Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> and <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> are expected to be included in the TOPIX index at the end of January 2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a>'s current implied stub and simple ratio (Wilmar/ <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings (300999 CH)</a>) are both at all-time highs.</li>
<li>Reportedly, the mother and two sisters of <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> Chairman Jay Y. Lee plan to sell shares in a block deal worth ~₩2.8tn ($2.1bn billion.</li>
</ul>



Furuya Metal (7826 JP) and Visional (4194 JP) are expected to be included in the TOPIX index at the end of January 2024. 

Wilmar International (WIL SP)'s current implied stub and simple ratio (Wilmar/ Yihai Kerry Arawana Holdings (300999 CH)) are both at all-time highs.
Reportedly, the mother and two sisters of Samsung Electronics (005930 KS) Chairman Jay Y. Lee plan to sell shares in a block deal worth ~₩2.8tn ($2.1bn billion.


Last Week in Event SPACE: Furuya Metal, Visional, Wilmar, Samsung Electronics, ViinFast/Vingroup

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei surged over 2,200 points, or +6.6%, this week, outperforming global markets </li>
<li>Strong results from Fast Retailing (+13% wow) and a sharp move higher for gaming heavyweight Nintendo (+13%) key stocks behind the index move</li>
<li>Activist Dalton and its listed fund have been very active in the past week, adding to seventeen positions</li>
</ul>


The Nikkei surged over 2,200 points, or +6.6%, this week, outperforming global markets 
Strong results from Fast Retailing (+13% wow) and a sharp move higher for gaming heavyweight Nintendo (+13%) key stocks behind the index move
Activist Dalton and its listed fund have been very active in the past week, adding to seventeen positions


Japan Weekly | Market on Fire; Dalton Deploying Dollars

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> led consortium.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led consortium.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
In this note, we talk about the positive aspects of the deal.


Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

Equity Bottom-Up

<ul>
<li>We had thought that Fast Retailing may just miss Q1 numbers due to the warm weather; it beat on strong November and 270bps improvement in gross margin. </li>
<li>Following the slightly better results, we maintain our sales forecast at 3.1 trillion yen, but revise our operating profit estimate from 439 billion yen to 455 billion yen.</li>
<li>Overall, we do not think the market will be overly surprised by the results and we maintain our view that the stock is over priced.</li>
</ul>


We had thought that Fast Retailing may just miss Q1 numbers due to the warm weather; it beat on strong November and 270bps improvement in gross margin. 
Following the slightly better results, we maintain our sales forecast at 3.1 trillion yen, but revise our operating profit estimate from 439 billion yen to 455 billion yen.
Overall, we do not think the market will be overly surprised by the results and we maintain our view that the stock is over priced.


Fast Retailing (9983) | Another Stylish Quarter

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> announced its 1QFY24 results today, surpassing the consensus OP estimate by approximately 7%.</li>
<li>Notably, Uniqlo International demonstrated robust growth, even from regions (North America &amp; Europe) that were anticipated to underperform in this quarter. </li>
<li>The domestic business OP also managed to top consensus expectations as they managed to improve the gross margin by 2.7% YoY.</li>
</ul>



Fast Retailing (9983 JP) announced its 1QFY24 results today, surpassing the consensus OP estimate by approximately 7%.
Notably, Uniqlo International demonstrated robust growth, even from regions (North America &amp; Europe) that were anticipated to underperform in this quarter. 
The domestic business OP also managed to top consensus expectations as they managed to improve the gross margin by 2.7% YoY.


Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Last Week in Event SPACE: Furuya Metal, Visional, Wilmar, Samsung Electronics, ViinFast/Vingroup

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Japan Weekly | Market on Fire; Dalton Deploying Dollars

Nikkei outperforms global markets with a 6.6% surge, driven by strong performances from Fast Retailing and Nintendo, while activist Dalton adds to...

Mark Chadwick

Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led...

Sumeet Singh

Fast Retailing (9983) | Another Stylish Quarter

Fast Retailing beats Q1 expectations with strong November sales and improved gross margin. Our operating profit estimate revised upwards. Stock...

Mark Chadwick

Fast Retailing: 1QFY24 Earnings

Fast Retailing's Q1 results exceeded expectations, with Uniqlo Int showing strong growth in regions expected to underperform and Uniqlo Japan...

Oshadhi Kumarasiri

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week in Event SPACE: Furuya Metal, Visional, Wilmar, Samsung Electronics, ViinFast/Vingroup

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Japan Weekly | Market on Fire; Dalton Deploying Dollars

​Nikkei outperforms global markets with a 6.6% surge, driven by strong performances from Fast Retailing and Nintendo, while activist Dalton adds to...

Mark Chadwick

Amer Sports Pre-IPO - The Positives - Great Brands, Strong Growth

Amer Sports (AS US) plans to raise more than US$1bn in its US IPO. Proceeds will be used to pay down loans to Anta Sports Products (2020 HK) led...

Sumeet Singh

Fast Retailing (9983) | Another Stylish Quarter

​Fast Retailing beats Q1 expectations with strong November sales and improved gross margin. Our operating profit estimate revised upwards. Stock...

Mark Chadwick

Fast Retailing: 1QFY24 Earnings

​Fast Retailing's Q1 results exceeded expectations, with Uniqlo Int showing strong growth in regions expected to underperform and Uniqlo Japan...

Oshadhi Kumarasiri

Nikkei outperforms global markets with a 6.6% surge, driven by strong performances from Fast Retailing and Nintendo, while activist Dalton adds to...

Fast Retailing beats Q1 expectations with strong November sales and improved gross margin. Our operating profit estimate revised upwards. Stock...

Fast Retailing's Q1 results exceeded expectations, with Uniqlo Int showing strong growth in regions expected to underperform and Uniqlo Japan...