Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: SPX +0.4%DoD +2.7%WoW; Semi run continues with SOX +0.4%DoD +6.2%WoW; Beta and Growth the big WoW winners;  Fed's Bostic leans to 25bp hike; Tesla cuts prices</li>
<li>JAPAN:  NKY Futs -1.3% vs Cash;  JGB 10Yr Yld hits 0.512% despite BOJ 10trn yen buying; USDJPY up to127.87;  DECARBONIZATION: Resonac (Showa Denko) expansion; Toray  expansion; METI CCS roadmap</li>
<li>DAILY NUGGET: Slowing EV sales in China ? Maybe, but its still the largest EV market in the world. We see Nidec as the best way to play.</li>
</ul>


OVERSEAS: SPX +0.4%DoD +2.7%WoW; Semi run continues with SOX +0.4%DoD +6.2%WoW; Beta and Growth the big WoW winners;  Fed's Bostic leans to 25bp hike; Tesla cuts prices
JAPAN:  NKY Futs -1.3% vs Cash;  JGB 10Yr Yld hits 0.512% despite BOJ 10trn yen buying; USDJPY up to127.87;  DECARBONIZATION: Resonac (Showa Denko) expansion; Toray  expansion; METI CCS roadmap
DAILY NUGGET: Slowing EV sales in China ? Maybe, but its still the largest EV market in the world. We see Nidec as the best way to play.


Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Hyosung Advanced Materials / Equity Bottom-Up

<ul>
<li>We have a positive rating on Hyosung Advanced Materials. We believe the stock has a 25%+ upside over the next 12 months.</li>
<li>The company recently announced that it has succeeded in developing an ultra-high-strength carbon fiber which is 14 times stronger than steel.</li>
<li>There is an opportunity for the share price to be re-rated going forward if the company succeeds in grabbing higher share in the global carbon fiber market segment.</li>
</ul>


We have a positive rating on Hyosung Advanced Materials. We believe the stock has a 25%+ upside over the next 12 months.
The company recently announced that it has succeeded in developing an ultra-high-strength carbon fiber which is 14 times stronger than steel.
There is an opportunity for the share price to be re-rated going forward if the company succeeds in grabbing higher share in the global carbon fiber market segment.


Hyosung Advanced Materials: Market Share Gains in Global Carbon Fiber Could Result in a Re-Rating

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. </li>
<li>The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.</li>
<li>While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. 
The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.
While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.


WCP IPO: Final IPO Price Set, Still an Avoid

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million). </li>
<li>We last discussed the IPO in <em><strong><a href="https://www.smartkarma.com/insights/wcp-ipo-updated-prospectus-solid-1h22-unchanged-and-unattractive-price-range" target="_blank" data-smartkarma-citation="insights:79052" rel="noopener">WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range</a></strong></em>.</li>
<li>Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, is set to launch its IPO of KRW900 billion (US$692 million). 
We last discussed the IPO in WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range.
Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains unchanged. The IPO price range is unattractive.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has released an updated prospectus for its IPO of KRW900 billion (US$692 million).  </li>
<li>The updated prospectus discloses 1H22 results and a marginal increase in the syndicate’s intrinsic value. Revenue growth and margin improved in 1Q22. </li>
<li>The IPO price range of KRW80,000-100,000 remains unchanged. While the fundamentals are sound, the IPO price range remains unattractive.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has released an updated prospectus for its IPO of KRW900 billion (US$692 million).  
The updated prospectus discloses 1H22 results and a marginal increase in the syndicate’s intrinsic value. Revenue growth and margin improved in 1Q22. 
The IPO price range of KRW80,000-100,000 remains unchanged. While the fundamentals are sound, the IPO price range remains unattractive.


WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

Japan

TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made leather used as apparel and industrial materials.  The Company also makes chemical products such as polyester films, engineering plastics, and resin materials.  Toray develops information equipment such as electronic circuit and liquid crystal color filter.

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Toray Industries (3402 JP)

Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus

Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px (positive Panasonic); BOJ in Focus. Expect the BOJ to lift JGB buying and do what...

Mark Chadwick

WCP IPO: Final IPO Price Set, Still an Avoid

While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts....

Arun George

WCP IPO: Valuation Uncompelling

Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains...

Arun George

WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

The updated prospectus discloses 1H22 results but an unchanged IPO price range of KRW80,000-100,000. While the fundamentals are sound, the IPO...

Arun George

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52-week Range

Market Cap (USDm)

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Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus

Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px (positive Panasonic); BOJ in Focus. Expect the BOJ to lift JGB buying and do what...

Mark Chadwick

Hyosung Advanced Materials: Market Share Gains in Global Carbon Fiber Could Result in a Re-Rating

There is an opportunity for Hyosung Advanced Materials to be re-rated going forward if the company succeeds in grabbing higher share in the global...

Douglas Kim

WCP IPO: Final IPO Price Set, Still an Avoid

While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts....

Arun George

WCP IPO: Valuation Uncompelling

Although the de-rating of peer multiples resulted in a decline in the syndicate's intrinsic value, the IPO price range of KRW80,000-100,000 remains...

Arun George

WCP IPO: Updated Prospectus, Solid 1H22, Unchanged and Unattractive Price Range

The updated prospectus discloses 1H22 results but an unchanged IPO price range of KRW80,000-100,000. While the fundamentals are sound, the IPO...

Arun George