Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Yesterday, post-close, Bloomberg reported a headline "<strong>*SILCHESTER REPORTS NIKON STAKE; MAY SEEK CAPITAL POLICY CHANGES</strong>"</li>
<li>That was exciting. It was in all caps. It was activist-ish-y. Today the stock rose 10.3% and we got another article saying it was up because of Silchester's filing.</li>
<li>Beware the Bloomberg headline. Nuance is sometimes lost. They aren't always designed to help investors invest. Often, the main purpose is clickbait.</li>
</ul>


Yesterday, post-close, Bloomberg reported a headline "*SILCHESTER REPORTS NIKON STAKE; MAY SEEK CAPITAL POLICY CHANGES"
That was exciting. It was in all caps. It was activist-ish-y. Today the stock rose 10.3% and we got another article saying it was up because of Silchester's filing.
Beware the Bloomberg headline. Nuance is sometimes lost. They aren't always designed to help investors invest. Often, the main purpose is clickbait.


Nikon (7731) - Beware The Bloomberg Headline But There's Value Here

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>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a href="https://www.smartkarma.com/entities/sompo-holdings-inc" target="_blank" data-smartkarma-citation="entities:632:1" rel="noopener">Sompo Holdings (8630 JP)</a> had a stake over US$100m in at least 16 listed Japanese stocks, amounting to a total of around US$6bn.</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>


The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.

Sompo Holdings (8630 JP) had a stake over US$100m in at least 16 listed Japanese stocks, amounting to a total of around US$6bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Sompo Holdings Cross-Shareholding - At Least US$8bn of Cross-Shareholding to Sell

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>



Trial Holdings (5882 JP) (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.


Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> (TH) is now looking to raise up to US$259m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about implied valuations in the IPO range.</li>
</ul>



Trial Holdings (5882 JP) (TH) is now looking to raise up to US$259m in its Japan IPO, after having canceled its prior listing attempt last year.
TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.
We have looked at the company’s past performance in our previous notes. In this note, we talk about implied valuations in the IPO range.


Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden</li>
<li>Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
<li>We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.</li>
</ul>


We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden
Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.
We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.


Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Japan

Canon Inc. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

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Canon Inc (7751 JP)

Nikon (7731) - Beware The Bloomberg Headline But There's Value Here

Nikon is a cheap company with dual personalities, which keeps its multiple low. It has cash and securities too. Silchester bought 5% and Bloomberg...

Travis Lundy

Sompo Holdings Cross-Shareholding - At Least US$8bn of Cross-Shareholding to Sell

The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings. Sompo had a stake of over...

Sumeet Singh

Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side

Trial Holdings (5882 JP) (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO. In this note, we talk about the trading...

Sumeet Singh

Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help

Trial Holdings (5882 JP) (TH) is now looking to raise up to US$259m in its Japan IPO, after having canceled its prior listing attempt last year. In...

Sumeet Singh

Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech

Bullish Outlook Intact; $DXY Rolling Over, 10-Yr Treasury Yield $TNX Rolling Over; More Global Indexes Breaking Out (Israel, Germany, Sweden). Buys...

Vermilion Research

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