Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Monex’s SPAC of its TradeStation business highlighted the hidden potential of its non-crypto assets.</li>
<li>While its domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing.</li>
<li>We examine the potential of the company’s regional bank tie-ups below.</li>
</ul>


Monex’s SPAC of its TradeStation business highlighted the hidden potential of its non-crypto assets.
While its domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing.
We examine the potential of the company’s regional bank tie-ups below.


Monex – Examining the Domestic Business

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Today, <a href="https://www.smartkarma.com/entities/nippo-corp" target="_blank" data-smartkarma-citation="entities:2583:1" rel="noopener">NIPPO Corp (1881 JP)</a> reported Q2 earnings down sharply yoy (but forecasts for full year remained unchanged) and the Roadmap entity which two months ago had announced the intention to launch a Tender Offer on NIPPO today announced that the tender offer would start tomorrow.

Today, NIPPO Corp (1881 JP) reported Q2 earnings down sharply yoy (but forecasts for full year remained unchanged) and the Roadmap entity which two months ago had announced the intention to launch a Tender Offer on NIPPO today announced that the tender offer would start tomorrow. 

NIPPO (1881) Tender Offer to Launch - May Not Be A Done Deal

Monex just <a href="https://www.monexgroup.jp/jp/news_release/irnews/auto_20211108426992/pdfFile.pdf" target="_blank" rel="noopener">announced</a> (Japanese only for now) that it has tied up with NTT to integrate its “Sharely” virtual AGM support service into NTT SmartConnect’s virtual AGM one stop package. While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and looking like a train you do not want to be standing in front of.

Monex just announced (Japanese only for now) that it has tied up with NTT to integrate its “Sharely” virtual AGM support service into NTT SmartConnect’s virtual AGM one stop package. While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and looking like a train you do not want to be standing in front of.

Monex – Garnish That Double Limit-Up with A Pinch of Virtual AGMs and a Dash of Crypto Breakout

Monex is locked limit up after the company announced that it would list its US Tradestation unit through an SPAC with Mike Novogratz’s Galaxy Digital getting involved in a PIPE. They also released a rather punchy ¥650bn SOTP valuation vs. the current limit up market cap of ¥192bn. We likey.

Monex is locked limit up after the company announced that it would list its US Tradestation unit through an SPAC with Mike Novogratz’s Galaxy Digital getting involved in a PIPE. They also released a rather punchy ¥650bn SOTP valuation vs. the current limit up market cap of ¥192bn. We likey.

Monex delivered a reasonable 2Q though crypto revenue and PBT slightly undershot our estimates which were based on Coincheck trading volumes for Bitcoin. Nevertheless, with crypto threatening another breakout it is the future which matters and Monex’s shareholder return policy change is interesting.

Monex delivered a reasonable 2Q though crypto revenue and PBT slightly undershot our estimates which were based on Coincheck trading volumes for Bitcoin. Nevertheless, with crypto threatening another breakout it is the future which matters and Monex’s shareholder return policy change is interesting.

Monex – Shareholder Return Policy Change Signals Confidence

Japan

Monex Group, Inc. is a holding company, which was established through merger between Monex and Nikko Beans. The Company manages its subsidiaries that provides investing services for self-directed investors through Internet and telephone.

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Monex Group Inc (8698 JP)

Monex – Examining the Domestic Business

While Monex's domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing...

Mio Kato

NIPPO (1881) Tender Offer to Launch - May Not Be A Done Deal

The ENEOS+GS Tender Offer for ENEOS subsidiary NIPPO (1881) launches tomorrow. NIPPO is willing to distribute all their cash. The price is too low....

Travis Lundy

Monex – Garnish That Double Limit-Up with A Pinch of Virtual AGMs and a Dash of Crypto Breakout

While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and just announced a virtual AGM tie-up...

Mio Kato

Monex - ¥650bn in Value You Say?

Monex is locked limit up after the company announced that it would list its US Tradestation unit through an SPAC also released a rather punchy...

Mio Kato

Monex – Shareholder Return Policy Change Signals Confidence

Monex delivered just an OK 2Q but with crypto threatening another breakout it is the future which matters and Monex’s shareholder return policy...

Mio Kato

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