Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 3rd. The aggregated net margin trading position is USD31,784m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Skylark, McDonald's, Taiyo Yuden, Advantest, Nintendo, Japan Tobacco, Pan Pacific International, Tokyo Electron, Monogatari.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 3rd. The aggregated net margin trading position is USD31,784m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Skylark, McDonald's, Taiyo Yuden, Advantest, Nintendo, Japan Tobacco, Pan Pacific International, Tokyo Electron, Monogatari.


JPX Margin Trading Weekly (Jul 3rd): Kioxia, Skylark, McDonald's, Taiyo Yuden, Advantest, Nintendo

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Chaozhou Three-Circle / Equity Capital Markets

<ul>
<li>Chaozhou Three-Circle launched Hongkong IPO to raise nearly HK$7.2B. They manufacture electronic ceramic materials and components used in automobiles, smartphones, data centers and telecom base stations.</li>
<li>Company intends to use the proceeds for overseas expansion, automation, enhance supply resilience, for technology R&amp;D, materials innovation and working capital.</li>
<li>Chaozhou Three-Circle has witnessed sustained growth and margin stability. Valuation looks relatively fair and comfortable. Investors can rely on the sustained growth momentum and also incremental growth possibilities.</li>
</ul>


Chaozhou Three-Circle launched Hongkong IPO to raise nearly HK$7.2B. They manufacture electronic ceramic materials and components used in automobiles, smartphones, data centers and telecom base stations.
Company intends to use the proceeds for overseas expansion, automation, enhance supply resilience, for technology R&amp;D, materials innovation and working capital.
Chaozhou Three-Circle has witnessed sustained growth and margin stability. Valuation looks relatively fair and comfortable. Investors can rely on the sustained growth momentum and also incremental growth possibilities.


Chaozhou Three-Circle IPO: Sustained Growth, Margin Stability Makes the Issue Attractive

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chaozhou-three-circle-group-co-ltd" target="_blank" data-smartkarma-citation="entities:50297:1" rel="noopener">Chaozhou Three-Circle (6951 HK)</a>, a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.</li>
<li>For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.</li>
<li>At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.</li>
</ul>



Chaozhou Three-Circle (6951 HK), a key player in electronic ceramic materials and components, will benefit from the demand and scenario upgrades in downstream sectors.
For FY25-28, it will generate an EPS CAGR of 26%, fueled by both revenue growth and margin expansion. Its 1Q26 earnings have already surged by 48.5%.
At the maximum IPO price of HK$100.30, the H-share is priced at a steep 49% HA discount. Re-rating to the global average FY26 PER will give a 21.3% upside.


Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 26th. The aggregated net margin trading position is USD32,057m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Skylark, Disco, Taiyo Yuden, Lasertec, Japan Tobacco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 26th. The aggregated net margin trading position is USD32,057m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Skylark, Disco, Taiyo Yuden, Lasertec, Japan Tobacco.


JPX Margin Trading Weekly (Jun 26th): Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Disco

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 19th. The aggregated net margin trading position is USD31,695m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, Tokyo Electron, Skylark, Taiyo Yuden, SoftBank, Nippon Telegraph and Telephone, McDonald's, Murata Manufacturing, Mitsubishi UFJ Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 19th. The aggregated net margin trading position is USD31,695m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, Tokyo Electron, Skylark, Taiyo Yuden, SoftBank, Nippon Telegraph and Telephone, McDonald's, Murata Manufacturing, Mitsubishi UFJ Financial.


JPX Margin Trading Weekly (Jun 19th): Kioxia, Advantest, Tokyo Electron, Skylark, Taiyo Yuden

Japan

Taiyo Yuden Co., Ltd. manufactures and markets electronic components such as, ceramic capacitors, inductors, hybrid integrated circuits (IC), and ferrite. The Company's products include power supplies, inverters, optical disks, filters, coils, and thermistors.

Price Gauge
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Taiyo Yuden (6976 JP)

JPX Margin Trading Weekly (Jul 3rd): Kioxia, Skylark, McDonald's, Taiyo Yuden, Advantest, Nintendo

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Skylark (3197 JP), McDonald's (2702 JP), Taiyo...

Ke Yan, CFA, FRM

Chaozhou Three-Circle IPO: Sustained Growth, Margin Stability Makes the Issue Attractive

Chaozhou Three-Circle launches HK IPO to raise HK$7.2B for expansion, innovation, and growth, with strong performance and fair valuation....

Tina Banerjee

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

JPX Margin Trading Weekly (Jun 26th): Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Skylark,...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 19th): Kioxia, Advantest, Tokyo Electron, Skylark, Taiyo Yuden

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Tokyo Electron (8035 JP),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Jul 3rd): Kioxia, Skylark, McDonald's, Taiyo Yuden, Advantest, Nintendo

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Skylark (3197 JP), McDonald's (2702 JP), Taiyo...

Ke Yan, CFA, FRM

Chaozhou Three-Circle IPO: Sustained Growth, Margin Stability Makes the Issue Attractive

​Chaozhou Three-Circle launches HK IPO to raise HK$7.2B for expansion, innovation, and growth, with strong performance and fair valuation....

Tina Banerjee

Chaozhou Three-Circle (6951 HK) IPO: Priced Nicely

​Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...

Osbert Tang, CFA

JPX Margin Trading Weekly (Jun 26th): Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia, SoftBank, Tokyo Electron, Fujikura, McDonald's, Skylark,...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 19th): Kioxia, Advantest, Tokyo Electron, Skylark, Taiyo Yuden

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Tokyo Electron (8035 JP),...

Ke Yan, CFA, FRM

Chaozhou Three-Circle launches HK IPO to raise HK$7.2B for expansion, innovation, and growth, with strong performance and fair valuation....

Chaozhou Three-Circle is poised to gain from the demand and scenario upgrades in downstream sectors. It has an encouraging earnings outlook and a...