Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.</li>
<li>This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.</li>
<li>This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.</li>
</ul>


As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.
This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.
This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.


2022 JPX Nikkei 400 Rebal Update - Going the Right Way

Research from Mita Securities, Mita Securities

Mita Securities

Research from Mita Securities

Mita Securities provides a full scale diversified investment banking and financial services. A comprehensive investment banking department, specializes in rights offerings advisory, take-over bids agents, M&A etc. Including a proprietary trading desk, and wealth management department that offers brokerage, custody, real estate, and full proxy services.

Equity Bottom-Up

KOMEDA Holdings Co Ltd / Equity Bottom-Up

<ul><li>Wholesale sales to franchisees (same-store basis) in May were 109.0% vs. May 2021 (103.7% for April), 146.1% vs. May 2020 (195.1% for April), and 104.3% vs. May 2019 (103.6% for April)</li><li>The number of stores at the end of May was 966 (flat MoM). Komeda opened one new store in Japan.</li><li>Menu prices were raised on April 1 for company-owned stores and on April 28 for franchise stores. Wholesale price hikes are scheduled in 2H.</li></ul>

Wholesale sales to franchisees (same-store basis) in May were 109.0% vs. May 2021 (103.7% for April), 146.1% vs. May 2020 (195.1% for April), and 104.3% vs. May 2019 (103.6% for April)The number of stores at the end of May was 966 (flat MoM). Komeda opened one new store in Japan.Menu prices were raised on April 1 for company-owned stores and on April 28 for franchise stores. Wholesale price hikes are scheduled in 2H.

Komeda Holdings (3543): Solid Wholesale Sales in May; Accelerating Overseas Expansion

<ul><li>On April 13, Komeda Holdings (3543) announced FY2/22 full-year IFRS sales of 33.317bn (+15.5% YoY) and OP of 7.305bn (+32.6% YoY; OPM 21.9%)</li><li>4Q (Dec-Feb) OP was 1.458bn yen (+17.9% YoY, -28.8% QoQ), with OPM of 16.8% (16.3% for 4Q FY2/21; 24.8% for 3Q)</li><li>The company's full-year guidance for FY2/23 is sales of 37bn (+11.1% YoY) and OP of 8bn yen (+9.5% YoY, OPM 21.6%)</li></ul>

On April 13, Komeda Holdings (3543) announced FY2/22 full-year IFRS sales of 33.317bn (+15.5% YoY) and OP of 7.305bn (+32.6% YoY; OPM 21.9%)4Q (Dec-Feb) OP was 1.458bn yen (+17.9% YoY, -28.8% QoQ), with OPM of 16.8% (16.3% for 4Q FY2/21; 24.8% for 3Q)The company's full-year guidance for FY2/23 is sales of 37bn (+11.1% YoY) and OP of 8bn yen (+9.5% YoY, OPM 21.6%)

Komeda Holdings (3543): FY2/22 OP Achieved Guidance

<ul><li>Wholesale sales to franchisees (same-store basis) in March were 103.0% vs. March 2021 (97.2% for February)</li><li>We have the impression that in-store dining sales have been improving generally due to lifting of the shorter operating hours requests</li><li>It appears that the market responded positively to the lifting of the shorter operating hour requests in late March</li></ul>

Wholesale sales to franchisees (same-store basis) in March were 103.0% vs. March 2021 (97.2% for February)We have the impression that in-store dining sales have been improving generally due to lifting of the shorter operating hours requestsIt appears that the market responded positively to the lifting of the shorter operating hour requests in late March

Komeda Holdings (3543): Wholesale Sales on a Recovery Track in March; Food Service Industry Update

<ul><li>Komeda’s February same-store wholesale sales 97.2% vs. 2021, 102.9% vs. 2019</li><li>SSS vs. 2019 for food service companies: Omicron impact in February</li><li>Stock price trends for restaurant companies: Outperforming TOPIX despite downtrend</li></ul>

Komeda’s February same-store wholesale sales 97.2% vs. 2021, 102.9% vs. 2019SSS vs. 2019 for food service companies: Omicron impact in FebruaryStock price trends for restaurant companies: Outperforming TOPIX despite downtrend

Komeda Holdings (3543): Solid February Wholesale Sales Amid Difficult Environment

Japan

Komeda Holdings Co. LTD operates full service franchise cafes.

KOMEDA Holdings Co Ltd (3543 JP)

2022 JPX Nikkei 400 Rebal Update - Going the Right Way

JPX Nikkei 400 rebalance is going the right way in the 6 trading days so far, and it wasn't done on Day1 (which was lacklustre). It may be under...

Travis Lundy

Komeda Holdings (3543): Solid Wholesale Sales in May; Accelerating Overseas Expansion

Wholesale sales to franchisees (same-store basis) in May were 109.0% vs. May 2021 (103.7% for April), 146.1% vs. May 2020 (195.1% for April), and...

Mita Securities

Komeda Holdings (3543): FY2/22 OP Achieved Guidance

On April 13, Komeda Holdings (3543) announced FY2/22 full-year IFRS sales of 33.317bn (+15.5% YoY) and OP of 7.305bn (+32.6% YoY; OPM 21.9%)

Mita Securities

Komeda Holdings (3543): Wholesale Sales on a Recovery Track in March; Food Service Industry Update

Wholesale sales to franchisees (same-store basis) in March were 103.0% vs. March 2021 (97.2% for February). We have the impression that in-store...

Mita Securities

Komeda Holdings (3543): Solid February Wholesale Sales Amid Difficult Environment

Komeda’s February same-store wholesale sales 97.2% vs. 2021, 102.9% vs. 2019. SSS vs. 2019 for food service companies: Omicron impact in February

Mita Securities