Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Keiyo announced a large (9.2% of shares out) ToSTNeT-3 buyback for tomorrow morning at JPY 855/share. </li>
<li>Normally this would be an occasion for looking at the significant accretion. </li>
<li>This time there are possible offsets which are less encouraging.</li>
</ul>


Keiyo announced a large (9.2% of shares out) ToSTNeT-3 buyback for tomorrow morning at JPY 855/share. 
Normally this would be an occasion for looking at the significant accretion. 
This time there are possible offsets which are less encouraging.


Very Large Keiyo (8168 JP) Buyback NOT Necessarily Bullish

David Blennerhassett

<ul>
<li>For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.</li>
<li>The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).</li>
<li>This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.</li>
</ul>


For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn.
The average premium for the new deals announced (or first discussed) in December was ~41%, with a year-to-date average of ~33% (165 deals &amp; total deal size of US$282bn).
This compares to the average premium for all deals in 2020 (158 deals) and 2019 (145 deals) of 31% and 31.5% respectively.


Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>The last 18 months were the most traumatic for the fashion retail history since WWII. </li>
<li>Average household consumption budgets for apparel fell 18% in 2020 to a monthly average of just ¥10,655, 22% down on five years previously.</li>
<li>The following is an in-depth review of the fashion sector with unique rankings of the top 100, most profitable, fastest growing chains.</li>
</ul>


The last 18 months were the most traumatic for the fashion retail history since WWII. 
Average household consumption budgets for apparel fell 18% in 2020 to a monthly average of just ¥10,655, 22% down on five years previously.
The following is an in-depth review of the fashion sector with unique rankings of the top 100, most profitable, fastest growing chains.


Fashion Retailing 2020-21: Leading Brands Suffer Worst Year in Modern History

Private Capital Markets

<ul>
<li>Yodobashi Camera will build up to 20 new fulfilment centres within the next five years. The aim is to offer same or next day delivery nationwide. </li>
<li>In the past year, the unlisted company has massively grown its online capacity – it already has more coverage than Rakuten and 2x the online sales of Seven &amp; I.</li>
<li>It is set to build on its existing position as the largest e-commerce operation outside the big, pure play malls.</li>
</ul>


Yodobashi Camera will build up to 20 new fulfilment centres within the next five years. The aim is to offer same or next day delivery nationwide. 
In the past year, the unlisted company has massively grown its online capacity – it already has more coverage than Rakuten and 2x the online sales of Seven &amp; I.
It is set to build on its existing position as the largest e-commerce operation outside the big, pure play malls.


Yodobashi Camera: 50% Online in 5 Years with Nationwide Delivery

<ul>
<li>Cashed-Up <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718" rel="noopener">Jardine Matheson Holdings (JM SP)</a> doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081" rel="noopener">Jardine Strategic (JS SP)</a> are now underway in Bermuda's Supreme Court. </li>
<li>The PBOC, CBIRC, and CSRC appear to have thrown <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande (3333 HK)</a> management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."</li>
<li>The ACCC approval, a key condition to the <a href="https://www.smartkarma.com/entities/sydney-airport" target="_blank" data-smartkarma-citation="entities:19063" rel="noopener">Sydney Airport (SYD AU)</a> proposal completing, has been obtained.</li>
</ul>


Cashed-Up Jardine Matheson Holdings (JM SP) doubles its buyback program. Separately, the appraisal rights proceedings for dissenting shareholders of Jardine Strategic (JS SP) are now underway in Bermuda's Supreme Court. 
The PBOC, CBIRC, and CSRC appear to have thrown Evergrande (3333 HK) management under the bus with simultaneous statements that Evergrande's case is an individual one due to "reckless expansion."
The ACCC approval, a key condition to the Sydney Airport (SYD AU) proposal completing, has been obtained.


Last Week in Event SPACE: Jardine Matheson, Evergrande, Sydney Airports, Shinsei Bank, Kansai Super

Japan

AEON CO., LTD. operates general merchandise stores, supermarkets, and convenience stores throughout Japan. The Company is also engaged in women's and casual clothing store business, development business of commercial property, and financing service through the subsidiaries.

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Aeon Co Ltd (8267 JP)

Very Large Keiyo (8168 JP) Buyback NOT Necessarily Bullish

Keiyo announced a large buyback for tomorrow AM. Big accretion is usually bullish but Keiyo is rich to peers, and it is not clear where incremental...

Travis Lundy

(Mostly) Asia M&A: December 2021 Roundup

For the month of December, 12 new deals (firm and non-binding) were discussed on Smartkarma with an overall announced deal size of ~US$4bn. The...

David Blennerhassett

Fashion Retailing 2020-21: Leading Brands Suffer Worst Year in Modern History

This insight is an in-depth review of Japan's apparel sector providing key background and comparisons for investors, including rankings of the top...

Michael Causton

Yodobashi Camera: 50% Online in 5 Years with Nationwide Delivery

Consumers are shifting purchases of electronics online and, while the big consumer electronics chains had a good pandemic, this won't last....

Michael Causton

Last Week in Event SPACE: Jardine Matheson, Evergrande, Sydney Airports, Shinsei Bank, Kansai Super

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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