Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>JR East continues to deliver steady growth in its core rail and retail businesses. Management is reshaping both operations and HR.</li>
<li>Catalysts ahead: Fruition of asset‑utilisation initiatives are set to drive incremental earnings growth over the next 2–3 years.</li>
<li>Strong share price performance, with lower volatility and no AI hype!</li>
</ul>


JR East continues to deliver steady growth in its core rail and retail businesses. Management is reshaping both operations and HR.
Catalysts ahead: Fruition of asset‑utilisation initiatives are set to drive incremental earnings growth over the next 2–3 years.
Strong share price performance, with lower volatility and no AI hype!


JR East (9020.T): Staying on Track &Picking Up Speed

<ul>
<li>Company continues to outperform as a new management plan is released</li>
<li>Focus on cash flow generation, increased dividends and flexible buybacks</li>
<li>Continued execution in their real-estate business is key to success</li>
</ul>


Company continues to outperform as a new management plan is released
Focus on cash flow generation, increased dividends and flexible buybacks
Continued execution in their real-estate business is key to success


Thematic (Sector/Industry)

<ul>
<li>This domestic sector has been  outperforming the Topix and should continue</li>
<li>Fits the current investment zeitgeist for Japan amidst the market turbulence</li>
<li>The Japanese Yen will continue to strengthen against the USD </li>
</ul>


This domestic sector has been  outperforming the Topix and should continue
Fits the current investment zeitgeist for Japan amidst the market turbulence
The Japanese Yen will continue to strengthen against the USD 


Japanese Railway Companies – Back on Track

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Widespread weakness in tech/AI related plays after US curbs H20 exports setting a dour tone for JP SPE.</li>
<li>The US looking to suspend the SLR rule for Treasuries could see yields drop as banks do the work of the Fed.</li>
<li>HF's zeroed in Suzuki secondary sparks squeeze and biggest volumes of the year.</li>
</ul>


Widespread weakness in tech/AI related plays after US curbs H20 exports setting a dour tone for JP SPE.
The US looking to suspend the SLR rule for Treasuries could see yields drop as banks do the work of the Fed.
HF's zeroed in Suzuki secondary sparks squeeze and biggest volumes of the year.


Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/tokyo-metro-co-ltd" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (9023 JP)</a> IPO is one of the largest IPOs of recent years, well-flagged, and it is hot hot hot!  A super stable, well-known, well-respected, service provider.</li>
<li>There are numerous attractions but I expect people have not thought too deeply about the demand and supply dynamics of different holder types. It's worth thinking about. </li>
<li>This was priced "cheap" but everyone knows that so there may be flippers. This is probably more Japan Post Bank than Japan Post Insurance.</li>
</ul>


The Tokyo Metro (9023 JP) IPO is one of the largest IPOs of recent years, well-flagged, and it is hot hot hot!  A super stable, well-known, well-respected, service provider.
There are numerous attractions but I expect people have not thought too deeply about the demand and supply dynamics of different holder types. It's worth thinking about. 
This was priced "cheap" but everyone knows that so there may be flippers. This is probably more Japan Post Bank than Japan Post Insurance.


The Tokyo Metro (9023 JP) IPO And Aftermarket - What To Look For

Japan

Central Japan Railway Company provides rail transportation services between Tokyo and Osaka, including the Tokai region.  The Company, through its subsidiaries, also provides bus transportation services, leases real estate, and operates department stores, hotels, restaurants, and construction businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Central Japan Railway (9022 JP)

JR East (9020.T): Staying on Track &Picking Up Speed

JR East is seeing growth in its core rail and associated retail business. Asset-utilization initiatives are expected to drive earnings growth.

Rikki Malik

JR East – Full Steam Ahead!

Company continues to do well with the new management plan emphasizing cash flow, dividends, buybacks. Real estate execution is key

Rikki Malik

Japanese Railway Companies – Back on Track

Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Rikki Malik

Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

Tech and AI weakness after H20 chipset restrictions, discussion of dropping the SLR rule for Treasuries may cause volatility for financials,...

Andrew Jackson

The Tokyo Metro (9023 JP) IPO And Aftermarket - What To Look For

The Tokyo Metro IPO is 23 October. There is substantial index buying demand at month end of both Oct/Nov, then a lull. Flippers will flip, the...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JR East (9020.T): Staying on Track &Picking Up Speed

​JR East is seeing growth in its core rail and associated retail business. Asset-utilization initiatives are expected to drive earnings growth.

Rikki Malik

JR East – Full Steam Ahead!

​Company continues to do well with the new management plan emphasizing cash flow, dividends, buybacks. Real estate execution is key

Rikki Malik

Japanese Railway Companies – Back on Track

​Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Rikki Malik

Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

Tech and AI weakness after H20 chipset restrictions, discussion of dropping the SLR rule for Treasuries may cause volatility for financials,...

Andrew Jackson

The Tokyo Metro (9023 JP) IPO And Aftermarket - What To Look For

The Tokyo Metro IPO is 23 October. There is substantial index buying demand at month end of both Oct/Nov, then a lull. Flippers will flip, the...

Travis Lundy

JR East is seeing growth in its core rail and associated retail business. Asset-utilization initiatives are expected to drive earnings growth.

Company continues to do well with the new management plan emphasizing cash flow, dividends, buybacks. Real estate execution is key

Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.