Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Kokusai Electric  / Equity Capital Markets

<ul>
<li>Three weeks ago I wrote that KKR's lockup would expire about now in <em><a href="https://www.smartkarma.com/insights/japan-ecm-kokusai-elec-6525-kkr-s-lock-up-expiry-in-3-weeks-700mm-clean-up-coming" target="_blank" data-smartkarma-citation="insights:202343" rel="noopener">[Japan ECM] Kokusai Elec (6525) - KKR's Lock Up Expiry in 3 Weeks - $700mm Clean-Up Coming?</a> </em>
</li>
<li>Today post-close, <a href="https://www.smartkarma.com/entities/applied-materials-inc" target="_blank" data-smartkarma-citation="entities:283:1" rel="noopener">Applied Materials (AMAT US)</a> announced a 10.7mm share (4.5%) Accelerated Block Offering to be priced tomorrow morning, at an indicated 4.5-6.5% discount. This would put them at 10+%. </li>
<li>This should be very well taken up. There is index demand on the follow. The question is more about the unwind of KKR's last bit. Perhaps to come soon?</li>
</ul>


Three weeks ago I wrote that KKR's lockup would expire about now in [Japan ECM] Kokusai Elec (6525) - KKR's Lock Up Expiry in 3 Weeks - $700mm Clean-Up Coming? 

Today post-close, Applied Materials (AMAT US) announced a 10.7mm share (4.5%) Accelerated Block Offering to be priced tomorrow morning, at an indicated 4.5-6.5% discount. This would put them at 10+%. 
This should be very well taken up. There is index demand on the follow. The question is more about the unwind of KKR's last bit. Perhaps to come soon?


[Japan ECM] Kokusai Elec (6525) - Applied Materials $330mm Selldown

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.</li>
<li>Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.</li>
<li>Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.</li>
</ul>


Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.
Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.
Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.


Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.</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 IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 24th. The aggregated net margin trading position is USD17,881m.
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 IHI, Kawasaki Heavy Industries, Lasertec, Fujikura, Mitsubishi UFJ Financial, Kobe Bussan, Sanrio, SoftBank, Fast Retailing, Mitsubishi Heavy Industries, Ihi, Kawasaki Heavy Industries.


JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>A compelling investment strategy focused on high-quality Japanese equities, selected for strong financial health and growth prospects. This approach targets companies offering stability and long-term appreciation.</li>
<li>The portfolio emphasizes industrial, automation, pharma, and technology hardware sectors, balanced with a tactical volatility trading approach. This strategy aims to enhance returns while managing short-term market fluctuations.</li>
<li>Otsuka Holdings is highlighted as a core pharma pick. Screen and Hirose Electric are strong value picks in manufacturing and electronic tech, contributing to the portfolio's quality and value focus.</li>
</ul>


A compelling investment strategy focused on high-quality Japanese equities, selected for strong financial health and growth prospects. This approach targets companies offering stability and long-term appreciation.
The portfolio emphasizes industrial, automation, pharma, and technology hardware sectors, balanced with a tactical volatility trading approach. This strategy aims to enhance returns while managing short-term market fluctuations.
Otsuka Holdings is highlighted as a core pharma pick. Screen and Hirose Electric are strong value picks in manufacturing and electronic tech, contributing to the portfolio's quality and value focus.


Otsuka, Hirose Electric, Screen, Advantest: The Value Seeker Portfolio and NK Options

<ul>
<li>Nintendo is poised for a significant growth phase, driven by its new console and an expansive intellectual property ecosystem, promising sustained financial performance.</li>
<li>Strategic capacity expansion and a robust balance sheet position Nintendo to capitalize on strong demand, mitigating risks and reinforcing its market leadership.</li>
<li>Despite potential market volatility and competitive pressures, aggressive production targets and a strong financial foundation suggest a compelling investment opportunity.</li>
</ul>


Nintendo is poised for a significant growth phase, driven by its new console and an expansive intellectual property ecosystem, promising sustained financial performance.
Strategic capacity expansion and a robust balance sheet position Nintendo to capitalize on strong demand, mitigating risks and reinforcing its market leadership.
Despite potential market volatility and competitive pressures, aggressive production targets and a strong financial foundation suggest a compelling investment opportunity.


Nintendo and the Switch 2: An Options Menu

Japan

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

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Advantest Corp (6857 JP)

[Japan ECM] Kokusai Elec (6525) - Applied Materials $330mm Selldown

Kokusai Electric's recent selldown by AMAT has been well-absorbed and with shares up nearly 10% today on AI-related excitement in the hardware/SPE...

Travis Lundy

Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

Teradyne's 3Q numbers set a strong tone for the testing market. Skyworks and Qorvo merging may be a negative for Murata which will have to compete...

Andrew Jackson

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

Otsuka, Hirose Electric, Screen, Advantest: The Value Seeker Portfolio and NK Options

High quality value portfolio for stability and long-term growth, with focus on industrial, automation, pharma, technology hardware sectors. Otsuka...

Jay Cameron

Nintendo and the Switch 2: An Options Menu

Nintendo's new console and strong IP ecosystem set the stage for significant growth, backed by strategic expansion and a solid financial position.

Jay Cameron

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Japan ECM] Kokusai Elec (6525) - Applied Materials $330mm Selldown

Kokusai Electric's recent selldown by AMAT has been well-absorbed and with shares up nearly 10% today on AI-related excitement in the hardware/SPE...

Travis Lundy

Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

Teradyne's 3Q numbers set a strong tone for the testing market. Skyworks and Qorvo merging may be a negative for Murata which will have to compete...

Andrew Jackson

JPX Margin Trading Weekly (Oct 24th): IHI, Kawasaki Heavy Industries, Lasertec, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kawasaki Heavy Industries (7012 JP), Lasertec...

Ke Yan, CFA, FRM

Otsuka, Hirose Electric, Screen, Advantest: The Value Seeker Portfolio and NK Options

High quality value portfolio for stability and long-term growth, with focus on industrial, automation, pharma, technology hardware sectors. Otsuka...

Jay Cameron

Nintendo and the Switch 2: An Options Menu

​Nintendo's new console and strong IP ecosystem set the stage for significant growth, backed by strategic expansion and a solid financial position.

Jay Cameron

Nintendo's new console and strong IP ecosystem set the stage for significant growth, backed by strategic expansion and a solid financial position.