Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Back in 2025, Sydney PE outfit Pacific Equity Partners privatised <a href="https://www.smartkarma.com/entities/sg-fleet-group-ltd" target="_blank" data-smartkarma-citation="entities:13984:1" rel="noopener">SG Fleet (SGF AU)</a>, an Aussie provider of fleet leasing services: see <a href="https://skr.ma/4ecyU" target="_blank" rel="noopener">SG Fleet (SGF AU): 8th April Scheme Vote</a>.</li>
<li>Now SG Fleet has tabled a A$3.60/share NBIO for one of its key competitors, <a href="https://www.smartkarma.com/entities/fleetpartners-group-ltd" target="_blank" data-smartkarma-citation="entities:339:1" rel="noopener">FleetPartners Group (FPR AU)</a>.</li>
<li>That's a 27.2% premium to last close, and ~16% above where <a href="https://www.smartkarma.com/entities/mitsubishi-motors-corp" target="_blank" data-smartkarma-citation="entities:794:1" rel="noopener">Mitsubishi Motors (7211 JP)</a> has built its stake. Expect the ACCC to take a good look at firm terms.</li>
</ul>


Back in 2025, Sydney PE outfit Pacific Equity Partners privatised SG Fleet (SGF AU), an Aussie provider of fleet leasing services: see SG Fleet (SGF AU): 8th April Scheme Vote.
Now SG Fleet has tabled a A$3.60/share NBIO for one of its key competitors, FleetPartners Group (FPR AU).
That's a 27.2% premium to last close, and ~16% above where Mitsubishi Motors (7211 JP) has built its stake. Expect the ACCC to take a good look at firm terms.


FleetPartners (FPR AU): SG Fleet's A$3.60/Share NBIO

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Topix down 4.2% on persistent concerns about surging inflation, rising interest rates and a highly uncertain global economic outlook</li>
<li>The Nikkei index shed 7.7% in September, its biggest monthly decline since March 2020.</li>
<li>Disappointing commentary from NIKE, APPLE and automakers not helping sentiment</li>
</ul>


Topix down 4.2% on persistent concerns about surging inflation, rising interest rates and a highly uncertain global economic outlook
The Nikkei index shed 7.7% in September, its biggest monthly decline since March 2020.
Disappointing commentary from NIKE, APPLE and automakers not helping sentiment


Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.</li>
<li>This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.</li>
<li>While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.</li>
</ul>


We are seeing signs that suggest this pullback may have run its course, as several global market indexes and Sectors appear to be making a higher low near logical support.
This includes the S&amp;P 500, Russell 2000, MSCI ACWI (local currency), TOPIX/TOPIX Small/Nikkei 225, MSCI ACWI Technology (IXN-US), Consumer Discretionary (RXI-US), Financials (IXG-US), Industrials and (EXI-US) -- add exposure.
While our overall outlook remains neutral, we continue to see a plethora of attractive buying opportunities in the new leaders.


Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

<ul>
<li>The Nikkei was up +2.15% over the past week (-2% YTD): the yen was 1.2% weaker at ¥142/$</li>
<li>The news was focused on the sharp drop in the yen with even the BoJ Governor Kuroda noting some undesirable effects</li>
<li>The proportion of female directors rose to 9%, a slight increase over 7.4% in the previous year</li>
</ul>


The Nikkei was up +2.15% over the past week (-2% YTD): the yen was 1.2% weaker at ¥142/$
The news was focused on the sharp drop in the yen with even the BoJ Governor Kuroda noting some undesirable effects
The proportion of female directors rose to 9%, a slight increase over 7.4% in the previous year


Japan Weekly | Renova, Mitsubishi Motors, Mercari

S&P BSE SENSEX Index / Technical Analysis

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

<ul>
<li>We continue to see global equities as being in pullback mode, with the MSCI ACWI index (ACWI-US) already testing important support in the $86-87 range, highlighted last week.</li>
<li>A bounce here would be ideal for the bullish case, but we could easily see a test of the YTD lows near $81.50 if $86 fails to hold.</li>
<li>Japan's TOPIX/Nikkei225/TOPIX Small remain bullish, as does India's SENSEX -- add exposure. Seeing some failed breakouts in Europe, notably the EURO STOXX 50 and STOXX Europe 600; a concerning development.</li>
</ul>


We continue to see global equities as being in pullback mode, with the MSCI ACWI index (ACWI-US) already testing important support in the $86-87 range, highlighted last week.
A bounce here would be ideal for the bullish case, but we could easily see a test of the YTD lows near $81.50 if $86 fails to hold.
Japan's TOPIX/Nikkei225/TOPIX Small remain bullish, as does India's SENSEX -- add exposure. Seeing some failed breakouts in Europe, notably the EURO STOXX 50 and STOXX Europe 600; a concerning development.


Pullback Continues; Japan & India Remain Attractive

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)

Japan Weekly | Mazda, Mit Motors, Subaru

Not a great week for investors in Japanese equities. The market remains under pressure on global macro concerns in addition to poor commentary from...

Mark Chadwick

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Signs suggest this pullback may have run its course, as several global market indexes & Sectors appear to be making a higher low near logical...

Vermilion Research

Japan Weekly | Renova, Mitsubishi Motors, Mercari

We take a look at the stocks that have performed well or poorly over the past week in the Japanese equity market. This week Renova was the star...

Mark Chadwick

Pullback Continues; Japan & India Remain Attractive

Stick with Japan & India. $ACWI bounce at $86 would be ideal for the bullish case (i.e., establishing a higher low), but we could easily see a test...

Vermilion Research

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52-week Range

Market Cap (USDm)

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FleetPartners (FPR AU): SG Fleet's A$3.60/Share NBIO

I doubt MMC would kick out at this NBIO price. Smartgroup and Mcmillan Shakespeare may throw their hats into the ring. I think (any) firm terms...

David Blennerhassett

Japan Weekly | Mazda, Mit Motors, Subaru

Not a great week for investors in Japanese equities. The market remains under pressure on global macro concerns in addition to poor commentary from...

Mark Chadwick

Pullback Complete?; Commodities Heading Lower; Buying Growth/Cyclicals & A Few Utilities

Signs suggest this pullback may have run its course, as several global market indexes & Sectors appear to be making a higher low near logical...

Vermilion Research

Japan Weekly | Renova, Mitsubishi Motors, Mercari

We take a look at the stocks that have performed well or poorly over the past week in the Japanese equity market. This week Renova was the star...

Mark Chadwick

Pullback Continues; Japan & India Remain Attractive

Stick with Japan & India. $ACWI bounce at $86 would be ideal for the bullish case (i.e., establishing a higher low), but we could easily see a test...

Vermilion Research