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/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a>'s deletion is a LOT of stock to sell. The <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden (4062 JP)</a>'s Nikkei 225 inclusion is huge. It'll make the stock enormously squeezy for a long while.</li>
<li>Palliser has a point. <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem (051910 KS)</a> should pare down its <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution (373220 KS)</a> stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?</li>
<li>The latest twist in the <a href="https://www.smartkarma.com/entities/mayne-pharma-group-ltd" target="_blank" data-smartkarma-citation="entities:757:1" rel="noopener">Mayne Pharma (MYX AU)</a> saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.</li>
</ul>



Nidec (6594 JP)'s deletion is a LOT of stock to sell. The Ibiden (4062 JP)'s Nikkei 225 inclusion is huge. It'll make the stock enormously squeezy for a long while.
Palliser has a point. LG Chem (051910 KS) should pare down its LG Energy Solution (373220 KS) stake, and buy back shares. Yet, would/will management stubbornly swat away any such proposal?
The latest twist in the Mayne Pharma (MYX AU) saga as FIRB looks set to ding the transaction if there is a possibility Cosette closes a manufacturing site in Adelaide.


Last Week In Event SPACE: Nidec/Ibiden, LG Chem, Mayne Pharma, Jardine Matheson

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Japanese markets saw Advantest and Nintendo poised for growth, with strategic moves impacting their stock performance.</li>
<li>The Bank of Japan maintained its policy, influencing the JGB curve and broader market.</li>
<li>Gold's favorable environment, driven by global monetary shifts, presents options market opportunities.</li>
</ul>


Japanese markets saw Advantest and Nintendo poised for growth, with strategic moves impacting their stock performance.
The Bank of Japan maintained its policy, influencing the JGB curve and broader market.
Gold's favorable environment, driven by global monetary shifts, presents options market opportunities.


Whirlwind Japan EOM October for Stocks, Advantest, Nidec, BoJ, Gold, and the Rest

<ul>
<li>Japanese markets are seeing significant developments, including Nikkei 225 rebalancing with Nidec's removal due to alert and Ibiden's addition, impacting tracking funds, delta one trading strategies, and investors with position.</li>
<li>The BoJ's cautious normalization path continues to shape the JGB curve, with a notable steepening in the long end affecting asset-liability management.</li>
<li>We detail the trades and execution of the trade idea, which may require special attention this week especially on the rebalance.</li>
</ul>


Japanese markets are seeing significant developments, including Nikkei 225 rebalancing with Nidec's removal due to alert and Ibiden's addition, impacting tracking funds, delta one trading strategies, and investors with position.
The BoJ's cautious normalization path continues to shape the JGB curve, with a notable steepening in the long end affecting asset-liability management.
We detail the trades and execution of the trade idea, which may require special attention this week especially on the rebalance.


A Special Cross Asset Morning Update: Nidec, Ibiden, and BoJ This Week

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 Sep 26th. The aggregated net margin trading position is USD13,494m.</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 Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 26th. The aggregated net margin trading position is USD13,494m.
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 Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.


JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Ibiden is transitioning from a cyclical electronics supplier to a core AI infrastructure enabler, with Nvidia-linked package substrates at the heart of its growth strategy.</li>
<li>Management expects AI substrate demand to nearly double in FY25 and is targeting a 150% production increase by 2027, underpinned by the Ono plant ramp from next month.</li>
<li>Despite ~18–19% EPS/EBITDA CAGR through FY27 and margins comparable to high-premium peers, Ibiden still trades at mid-tier multiples (21× forward P/E, ~6× EV/EBITDA), leaving scope for re-rating.</li>
</ul>


Ibiden is transitioning from a cyclical electronics supplier to a core AI infrastructure enabler, with Nvidia-linked package substrates at the heart of its growth strategy.
Management expects AI substrate demand to nearly double in FY25 and is targeting a 150% production increase by 2027, underpinned by the Ono plant ramp from next month.
Despite ~18–19% EPS/EBITDA CAGR through FY27 and margins comparable to high-premium peers, Ibiden still trades at mid-tier multiples (21× forward P/E, ~6× EV/EBITDA), leaving scope for re-rating.


Ibiden: From Cyclical Supplier to Core AI Infrastructure Enabler

Japan

IBIDEN CO, LTD. develops, produces, and markets ceramics, housing materials, and electronics.  The Company's products include printed circuit boards (PCB), graphite specialties, integrated circuit (IC) packages, ceramic fibers, melamine decorative high-pressure laminates, and pre-cut structural materials.

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Ibiden Co Ltd (4062 JP)

Last Week In Event SPACE: Nidec/Ibiden, LG Chem, Mayne Pharma, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Whirlwind Japan EOM October for Stocks, Advantest, Nidec, BoJ, Gold, and the Rest

Whirlwind October Recap, Japan markets show growth potential for Advantest and Nintendo, Bank of Japan policy impacts JGB curve. Gold offers...

Jay Cameron

A Special Cross Asset Morning Update: Nidec, Ibiden, and BoJ This Week

A very busy and active week for Japan markets is expected in equities, while a BoJ meeting is on the way later on presenting cross asset trades and...

Jay Cameron

JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Advantest (6857 JP), SoftBank (9984 JP), IHI...

Ke Yan, CFA, FRM

Ibiden: From Cyclical Supplier to Core AI Infrastructure Enabler

Ibiden is shifting to AI infrastructure with Nvidia-linked substrates, aiming for production increase and potential re-rating despite current mid...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Last Week In Event SPACE: Nidec/Ibiden, LG Chem, Mayne Pharma, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Whirlwind Japan EOM October for Stocks, Advantest, Nidec, BoJ, Gold, and the Rest

​Whirlwind October Recap, Japan markets show growth potential for Advantest and Nintendo, Bank of Japan policy impacts JGB curve. Gold offers...

Jay Cameron

A Special Cross Asset Morning Update: Nidec, Ibiden, and BoJ This Week

A very busy and active week for Japan markets is expected in equities, while a BoJ meeting is on the way later on presenting cross asset trades and...

Jay Cameron

JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Advantest (6857 JP), SoftBank (9984 JP), IHI...

Ke Yan, CFA, FRM

Ibiden: From Cyclical Supplier to Core AI Infrastructure Enabler

​Ibiden is shifting to AI infrastructure with Nvidia-linked substrates, aiming for production increase and potential re-rating despite current mid...

Rahul Jain

Whirlwind October Recap, Japan markets show growth potential for Advantest and Nintendo, Bank of Japan policy impacts JGB curve. Gold offers...

Ibiden is shifting to AI infrastructure with Nvidia-linked substrates, aiming for production increase and potential re-rating despite current mid...