Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

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

<ul>
<li>Japan’s largest snacks maker, <a href="https://www.smartkarma.com/entities/calbee-inc" target="_blank" data-smartkarma-citation="entities:17054:1" rel="noopener">Calbee Inc (2229 JP)</a> is raising prices by 10-20% for almost 75% of its product range.</li>
<li>These price hikes have boded well with institutional investors with a vast most of them deciding to up their stake in the company following the first price hike announcement.</li>
<li>While institutional-investors bet on earnings growth over long-term through regular price revisions, we think there could also be short and medium-term gains as OP growth turns positive after many years.</li>
</ul>


Japan’s largest snacks maker, Calbee Inc (2229 JP) is raising prices by 10-20% for almost 75% of its product range.
These price hikes have boded well with institutional investors with a vast most of them deciding to up their stake in the company following the first price hike announcement.
While institutional-investors bet on earnings growth over long-term through regular price revisions, we think there could also be short and medium-term gains as OP growth turns positive after many years.


Calbee – Price Hikes Are Appealing to Institutional Investors

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.

Equity Capital Markets

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy </a>(REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.</li>
</ul>



REPT BATTERO Energy (REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.


REPT BATTERO Energy Pre-IPO - PHIP Updates - Leaning on ESS

<ul>
<li>After failing to take <a href="https://www.smartkarma.com/entities/calbee-inc" target="_blank" data-smartkarma-citation="entities:17054:1" rel="noopener">Calbee Inc (2229 JP)</a> forward for 4+ years, CEO Mr. Shuji Ito is retiring at the end of the next quarter.</li>
<li>He is being replaced by the current COO and the former EVP of Calbee’s Overseas business Mr. Makoto Ehara.</li>
<li>From what he has done since he was appointed the COO and in the Overseas business, we are hopeful that he will turn Calbee’s fortunes around in the medium term.</li>
</ul>


After failing to take Calbee Inc (2229 JP) forward for 4+ years, CEO Mr. Shuji Ito is retiring at the end of the next quarter.
He is being replaced by the current COO and the former EVP of Calbee’s Overseas business Mr. Makoto Ehara.
From what he has done since he was appointed the COO and in the Overseas business, we are hopeful that he will turn Calbee’s fortunes around in the medium term.


Calbee: New CEO Seems Ready To Make Necessary Action

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY</li>
<li>JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel</li>
<li>NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.</li>
</ul>


OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY
JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel
NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.


Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; US2YR@4.82 ; JP Baby Crisis; Nugget: CyberAgent

<ul>
<li>OVERSEAS.  SPX Pulls Back for 2nd day as Spy Balloons dominate - mkts just stretched;  Google responds to ChatGPT with BARD; Dell cuts headcount as PC struggle continues</li>
<li>JAPAN. NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with Sakura!</li>
<li>DAILY NUGGET. MHI  formalizes exit from Spacejet. No surprise as it has been on ice for 2 years.   Opportunity to put a positive spin on the $7bn failure.</li>
</ul>


OVERSEAS.  SPX Pulls Back for 2nd day as Spy Balloons dominate - mkts just stretched;  Google responds to ChatGPT with BARD; Dell cuts headcount as PC struggle continues
JAPAN. NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with Sakura!
DAILY NUGGET. MHI  formalizes exit from Spacejet. No surprise as it has been on ice for 2 years.   Opportunity to put a positive spin on the $7bn failure.


Good Morning Japan | Spy Balloons?? SPX Holds; Google Responds with BARD; BOJ AMAMIYA Story Refuted!

Japan

CALBEE, Inc. manufactures a wide range of snack foods using potato, wheat, and corn as a main ingredient. The company also manufactures bakery products and cereals.

Calbee Inc (2229 JP)

Calbee – Price Hikes Are Appealing to Institutional Investors

Japan’s largest snacks maker, Calbee is raising prices by 10-20% for almost 75% of its product range. These price hikes have boded well with...

Oshadhi Kumarasiri

REPT BATTERO Energy Pre-IPO - PHIP Updates - Leaning on ESS

REPT BATTERO Energy (REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.

Sumeet Singh

Calbee: New CEO Seems Ready To Make Necessary Action

From what he has done since he was appointed the COO and in the Overseas business, we are hopeful that the new CEO will turn Calbee’s fortunes...

Oshadhi Kumarasiri

Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; [email protected] ; JP Baby Crisis; Nugget: CyberAgent

SPX closes Feb on the lows; Baby Crisis in Japan. Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: +...

Mark Chadwick

Good Morning Japan | Spy Balloons?? SPX Holds; Google Responds with BARD; BOJ AMAMIYA Story Refuted!

NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with...

Mark Chadwick