aggregated net margin trading position is USD20,487m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Advantest, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.


JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

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

<ul><li>Solid earnings visibility – Q1-3 FY3/24 results were in line with recently revised company guidance, with the core earnings driver being the Profit-Generating Funeral Services segment.</li><li>Positive trends seen in Q2 FY3/24 continued QoQ, with growth in services and high utilization rates from the newly expanded funeral halls.</li><li>The legacy Information segment (print media) relatively underperformed, and the company is continuing cost improvement efforts.</li></ul>

Solid earnings visibility – Q1-3 FY3/24 results were in line with recently revised company guidance, with the core earnings driver being the Profit-Generating Funeral Services segment.Positive trends seen in Q2 FY3/24 continued QoQ, with growth in services and high utilization rates from the newly expanded funeral halls.The legacy Information segment (print media) relatively underperformed, and the company is continuing cost improvement efforts.

KOSAIDO Holdings (7868) - Strong Underlying Momentum Pointing to Sustainable Growth

<ul><li>Capitalizing on growth opportunities – Q1-2 FY3/2024 results were ahead of company guidance, driven by the Funeral Services segment, as attendee numbers and refreshment sales grew, and new funeral hall openings saw higher than expected utilization rates.</li><li>We believe this indicates the strong competitive positioning the company has as the market-leading funeral services operator in the Tokyo metropolitan area.</li><li>With effective cost control in the Information and HR segments, the company has high earnings visibility and raised FY3/2024 company guidance, as well as increasing the planned dividend payout ratio to 32.5% from 30%.</li></ul>

Capitalizing on growth opportunities – Q1-2 FY3/2024 results were ahead of company guidance, driven by the Funeral Services segment, as attendee numbers and refreshment sales grew, and new funeral hall openings saw higher than expected utilization rates.We believe this indicates the strong competitive positioning the company has as the market-leading funeral services operator in the Tokyo metropolitan area.With effective cost control in the Information and HR segments, the company has high earnings visibility and raised FY3/2024 company guidance, as well as increasing the planned dividend payout ratio to 32.5% from 30%.

KOSAIDO Holdings (7868) - Showcasing Growth Through Competitive Advantage

<div><div><div><div><ul><li>Robust barriers to entry and generating attractive returns – KOSAIDO Holdings is the market-leading funeral services operator in the Tokyo metropolitan area, with a 70% market share in cremations.</li><li>The company's robust economic moat is derived from its dominant market position as the primary operator of crematorium services in central Tokyo.</li><li>The low likelihood of new entrants due to stringent legal and political barriers further solidifies its competitive advantage. </li></ul></div></div></div></div>

Robust barriers to entry and generating attractive returns – KOSAIDO Holdings is the market-leading funeral services operator in the Tokyo metropolitan area, with a 70% market share in cremations.The company's robust economic moat is derived from its dominant market position as the primary operator of crematorium services in central Tokyo.The low likelihood of new entrants due to stringent legal and political barriers further solidifies its competitive advantage. 

KOSAIDO Holdings (7868) - Wide Economic Moat Providing a Major Competitive Advantage

Japan

KOSAIDO Co., Ltd. provides commercial printing services.  The Company also develops and markets computer software and provides information processing systems.

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Kosaido (7868 JP)

Last Week In Event SPACE: Rakuten Bank/ Rakuten, China Resources Power, ROHM Co Ltd (6963 JP)

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

JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Fujikura (5803 JP),...

Ke Yan, CFA, FRM

KOSAIDO Holdings (7868) - Strong Underlying Momentum Pointing to Sustainable Growth

Solid earnings visibility – Q1-3 FY3/24 results were in line with recently revised company guidance, with the core earnings driver being the Profit...

Astris Advisory Japan

KOSAIDO Holdings (7868) - Showcasing Growth Through Competitive Advantage

We believe this indicates the strong competitive positioning the company has as the market-leading funeral services operator in the Tokyo...

Astris Advisory Japan

KOSAIDO Holdings (7868) - Wide Economic Moat Providing a Major Competitive Advantage

The company's robust economic moat is derived from its dominant market position as the primary operator of crematorium services in central Tokyo.

Astris Advisory Japan

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