Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Transport Sector, China and Asia-focused Research

Charles De Trenck

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it appears the market has gotten even weaker. I am sure our friends from Drewry have experienced this as well. A few key details below on rates that have gone even further south than 2009.In recent weeks we understand from friends that some markets in Intra-Asia have gone into negative pricing.This means that lines have to try to recoup some of their losses…

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it appears the market has gotten even weaker. I am sure our friends from Drewry have experienced this as well. A few key details below on rates that have gone even further south than 2009.In recent weeks we understand from friends that some markets in Intra-Asia have gone into negative pricing.This means that lines have to try to recoup some of their losses…

Container Shipping Industry Last Few Weeks Factoring in Doomsday

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

DZT Research

DZT 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 analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Sony, Hoya, Toyota Motor, SoftBank, Honda Motor, Tokyo Electron, Tokio Marine, Sumitomo Mitsui Financial.</li>
</ul>


We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Sony, Hoya, Toyota Motor, SoftBank, Honda Motor, Tokyo Electron, Tokio Marine, Sumitomo Mitsui Financial.


TOPIX CORE 30 Index Earning Revision (Feb): Sony, Hoya, Toyota Motor, SoftBank, Honda Motor

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.</li>
<li>There were case study updates published late-Dec25. Interesting, but not ground-breaking. 146 CGRs were filed in January after 475 in December 2025. It's low season til spring.</li>
<li>The ongoing Study Group to review Minority Shareholder Protection, etc has interim comments suggesting Toyota Fudosan's claim of Majority of Minority is false (of course it is, but they're nicer).</li>
</ul>


TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
There were case study updates published late-Dec25. Interesting, but not ground-breaking. 146 CGRs were filed in January after 475 in December 2025. It's low season til spring.
The ongoing Study Group to review Minority Shareholder Protection, etc has interim comments suggesting Toyota Fudosan's claim of Majority of Minority is false (of course it is, but they're nicer).


[Japan CorpGov] TSE "Mgmt Conscious" Reports (Feb26) - Disappointing Case Studies, Weak Study Group

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Advantest is essential for high-precision testing of next-generation AI chips, driving complexity-led profit expansion and making it a key structural growth stock.</li>
<li>The end of Japan’s ZIRP is restoring domestic income and fiscal health, creating a supportive macro tailwind for a potential Nikkei index breakthrough.</li>
<li>This thesis captures a unique opportunity by combining a leading AI-chip infrastructure firm with the favorable, strengthening environment of the broader Japanese equity market.</li>
</ul>


Advantest is essential for high-precision testing of next-generation AI chips, driving complexity-led profit expansion and making it a key structural growth stock.
The end of Japan’s ZIRP is restoring domestic income and fiscal health, creating a supportive macro tailwind for a potential Nikkei index breakthrough.
This thesis captures a unique opportunity by combining a leading AI-chip infrastructure firm with the favorable, strengthening environment of the broader Japanese equity market.


Advantest-Nikkei Synergy: Navigating AI Alpha and Structural Growth Beyond the April Capping Risk

Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social...

Sanghyun Park

Container Shipping Industry Last Few Weeks Factoring in Doomsday

My updates back in December to reiterate the negative in containers (and bulk) and anticipated a weak 2016, to be sure. But in recent weeks it...

Charles De Trenck

TOPIX CORE 30 Index Earning Revision (Feb): Sony, Hoya, Toyota Motor, SoftBank, Honda Motor

We analyzed TOPIX CORE 30's consensus for Feb 2026 and highlighted changes of EPS in Sony, Hoya, Toyota Motor, SoftBank, Honda Motor, Tokyo...

Ke Yan, CFA, FRM

[Japan CorpGov] TSE "Mgmt Conscious" Reports (Feb26) - Disappointing Case Studies, Weak Study Group

The TSE releases a list every month with names of cos which have submitted "Management Conscious of Share Price/Cost of Capital" policies. We do it...

Travis Lundy

Advantest-Nikkei Synergy: Navigating AI Alpha and Structural Growth Beyond the April Capping Risk

Advantest reported record Q3 sales of 273.8B, leading management to hike full-year FY2025 guidance to 1.07T in revenue and 454B in operating...

Jay Cameron

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