Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, along with the announcement of Memorandum of Understanding between <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, and <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> to work towards negotiating a Joint Holding Company by June 2025... </li>
<li>Honda cancelled their existing ¥100bn buyback, and initiated a truly mammoth NEW Buyback - up to 1.1 billion shares (23.7% of TSO), spending up to ¥1.1trln on market through Dec-2025.</li>
<li>Assuming the stock pops, it is probably "only" worth 15-18%, but that's still a LOT. At that rate it boosts BVPS by 8+% on its own, and EPS by 17%.</li>
</ul>


Today, along with the announcement of Memorandum of Understanding between Honda Motor (7267 JP), and Nissan Motor (7201 JP) to work towards negotiating a Joint Holding Company by June 2025... 
Honda cancelled their existing ¥100bn buyback, and initiated a truly mammoth NEW Buyback - up to 1.1 billion shares (23.7% of TSO), spending up to ¥1.1trln on market through Dec-2025.
Assuming the stock pops, it is probably "only" worth 15-18%, but that's still a LOT. At that rate it boosts BVPS by 8+% on its own, and EPS by 17%.


Honda (7267 JP) - MAMMOTH New ¥1.1Trln Stock Buyback

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>A potential merger between Nissan Motor and Honda Motor would create the third largest auto group in the world.</li>
<li>If this merger is successful, it could have a short term positive impact on Hyundai Motor since it could result in a reduction of overlapping sales/marketing and production of Nissan.</li>
<li>However, a merger of Honda and Nissan could negatively impact Hyundai Motor over the long term because the merged entity could produce more high quality, price competitive vehicles.</li>
</ul>


A potential merger between Nissan Motor and Honda Motor would create the third largest auto group in the world.
If this merger is successful, it could have a short term positive impact on Hyundai Motor since it could result in a reduction of overlapping sales/marketing and production of Nissan.
However, a merger of Honda and Nissan could negatively impact Hyundai Motor over the long term because the merged entity could produce more high quality, price competitive vehicles.


A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>XPeng and Nio abandon Nvidia Thor chip over delays, impacting production schedules and development timelines.</li><li>Wistron set to establish new plant in Vietnam in 2025, with potential expansion of current facilities, boosting local economy.</li><li>MSI launches made-in-India notebooks as part of market expansion strategy, tapping into growing demand for tech products in the region.</li></ul>

XPeng and Nio abandon Nvidia Thor chip over delays, impacting production schedules and development timelines.Wistron set to establish new plant in Vietnam in 2025, with potential expansion of current facilities, boosting local economy.MSI launches made-in-India notebooks as part of market expansion strategy, tapping into growing demand for tech products in the region.

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

<ul>
<li>Silicon carbide chips and new electric vehicles are dominating the news in deep value space, highlighting Rohm, Honda, and Aisin.</li>
<li>We also highlight some juicy dividends that we think need to be taken seriously by growth managers.</li>
<li>This round-up is provided for thought provocation only. Comprehensive deep-dive analysis available to clients on request. </li>
</ul>


Silicon carbide chips and new electric vehicles are dominating the news in deep value space, highlighting Rohm, Honda, and Aisin.
We also highlight some juicy dividends that we think need to be taken seriously by growth managers.
This round-up is provided for thought provocation only. Comprehensive deep-dive analysis available to clients on request. 


Unloved Japan Roundup: Rohm, Honda, Aisin, Jtekt

<ul>
<li>Mazda’s domestic unit volume was up 24% in September, compared to an industrywide total of only 1.1%.</li>
<li>Meanwhile, Q2 consensus EBIT estimates have come down by 32% since the release of Q1 results.</li>
<li>But the yield is over 6%, and the Payout ratio is only 17% even on the new estimates.</li>
</ul>


Mazda’s domestic unit volume was up 24% in September, compared to an industrywide total of only 1.1%.
Meanwhile, Q2 consensus EBIT estimates have come down by 32% since the release of Q1 results.
But the yield is over 6%, and the Payout ratio is only 17% even on the new estimates.


Japan

MITSUBISHI MOTORS CORPORATION develops and manufactures passenger cars and its related parts.  The Company has production facilities in Japan, the US, and Thailand.  Mitsubishi Motors Corp provides vehicle-related financing and leasing service through its subsidiary.

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Mitsubishi Motors (7211 JP)

Honda (7267 JP) - MAMMOTH New ¥1.1Trln Stock Buyback

On the same day that Honda, Nissan, and Mit Motors announce plans to look at joining under a holdco, in Q3 2026, Honda announces a massive new...

Travis Lundy

A Potential Merger Between Honda and Nissan - Impact on Hyundai Motor and Kia Corp

In this insight, we discuss the impact of a potential merger between Nissan Motor and Honda Motor which would create one of the largest auto groups...

Douglas Kim

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

XPeng and Nio switch from Nvidia Thor chip, Wistron to open new plant in Vietnam, MSI introduces Indian-made notebooks, Honda and Nissan mull...

Tech Supply Chain Tracker

Unloved Japan Roundup: Rohm, Honda, Aisin, Jtekt

New product launches could be the start of a deluge of Silicon carbide-based chips that improve performance and reduce costs of high-powered...

Michael Allen

Unloved Japan Roundup: Bracing for Q3

Mazda’s domestic volume up 24% in September, compared to industrywide average of 1.1%. Q2 estimates down by 32% in 3 months, but yield over 6%,...

Michael Allen

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