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 Jun 27th. The aggregated net margin trading position is USD16,399m.</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 Skylark, Tokyo Electron, Mcdonald'S, Softbank, Fujikura, Fast Retailing, Kawasaki Heavy Industries, Sumitomo Forestry, Sanrio, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 27th. The aggregated net margin trading position is USD16,399m.
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 Skylark, Tokyo Electron, Mcdonald'S, Softbank, Fujikura, Fast Retailing, Kawasaki Heavy Industries, Sumitomo Forestry, Sanrio, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Jun 27th): Skylark, Tokyo Electron, Mcdonald'S, Softbank, Fujikura

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Glass Lewis has now joined ISS in recommending holders vote against the <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>/<a href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20895:1" rel="noopener">Welcia Holdings (3141 JP)</a> merger, presumably as it relates to the ratio.</li>
<li>
<a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a>, ASIC AND Cosette have effectively signed off on the Scheme Booklet's veracity. That should be assuring to investors. </li>
<li>
<a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>'s Scheme comfortable got up - despite a last minute hiccup - and poor governance - to adjourn the meeting.</li>
</ul>


Glass Lewis has now joined ISS in recommending holders vote against the Tsuruha Holdings (3391 JP)/Welcia Holdings (3141 JP) merger, presumably as it relates to the ratio.

Mayne Pharma (MYX AU), ASIC AND Cosette have effectively signed off on the Scheme Booklet's veracity. That should be assuring to investors. 

Canvest Environmental Protection Group (1381 HK)'s Scheme comfortable got up - despite a last minute hiccup - and poor governance - to adjourn the meeting.


Last Week in Event SPACE: Tsuruha/Welcia Merger, Mayne Pharma, Canvst, Insignia Financial

Travis Lundy

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aichi-steel-corp" target="_blank" data-smartkarma-citation="entities:4517:1" rel="noopener">Aichi Steel (5482 JP)</a> announced earnings on 25-April during market hours. Results were OK. Guidance was OK. The div was WAY up for Mar26. Shares fell. Then rose 26-April.</li>
<li>Aichi Steel is a Toyota Motors equity affiliate (26-27%), Toyota Industries, Toyota R.E., megabanks, the Kyoeikai, and Nippon Steel all have stakes. Nippon Steel recently reduced its position. </li>
<li>Activist Murakami has about 10% across two entities. This morning, the Company was to buy back 16%. WHO is selling? We don't know yet. Likely a mix. Details may matter.</li>
</ul>



Aichi Steel (5482 JP) announced earnings on 25-April during market hours. Results were OK. Guidance was OK. The div was WAY up for Mar26. Shares fell. Then rose 26-April.
Aichi Steel is a Toyota Motors equity affiliate (26-27%), Toyota Industries, Toyota R.E., megabanks, the Kyoeikai, and Nippon Steel all have stakes. Nippon Steel recently reduced its position. 
Activist Murakami has about 10% across two entities. This morning, the Company was to buy back 16%. WHO is selling? We don't know yet. Likely a mix. Details may matter.


[Japan Activism?] Toyota Group Equity Affiliate and Murakami Target Aichi Steel Does Large ToSTNeT-3

Equity Capital Markets

<ul>
<li>Today (27 June 2024) after the close, <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> announced three Toyota Group companies (Toyota, Toyota Industries, and Denso) would sell shares in Aisin in a ¥180bn offering.</li>
<li>This is ALL of Denso's holdings, 63% of Toyota Industries stake, and ~12% of Toyota's stake. Separately, Aisin announced a 17mm share (6.3%) ¥100bn buyback and a 3:1 split Oct1.</li>
<li>The recent yuho shows us the progress of Aisin's promised selldown of crossholdings. There are three large chunks left. One is easy. The climb to capital allocation credibility easier too.</li>
</ul>


Today (27 June 2024) after the close, Aisin (7259 JP) announced three Toyota Group companies (Toyota, Toyota Industries, and Denso) would sell shares in Aisin in a ¥180bn offering.
This is ALL of Denso's holdings, 63% of Toyota Industries stake, and ~12% of Toyota's stake. Separately, Aisin announced a 17mm share (6.3%) ¥100bn buyback and a 3:1 split Oct1.
The recent yuho shows us the progress of Aisin's promised selldown of crossholdings. There are three large chunks left. One is easy. The climb to capital allocation credibility easier too.


Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Lexus announced its new LF-Z EV concept yesterday, laying out broad plans for its electrification strategy and future development outlook. The brand has seen less news flow than the main Toyota brand in terms of technological progress but this appears to now be changing. This has implications for a variety of suppliers.

Lexus announced its new LF-Z EV concept yesterday, laying out broad plans for its electrification strategy and future development outlook. The brand has seen less news flow than the main Toyota brand in terms of technological progress but this appears to now be changing. This has implications for a variety of suppliers.

Japan

AICHI STEEL CORPORATION is a manufacturer of specialty steel.   The Company's products include rolled steel and forged products.  Aichi Steel jointly works with Toyota Motors to develop automobile parts.  The Company also makes magnetic and electronic parts, including plastic magnets.

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Aichi Steel (5482 JP)

JPX Margin Trading Weekly (Jun 27th): Skylark, Tokyo Electron, Mcdonald'S, Softbank, Fujikura

We analyzed JPX margin trading positions report for the past week and highlighted Skylark (3197 JP), Tokyo Electron (8035 JP), Mcdonald'S (2702...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Tsuruha/Welcia Merger, Mayne Pharma, Canvst, Insignia Financial

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

[Japan Activism?] Toyota Group Equity Affiliate and Murakami Target Aichi Steel Does Large ToSTNeT-3

Aichi Steel was a very low PBR stock a year ago. Murakami-san targeted it. It went up. Now the company did a large buyback at 0.7x book. Who sold?...

Travis Lundy

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Aisin today announced a large equity offering by 3 Toyota Group companies. ¥180bn of offering against a buyback of ¥100bn. Some overhang. Some...

Travis Lundy

Toyota – Electrifying Lexus

Lexus has seen less EV related news flow than the main Toyota brand in terms of technological progress but this appears to now be changing and has...

Mio Kato

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