Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japan's markets displayed resilience this week, with the Nikkei 225 surging 4% and the Topix climbing 3.7%, buoyed by a weaker yen that bolstered exporter gains</li>
<li>Honda’s stock soared 25% this week, driven by the announcement of a massive share buyback of up to ¥1.1 trillion</li>
<li>Sega Sammy’s stock surged 18% this week, fueled by the stellar box office performance of the film Sonic × Shadow</li>
</ul>


Japan's markets displayed resilience this week, with the Nikkei 225 surging 4% and the Topix climbing 3.7%, buoyed by a weaker yen that bolstered exporter gains
Honda’s stock soared 25% this week, driven by the announcement of a massive share buyback of up to ¥1.1 trillion
Sega Sammy’s stock surged 18% this week, fueled by the stellar box office performance of the film Sonic × Shadow


Japan Weekly | Market Resilience - Honda, MMC, Sega

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The new article on <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.</li>
<li>
<a href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10427:1" rel="noopener">CPMC Holdings (906 HK)</a>'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. </li>
<li>Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in <a href="https://www.smartkarma.com/entities/ubtech-robotics-limited" target="_blank" data-smartkarma-citation="entities:36469:1" rel="noopener">UBTech Robotics (9880 HK)</a> will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.</li>
</ul>


The new article on Seven &amp; I Holdings (3382 JP) from TV Tokyo is causing a dip on top of last week's weakness. This is a dip to buy.

CPMC Holdings (906 HK)'s Offer is now open for tendering. Ignore the rumours. Zhang Wei will tender. Expect payment before Chinese New Year. 
Accounting solely for the pre-IPO investors, 164.6m shares (US$1.9bn) in UBTech Robotics (9880 HK) will be unlocked, ~39.2% of the firm’s total shares outstanding, and 91 days of three-month ADV.


Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

<ul>
<li>The Nikkei 225 ended the week down 1.9% at 38,701, with investors cautious ahead of key central bank decisions</li>
<li>The Bank of Japan kept interest rates steady at 0.25% on Thursday, deferring potential rate hikes amidst global economic uncertainty</li>
<li>Nissan's stock surged +24% this week following reports of potential merger talks with Honda and Mitsubishi Motors.</li>
</ul>


The Nikkei 225 ended the week down 1.9% at 38,701, with investors cautious ahead of key central bank decisions
The Bank of Japan kept interest rates steady at 0.25% on Thursday, deferring potential rate hikes amidst global economic uncertainty
Nissan's stock surged +24% this week following reports of potential merger talks with Honda and Mitsubishi Motors.


Japan Weekly | Nikkei Slides Amid Cautious Sentiment; Nissan, Park24, Kadokawa

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <a href="https://www.smartkarma.com/entities/s-f-holding" target="_blank" data-smartkarma-citation="entities:44093:1" rel="noopener">S.F. Holding (6936 HK)</a> H Share listing,<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings Co Ltd (289A JP)</a> IPO, <a href="https://www.smartkarma.com/entities/kansai-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:18907:1" rel="noopener">Kansai Electric Power (9503 JP)</a>'s US$3.5 billion placement.</li>
<li>Event-Driven developments: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/kadokawa-dwango-corp" target="_blank" data-smartkarma-citation="entities:4152:1" rel="noopener">Kadokawa Dwango (9468 JP)</a>, <a href="https://www.smartkarma.com/entities/integrated-design-engineering-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44096:1" rel="noopener">Integrated Design &amp; Engineering Holdings (9161 JP)</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a>, <a href="https://www.smartkarma.com/entities/arcadium-lithium-plc" target="_blank" data-smartkarma-citation="entities:40438:1" rel="noopener">Arcadium Lithium (LTM AU)</a>.
</li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: S.F. Holding (6936 HK) H Share listing,FineToday Holdings Co Ltd (289A JP) IPO, Kansai Electric Power (9503 JP)'s US$3.5 billion placement.
Event-Driven developments: Seven &amp; I Holdings (3382 JP), Kadokawa Dwango (9468 JP), Integrated Design &amp; Engineering Holdings (9161 JP), HKBN Ltd (1310 HK), Arcadium Lithium (LTM AU).



Weekly Deals Digest (24 Nov) - SF Holding, FineToday, KEPCO, Seven & I, Kadokawa, HKBN, Arcadium

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kadokawa-dwango-corp" target="_blank" data-smartkarma-citation="entities:4152:1" rel="noopener">Kadokawa Dwango (9468 JP)</a> shares rose 16% after <a href="https://www.reuters.com/markets/deals/sony-talks-buy-media-powerhouse-behind-elden-ring-sources-say-2024-11-19/" target="_blank" rel="noopener">Reuters reported</a> that <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> is in talks to acquire it. Kadokawa confirmed an initial letter of intent. </li>
<li>The privatisation interest is unsurprising as Kadokawa’s publishing arm, acclaimed intellectual properties, and positioning in the anime industry would be attractive to Sony.</li>
<li>The upside is limited as the last close reflects a significant takeover premium. There is a risk if a binding proposal emerges, it could be takeunder like Bain/T-Gaia.</li>
</ul>



Kadokawa Dwango (9468 JP) shares rose 16% after Reuters reported that Sony Corp (6758 JP) is in talks to acquire it. Kadokawa confirmed an initial letter of intent. 
The privatisation interest is unsurprising as Kadokawa’s publishing arm, acclaimed intellectual properties, and positioning in the anime industry would be attractive to Sony.
The upside is limited as the last close reflects a significant takeover premium. There is a risk if a binding proposal emerges, it could be takeunder like Bain/T-Gaia.


Kadokawa (9468 JP): Take Profits as a Sony Privatisation Rumours Surface

Japan

Kadokawa Corporation operates as a publishing company. The Company provides books publication, magazines publication, and other services. Kadokawa also operates video making, network entertainment designing, and other businesses.

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Kadokawa (9468 JP)

Japan Weekly | Market Resilience - Honda, MMC, Sega

Japanese markets showed strong resilience this week, with the Nikkei 225 and Topix both climbing significantly, boosted by a weaker yen benefiting...

Mark Chadwick

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

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

Japan Weekly | Nikkei Slides Amid Cautious Sentiment; Nissan, Park24, Kadokawa

Investors cautious as Nikkei 225 drops 1.9% ahead of central bank decisions, while Nissan's stock surges 24% on merger talks with Honda and...

Mark Chadwick

Weekly Deals Digest (24 Nov) - SF Holding, FineToday, KEPCO, Seven & I, Kadokawa, HKBN, Arcadium

Last week, notable developments occurred in Event-Driven (Seven & I, Kadokawa, Integrated Design & Engineering, HKBN, Arcadium) and ECM (SF...

Arun George

Kadokawa (9468 JP): Take Profits as a Sony Privatisation Rumours Surface

While an acquisition has a strong strategic rationale, the upside is limited as the last close reflects a significant takeover premium. There is a...

Arun George

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Japan Weekly | Market Resilience - Honda, MMC, Sega

​Japanese markets showed strong resilience this week, with the Nikkei 225 and Topix both climbing significantly, boosted by a weaker yen benefiting...

Mark Chadwick

Last Week In Event SPACE: Seven & I, CPMC, UBTech Robotics, Macromill, 2024 Best-Of

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

Japan Weekly | Nikkei Slides Amid Cautious Sentiment; Nissan, Park24, Kadokawa

​Investors cautious as Nikkei 225 drops 1.9% ahead of central bank decisions, while Nissan's stock surges 24% on merger talks with Honda and...

Mark Chadwick

Weekly Deals Digest (24 Nov) - SF Holding, FineToday, KEPCO, Seven & I, Kadokawa, HKBN, Arcadium

Last week, notable developments occurred in Event-Driven (Seven & I, Kadokawa, Integrated Design & Engineering, HKBN, Arcadium) and ECM (SF...

Arun George

Kadokawa (9468 JP): Take Profits as a Sony Privatisation Rumours Surface

While an acquisition has a strong strategic rationale, the upside is limited as the last close reflects a significant takeover premium. There is a...

Arun George

Japanese markets showed strong resilience this week, with the Nikkei 225 and Topix both climbing significantly, boosted by a weaker yen benefiting...

Investors cautious as Nikkei 225 drops 1.9% ahead of central bank decisions, while Nissan's stock surges 24% on merger talks with Honda and...