Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei Stock Average declined 738 yen (1.9%) in the second week of January as heavy-weight stocks sell-off</li>
<li>Nintendo (7974 JP) ended the trading week marginally higher by 0.7% after a partial unveiling of its new Swich 2 Console. Less earnings cyclicality, but less upside?</li>
<li>The BoJ looks set to lift interest rates again next week, unless market turbulence following Trump's  inauguration, delays the inevitable</li>
</ul>


The Nikkei Stock Average declined 738 yen (1.9%) in the second week of January as heavy-weight stocks sell-off
Nintendo (7974 JP) ended the trading week marginally higher by 0.7% after a partial unveiling of its new Swich 2 Console. Less earnings cyclicality, but less upside?
The BoJ looks set to lift interest rates again next week, unless market turbulence following Trump's  inauguration, delays the inevitable


Japan Strategy Weekly | Nintendo’s Switch and Trump’s Return

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>Today (27 June 2024) after the close, <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a> announced three Toyota Group companies (Toyota, Toyota Industries, and Denso) would sell shares in Aisin in a ¥180bn offering.</li>
<li>This is ALL of Denso's holdings, 63% of Toyota Industries stake, and ~12% of Toyota's stake. Separately, Aisin announced a 17mm share (6.3%) ¥100bn buyback and a 3:1 split Oct1.</li>
<li>The recent yuho shows us the progress of Aisin's promised selldown of crossholdings. There are three large chunks left. One is easy. The climb to capital allocation credibility easier too.</li>
</ul>


Today (27 June 2024) after the close, Aisin (7259 JP) announced three Toyota Group companies (Toyota, Toyota Industries, and Denso) would sell shares in Aisin in a ¥180bn offering.
This is ALL of Denso's holdings, 63% of Toyota Industries stake, and ~12% of Toyota's stake. Separately, Aisin announced a 17mm share (6.3%) ¥100bn buyback and a 3:1 split Oct1.
The recent yuho shows us the progress of Aisin's promised selldown of crossholdings. There are three large chunks left. One is easy. The climb to capital allocation credibility easier too.


Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Nippon Express Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" target="_blank" data-smartkarma-citation="entities:18582:1" rel="noopener">Nippon Express Holdings (9147 JP)</a> has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.</li>
<li>The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).</li>
</ul>



Nippon Express Holdings (9147 JP) has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.
The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).


Nippon Express (9147 JP): A US$260 Million Secondary Offering

<ul>
<li>Japanese equities had another good week with the TOPIX ending 1.7% higher</li>
<li>Japanese stocks have outperformed global peers since May on strong domestic earnings, a weak yen, and enthusiasm over artificial intelligence. </li>
<li>Softbank seems to be one of the AI names. Activist campaigns now in full flow ahead of AGMs</li>
</ul>


Japanese equities had another good week with the TOPIX ending 1.7% higher
Japanese stocks have outperformed global peers since May on strong domestic earnings, a weak yen, and enthusiasm over artificial intelligence. 
Softbank seems to be one of the AI names. Activist campaigns now in full flow ahead of AGMs


Japan Weekly | Softbank, Hino Motors, Cosmo Energy, Kumagai Gumi

<ul>
<li>OVERSEAS. SPX Flat after Memorial Day; AI/Tech still strong, but momentum fading; Debt Ceiling Vote on Tap - as Republication far right protests deal; Crude -4% on OPEC/USD Debt Uncertainty</li>
<li>JAPAN. NKY Futs -0.6% Discount vs Cash;  Yen weakness a concern-Officials vow to act;  Toyota gives Up on Hino - Welcomes the Germans</li>
<li>NUGGET. The New JPX150 Index-Interesting Concept. We are hopeful that it will incentivize the numerous low PBR companies to take proactive steps to join the "elite" group of value creators.</li>
</ul>


OVERSEAS. SPX Flat after Memorial Day; AI/Tech still strong, but momentum fading; Debt Ceiling Vote on Tap - as Republication far right protests deal; Crude -4% on OPEC/USD Debt Uncertainty
JAPAN. NKY Futs -0.6% Discount vs Cash;  Yen weakness a concern-Officials vow to act;  Toyota gives Up on Hino - Welcomes the Germans
NUGGET. The New JPX150 Index-Interesting Concept. We are hopeful that it will incentivize the numerous low PBR companies to take proactive steps to join the "elite" group of value creators.


Ohayo Japan |AI Rally Fades; Debt Deal In Focus;SPX Flat/NUGGET:New JPX150 Prime Index-Has Potential

Japan

HINO MOTORS, LTD. develops, manufactures and markets diesel buses and trucks. The Company also produces heavy duty trucks, special purpose vehicles, and diesel engines for industrial and marine applications.

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Hino Motors Ltd (7205 JP)

Japan Strategy Weekly | Nintendo’s Switch and Trump’s Return

Nikkei Stock Average drops due to heavy-weight stock sell-off, Nintendo sees slight gain with new console unveiling, BoJ likely to raise interest...

Mark Chadwick

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Aisin today announced a large equity offering by 3 Toyota Group companies. ¥180bn of offering against a buyback of ¥100bn. Some overhang. Some...

Travis Lundy

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

Japan Weekly | Softbank, Hino Motors, Cosmo Energy, Kumagai Gumi

Japanese equities had another good week with the TOPIX ending 1.7% higher. Winners last week included Softbank, Hino Motors, Money Forward and Renesas

Mark Chadwick

Ohayo Japan |AI Rally Fades; Debt Deal In Focus;SPX Flat/NUGGET:New JPX150 Prime Index-Has Potential

SPX flat head of Debt Vote; Hard right Republicans rebel. NKY Futs -0.6% Discount vs Cash; Yen weakness a concern-Officials vow to act; Toyota...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Strategy Weekly | Nintendo’s Switch and Trump’s Return

​Nikkei Stock Average drops due to heavy-weight stock sell-off, Nintendo sees slight gain with new console unveiling, BoJ likely to raise interest...

Mark Chadwick

Big Aisin (7259) Offering Sets Stage for First Toyota Group Full Unwind

Aisin today announced a large equity offering by 3 Toyota Group companies. ¥180bn of offering against a buyback of ¥100bn. Some overhang. Some...

Travis Lundy

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

Japan Weekly | Softbank, Hino Motors, Cosmo Energy, Kumagai Gumi

Japanese equities had another good week with the TOPIX ending 1.7% higher. Winners last week included Softbank, Hino Motors, Money Forward and Renesas

Mark Chadwick

Ohayo Japan |AI Rally Fades; Debt Deal In Focus;SPX Flat/NUGGET:New JPX150 Prime Index-Has Potential

SPX flat head of Debt Vote; Hard right Republicans rebel. NKY Futs -0.6% Discount vs Cash; Yen weakness a concern-Officials vow to act; Toyota...

Mark Chadwick

Nikkei Stock Average drops due to heavy-weight stock sell-off, Nintendo sees slight gain with new console unveiling, BoJ likely to raise interest...