Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>A stock that should benefit from the resumption of Japan's bull market</li>
<li>Utility type stock poised to rerate  as a growth narrative starts</li>
<li>The stock has recently broken out of its 18 month downtrend</li>
</ul>


A stock that should benefit from the resumption of Japan's bull market
Utility type stock poised to rerate  as a growth narrative starts
The stock has recently broken out of its 18 month downtrend


From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MSCI Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.</li>
</ul>


We analysed the earning revision of component stocks of MSCI Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.


MSCI Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>ASX is seeing the number of listed companies in decline, although there are some positives with average daily turnover and secondary listings. </li>
<li>Higher costs are keeping positives from reaching the bottom line fully, with costs to revenue are now 40% in 1H24 where this was 29% in recent interim periods.</li>
<li>Capex plans for ASX and sticky inflationary figures on staff costs, the current year and following year net profit can see reasonable pressure.</li>
</ul>


ASX is seeing the number of listed companies in decline, although there are some positives with average daily turnover and secondary listings. 
Higher costs are keeping positives from reaching the bottom line fully, with costs to revenue are now 40% in 1H24 where this was 29% in recent interim periods.
Capex plans for ASX and sticky inflationary figures on staff costs, the current year and following year net profit can see reasonable pressure.


ASX - Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The 2023 Version of <strong>JAPAN PASSIVE: Who Owns What?</strong> where we break down the major (and minor) passive tracking indices and which category of investor owns how much of each. </li>
<li>Even if you do not "play" index changes, understanding impact is important. Advantest is up 100% in 3mos. Existing passive ownership and new passive buying were crucial to that performance.</li>
<li>Understanding the nature of the ownership and flows is crucial to understanding how to trade certain stocks in Japan. </li>
</ul>


The 2023 Version of JAPAN PASSIVE: Who Owns What? where we break down the major (and minor) passive tracking indices and which category of investor owns how much of each. 
Even if you do not "play" index changes, understanding impact is important. Advantest is up 100% in 3mos. Existing passive ownership and new passive buying were crucial to that performance.
Understanding the nature of the ownership and flows is crucial to understanding how to trade certain stocks in Japan. 


Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>A correction has finally started in the precious metals space</li>
<li>What to do now in the sector for both the short and long term</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
A correction has finally started in the precious metals space
What to do now in the sector for both the short and long term


Overview #38 Precious Metals – Has the Fat Lady Sung?

Japan

Japan Exchange Group Inc is the holding company created through the merger of Tokyo Stock Exchange Group, Inc and Osaka Securities Exchange Co., Ltd. The group provides and operates a marketplace for the trading of equities, futures, and options. The Group manages the trading, as well as administers listed stocks and registered members.

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Japan Exchange Group (8697 JP)

From Utility to Growth: Re‑rating Potential at Japan Exchange Group (8697.T)

The operator of Japanese exchanges is poised to benefit from the country's bull market resurgence as it breaks out of a prolonged downtrend.

Rikki Malik

MSCI Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

We analyzed MSCI Japan's consensus for Nov 2025 and highlighted changes of EPS in Toyota Motor (7203 JP), SoftBank (9984 JP), Rakuten (4755 JP),...

Ke Yan, CFA, FRM

ASX - Listed Companies in Decline, Costs Soaring, Weaker Profit Can Be Dramatic

ASX is seeing listed companies in decline. Higher avg T/O and secondary capital raised is not fully showing at bottom line. Costs remain high, and...

Daniel Tabbush

JAPAN PASSIVE: Who Owns What 2023?

This is the annual JAPAN PASSIVE: Who Owns What report for 2023. It is a comprehensive of the major index exposures in Japan by index tracker type,...

Travis Lundy

Overview #38 Precious Metals – Has the Fat Lady Sung?

A review of recent events/data impacting our investment themes and outlook. We look at the recent correction in precious metals and what it means...

Rikki Malik

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