Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 11th. The aggregated net margin trading position is USD30,193m.</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 Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec, Nintendo, Japan Airport Terminal, Tokyo Electron, Disco, Sumitomo Mitsui Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 11th. The aggregated net margin trading position is USD30,193m.
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 Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec, Nintendo, Japan Airport Terminal, Tokyo Electron, Disco, Sumitomo Mitsui Financial.


JPX Margin Trading Weekly (Sep 11th): Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.</li>
<li>In addition, we look back at the past five years and compare how the major Korean trading companies have performed relative to their Japanese counterparts. </li>
<li>In Korea, we believe that the following 5 major Korean trading companies (POSCO International, Hanwha Corp, LX International, Samsung Corp, and Hyundai Corp) could continue to outperform the market.</li>
</ul>


In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.
In addition, we look back at the past five years and compare how the major Korean trading companies have performed relative to their Japanese counterparts. 
In Korea, we believe that the following 5 major Korean trading companies (POSCO International, Hanwha Corp, LX International, Samsung Corp, and Hyundai Corp) could continue to outperform the market.


Warren Buffett's Increased Stakes in Japanese Trading Houses - Impact on Korean Trading Companies

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>MSFT cancelling leases for AI DC capacity sending semi-cap sharply lower.</li>
<li>Western Digital dropping after finalizing the split of its HDD and Sandisk businesses.</li>
<li>Japan trading houses will be a bright spot after Buffet's letter signals more buying.</li>
</ul>


MSFT cancelling leases for AI DC capacity sending semi-cap sharply lower.
Western Digital dropping after finalizing the split of its HDD and Sandisk businesses.
Japan trading houses will be a bright spot after Buffet's letter signals more buying.


Japan Morning Connection: 2-Days of Tech Weakness to Price in Will Be a Rough Start for Japan

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kadoya-sesame-mills-inc" target="_blank" data-smartkarma-citation="entities:10367:1" rel="noopener">Kadoya Sesame Mills (2612 JP)</a> announced a tender offer from <a href="https://www.smartkarma.com/entities/integral-corp" target="_blank" data-smartkarma-citation="entities:40028:1" rel="noopener">Integral (5842 JP)</a> at JPY2,514, a 3.9% premium to the last close and a 40.2% premium to the undisturbed price.</li>
<li>The offer could increase to JPY2,760 if both <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> and <a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> agree to share buybacks. Two competing bidders remain in the background.</li>
<li>Mitsubishi and Mitsui’s deliberately deferred, non-committal stance facilitates a potentially higher competing bid, particularly as the offer is below the midpoint of the IFA DCF valuation range.</li>
</ul>



Kadoya Sesame Mills (2612 JP) announced a tender offer from Integral (5842 JP) at JPY2,514, a 3.9% premium to the last close and a 40.2% premium to the undisturbed price.
The offer could increase to JPY2,760 if both Mitsubishi Corp (8058 JP) and Mitsui &amp; Co Ltd (8031 JP) agree to share buybacks. Two competing bidders remain in the background.
Mitsubishi and Mitsui’s deliberately deferred, non-committal stance facilitates a potentially higher competing bid, particularly as the offer is below the midpoint of the IFA DCF valuation range.


Kadoya (2612 JP): Integral's Unconventional Offer With Competing Bidders Lurking

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Today, regional supermarket operator <a href="https://www.smartkarma.com/entities/life-corp" target="_blank" data-smartkarma-citation="entities:1743:1" rel="noopener">Life Corp (8194 JP)</a> announced a TOB on processed foods and supermarket services outsourcee <a href="https://www.smartkarma.com/entities/albis-co-ltd" target="_blank" data-smartkarma-citation="entities:16344:1" rel="noopener">Albis Co Ltd (7475 JP)</a>. </li>
<li>Albis is a TOPIX stock which will be announced as a DELETE next month. MitCorp owns 16.6%. Other crossholders hold 20+%. Foreigners hold nothing. Retail most of the rest.</li>
<li>This likely gets done. It's tiny. Illiquidish. Another smallcap disappearing to earn synergies without paying for them.</li>
</ul>


Today, regional supermarket operator Life Corp (8194 JP) announced a TOB on processed foods and supermarket services outsourcee Albis Co Ltd (7475 JP). 
Albis is a TOPIX stock which will be announced as a DELETE next month. MitCorp owns 16.6%. Other crossholders hold 20+%. Foreigners hold nothing. Retail most of the rest.
This likely gets done. It's tiny. Illiquidish. Another smallcap disappearing to earn synergies without paying for them.


[Japan M&A] MitCorp Affiliate Life Corp (8194) Launches Tender for MitCorp Affiliate Albis (7475)

Japan

Mitsubishi Corporation is a general trading company.  The Company has business groups such as New Business Initiatives, IT & Electronics, Fuels, Metals, Machinery, Chemicals, Living Essentials, and Professional Services.  Mitsubishi diversifies by satellite communications through a joint venture.

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Mitsubishi Corp (8058 JP)

JPX Margin Trading Weekly (Sep 11th): Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Advantest (6857 JP),...

Ke Yan, CFA, FRM

Warren Buffett's Increased Stakes in Japanese Trading Houses - Impact on Korean Trading Companies

In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.

Douglas Kim

Japan Morning Connection: 2-Days of Tech Weakness to Price in Will Be a Rough Start for Japan

Semi-cap lower as MSFT cancels leases for AI DC capacity, Western Digital dropping after business spit concerns, Japan trading houses in focus...

Andrew Jackson

Kadoya (2612 JP): Integral's Unconventional Offer With Competing Bidders Lurking

Mitsubishi and Mitsui’s deliberately deferred, non-committal stance facilitates a potentially higher competing bid, particularly as the offer is...

Arun George

[Japan M&A] MitCorp Affiliate Life Corp (8194) Launches Tender for MitCorp Affiliate Albis (7475)

Life Corp is launching a TOB on tofu and processed meat company Albis. It's a combination of MitCorp affiliates. The premium is 50+% which is good...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Sep 11th): Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Advantest (6857 JP),...

Ke Yan, CFA, FRM

Warren Buffett's Increased Stakes in Japanese Trading Houses - Impact on Korean Trading Companies

In this insight, we discuss how Buffett's increased stakes in Japanese trading companies could positively impact Korean trading companies.

Douglas Kim

Japan Morning Connection: 2-Days of Tech Weakness to Price in Will Be a Rough Start for Japan

​Semi-cap lower as MSFT cancels leases for AI DC capacity, Western Digital dropping after business spit concerns, Japan trading houses in focus...

Andrew Jackson

Kadoya (2612 JP): Integral's Unconventional Offer With Competing Bidders Lurking

Mitsubishi and Mitsui’s deliberately deferred, non-committal stance facilitates a potentially higher competing bid, particularly as the offer is...

Arun George

[Japan M&A] MitCorp Affiliate Life Corp (8194) Launches Tender for MitCorp Affiliate Albis (7475)

Life Corp is launching a TOB on tofu and processed meat company Albis. It's a combination of MitCorp affiliates. The premium is 50+% which is good...

Travis Lundy

Semi-cap lower as MSFT cancels leases for AI DC capacity, Western Digital dropping after business spit concerns, Japan trading houses in focus...