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 analyzed the changes in margin trading positions of JPX stocks as of Dec 26th. The aggregated net margin trading position is USD17,571m.</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 Skylark, Tokyo Electron, Disco, McDonald's, Canon, Japan Tobacco, Rakuten, Pan Pacific International, Advantest, Furukawa Electric, Skylark, Tokyo Electron, Disco, Mcdonald'S, Canon.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Dec 26th. The aggregated net margin trading position is USD17,571m.
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 Skylark, Tokyo Electron, Disco, McDonald's, Canon, Japan Tobacco, Rakuten, Pan Pacific International, Advantest, Furukawa Electric, Skylark, Tokyo Electron, Disco, Mcdonald'S, Canon.


JPX Margin Trading Weekly (Dec 26th): Skylark, Tokyo Electron, Disco, McDonald's, Canon

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Mitsubishi Logisnext Co., Ltd. / Event-Driven

<ul>
<li>JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub <a href="https://www.smartkarma.com/entities/mitsubishi-logisnext-co-ltd" target="_blank" data-smartkarma-citation="entities:11662:1" rel="noopener">Mitsubishi Logisnext Co., Ltd. (7105 JP)</a> at a weighted average price 42% lower than Target Advisor DCF range midpoint.</li>
<li>No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don't.</li>
<li>The Board "supports" the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But...</li>
</ul>


JIP and MitHeavy have announced a takeunder to buy out MitHeavy sub Mitsubishi Logisnext Co., Ltd. (7105 JP) at a weighted average price 42% lower than Target Advisor DCF range midpoint.
No/Minimal transparency. A sales process interrupted by Trump tariffs, leaving one low-ball bidder. And the sellers goes ahead with it BUT gets to reinvest on the back end. You don't.
The Board "supports" the Tender Offer, but leaves it to the opinion of the shareholders as to whether they tender. MitHeavy has 64.4% already so that basically gets done. But...


[Japan M&A] Mitsubishi Logisnext (7105) - This Deal Looks Mighty Bad

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Dec 19th. The aggregated net margin trading position is USD19,663m.</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 Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial, Advantest, Disco, McDonald's, Mizuho Financial, Mitsubishi Heavy Industries, Lasertec, Furukawa Battery, Kioxia, Skylark.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Dec 19th. The aggregated net margin trading position is USD19,663m.
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 Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial, Advantest, Disco, McDonald's, Mizuho Financial, Mitsubishi Heavy Industries, Lasertec, Furukawa Battery, Kioxia, Skylark.


JPX Margin Trading Weekly (Dec 19th): Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Dec 12th. The aggregated net margin trading position is USD19,648m.</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 Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec, Skylark, Nintendo, Kawasaki Heavy Industries, Mitsubishi UFJ Financial, Tokyo Electron, Ci Medical, Toyoda Gosei.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Dec 12th. The aggregated net margin trading position is USD19,648m.
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 Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec, Skylark, Nintendo, Kawasaki Heavy Industries, Mitsubishi UFJ Financial, Tokyo Electron, Ci Medical, Toyoda Gosei.


JPX Margin Trading Weekly (Dec 12th): Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec

David Blennerhassett

<ul>
<li>After the US' CFIUS permitted the Hanwha Group to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>, FIRB's support appeared a lock.</li>
<li>FIRB has now cleared Hanwha to lift its stake to 19.9% from 9.9%, "and cannot increase its shareholding above 19.9 per cent". Andrew and Nicola Forrest's Tattarang currently holds ~19.4%. </li>
<li>This development should not come as a surprise. Fundamentally, Austal is not inexpensive. </li>
</ul>


After the US' CFIUS permitted the Hanwha Group to acquire up to a 100% stake in Aussie-based shipbuilding and defense firm Austal Ltd (ASB AU), FIRB's support appeared a lock.
FIRB has now cleared Hanwha to lift its stake to 19.9% from 9.9%, "and cannot increase its shareholding above 19.9 per cent". Andrew and Nicola Forrest's Tattarang currently holds ~19.4%. 
This development should not come as a surprise. Fundamentally, Austal is not inexpensive. 


Austal (ASB AU): Hanwha Cleared To Lift Stake To 19.9%

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

JPX Margin Trading Weekly (Dec 26th): Skylark, Tokyo Electron, Disco, McDonald's, Canon

We analyzed JPX margin trading positions report for the past week and highlighted Skylark (3197 JP), Tokyo Electron (8035 JP), Disco (6146 JP),...

Ke Yan, CFA, FRM

[Japan M&A] Mitsubishi Logisnext (7105) - This Deal Looks Mighty Bad

As a heads up, the Logisnext deal scheduled to start in late December is now set to start in mid-Jan. Reminder: the Q2 earnings result saw a HUGE...

Travis Lundy

JPX Margin Trading Weekly (Dec 19th): Furukawa Battery, Kioxia, Skylark, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Battery (6937 JP), Kioxia (285A JP), Skylark (3197 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Dec 12th): Ci Medical, Toyoda Gosei, SoftBank, Toyota Motor, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Ci Medical (3540 JP), Toyoda Gosei (7282 JP), SoftBank (9984 JP),...

Ke Yan, CFA, FRM

Austal (ASB AU): Hanwha Cleared To Lift Stake To 19.9%

FIRB 's approval was not unexpected. Howver, confirmation is still welcome. Austal's multiples are not "cheap". No Offer is expected for the...

David Blennerhassett

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