Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Thematic (Sector/Industry)

The BOJ Buys ETFs.It has a program which was running at ¥3 trillion (roughly US$30bn) a year for "regular" equity index ETF purchases, and an additional ¥300 billion (roughly US$3bn) a year in "Purchases of ETFs to support investment in physical and human capital." (hereafter IPHC)As discussed in the first insight in this "Japan Flow" series <a href="https://www.smartkarma.com/insights/japan-flow-i-the-boj-s-new-etf-buying" target="_blank" data-smartkarma-citation="insights:5065">JAPAN FLOW I:  The BOJ’s New ETF Buying</a> a week ago, the BOJ on July 28 announced an increase in its ETF buying to an annual ¥6 trillion yen - in one fell…

The BOJ Buys ETFs.It has a program which was running at ¥3 trillion (roughly US$30bn) a year for "regular" equity index ETF purchases, and an additional ¥300 billion (roughly US$3bn) a year in "Purchases of ETFs to support investment in physical and human capital." (hereafter IPHC)As discussed in the first insight in this "Japan Flow" series JAPAN FLOW I:  The BOJ’s New ETF Buying a week ago, the BOJ on July 28 announced an increase in its ETF buying to an annual ¥6 trillion yen - in one fell…

JAPAN FLOW II:  Just What ETFs Does the BOJ Buy? Could We See an April2000-Style Nikkei 225 Rebal?

Last Thursday, the BOJ <a href="https://www.boj.or.jp/en/announcements/release_2016/k160729a.pdf" target="_blank">announced</a> the results of its Monetary Policy Committee meeting for July. It was a "late" announcement, coming at 12:45, and led to some changes, but less than the market had expected (no helicopter money and no new bond buys). Stocks fell, then rose sharply with banks rallying across the board, but have since fallen (the media has ascribed the fall at the start of August to "disappointment" in Japan stimulus plans and the BOJ - a 'cause' I think spurious - there are other…

Last Thursday, the BOJ announced the results of its Monetary Policy Committee meeting for July. It was a "late" announcement, coming at 12:45, and led to some changes, but less than the market had expected (no helicopter money and no new bond buys). Stocks fell, then rose sharply with banks rallying across the board, but have since fallen (the media has ascribed the fall at the start of August to "disappointment" in Japan stimulus plans and the BOJ - a 'cause' I think spurious - there are other…

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

A seasoned antitrust attorney with knowledge of the mining equipment sector sees the US antitrust review of the Joy Global/Komatsu combination requiring a lengthy review that likely ends with meaningful divestitures.

A seasoned antitrust attorney with knowledge of the mining equipment sector sees the US antitrust review of the Joy Global/Komatsu combination requiring a lengthy review that likely ends with meaningful divestitures.

Joy Global/Komatsu Deal Looking at Lengthy Antitrust Review

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of the stock, but few others. However, it could have considerable importance for the Japanese stock market in this era of negative interest rates. Although share buybacks are common enough in Japan, they normally represent 1~2% of shares outstanding, not ten times that amount. Melco Holdings, a company probably best known for being regularly confused with…

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of the stock, but few others. However, it could have considerable importance for the Japanese stock market in this era of negative interest rates. Although share buybacks are common enough in Japan, they normally represent 1~2% of shares outstanding, not ten times that amount. Melco Holdings, a company probably best known for being regularly confused with…

Melco Holdings BuyBack: Start of a Trend?

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

We think Komatsu’s USD 2.9 billion all-cash offer for U.S. heavy equipment firm Joy Global is strategically positive. The acquisition will round out Komatsu’s mining product portfolio, add estimated annual free cash flow of JPY 35 billion-JPY 45 billion, and expand the company’s revenue base by 13%-15%.Komatsu’s existing mining product portfolio focuses heavily on surface-mining equipment, and the acquisition of Joy Global makes long-term strategic sense, as it provides the company with direct access to much-needed below-ground mining equipment product lines.Analyst: John Hu

We think Komatsu’s USD 2.9 billion all-cash offer for U.S. heavy equipment firm Joy Global is strategically positive. The acquisition will round out Komatsu’s mining product portfolio, add estimated annual free cash flow of JPY 35 billion-JPY 45 billion, and expand the company’s revenue base by 13%-15%.Komatsu’s existing mining product portfolio focuses heavily on surface-mining equipment, and the acquisition of Joy Global makes long-term strategic sense, as it provides the company with direct access to much-needed below-ground mining equipment product lines.Analyst: John Hu

Komatsu's Acquisition of Joy Global to Enhance Its Mining Portfolio and Free Cash Flow Generation

Japan

KOMATSU LTD. manufactures and sells construction and mining machinery, including excavators, bulldozers, and wheel loaders.  The Company, operating on a global scale, also produces forklift trucks and engineering equipment such as press system.

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Komatsu Ltd (6301 JP)

JAPAN FLOW II: Just What ETFs Does the BOJ Buy? Could We See an April2000-Style Nikkei 225 Rebal?

The BOJ Buys ETFs.It has a program which was running at ¥3 trillion (roughly US$30bn) a year for "regular" equity index ETF purchases, and an...

Travis Lundy

JAPAN FLOW I: The BOJ's New ETF Buying

Last Thursday, the BOJ announced the results of its Monetary Policy Committee meeting for July. It was a "late" announcement, coming at 12:45, and...

Travis Lundy

Joy Global/Komatsu Deal Looking at Lengthy Antitrust Review

A seasoned antitrust attorney with knowledge of the mining equipment sector sees the US antitrust review of the Joy Global/Komatsu combination...

CTFN

Melco Holdings BuyBack: Start of a Trend?

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of...

Pelham Smithers Associates

Komatsu's Acquisition of Joy Global to Enhance Its Mining Portfolio and Free Cash Flow Generation

We think Komatsu’s USD 2.9 billion all-cash offer for U.S. heavy equipment firm Joy Global is strategically positive. The acquisition will round...

Morningstar, Inc.

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