Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/colowide-co-ltd" target="_blank" data-smartkarma-citation="entities:13967:1" rel="noopener">Colowide Co Ltd (7616 JP)</a> is an industrial fastish-food operator in Japan. They sell several dozen kinds of cuisine under several dozen brands, owned and franchised in Japan and overseas.</li>
<li>The company "philosophy" is "Everything we do is for our customers and employees." The stock is up 30% in 10yrs. It pays no dividend, but it pays a big yutairimawari.</li>
<li>This means Real World Float is 100% owned by retail who want restaurant coupons. This offering will be bought by index, short covers, and another 20-30k coupon holders.</li>
</ul>



Colowide Co Ltd (7616 JP) is an industrial fastish-food operator in Japan. They sell several dozen kinds of cuisine under several dozen brands, owned and franchised in Japan and overseas.
The company "philosophy" is "Everything we do is for our customers and employees." The stock is up 30% in 10yrs. It pays no dividend, but it pays a big yutairimawari.
This means Real World Float is 100% owned by retail who want restaurant coupons. This offering will be bought by index, short covers, and another 20-30k coupon holders.


COLOWIDE (7616) - UGLY Register On Expensive Co Needs a Capital Construct Upgrade, Won't Get It Here

Event-Driven

<ul>
<li>On 28 Feb, the Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Mitsubishi-readies-sale-of-stake-in-KFC-restaurant-chain-in-Japan" target="_blank" rel="noopener">reported</a> (an article I missed) <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> would seek to unload its 35% stake in <a href="https://www.smartkarma.com/entities/kfc-holdings-japan-ltd" target="_blank" data-smartkarma-citation="entities:12358:1" rel="noopener">Kfc Holdings Japan (9873 JP)</a> </li>
<li>The stock popped, then continued to rise further. After the close Friday, the Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Carlyle-nears-deal-to-buy-KFC-Japan-s-shares-from-Mitsubishi-Corp" target="_blank" rel="noopener">reported</a> MitCorp was close to a deal with Carlyle. A deal is apparently expected imminently.</li>
<li>I expect this could be a "Split Price Deal" (like Hitachi Transport and Pasona).</li>
</ul>


On 28 Feb, the Nikkei reported (an article I missed) Mitsubishi Corp (8058 JP) would seek to unload its 35% stake in Kfc Holdings Japan (9873 JP) 
The stock popped, then continued to rise further. After the close Friday, the Nikkei reported MitCorp was close to a deal with Carlyle. A deal is apparently expected imminently.
I expect this could be a "Split Price Deal" (like Hitachi Transport and Pasona).


Carlyle Reportedly To Buy KFC Japan (9873) From MitCorp (8058) - Deal Likely Imminent

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Fast food drives improved performance</li><li>Growing emphasis on domestically produced ingredients</li><li>Convenience stores strengthen their position</li><li>Independents losing out to chains</li><li>Tax hike delayed</li><li>Socio-economic change added downward pressure on consumerfoodservice</li></ul>

Fast food drives improved performanceGrowing emphasis on domestically produced ingredientsConvenience stores strengthen their positionIndependents losing out to chainsTax hike delayedSocio-economic change added downward pressure on consumerfoodservice

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Summer has historically not been a good time for stocks. TOPIX median performance from July 1 to the end of August is negative 5% and it only has a success rate of 36% over the last 22 years. So what names should you be looking at. We screened for names that have a greater than 50% success rate and greater than 3% average return from the beginning of July to the end of August. <h2>Screen Results (Outperformers over the Summer)</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/028/302/original/2.png?1497908923" class="editor-image img-responsive" data-smartkarma-image-id="28302"></figure><div class="content-caption">Source: Custom Products</div><a href="https://www.smartkarma.com/entities/3797" target="_blank" data-smartkarma-citation="entities:3797:1">Cosmos Pharmaceutical Corp (3349 JP)</a> tops the list…

Summer has historically not been a good time for stocks. TOPIX median performance from July 1 to the end of August is negative 5% and it only has a success rate of 36% over the last 22 years. So what names should you be looking at. We screened for names that have a greater than 50% success rate and greater than 3% average return from the beginning of July to the end of August. Screen Results (Outperformers over the Summer)Source: Custom ProductsCosmos Pharmaceutical Corp (3349 JP) tops the list…

Names that Do Well in the Summer and Ones that Do Not.....

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.

Hamamatsu Photonics Kk / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> aims to raise around US$190m via selling over a 4% stake in <a href="https://www.smartkarma.com/entities/hamamatsu-photonics-kk" target="_blank" data-smartkarma-citation="entities:14074:1" rel="noopener">Hamamatsu Photonics Kk (6965 JP)</a>.</li>
<li>This is another cross-shareholding unwind and hence, won’t be a huge surprise. Although given the recent share price weakness, the timing appears peculiar.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Toyota Motor (7203 JP) aims to raise around US$190m via selling over a 4% stake in Hamamatsu Photonics Kk (6965 JP).
This is another cross-shareholding unwind and hence, won’t be a huge surprise. Although given the recent share price weakness, the timing appears peculiar.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Hamamatsu Photonics Placement - Peculiar Timing

Japan

COLOWIDE CO., LTD. manages, as a holding company, its group companies that operate Japanese style pub restaurant chain named Kantaro and Italian restaurant chain named Itameshiya La Pausa primarily in Tokyo.  The Company also operates KARAOKE business.

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Colowide Co Ltd (7616 JP)

COLOWIDE (7616) - UGLY Register On Expensive Co Needs a Capital Construct Upgrade, Won't Get It Here

Colowide is the owner of a host of restaurant brands/chains in Japan and abroad. It is expensive. I find it badly-run, with bad governance. Now an...

Travis Lundy

Carlyle Reportedly To Buy KFC Japan (9873) From MitCorp (8058) - Deal Likely Imminent

The Nikkei reported two months ago that MitCorp would sell its 35% KFC Japan (9873) stake. Two months later, we may have a deal imminent.

Travis Lundy

Consumer Foodservice in Japan

Fast food drives improved performance Growing emphasis on domestically produced ingredients Convenience stores strengthen their...

Euromonitor International Ltd.

Names that Do Well in the Summer and Ones that Do Not.....

Summer has historically not been a good time for stocks. TOPIX median performance from July 1 to the end of August is negative 5% and it only has a...

Custom Products Group

Hamamatsu Photonics Placement - Peculiar Timing

Toyota Motor (7203 JP) aims to raise around US$190m via selling over a 4% stake in Hamamatsu Photonics Kk (6965 JP). The timing of the selldown...

Sumeet Singh

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