Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>There is <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a> buyback risk that might cause <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a>/JPB unwinds; though probably a H2 risk.</li>
<li>
<a href="https://www.smartkarma.com/entities/great-eastern-holdings-ltd" target="_blank" data-smartkarma-citation="entities:13993:1" rel="noopener">Great Eastern Holdings (GE SP)</a> has consistently traded through <a href="https://www.smartkarma.com/entities/oversea-chinese-banking-corp" target="_blank" data-smartkarma-citation="entities:114:1" rel="noopener">OCBC (OCBC SP)</a>'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.</li>
<li>
<a href="https://www.smartkarma.com/entities/l-occitane-international-sa" target="_blank" data-smartkarma-citation="entities:6772:1" rel="noopener">L'Occitane (973 HK)</a>'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. </li>
</ul>


There is Japan Post Bank (7182 JP) buyback risk that might cause Japan Post Holdings (6178 JP)/JPB unwinds; though probably a H2 risk.

Great Eastern Holdings (GE SP) has consistently traded through OCBC (OCBC SP)'s Offer terms. Someone appears to be accumulating a stake to block an Exit/Delisting Offer, and force a bump.

L'Occitane (973 HK)'s scrip pre-condition has been satisfied. But still the Offeror prevaricates. 


Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

Travis Lundy

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> announced results (and Mar25 guidance) as did its subsidiaries <a href="https://www.smartkarma.com/entities/japan-post-insurance-co-ltd" target="_blank" data-smartkarma-citation="entities:840:1" rel="noopener">Japan Post Insurance (7181 JP)</a> and <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>. </li>
<li>There are a number of interesting things in all the announcements/presentations but the most interesting one for JPH holders is a big buyback. Another one.</li>
<li>The company has announced a ¥350bn buyback. It is larger than last year's (¥300bn) buyback and has another important difference.</li>
</ul>


Today, Japan Post Holdings (6178 JP) announced results (and Mar25 guidance) as did its subsidiaries Japan Post Insurance (7181 JP) and Japan Post Bank (7182 JP). 
There are a number of interesting things in all the announcements/presentations but the most interesting one for JPH holders is a big buyback. Another one.
The company has announced a ¥350bn buyback. It is larger than last year's (¥300bn) buyback and has another important difference.


Japan Post Holdings (6178) - Bigger Better Bullish Buyback With Caveats

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Postal price hike approved  swinging the Post business from a loss to a profit</li>
<li>Cancellation of 7.36% of outstanding shares from the latest buyback</li>
<li>Management Plan to be released in May will provide further details on improving ROE and PB</li>
</ul>


Postal price hike approved  swinging the Post business from a loss to a profit
Cancellation of 7.36% of outstanding shares from the latest buyback
Management Plan to be released in May will provide further details on improving ROE and PB


Japan Post Holdings Update (6178.JP)- Catalysts to Be Delivered

<ul>
<li>The TSE went through a multi-year period of planning a "<a href="https://www.jpx.co.jp/english/equities/market-restructure/index.html" target="_blank" rel="noopener">Market Restructuring</a>" which ended on 4 April 2022 as the TSE split into three Sections, TSE Prime, Standard, and Growth.</li>
<li>After that, the TSE formed a "Council of Experts" (<a href="https://www.jpx.co.jp/english/equities/improvements/follow-up/b5b4pj000004yqcc-att/follow-up_member_en.pdf" target="_blank" rel="noopener">some very senior people</a>) that would <a href="https://www.jpx.co.jp/english/equities/improvements/follow-up/b5b4pj000004yqcc-att/follow-up_market_e.pdf" target="_blank" rel="noopener">follow up</a> on the changes, and recommend new measures.  In January, new rule proposals dropped.</li>
<li>There was <a href="https://www.jpx.co.jp/english/equities/improvements/follow-up/b5b4pj000004yqcc-att/dreu250000000uqc.pdf" target="_blank" rel="noopener">talk</a> of a hard end to the transition period. Also, the Council harped on Awareness of Capital Cost and Efficiency. Most notably, for companies with PBR &lt; 1.</li>
</ul>


The TSE went through a multi-year period of planning a "Market Restructuring" which ended on 4 April 2022 as the TSE split into three Sections, TSE Prime, Standard, and Growth.
After that, the TSE formed a "Council of Experts" (some very senior people) that would follow up on the changes, and recommend new measures.  In January, new rule proposals dropped.
There was talk of a hard end to the transition period. Also, the Council harped on Awareness of Capital Cost and Efficiency. Most notably, for companies with PBR &lt; 1.


Japan's Governance Changes I - The PBR 1.0 Target

<ul>
<li>A company that is geared to Japan's macro revival with additional micro catalysts. </li>
<li>Ownership of financial companies which are set to benefit from a normalisation of Japanese monetary policy.</li>
<li>The low Price to Book means the company will need to keep up momentum on its capital management plans to  stay in the Prime Section of Topix.</li>
</ul>


A company that is geared to Japan's macro revival with additional micro catalysts. 
Ownership of financial companies which are set to benefit from a normalisation of Japanese monetary policy.
The low Price to Book means the company will need to keep up momentum on its capital management plans to  stay in the Prime Section of Topix.


Japan Post Holdings (6178.T) - Going Places!

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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Japan Post Holdings (6178 JP)

Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Japan Post Holdings (6178) - Bigger Better Bullish Buyback With Caveats

JPH, JPB, and JPI announced earnings on 15 May. JPH also announced a larger buyback with more impact than last year. That should be good, but the...

Travis Lundy

Japan Post Holdings Update (6178.JP)- Catalysts to Be Delivered

Postage price hike approved swinging postal division to profit from loss. Cancellation of shares and announcement of the next management plan in...

Rikki Malik

Japan's Governance Changes I - The PBR 1.0 Target

Japan's powers that be - the TSE and now the Finance Ministry - are targeting listcos with PBRs of less than 1.0x. That will mean they will be...

Travis Lundy

Japan Post Holdings (6178.T) - Going Places!

A company positioned for Japan's economic recovery, benefiting from financial sector ownership and capital management plans to increase its Value.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Japan Post, Great Eastern, Malaysia Airports, L'Occitane

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Japan Post Holdings (6178) - Bigger Better Bullish Buyback With Caveats

JPH, JPB, and JPI announced earnings on 15 May. JPH also announced a larger buyback with more impact than last year. That should be good, but the...

Travis Lundy

Japan Post Holdings Update (6178.JP)- Catalysts to Be Delivered

Postage price hike approved swinging postal division to profit from loss. Cancellation of shares and announcement of the next management plan in...

Rikki Malik

Japan's Governance Changes I - The PBR 1.0 Target

Japan's powers that be - the TSE and now the Finance Ministry - are targeting listcos with PBRs of less than 1.0x. That will mean they will be...

Travis Lundy

Japan Post Holdings (6178.T) - Going Places!

​A company positioned for Japan's economic recovery, benefiting from financial sector ownership and capital management plans to increase its Value.

Rikki Malik

A company positioned for Japan's economic recovery, benefiting from financial sector ownership and capital management plans to increase its Value.