Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
 Highlights: Currently 16 pair trade opportunities persist across four markets and ten sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

 Highlights: Currently 16 pair trade opportunities persist across four markets and ten sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (4 May 2026)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/jgc-holdings-corp" target="_blank" data-smartkarma-citation="entities:19335:1" rel="noopener">JGC Corp (1963 JP)</a> vs. <a href="https://www.smartkarma.com/entities/tokyo-tatemono-co-ltd" target="_blank" data-smartkarma-citation="entities:10776:1" rel="noopener">Tokyo Tatemono (8804 JP)</a>  price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
 Highlight: Going long <a href="https://www.smartkarma.com/entities/tokyo-tatemono-co-ltd" target="_blank" data-smartkarma-citation="entities:10776:1" rel="noopener">Tokyo Tatemono (8804 JP)</a> and short <a href="https://www.smartkarma.com/entities/jgc-holdings-corp" target="_blank" data-smartkarma-citation="entities:19335:1" rel="noopener">JGC Corp (1963 JP)</a> targets a 10% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The JGC Corp (1963 JP) vs. Tokyo Tatemono (8804 JP)  price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

 Highlight: Going long Tokyo Tatemono (8804 JP) and short JGC Corp (1963 JP) targets a 10% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Tokyo Tatemono (8804 JP) Vs. JGC (1963 JP): Cross-Sector Dislocation Signals 10% Pair Trade

<ul>
<li>
Context: Asian indices traded in a narrow band despite ongoing geopolitical uncertainty, creating a sideways market backdrop rather than a broad directional move.</li>
<li>
Highlights: Eight statistically generated pair-trade signals were triggered last week, with five on Thursday alone, spanning Global Indices, Australia, Japan and India.</li>
<li>
Why Read: This recap highlights market-neutral opportunities where single-stock or cross-market dislocations may offer attractive starting points for further relative-value analysis.</li>
</ul>



Context: Asian indices traded in a narrow band despite ongoing geopolitical uncertainty, creating a sideways market backdrop rather than a broad directional move.

Highlights: Eight statistically generated pair-trade signals were triggered last week, with five on Thursday alone, spanning Global Indices, Australia, Japan and India.

Why Read: This recap highlights market-neutral opportunities where single-stock or cross-market dislocations may offer attractive starting points for further relative-value analysis.


Market-Neutral Trade Signals Amid Macro Uncertainty

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities persist across four markets and seven sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities persist across four markets and seven sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Apr 2026)

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Macroeconomics

Japan's aggregate Net Income margin increased from 2.7% in 2012 to 4.6% in 2016. While this margin expansion is a great thing, asset efficiency (asset turns) is basically flat over the same period.  We went back and compared average net income margins in 2011 - 2013 to 2016 and found that only 4 out of 19 sectors saw a decline in net income margins. For TOPIX 500, aggregate average net income margin from 2011-2013 was 3.2% compared to 4.6% in 2016. At the company level, 74% of TOPIX 500 saw an…

Japan's aggregate Net Income margin increased from 2.7% in 2012 to 4.6% in 2016. While this margin expansion is a great thing, asset efficiency (asset turns) is basically flat over the same period.  We went back and compared average net income margins in 2011 - 2013 to 2016 and found that only 4 out of 19 sectors saw a decline in net income margins. For TOPIX 500, aggregate average net income margin from 2011-2013 was 3.2% compared to 4.6% in 2016. At the company level, 74% of TOPIX 500 saw an…

Margins Expanding in Japan but Asset Efficiency Is Not Improving....

Japan

JGC Holdings Corporation provides infrastructure construction services. The Company designs, constructs, and maintains petroleum, petrochemical, gas, nuclear power, pharmaceutical, and communication facilities. JGC Holdings offers services worldwide.

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Jgc Corp (1963 JP)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (4 May 2026)

Discover 16 pair trade opportunities across four markets and ten sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Tokyo Tatemono (8804 JP) Vs. JGC (1963 JP): Cross-Sector Dislocation Signals 10% Pair Trade

The dislocation has widened significantly since last week, lifting the target return to around 12%. The pair is primarily driven by its statistical...

Gaudenz Schneider

Market-Neutral Trade Signals Amid Macro Uncertainty

Asian indices traded sideways amid geopolitical uncertainty, triggering eight pair-trade signals last week, offering market-neutral opportunities.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Apr 2026)

Discover eleven pair trade opportunities across four markets and seven sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Margins Expanding in Japan but Asset Efficiency Is Not Improving....

Japan's aggregate Net Income margin increased from 2.7% in 2012 to 4.6% in 2016. While this margin expansion is a great thing, asset efficiency...

Custom Products Group

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (4 May 2026)

​Discover 16 pair trade opportunities across four markets and ten sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Tokyo Tatemono (8804 JP) Vs. JGC (1963 JP): Cross-Sector Dislocation Signals 10% Pair Trade

The dislocation has widened significantly since last week, lifting the target return to around 12%. The pair is primarily driven by its statistical...

Gaudenz Schneider

Market-Neutral Trade Signals Amid Macro Uncertainty

​Asian indices traded sideways amid geopolitical uncertainty, triggering eight pair-trade signals last week, offering market-neutral opportunities.

Gaudenz Schneider

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (27 Apr 2026)

​Discover eleven pair trade opportunities across four markets and seven sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Margins Expanding in Japan but Asset Efficiency Is Not Improving....

Japan's aggregate Net Income margin increased from 2.7% in 2012 to 4.6% in 2016. While this margin expansion is a great thing, asset efficiency...

Custom Products Group

Discover 16 pair trade opportunities across four markets and ten sectors using statistical mean-reversion methodology for actionable insights.

Asian indices traded sideways amid geopolitical uncertainty, triggering eight pair-trade signals last week, offering market-neutral opportunities.

Discover eleven pair trade opportunities across four markets and seven sectors using statistical mean-reversion methodology for actionable insights.