Amareos

Ryan Shea

Thematic (Sector/Industry)

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many fed up with what they see as the ability of large supra-national companies to engage in tax regulation arbitrage the ruling has populist support. However, the Irish government is not pleased and finance minister Noonan has announced that he intends to appeal against the ruling even though the revenue it would generate equates to a quarter of annual government spending in Ireland – not an everyday occurrence.For Apple the decision, while significant – EUR 13bn is not pocket change even for a company renowned for its large cash reserves – is hardly a game changer and this is how the crowd appears to be viewing it based on the sentiment data we track. But, for Ireland, the EU’s actions are extremely significant.Saying that the low tax regime is the keystone of Irish macroeconomic policy hardly constitutes hyperbole. It is also a key element of national sovereignty. The Irish have no desire to see the EU encroach further in this area, but for the EU to complete its grand plan of monetary and fiscal union, encroach it must.It is these longer-term political and economic tensions that flow from the EU’s ruling on Apple’s tax bill that makes this such an important event for investors.

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many fed up with what they see as the ability of large supra-national companies to engage in tax regulation arbitrage the ruling has populist support. However, the Irish government is not pleased and finance minister Noonan has announced that he intends to appeal against the ruling even though the revenue it would generate equates to a quarter of annual government spending in Ireland – not an everyday occurrence.For Apple the decision, while significant – EUR 13bn is not pocket change even for a company renowned for its large cash reserves – is hardly a game changer and this is how the crowd appears to be viewing it based on the sentiment data we track. But, for Ireland, the EU’s actions are extremely significant.Saying that the low tax regime is the keystone of Irish macroeconomic policy hardly constitutes hyperbole. It is also a key element of national sovereignty. The Irish have no desire to see the EU encroach further in this area, but for the EU to complete its grand plan of monetary and fiscal union, encroach it must.It is these longer-term political and economic tensions that flow from the EU’s ruling on Apple’s tax bill that makes this such an important event for investors.

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>U.S. power semiconductor maker ON Semiconductor Corp. (Onsemi) said it will establish a Greater China headquarters in Shanghai and invest about $50 million in the country over the next three years, stepping up local decision-making and investment as demand rises from electric vehicles, renewable energy and AI data centers.</li><li>The Nasdaq-listed company announced the move Tuesday in Shanghai. It said it plans to appoint a China general manager, who will also oversee its systems engineering business, in a bid to tighten coordination between technology and management and respond more quickly to automotive, industrial and data-center customers.</li><li>President and chief executive Hassane El-Khoury said China is not only a key market but is increasingly a source of innovation. He said the company’s China strategy goes beyond manufacturing and focuses on developing solutions with customers and scaling those innovations globally.</li></ul>

U.S. power semiconductor maker ON Semiconductor Corp. (Onsemi) said it will establish a Greater China headquarters in Shanghai and invest about $50 million in the country over the next three years, stepping up local decision-making and investment as demand rises from electric vehicles, renewable energy and AI data centers.The Nasdaq-listed company announced the move Tuesday in Shanghai. It said it plans to appoint a China general manager, who will also oversee its systems engineering business, in a bid to tighten coordination between technology and management and respond more quickly to automotive, industrial and data-center customers.President and chief executive Hassane El-Khoury said China is not only a key market but is increasingly a source of innovation. He said the company’s China strategy goes beyond manufacturing and focuses on developing solutions with customers and scaling those innovations globally.

U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters 

Information Technology Consultant

Ishita Jain

The Greece government is running out of time and money. 320 billion euros is the size of their&nbsp;debt mountain. Money enough to carry out 15 Apollo moon landings!It owes 6.74 B euros in June (IMF and short-term bills), 5.95 B euros in July (IMF, ECB and short-term bills) and 4.38 B euros in August (IMF, ECB and short-term bills).They may default on their loans and reach the much dreaded&nbsp;<a href="http://lexicon.ft.com/Term?term=Grexit" target="_blank">Grexit</a>&nbsp;from Euro. Unless they find saviours and implement serious reforms&nbsp;quickly, the&nbsp;Greeks&nbsp;will come back to drachma, face inflation, unemployment and an abysmal fall in their GDP.While most industries are swimming against the tide to survive, the tourism industry is a proud exception. Greece is witnessing a summer flooded&nbsp;with tourists. Flights&nbsp;are full, beaches are bustling and hotels are&nbsp;full capacity. Will the inevitable debt storm&nbsp;end the vacation for the tourism industry? Let us deep dive.

The Greece government is running out of time and money. 320 billion euros is the size of their&nbsp;debt mountain. Money enough to carry out 15 Apollo moon landings!It owes 6.74 B euros in June (IMF and short-term bills), 5.95 B euros in July (IMF, ECB and short-term bills) and 4.38 B euros in August (IMF, ECB and short-term bills).They may default on their loans and reach the much dreaded&nbsp;Grexit&nbsp;from Euro. Unless they find saviours and implement serious reforms&nbsp;quickly, the&nbsp;Greeks&nbsp;will come back to drachma, face inflation, unemployment and an abysmal fall in their GDP.While most industries are swimming against the tide to survive, the tourism industry is a proud exception. Greece is witnessing a summer flooded&nbsp;with tourists. Flights&nbsp;are full, beaches are bustling and hotels are&nbsp;full capacity. Will the inevitable debt storm&nbsp;end the vacation for the tourism industry? Let us deep dive.

Greece's Travel & Tourism industry shines amidst crisis

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Around noon on Friday, Nikkei reported that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> was looking to acquire <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> for up to JPY 1.3 trillion (US$8.24bn).</li>
<li>
<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> jumped and <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> dumped on the news. Interestingly, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> also jumped on the news of the potential acquisition.</li>
<li>
<a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> is by far the highest ranked stock from the Technology sector and is a high probability replacement for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM (6963 JP)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 Index</a>.</li>
</ul>


Around noon on Friday, Nikkei reported that Denso Corp (6902 JP) was looking to acquire ROHM Co Ltd (6963 JP) for up to JPY 1.3 trillion (US$8.24bn).

ROHM Co Ltd (6963 JP) jumped and Denso Corp (6902 JP) dumped on the news. Interestingly, Kokusai Electric (6525 JP) also jumped on the news of the potential acquisition.

Kokusai Electric (6525 JP) is by far the highest ranked stock from the Technology sector and is a high probability replacement for ROHM (6963 JP) in the Nikkei 225 Index.


Denso (6902 JP)'s Offer for Rohm (6963 JP): Bump Likely & Potential Nikkei225 Replacement

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>Nikkei reported that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> is considering a tender offer for <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> at a valuation of around JPY1.3 trillion.</li>
<li>If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.</li>
<li>While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  </li>
</ul>


Nikkei reported that Denso Corp (6902 JP) is considering a tender offer for ROHM Co Ltd (6963 JP) at a valuation of around JPY1.3 trillion.
If the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY3,240, a 18.0% premium to the undisturbed price of JPY2,743.
While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.  


ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

Germany

Infineon Technologies AG designs, manufactures, and markets semiconductors. The Company offers products include power semiconductors, microcontrollers, security controllers, radio frequency products, and sensors. Infineon markets its products to the automotive, industrial, communications, and consumer and security electronics sectors.

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Infineon Technologies (IFX GR)

# AppleTax

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many...

Amareos

U.S. Chipmaker Onsemi Doubles Down on China With New Shanghai Headquarters

U.S. power semiconductor maker ON Semiconductor Corp. (Onsemi) said it will establish a Greater China headquarters in Shanghai and invest about...

Caixin Global

Greece's Travel & Tourism industry shines amidst crisis

The Greece government is running out of time and money. 320 billion euros is the size of their debt mountain. Money enough to carry out 15 Apollo...

Ishita Jain

Denso (6902 JP)'s Offer for Rohm (6963 JP): Bump Likely & Potential Nikkei225 Replacement

Following the rumors on Friday, Denso's stock dumped and Rohm jumped. Rohm could move limit up again today. Kokusai Electric could be added to the...

Brian Freitas

ROHM (6963 JP): Denso's Rumoured Tender Offer Is Light

While marginally below the 20-year high, the rumoured offer is light when accounting for the value of Rohm’s stake in Toshiba.

Arun George

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