Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> announced <a href="https://www.denso.com/global/en/news/newsroom/2026/20260428-g01/" target="_blank" rel="noopener">results</a> on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.</li>
<li>Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.</li>
<li>Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. </li>
</ul>



Denso Corp (6902 JP) announced results on 28 April 2026 at mid-day. The stock did not react particularly well. Results seemed in-line, but guidance was lower across the board.
Aisin also announced. The two announced tender offer buybacks totalling ¥314bn/¥46bn respectively after Toyota's tender results of ¥3.65trln. Tsusho is likely to announce their ¥670bn buyback today.
Denso's Buyback fis ~10% below market. Selling there is selling 9.5x 2027e PER. Toyota is left at 9x 27e EPS. Aisin's tender at 8.4x 2027e. Tsusho likely at 13x 2027e. 


[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Index Rebalance

<ul>
<li>JPX-Nikkei400 Index comprises common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology considering size, fundamentals, governance factors. Public pensions and ETFs track the index.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-April 2026.</li>
</ul>


JPX-Nikkei400 Index comprises common stocks listed on the Tokyo Stock Exchange. The index has a complex selection methodology considering size, fundamentals, governance factors. Public pensions and ETFs track the index.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs each month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance scheduled for August 2026 based on trading data as of end-April 2026.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Apr 2026 Ranks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Contemporary Amperex Technology / Equity Capital Markets

Contemporary Amperex Technology (3750 HK)

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/victory-giant-technology-huizhou-co-ltd" target="_blank" data-smartkarma-citation="entities:48083:1" rel="noopener">Victory Giant (2476 HK)</a> managed to perform well in HK's larget listing so far this year.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a> witnessed selldowns on its A-share and H-shares line.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, Victory Giant (2476 HK) managed to perform well in HK's larget listing so far this year.
On the placement front, Contemporary Amperex Technology (CATL) (3750 HK) witnessed selldowns on its A-share and H-shares line.


Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

Event-Driven

<ul>
<li>The Nikkei reported Saturday morning 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> will withdraw its takeover proposal 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>. </li>
<li>The question was always whether Rohm thought being taken over was good for corporate value or if Denso would go hostile. We now know the answer to both questions.</li>
<li>Now we are left with Rohm and its standalone value, and the value of being bigger in power semiconductors. </li>
</ul>


The Nikkei reported Saturday morning that Denso Corp (6902 JP) will withdraw its takeover proposal for ROHM Co Ltd (6963 JP). 
The question was always whether Rohm thought being taken over was good for corporate value or if Denso would go hostile. We now know the answer to both questions.
Now we are left with Rohm and its standalone value, and the value of being bigger in power semiconductors. 


[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

<p>We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.</p><h2>Positive Side</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/023/022/original/2.png?1490213989" class="editor-image img-responsive" data-smartkarma-image-id="23022"></figure><div class="content-caption">Source: Custom Products</div><p>As you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…</p>

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.Positive SideSource: Custom ProductsAs you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

Japan

TOYOTA INDUSTRIES CORPORATION, a member of the Toyota Motor Group, assembles motor vehicles and manufactures automotive parts such as engines and air conditioner compressors.  The Company also produces industrial equipment and textile machinery as well as electronic devices such as computer modems and power inverters.

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Toyota Industries (6201 JP)

[Japan Buyback] Denso (6902) And Aisin (7259) Start Large Tender Buybacks; Tsusho Likely, Ibiden a ❓

Toyota's Tender Offer Buyback is done. Denso and Aisin announced new big buybacks. Tsusho likely to announce today. That's ¥4.7trln. Ibiden's...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2026: End-Apr 2026 Ranks

In total, there are 50 Potential ADDs and 46 Potential DELs (unique names) presented in the current Quiddity Leaderboard. There are roughly two...

Janaghan Jeyakumar, CFA

Aequitas ECM Weekly (27 April 2026)-CATL, Victory Giant, Huaqin, MTT, Lightelligence, CICT, Sany

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

Denso approached Rohm with a takeover proposal. Rohm shares popped. Then rose further (with reason). Now Denso has walked away. The knee-jerk...

Travis Lundy

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations...

Custom Products Group

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