Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TSE Tokyo Price Index TOPIX / Event-Driven

<ul>
<li>The TSE and Government are pressuring low-PBR companies to DO SOMETHING to raise their PBR to &gt;1.0x. The easiest way to do that is raise ROE.</li>
<li>Raising R requires customers "agree" (buying more, paying a higher price, etc). Lowering E means buying back shares or paying big special dividends. That's easier for a company.</li>
<li>So buybacks have been increasing in number, and breadth, and to some degree in size. This insight describes the mechanics/details of how buybacks work in Japan.</li>
</ul>


The TSE and Government are pressuring low-PBR companies to DO SOMETHING to raise their PBR to &gt;1.0x. The easiest way to do that is raise ROE.
Raising R requires customers "agree" (buying more, paying a higher price, etc). Lowering E means buying back shares or paying big special dividends. That's easier for a company.
So buybacks have been increasing in number, and breadth, and to some degree in size. This insight describes the mechanics/details of how buybacks work in Japan.


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 analyzed the changes in margin trading positions of JPX stocks as of Jun 20th. The aggregated net margin trading position is USD17,331m.</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 Advantest, Disco, Mitsubishi Heavy Industries, Lasertec, Skylark, Isuzu Motors, Softbank, Joyful Honda, Nippon Steel, Mitsubishi Ufj Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 20th. The aggregated net margin trading position is USD17,331m.
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 Advantest, Disco, Mitsubishi Heavy Industries, Lasertec, Skylark, Isuzu Motors, Softbank, Joyful Honda, Nippon Steel, Mitsubishi Ufj Financial.


JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.</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 Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.
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 Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.


JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 6th. The aggregated net margin trading position is USD17,477m.</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 Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 6th. The aggregated net margin trading position is USD17,477m.
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 Advantest, Sbi Sumishin Net Bank, Toyota Industries, Mitsubishi Ufj Financial, Softbank, Toyota Motor, Skylark, Keyence, Nippon Yusen Kabushiki Kaisha, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.</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 Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.
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 Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.


JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

Japan

Joyful Honda Co.,Ltd. operates home improvement center business. The company sells products such as hardware, garden, pet products and also household utensil s.

Price Gauge
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Joyful Honda (3191 JP)

JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Sbi Sumishin Net Bank (7163 JP), Toyota...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kawasaki Heavy Industries (7012 JP), Mitsubishi Ufj Financial...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Share Buybacks In Japan - A 2023 Primer

This is a primer of Share Buybacks - types and processes - in Japan. As the TSE and Govt try to get PBRs up, it is worth understanding how...

Travis Lundy

JPX Margin Trading Weekly (Jun 20th): Advantest, Disco, Mitsubishi Heavy Industries, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 6th): Advantest, Sbi Sumishin Net Bank, Toyota Industries

We analyzed JPX margin trading positions report for the past week and highlighted Advantest (6857 JP), Sbi Sumishin Net Bank (7163 JP), Toyota...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kawasaki Heavy Industries (7012 JP), Mitsubishi Ufj Financial...

Ke Yan, CFA, FRM