Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Buybacks in Japan are becoming a much greater driver of shareholder return than in previous years. The total amount of buybacks announced just during the March-end earnings season cleared ¥7trln.</li>
<li>Quiddity has developed a buyback tool which tracks Japanese buybacks and the buyback history for any given company. <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP)</a> announced a big post-Offering buyback this week.</li>
<li>Want to see how Isuzu has executed buybacks the past decade? Daily data? % volume? You can check here for any of the 21 companies which announced buybacks this week. </li>
</ul>


Buybacks in Japan are becoming a much greater driver of shareholder return than in previous years. The total amount of buybacks announced just during the March-end earnings season cleared ¥7trln.
Quiddity has developed a buyback tool which tracks Japanese buybacks and the buyback history for any given company. Isuzu Motors (7202 JP) announced a big post-Offering buyback this week.
Want to see how Isuzu has executed buybacks the past decade? Daily data? % volume? You can check here for any of the 21 companies which announced buybacks this week. 


[Japan Buybacks] - Buybacks Announced 26-30 May 2025 And Company Buyback History

Equity Capital Markets

<ul>
<li>In line with the trend of financial institutions led by non-life insurers selling out of their cross-holdings, today we get an offering of shares held in <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP)</a>. </li>
<li>Today we got an announcement of 29.28mm shares being offered by a dozen financial institutions and a greenshoe for 15% more. At a 10% discount from here it's ¥57bn/US$400mm.</li>
<li>It is 16 days of ADV, which is big, but the company also announced a ¥50bn buyback from Pricing+6 to end of March 2026. That should stabilise things.</li>
</ul>


In line with the trend of financial institutions led by non-life insurers selling out of their cross-holdings, today we get an offering of shares held in Isuzu Motors (7202 JP). 
Today we got an announcement of 29.28mm shares being offered by a dozen financial institutions and a greenshoe for 15% more. At a 10% discount from here it's ¥57bn/US$400mm.
It is 16 days of ADV, which is big, but the company also announced a ¥50bn buyback from Pricing+6 to end of March 2026. That should stabilise things.


[Japan ECM] Financial Crossholders Offering Isuzu (7202) - Big Buyback Covers Most Of The Back End

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.

<ul>
<li>A group of shareholders aims to raise around US$380m via selling around 4% of <a href="https://www.smartkarma.com/entities/isuzu-motors-ltd" target="_blank" data-smartkarma-citation="entities:14726:1" rel="noopener">Isuzu Motors (7202 JP).</a>
</li>
<li>Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP).

Being another cross-shareholding unwind in Japan, it shouldn’t carry much negative connotations, in our view.
In this note, we will talk about the placement and run the deal through our ECM framework.


Isuzu Motors Placement - Relatively Small Deal Along with Buyback

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.</li>
<li>Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.</li>
<li>Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.</li>
</ul>


The global auto industry faces significant tariff exposure. Option implied volatility offers a forward-looking assessment of risk.
Chinese car makers started to increase in implied volatility more than the other markets at the beginning of February. They now show the highest risk.
Recent implied volatility trends, asymmetric pricing (skew), and the term structure all seem to indicate that the Indian auto sector is the least exposed to international trade relations.


EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Japan

Isuzu Motors Limited manufactures and markets trucks and automobile parts. The Company's products include pickup trucks, light/heavy duty trucks, medium and large-sized buses, recreational vehicles, and sport utility vehicles.

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Isuzu Motors (7202 JP)

[Japan Buybacks] - Buybacks Announced 26-30 May 2025 And Company Buyback History

Testing out a new tool for buyback data. This time, a recap of the week's announced buybacks (¥254bn, 21 cos) in Japan, along with 10yr historical...

Travis Lundy

[Japan ECM] Financial Crossholders Offering Isuzu (7202) - Big Buyback Covers Most Of The Back End

Isuzu announced a 5% offering which appears aimed at non-US intl instos. A dozen financial crossholders are selling. Corporate crossholders are...

Travis Lundy

Isuzu Motors Placement - Relatively Small Deal Along with Buyback

A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Japan Buybacks] - Buybacks Announced 26-30 May 2025 And Company Buyback History

Testing out a new tool for buyback data. This time, a recap of the week's announced buybacks (¥254bn, 21 cos) in Japan, along with 10yr historical...

Travis Lundy

[Japan ECM] Financial Crossholders Offering Isuzu (7202) - Big Buyback Covers Most Of The Back End

Isuzu announced a 5% offering which appears aimed at non-US intl instos. A dozen financial crossholders are selling. Corporate crossholders are...

Travis Lundy

Isuzu Motors Placement - Relatively Small Deal Along with Buyback

A group of shareholders aims to raise around US$380m via selling around 4% of Isuzu Motors (7202 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

EQD | Volatile Roads: Unveiling Risk in the Asian Auto Industry Through the Options Market

​Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...

Gaudenz Schneider

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Global auto industry faces tariff risk. The option market assigns the highest risk to Chinese car makers. The Indian auto sector appears least...