Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
 <li>ANA Holdings is strategically positioned to capitalize on the robust recovery and anticipated growth in Japan's aviation sector, driven by a surge in inbound tourism and the expansion of Tokyo's Narita Airport.</li>
 <li>The company is pursuing a multi-brand strategy, leveraging its full-service carrier (ANA), low-cost carrier (Peach), and the Asia-focused AirJapan to capture diverse market segments and optimize its network.</li>
 <li>Significant investments in fleet modernization and digital transformation are underway, aiming to enhance operational efficiency, improve passenger experience, and support long-term, sustainable growth, with a target of a record-high operating income of ¥250 billion by FY2028.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  ANA Holdings is strategically positioned to capitalize on the robust recovery and anticipated growth in Japan's aviation sector, driven by a surge in inbound tourism and the expansion of Tokyo's Narita Airport.
  The company is pursuing a multi-brand strategy, leveraging its full-service carrier (ANA), low-cost carrier (Peach), and the Asia-focused AirJapan to capture diverse market segments and optimize its network.
  Significant investments in fleet modernization and digital transformation are underway, aiming to enhance operational efficiency, improve passenger experience, and support long-term, sustainable growth, with a target of a record-high operating income of ¥250 billion by FY2028.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Ana Holdings (9202 JP) - Aug 2026

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.</li>
<li>Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.</li>
<li>Upside for airlines on the prospect for lower oil and increased travel.</li>
</ul>


Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.
Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.
Upside for airlines on the prospect for lower oil and increased travel.


Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

<ul>
<li>So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.</li>
<li>Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.</li>
<li>Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.</li>
</ul>


So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the war enters its second month.
Asian countries are highly dependent on oil and gas shipments from the Middle East, with airlines, petrochemical companies, and gas distribution companies all negatively affected.
Iran now controls when the flow of energy from the Middle East starts and thereby when the war stops. Gulf countries will not allow Iran to be the Straits gatekeeper.


OIL: When a Short-Term Spike Becomes Long-Term Reality

Japan

ANA Holdings Inc provides a variety of air transportation-related services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well.

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Ana Holdings (9202 JP)

Primer: Ana Holdings (9202 JP) - Aug 2026

ANA Holdings is strategically positioned to capitalize on the robust recovery and anticipated growth in Japan's aviation sector, driven by a...

αSK Primers

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan set for a positive open as Iran deal hopes send oil lower and markets anticipate a return to normal travel and shipping through the Straits.

Andrew Jackson

OIL: When a Short-Term Spike Becomes Long-Term Reality

So far, global markets remain optimistic that the damage from the war in Iran will be repaired relatively soon; however, that will change as the...

David Mudd

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