Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>An <a href="https://diamond.jp/articles/-/281267" target="_blank" rel="noopener">article</a> in Diamond Online late Monday after the close suggested that <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, which is a 57%+ owner of road works and contractor <a href="https://www.smartkarma.com/entities/nippo-corp" target="_blank" data-smartkarma-citation="entities:2583:1" rel="noopener">Nippo Corp (1881 JP)</a> would set up a Special Purpose Corporation, perhaps with the help of Goldman Sachs, and would bid for the rest of its subsidiary. It would then sell its current stake in the company back to the company. </p><p>Late last night the two companies said that they were not the source of the article and that their boards would meet on 7 September to discuss. The stock traded limit up at ¥4215 today. I thought that would have been a great place to be long for a takeout. </p><p>But after the close, ENEOS and Nippo <a href="https://www.nippo-c.co.jp/ir/kessan_pdf/2021_0907_3.pdf" target="_blank" rel="noopener">announced</a> a transaction where a slightly convoluted org chart of entities will do just that - try to buy out minorities of Nippo - but at ¥4,000/share. </p><p>The Tender Offer is likely to start between mid-October and mid-November, but in the meantime, Nippo has come out to support the Tender Offer and we have all the supporting documentation. </p><p>Other than today's limit up price, ¥4,000/share is a lifetime high as far as I know. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/228/336/original/Screenshot+2021-09-07+at+5.02.37+PM.png?1631005799" class="editor-image img-responsive" data-smartkarma-image-id="228336"></figure></section><div class="content-highlight">
<p><strong>Given the capital construct, I could imagine some shareholders could get upset at this valuation.</strong> It looks underpriced to me. You can think of it the following way:</p>
<ul>
<li>ENEOS currently owns 57% of Nippo. </li>
<li>Some combination of ENEOS and Goldman Sachs are going to spend ¥200bn and small change to buy out minorities (the 43% ENEOS doesn't own). It will be financed by non-recourse loans. ENEOS will have control. </li>
<li>Then ENEOS will sell its currently-owned 57% back to the company.</li>
</ul>
<p>To recap... if we imagine ENEOS was the sole buyer, this transaction allows ENEOS to gain 100% of the shares, take out a net $600mm in cash, and own the equity free and clear at 8x ex-cash and securities PER. </p>
<p><em><strong>Just phrasing it that way tells you it is probably being done too cheaply. </strong></em></p>
</div><p>The company has seen its share of scandals over the years which has left both it and <em>all</em> the road building companies (which have also shared these scandals) at low valuations. They were so low that the parents of Obayashi Road and Maeda Road saw fit to buy out the minorities of their subsidiaries (Obayashi in 2017, discussed in <a href="https://www.smartkarma.com/insights/obayashi-road-another-in-a-string-of-underpriced-takeovers-by-a-japanese-parent" target="_blank" data-smartkarma-citation="insights:10608" rel="noopener">Obayashi Road: Another in a String of Underpriced Takeovers by a Japanese Parent</a> and <a href="https://www.smartkarma.com/entities/maeda-road-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:2168:1" rel="noopener">Maeda Road Construction Co (1883 JP)</a> last year in a whole series of insights around the hostile takeover of the majority then the second squeezeout merger, so historical trading price is logically of less import when determining "fair value".</p><div class="content-remarks">
<p>I'd note that the usual construct that companies use to "prove" that their bid is adequate, or prove that their bidder's bid is "not detrimental to minority interests" is to use a mixture of recent stock price, recent peers' stock prices and multiples, and a DCF, which is often dodgily mashed together to create a number which the two parties have otherwise agreed upon behind the scenes. There is rarely any common sense involved. Non-operating rental real estate portfolios, cash, equity, and bond portfolios are sometimes valued to a discount rate of 10%, and sharp changes in forecasts and cash holdings are ignored. </p>
<p>In addition, despite the METI Fair M&amp;A Guidelines introduced in June 2019 which suggest in situations where there is a parent or founder family taking over a company that there should be a majority of minority condition, a full independent committee, a fairness opinion, and abundant care taken to treat minority investors appropriately given the inherent information asymmetry and conflict of interest, we rarely get those, and the extent to which a "control premium" is assessed is whether or not it ends up being a premium to recent traded price, which could be low precisely because investors have come to expect suspect governance from the company due to its status as a listed "child" company beholden to its parent.</p>
</div><p>However while the largest non-ENEOS holder <em>appears</em> to be sometimes-activist Silchester International, because they reported a 7+% position on 25 September 2020 and have not reported a subsequent position (which they would have had to do had they changed their position by more than 1% of shares outstanding), it is to note that their <a href="https://disclosure.edinet-fsa.go.jp/E01EW/download?uji.verb=W0EZA104CXP001003Action&amp;uji.bean=ee.bean.parent.EECommonSearchBean&amp;PID=W1E63011&amp;SESSIONKEY=1630999744307&amp;lgKbn=2&amp;pkbn=0&amp;skbn=1&amp;dskb=&amp;askb=&amp;dflg=0&amp;iflg=&amp;preId=1&amp;mul=1881&amp;lpr=on&amp;cal=1&amp;era=R&amp;yer=&amp;mon=&amp;pfs=4&amp;row=100&amp;idx=0&amp;str=&amp;kbn=1&amp;flg=&amp;syoruiKanriNo=&amp;s=S100JR3W" target="_blank" rel="noopener">last report last year</a> was to <em>sell</em> 1% of the company at prices between mid ¥2700s and high ¥2900s from July to September. </p><p>There is some time between now and the start of the Tender Offer, which means there will be time for people to decide what they think. </p><p>To help with the process, I offer some details and brief valuation notes below.</p>

An article in Diamond Online late Monday after the close suggested that ENEOS Holdings (5020 JP), which is a 57%+ owner of road works and contractor Nippo Corp (1881 JP) would set up a Special Purpose Corporation, perhaps with the help of Goldman Sachs, and would bid for the rest of its subsidiary. It would then sell its current stake in the company back to the company. Late last night the two companies said that they were not the source of the article and that their boards would meet on 7 September to discuss. The stock traded limit up at ¥4215 today. I thought that would have been a great place to be long for a takeout. But after the close, ENEOS and Nippo announced a transaction where a slightly convoluted org chart of entities will do just that - try to buy out minorities of Nippo - but at ¥4,000/share. The Tender Offer is likely to start between mid-October and mid-November, but in the meantime, Nippo has come out to support the Tender Offer and we have all the supporting documentation. Other than today's limit up price, ¥4,000/share is a lifetime high as far as I know. 
Given the capital construct, I could imagine some shareholders could get upset at this valuation. It looks underpriced to me. You can think of it the following way:

ENEOS currently owns 57% of Nippo. 
Some combination of ENEOS and Goldman Sachs are going to spend ¥200bn and small change to buy out minorities (the 43% ENEOS doesn't own). It will be financed by non-recourse loans. ENEOS will have control. 
Then ENEOS will sell its currently-owned 57% back to the company.

To recap... if we imagine ENEOS was the sole buyer, this transaction allows ENEOS to gain 100% of the shares, take out a net $600mm in cash, and own the equity free and clear at 8x ex-cash and securities PER. 
Just phrasing it that way tells you it is probably being done too cheaply. 
The company has seen its share of scandals over the years which has left both it and all the road building companies (which have also shared these scandals) at low valuations. They were so low that the parents of Obayashi Road and Maeda Road saw fit to buy out the minorities of their subsidiaries (Obayashi in 2017, discussed in Obayashi Road: Another in a String of Underpriced Takeovers by a Japanese Parent and Maeda Road Construction Co (1883 JP) last year in a whole series of insights around the hostile takeover of the majority then the second squeezeout merger, so historical trading price is logically of less import when determining "fair value".
I'd note that the usual construct that companies use to "prove" that their bid is adequate, or prove that their bidder's bid is "not detrimental to minority interests" is to use a mixture of recent stock price, recent peers' stock prices and multiples, and a DCF, which is often dodgily mashed together to create a number which the two parties have otherwise agreed upon behind the scenes. There is rarely any common sense involved. Non-operating rental real estate portfolios, cash, equity, and bond portfolios are sometimes valued to a discount rate of 10%, and sharp changes in forecasts and cash holdings are ignored. 
In addition, despite the METI Fair M&amp;A Guidelines introduced in June 2019 which suggest in situations where there is a parent or founder family taking over a company that there should be a majority of minority condition, a full independent committee, a fairness opinion, and abundant care taken to treat minority investors appropriately given the inherent information asymmetry and conflict of interest, we rarely get those, and the extent to which a "control premium" is assessed is whether or not it ends up being a premium to recent traded price, which could be low precisely because investors have come to expect suspect governance from the company due to its status as a listed "child" company beholden to its parent.
However while the largest non-ENEOS holder appears to be sometimes-activist Silchester International, because they reported a 7+% position on 25 September 2020 and have not reported a subsequent position (which they would have had to do had they changed their position by more than 1% of shares outstanding), it is to note that their last report last year was to sell 1% of the company at prices between mid ¥2700s and high ¥2900s from July to September. There is some time between now and the start of the Tender Offer, which means there will be time for people to decide what they think. To help with the process, I offer some details and brief valuation notes below.

ENEOS To Steamroll Nippo (1881 JP) Minorities

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>, <a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a>, <a href="https://www.smartkarma.com/entities/shenzhou-intl-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10415:1" rel="noopener">Shenzhou Intl Group Holdings (2313 HK)</a>, <a href="https://www.smartkarma.com/entities/china-mengniu-dairy-co" target="_blank" data-smartkarma-citation="entities:354:1" rel="noopener">China Mengniu Dairy Co (2319 HK)</a> and <a href="https://www.smartkarma.com/entities/topsports-international" target="_blank" data-smartkarma-citation="entities:28153:1" rel="noopener">Topsports International (6110 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/xinyi-solar-holdings-ltd" target="_blank" data-smartkarma-citation="entities:318:1" rel="noopener">Xinyi Solar Holdings (968 HK)</a>, <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>. Shorts decreased in the Communication Services, Information Technology, Real Estate, Consumer Discretionary and Financials sectors.</p></div><div><p>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a>, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a>, <a href="https://www.smartkarma.com/entities/nagoya-railroad-co-ltd" target="_blank" data-smartkarma-citation="entities:8652:1" rel="noopener">Nagoya Railroad (9048 JP)</a> and <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/sanken-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:6073:1" rel="noopener">Sanken Electric (6707 JP)</a>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a>, <a href="https://www.smartkarma.com/entities/thk-co-ltd" target="_blank" data-smartkarma-citation="entities:19572:1" rel="noopener">Thk Co Ltd (6481 JP)</a> and <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a>. Shorts increased in the Real Estate, Industrials, Energy and Consumer Discretionary sectors, and decreased in the Financials sector.</p></div><div><p>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/kumho-petro-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:2014:1" rel="noopener">Kumho Petro Chemical (011780 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>, <a href="https://www.smartkarma.com/entities/ncsoft-corp" target="_blank" data-smartkarma-citation="entities:5169:1" rel="noopener">NCSOFT Corp (036570 KS)</a> and <a href="https://www.smartkarma.com/entities/lg-display-co-ltd" target="_blank" data-smartkarma-citation="entities:7145:1" rel="noopener">LG Display (034220 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-rotem-company" target="_blank" data-smartkarma-citation="entities:1554:1" rel="noopener">Hyundai Rotem Company (064350 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-household-health-care" target="_blank" data-smartkarma-citation="entities:6501:1" rel="noopener">LG Household &amp; Health Care (051900 KS)</a> and <a href="https://www.smartkarma.com/entities/amorepacific-corp" target="_blank" data-smartkarma-citation="entities:20854:1" rel="noopener">Amorepacific Corp (090430 KS)</a>.</p></div><div><p>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/yang-ming-marine-transport" target="_blank" data-smartkarma-citation="entities:8502:1" rel="noopener">Yang Ming Marine Transport (2609 TT)</a>, <a href="https://www.smartkarma.com/entities/elite-semiconductor-memory-technology" target="_blank" data-smartkarma-citation="entities:9373:1" rel="noopener">Elite Semiconductor Memory Technology (3006 TT)</a> and <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a>, <a href="https://www.smartkarma.com/entities/asia-cement-corp" target="_blank" data-smartkarma-citation="entities:15350:1" rel="noopener">Asia Cement (1102 TT)</a> and <a href="https://www.smartkarma.com/entities/fubon-financial-holding-co" target="_blank" data-smartkarma-citation="entities:11869:1" rel="noopener">Fubon Financial Holding Co (2881 TT)</a>.     </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on HKEX (388 HK), Geely Auto (175 HK), Shenzhou Intl Group Holdings (2313 HK), China Mengniu Dairy Co (2319 HK) and Topsports International (6110 HK) while there was short covering on Kuaishou Technology (1024 HK), Xinyi Solar Holdings (968 HK), AIA Group Ltd (1299 HK), JD.com Inc. (9618 HK) and Alibaba Group (9988 HK). Shorts decreased in the Communication Services, Information Technology, Real Estate, Consumer Discretionary and Financials sectors.In Japan, stocks increased on Yaskawa Electric (6506 JP), ENEOS Holdings (5020 JP), Sharp Corp (6753 JP), Nagoya Railroad (9048 JP) and Shionogi &amp; Co (4507 JP) while there was short covering on Sanken Electric (6707 JP), Anritsu Corp (6754 JP), SBI Holdings (8473 JP), Thk Co Ltd (6481 JP) and Nippon Yusen Kk (9101 JP). Shorts increased in the Real Estate, Industrials, Energy and Consumer Discretionary sectors, and decreased in the Financials sector.In Korea, shorts increased on Kumho Petro Chemical (011780 KS), Hyundai Motor Co (005380 KS), Kakao Corp (035720 KS), NCSOFT Corp (036570 KS) and LG Display (034220 KS) while shorts were covered on Celltrion Inc (068270 KS), Samsung Biologics Co., (207940 KS), Hyundai Rotem Company (064350 KS), LG Household &amp; Health Care (051900 KS) and Amorepacific Corp (090430 KS).In Taiwan, shorts increased on TSMC (2330 TT), Winbond Electronics (2344 TT), Yang Ming Marine Transport (2609 TT), Elite Semiconductor Memory Technology (3006 TT) and Taiwan Cement (1101 TT) while shorts covered on Evergreen Marine Corp (2603 TT), Mediatek Inc (2454 TT), United Microelectronics Corp (2303 TT), Asia Cement (1102 TT) and Fubon Financial Holding Co (2881 TT).     

Asia Shorts: HKEX, Mengniu, Kuaishou, AIA, Sharp, Yaskawa, Kumho, HMC, Celltrion, TSMC, Yang Ming

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>For the week from 22-26 March, Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/yihai-int-l-holding-ltd" target="_blank" data-smartkarma-citation="entities:22803:1" rel="noopener">Yihai Int’L Holding (1579 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-smart-home-co-ltd-b3ef445f-0f54-4586-8c58-9073de98d60e" target="_blank" data-smartkarma-citation="entities:31105:1" rel="noopener">Haier Smart Home Co Ltd (6690 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/china-literature-ltd" target="_blank" data-smartkarma-citation="entities:24388:1" rel="noopener">China Literature (772 HK)</a>. Shorts increased in the Communication Services, Financials, Information Technology and Consumer Discretionary sectors.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a>, <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a> and <a href="https://www.smartkarma.com/entities/peptidream-inc" target="_blank" data-smartkarma-citation="entities:13514:1" rel="noopener">Peptidream Inc (4587 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>, <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a>, <a href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" target="_blank" data-smartkarma-citation="entities:13475:1" rel="noopener">Pan Pacific International Holdings (7532 JP)</a>, <a href="https://www.smartkarma.com/entities/nexon-co-ltd" target="_blank" data-smartkarma-citation="entities:16032:1" rel="noopener">Nexon (3659 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>. Shorts increased in the Industrials sectors, and decreased in the Financials, Communication Services and Health Care sectors.</p></div><div><p>In Korea, shorts decreased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> during the week. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/novatek-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:10904:1" rel="noopener">Novatek Microelectronics Corp (3034 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/elite-semiconductor-memory" target="_blank" data-smartkarma-citation="entities:9373:1" rel="noopener">Elite Semiconductor Memory (3006 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a> and <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.For the week from 22-26 March, Hong Kong saw shorts rise on Baidu (9888 HK), Tencent Holdings (700 HK), Yihai Int’L Holding (1579 HK), Kuaishou Technology (1024 HK) and Lenovo (992 HK) while there was short covering on Meituan (3690 HK), Sino Biopharmaceutical (1177 HK), Haier Smart Home Co Ltd (6690 HK), JD.com Inc. (9618 HK) and China Literature (772 HK). Shorts increased in the Communication Services, Financials, Information Technology and Consumer Discretionary sectors.In Japan, stocks that saw the most shorts were Yaskawa Electric (6506 JP), BASE Inc (4477 JP), Toshiba Corp (6502 JP), Aeon Co Ltd (8267 JP) and Peptidream Inc (4587 JP) while shorts decreased on Takeda Pharmaceutical (4502 JP), Monex Group Inc (8698 JP), Pan Pacific International Holdings (7532 JP), Nexon (3659 JP) and Mizuho Financial Group (8411 JP). Shorts increased in the Industrials sectors, and decreased in the Financials, Communication Services and Health Care sectors.In Korea, shorts decreased on Celltrion Inc (068270 KS), Samsung Biologics Co., (207940 KS), Samsung Electronics (005930 KS), SK Hynix (000660 KS) and Hyundai Motor Co (005380 KS) during the week. Stocks in Taiwan that saw the highest increase in shorts were Largan Precision (3008 TT), Pegatron Corp (4938 TT), Yageo Corporation (2327 TT) and Novatek Microelectronics Corp (3034 TT) while shorts were covered on Unimicron Technology (3037 TT), Elite Semiconductor Memory (3006 TT), AU Optronics (2409 TT) and TSMC (2330 TT). 

Asia Short Interest: Baidu, Kuaishou, Smoore, Yaskawa, BASE, Toshiba, Celltrion, Samsung, Largan

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>There was no report from the SFC this week since Friday was a holiday. The report should be published on Wednesday when markets reopen. For the week from 29 March - 1 April, the highest shorts in notional terms were on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong Ltd (2800 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/baidu-inc-a55ca720-5968-48f0-8194-ac94390d065c" target="_blank" data-smartkarma-citation="entities:32212:1" rel="noopener">Baidu (9888 HK)</a>. </p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/base-inc" target="_blank" data-smartkarma-citation="entities:28353:1" rel="noopener">BASE Inc (4477 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway (3769 JP)</a>, <a href="https://www.smartkarma.com/entities/freee-kk" target="_blank" data-smartkarma-citation="entities:28424:1" rel="noopener">freee (4478 JP)</a> and <a href="https://www.smartkarma.com/entities/sanken-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:6073:1" rel="noopener">Sanken Electric (6707 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" data-smartkarma-citation="entities:18034:1" rel="noopener">Japan Airport Terminal Co (9706 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-lease-finance" target="_blank" data-smartkarma-citation="entities:1467:1" rel="noopener">Mitsubishi UFJ Lease &amp; Finance (8593 JP)</a>, <a href="https://www.smartkarma.com/entities/change-inc" target="_blank" data-smartkarma-citation="entities:27414:1" rel="noopener">Change Inc (3962 JP)</a> and <a href="https://www.smartkarma.com/entities/benext-group" target="_blank" data-smartkarma-citation="entities:17685:1" rel="noopener">BeNEXT Group (2154 JP)</a>. Shorts increased in the Information Technology and Indsutrials sectors, and decreased in the the Energy sector.</p></div><div><p>In Korea, short increased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a> and <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics Co., (207940 KS)</a>, <a href="https://www.smartkarma.com/entities/netmarble-corporation" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble Corporation (251270 KS)</a> and <a href="https://www.smartkarma.com/entities/posco-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:12421:1" rel="noopener">Posco Chemical Co Ltd (003670 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/inventec-corp" target="_blank" data-smartkarma-citation="entities:20856:1" rel="noopener">Inventec Corp (2356 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/richwave-technology-corp" target="_blank" data-smartkarma-citation="entities:18629:1" rel="noopener">Richwave Technology (4968 TT)</a> and <a href="https://www.smartkarma.com/entities/asia-cement-corp" target="_blank" data-smartkarma-citation="entities:15350:1" rel="noopener">Asia Cement (1102 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.There was no report from the SFC this week since Friday was a holiday. The report should be published on Wednesday when markets reopen. For the week from 29 March - 1 April, the highest shorts in notional terms were on Tencent Holdings (700 HK), Tracker Fund of Hong Kong Ltd (2800 HK), Ping An Insurance (H) (2318 HK), Meituan (3690 HK) and Baidu (9888 HK). In Japan, stocks that saw the most shorts were BASE Inc (4477 JP), Toshiba Corp (6502 JP), GMO Payment Gateway (3769 JP), freee (4478 JP) and Sanken Electric (6707 JP) while shorts decreased on ENEOS Holdings (5020 JP), Japan Airport Terminal Co (9706 JP), Mitsubishi UFJ Lease &amp; Finance (8593 JP), Change Inc (3962 JP) and BeNEXT Group (2154 JP). Shorts increased in the Information Technology and Indsutrials sectors, and decreased in the the Energy sector.In Korea, short increased on Samsung Electronics (005930 KS), SK Hynix (000660 KS), Naver Corp (035420 KS) and Hyundai Motor Co (005380 KS) while shorts decreased on Celltrion Inc (068270 KS), Samsung Biologics Co., (207940 KS), Netmarble Corporation (251270 KS) and Posco Chemical Co Ltd (003670 KS). Stocks in Taiwan that saw the highest increase in shorts were Inventec Corp (2356 TT), Yageo Corporation (2327 TT), Richwave Technology (4968 TT) and Asia Cement (1102 TT) while shorts were covered on TSMC (2330 TT), Mediatek Inc (2454 TT), United Microelectronics Corp (2303 TT) and AU Optronics (2409 TT). 

Asia Short Interest: Tencent, Ping An, Baidu, BASE, Toshiba, GMO Payment, BeNext, Inventec, Mediatek

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/xinyi-solar-holdings-ltd" target="_blank" data-smartkarma-citation="entities:318:1" rel="noopener">Xinyi Solar Holdings (968 HK)</a>, <a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-health-international-inc" target="_blank" data-smartkarma-citation="entities:29677:1" rel="noopener">JD Health (6618 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/china-pacific-insurance-group" target="_blank" data-smartkarma-citation="entities:6177:1" rel="noopener">China Pacific Insurance (2601 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/cspc-pharmaceutical-group-ltd" target="_blank" data-smartkarma-citation="entities:229:1" rel="noopener">CSPC Pharmaceutical Group (1093 HK)</a>. Shorts increased in Consumer Discretionary, Consumer Staples, Health Care and Information Technology, while shorts decreased in Communication Services, Financials, Real Estate and Industrials.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>, <a href="https://www.smartkarma.com/entities/resona-holdings-inc" target="_blank" data-smartkarma-citation="entities:6841:1" rel="noopener">Resona Holdings (8308 JP)</a>, <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-lease-finance" target="_blank" data-smartkarma-citation="entities:1467:1" rel="noopener">Mitsubishi UFJ Lease &amp; Finance (8593 JP)</a> and <a href="https://www.smartkarma.com/entities/nsk-ltd" target="_blank" data-smartkarma-citation="entities:6309:1" rel="noopener">NSK Ltd (6471 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>, <a href="https://www.smartkarma.com/entities/haseko-corp" target="_blank" data-smartkarma-citation="entities:748:1" rel="noopener">Haseko Corp (1808 JP)</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent Inc (4751 JP)</a> and <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu Kosan (5019 JP)</a>. Shorts increased in Financials, Energy, Health Care and Information Technology sectors, and decreased in the Industrials sector.</p></div><div><p>In Korea, short increased on <a href="https://www.smartkarma.com/entities/amorepacific-corp" target="_blank" data-smartkarma-citation="entities:20854:1" rel="noopener">Amorepacific Corp (090430 KS)</a>, <a href="https://www.smartkarma.com/entities/korea-united-pharm-inc" target="_blank" data-smartkarma-citation="entities:5207:1" rel="noopener">Korea United Pharm (033270 KS)</a>, <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/korea-electric-power-corp" target="_blank" data-smartkarma-citation="entities:16:1" rel="noopener">Korea Electric Power (015760 KS)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/yulon-motor-company" target="_blank" data-smartkarma-citation="entities:18249:1" rel="noopener">Yulon Motor Company (2201 TT)</a> and <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/au-optronics-corp" target="_blank" data-smartkarma-citation="entities:6704:1" rel="noopener">AU Optronics (2409 TT)</a> and <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Xinyi Solar Holdings (968 HK), Lenovo (992 HK), JD Health (6618 HK), BYD (1211 HK) and Alibaba Group (9988 HK) while there was short covering on Tencent Holdings (700 HK), Xiaomi Corp (1810 HK), China Pacific Insurance (2601 HK), Sunny Optical (2382 HK) and CSPC Pharmaceutical Group (1093 HK). Shorts increased in Consumer Discretionary, Consumer Staples, Health Care and Information Technology, while shorts decreased in Communication Services, Financials, Real Estate and Industrials.In Japan, stocks that saw the most shorts were ENEOS Holdings (5020 JP), Mitsubishi UFJ Financial (MUFG) (8306 JP), Resona Holdings (8308 JP), Mitsubishi UFJ Lease &amp; Finance (8593 JP) and NSK Ltd (6471 JP) while shorts decreased on Toshiba Corp (6502 JP), ASICS Corp (7936 JP), Haseko Corp (1808 JP), CyberAgent Inc (4751 JP) and Idemitsu Kosan (5019 JP). Shorts increased in Financials, Energy, Health Care and Information Technology sectors, and decreased in the Industrials sector.In Korea, short increased on Amorepacific Corp (090430 KS), Korea United Pharm (033270 KS), LG Chem Ltd (051910 KS) and Korea Electric Power (015760 KS) while shorts decreased on Samsung Electronics (005930 KS), Doosan Infracore (042670 KS), Naver Corp (035420 KS) and SK Hynix (000660 KS). Stocks in Taiwan that saw the highest increase in shorts were Pegatron Corp (4938 TT), Unimicron Technology (3037 TT), Yulon Motor Company (2201 TT) and United Microelectronics Corp (2303 TT) while shorts were covered on TSMC (2330 TT), Yageo Corporation (2327 TT), AU Optronics (2409 TT) and Acer Inc (2353 TT). 

Asia Short Interest: Xinyi Solar, Alibaba, Tencent, ENEOS, Resona, Toshiba, Samsung, TSMC, Yageo

Japan

ENEOS Holdings, Inc. operates refining and marketing businesses. The Company refines and distributes petroleum and petroleum chemical products. ENEOS Holdings also provides non ferrous metals, electronic materials, and other products.

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ENEOS Holdings (5020 JP)

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Brian Freitas

Asia Short Interest: Xinyi Solar, Alibaba, Tencent, ENEOS, Resona, Toshiba, Samsung, TSMC, Yageo

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

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