Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.</li>
<li>Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.</li>
<li>Oil takes a sizeable hit with OPEC signalling supply increases on the way.</li>
</ul>


Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.
Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.
Oil takes a sizeable hit with OPEC signalling supply increases on the way.


Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

APAC IPOs & Placements, Aequitas Research

Nicholas Tan

APAC 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.

Equity Capital Markets

Kawasaki Heavy Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">Kawasaki Heavy Industries (7012 JP)</a> is looking to raise up to US$600m from a primary offering of shares, and another US$600m from two tranches of convertible bonds.</li>
<li>The deal has been anticipated as it capital raising initiatives were reported yesterday.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework</li>
</ul>



Kawasaki Heavy Industries (7012 JP) is looking to raise up to US$600m from a primary offering of shares, and another US$600m from two tranches of convertible bonds.
The deal has been anticipated as it capital raising initiatives were reported yesterday.
In this note, we will talk about the placement and run the deal through our ECM framework


Aequitas: Kawasaki Heavy Placement - Anticipated and Small in ADV Terms

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">Kawasaki Heavy Industries (7012 JP)</a> has just announced their capital raising intentions. ¥93.7bn (estimated) of shares (37.35mm shares), and ¥100bn of 2031/2033 convertible bonds.</li>
<li>The Reuters article presaging this seemed to say this would be aimed at International Investors (i.e. an ABO). The extraordinary filing to EDINET suggests an Open Offering to the same.</li>
<li>A bookbuilding between 14-16 July, but only for international investors. No greenshoe. Weird. 2.8x ADV, 4.5% of shares out, 10% of Max Real World Float. Should be easy. But weird.</li>
</ul>



Kawasaki Heavy Industries (7012 JP) has just announced their capital raising intentions. ¥93.7bn (estimated) of shares (37.35mm shares), and ¥100bn of 2031/2033 convertible bonds.
The Reuters article presaging this seemed to say this would be aimed at International Investors (i.e. an ABO). The extraordinary filing to EDINET suggests an Open Offering to the same.
A bookbuilding between 14-16 July, but only for international investors. No greenshoe. Weird. 2.8x ADV, 4.5% of shares out, 10% of Max Real World Float. Should be easy. But weird.


[Japan Offering] Kawasaki Heavy Offering Details Out

<ul>
<li>Today Reuters carried an article suggesting <a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">Kawasaki Heavy Industries (7012 JP)</a> would soon announce a ¥200bn capital raise - combo equity and convertible bond offering - in an ABO. </li>
<li>¥200bn would be a 23% increase in equity but about 6-7% dilution in realtime (equity+CB delta). ¥100bn of each would be 3x ADV, 4.8% of Shs Out, 10.7% of MRWF.</li>
<li>The shares fell 8% today, putting them 13% off the recent high as a ratio against MitHeavy+IHI. The shares aren't cheap, but this looks to be "easy."</li>
</ul>


Today Reuters carried an article suggesting Kawasaki Heavy Industries (7012 JP) would soon announce a ¥200bn capital raise - combo equity and convertible bond offering - in an ABO. 
¥200bn would be a 23% increase in equity but about 6-7% dilution in realtime (equity+CB delta). ¥100bn of each would be 3x ADV, 4.8% of Shs Out, 10.7% of MRWF.
The shares fell 8% today, putting them 13% off the recent high as a ratio against MitHeavy+IHI. The shares aren't cheap, but this looks to be "easy."


[Japan Offering] Kawasaki Heavy (7012 JP) Looking at an Offering

<ul>
<li>As per media reports, <a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">Kawasaki Heavy Industries (7012 JP)</a>  could raise up to US$1.2bn from a primary offering of shares and converts. The timing and size remains uncertain.</li>
<li>This comes on the heels of the Japanese government proposing a US$2.3T investment into key growth industries.</li>
<li>In this note, we will talk about the possible deal dynamics.</li>
</ul>


As per media reports, Kawasaki Heavy Industries (7012 JP)  could raise up to US$1.2bn from a primary offering of shares and converts. The timing and size remains uncertain.
This comes on the heels of the Japanese government proposing a US$2.3T investment into key growth industries.
In this note, we will talk about the possible deal dynamics.


Aequitas: Kawasaki Heavy Possible Share Issuance - Cap Raise on Back of Jap Govt Ambitious Plans

Japan

Kawasaki Heavy Industries, Ltd. designs, develops, and manufactures transport equipment and industrial heavy machinery for military and commercial use.  The Company produces ships, railroad cars, aircraft engines and parts, hydraulic and gas turbines, submarine engines, boilers, and industrial robots.  Kawasaki Heavy Industries offers engineering and construction services to industrial plants.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kawasaki Heavy Industries (7012 JP)

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Aequitas: Kawasaki Heavy Placement - Anticipated and Small in ADV Terms

Kawasaki Heavy is looking to raise up to US$600m from a primary offering of shares. In this note, we will talk about the placement and run the deal...

Nicholas Tan

[Japan Offering] Kawasaki Heavy Offering Details Out

The Kawasaki Heavy offering details come out as expected. The shares may benefit from anti-momentum bias as momentum is getting shellacked, but...

Travis Lundy

[Japan Offering] Kawasaki Heavy (7012 JP) Looking at an Offering

Kawasaki Heavy may raise ¥200bn to invest in capex towards gas turbines and aircraft engines. Those are hot spaces with strong margins in the few...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Aequitas: Kawasaki Heavy Placement - Anticipated and Small in ADV Terms

Kawasaki Heavy is looking to raise up to US$600m from a primary offering of shares. In this note, we will talk about the placement and run the deal...

Nicholas Tan

[Japan Offering] Kawasaki Heavy Offering Details Out

The Kawasaki Heavy offering details come out as expected. The shares may benefit from anti-momentum bias as momentum is getting shellacked, but...

Travis Lundy

[Japan Offering] Kawasaki Heavy (7012 JP) Looking at an Offering

Kawasaki Heavy may raise ¥200bn to invest in capex towards gas turbines and aircraft engines. Those are hot spaces with strong margins in the few...

Travis Lundy

Aequitas: Kawasaki Heavy Possible Share Issuance - Cap Raise on Back of Jap Govt Ambitious Plans

Kawasaki Heavy could raise up to US$1.2bn from a primary offering of shares and converts. In this note, we will talk about the possible deal dynamics.

Nicholas Tan