Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/tosei-corp" target="_blank" data-smartkarma-citation="entities:11224:1" rel="noopener">Tosei Corp (8923 JP)</a> and GIC announced they would launch a TOB for <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, which is end-sponsored by <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a>. </li>
<li>This gets Fuji Media out of a small asset and side business they don't need, and it clears out a small office-heavy diversified REIT which doesn't need to exist.</li>
<li>This is not a bad price. It is not necessarily over the top, but other larger REITs are cheaper. There is some weirdness in holder structure to watch out for.</li>
</ul>


Today, Tosei Corp (8923 JP) and GIC announced they would launch a TOB for Sankei Real Estate (2972 JP), which is end-sponsored by Fuji Media Holdings (4676 JP). 
This gets Fuji Media out of a small asset and side business they don't need, and it clears out a small office-heavy diversified REIT which doesn't need to exist.
This is not a bad price. It is not necessarily over the top, but other larger REITs are cheaper. There is some weirdness in holder structure to watch out for.


[Japan M&A] Tosei & GIC Bid for Office-Heavy Sankei REIT (2972 JP) At 1.15x PNAV

Equity Capital Markets

<ul>
<li>In Feb 2024, I wrote <a href="https://www.smartkarma.com/insights/toei-animation-4816-jp-this-offering-could-be-heavy-the-next-offering-is-more-interesting" target="_blank" data-smartkarma-citation="insights:131170" rel="noopener">Toei Animation (4816 JP) - This Offering Could Be Heavy; the NEXT Offering Is More Interesting</a>. </li>
<li>Today, the company announced another offering where <a href="https://www.smartkarma.com/entities/fuji-media-holdings-inc" target="_blank" data-smartkarma-citation="entities:3191:1" rel="noopener">Fuji Media Holdings (4676 JP)</a> is selling 10.575mm shares in an overseas offering priced likely tomorrow. </li>
<li>It is not as interesting as I had expected. But it means the NEXT offering could be more interesting. But there is index buying long-term anyway. </li>
</ul>


In Feb 2024, I wrote Toei Animation (4816 JP) - This Offering Could Be Heavy; the NEXT Offering Is More Interesting. 
Today, the company announced another offering where Fuji Media Holdings (4676 JP) is selling 10.575mm shares in an overseas offering priced likely tomorrow. 
It is not as interesting as I had expected. But it means the NEXT offering could be more interesting. But there is index buying long-term anyway. 


[Japan ECM] Toei Animation (4816) Not as Interesting An Offering As It Could Have Been

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a> ’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement.</li>
<li>The deal is a large one to digest, representing 41.7 days of the stock’s three month ADV and 4.9% of the shares outstanding.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Toei Animation (4816 JP) ’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement.
The deal is a large one to digest, representing 41.7 days of the stock’s three month ADV and 4.9% of the shares outstanding.
In this note, we will talk about the placement and run the deal through our ECM framework.


Toei Animation Placement: Expensive, but Owns Valuable IP

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 11th. The aggregated net margin trading position is USD17,320m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio, Lasertec, Kawasaki Heavy Industries, Ntt Data, Fujikura, Nintendo, Tokyo Electric Power Company.


JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 6th. The aggregated net margin trading position is USD17,477m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 6th. The aggregated net margin trading position is USD17,477m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

Japan

FUJI MEDIA HOLDINGS, INC., a member of the Fuji-Sankei Group, produces and broadcasts a variety of television programs and sells commercial spots through a network system.  The Company is advancing into digital satellite broadcasting.

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Fuji Media Holdings (4676 JP)

[Japan M&A] Tosei & GIC Bid for Office-Heavy Sankei REIT (2972 JP) At 1.15x PNAV

Sankei Building is getting out of its REIT. Tosei Corp and GIC are bidding to take it private. It's a decent bid if not a total knockout, but I...

Travis Lundy

[Japan ECM] Toei Animation (4816) Not as Interesting An Offering As It Could Have Been

Last year;s offering did badly. This year's offering starts lower, but the stock is fundamentally not volatile. One can buy big dips. This deal...

Travis Lundy

Toei Animation Placement: Expensive, but Owns Valuable IP

Toei Animation’s shareholder, Fuji Media, is looking to raise around US$210m from a secondary placement. In this note, we will talk about the...

Nicholas Tan

JPX Margin Trading Weekly (Jul 11th): Fast Retailing, Disco, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted Fast Retailing (9983 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Sbi Sumishin Net Bank (7163 JP), Toyota...

Ke Yan, CFA, FRM

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