Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/murata-manufacturing-co-ltd" target="_blank" data-smartkarma-citation="entities:11649:1" rel="noopener">Murata Manufacturing (6981 JP)</a> posted strong earnings, combined with a 4% share buyback and a dividend hike to JPY 70/share, helping push the share price higher. </li>
<li>
<a href="https://www.smartkarma.com/entities/tdk-corp" target="_blank" data-smartkarma-citation="entities:18847:1" rel="noopener">TDK Corp (6762 JP)</a> invests in the AI ecosystem, advanced sensors, and solid-state battery lines, thus its share price will play catch-up somewhat later despite its undervaluation.</li>
<li>Buyback list with more than a 4% share buyback is discussed, and as long as the buyback is partnered with strong earnings results, the share price upward momentum sustains.</li>
</ul>



Murata Manufacturing (6981 JP) posted strong earnings, combined with a 4% share buyback and a dividend hike to JPY 70/share, helping push the share price higher. 

TDK Corp (6762 JP) invests in the AI ecosystem, advanced sensors, and solid-state battery lines, thus its share price will play catch-up somewhat later despite its undervaluation.
Buyback list with more than a 4% share buyback is discussed, and as long as the buyback is partnered with strong earnings results, the share price upward momentum sustains.


Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japan’s economy remained resilient, supported by easing inflation, stronger industrial activity and improving consumer sentiment </li>
<li>Equities reached fresh record highs as easing Middle East tensions and sustained AI-driven demand boosted confidence</li>
<li>Investor focus shifted towards AI infrastructure components, with MLCC, wafer and substrate suppliers leading gains</li>
</ul>


Japan’s economy remained resilient, supported by easing inflation, stronger industrial activity and improving consumer sentiment 
Equities reached fresh record highs as easing Middle East tensions and sustained AI-driven demand boosted confidence
Investor focus shifted towards AI infrastructure components, with MLCC, wafer and substrate suppliers leading gains


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.</li>
<li>Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.</li>
<li>Software rotation bid evaporates as AI surges. Expect an underperformance today.</li>
</ul>


Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.
Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.
Software rotation bid evaporates as AI surges. Expect an underperformance today.


Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

<ul>
<li>MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.</li>
<li>Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.</li>
<li>Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal</li>
</ul>


MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.
Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.
Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal


Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Japan

MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied electronic components.  The Company's products include filters, capacitors, thermistors, resistors, noise suppression components, coils, piezoelectric sound components, power supplies, sensors, hybrid integrated circuit (IC), and microwave components.

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Murata Manufacturing (6981 JP)

Murata (6981): Vs TDK - Near Vs Mid Term

Murata posts strong earnings, buyback, and dividend hike, boosting share price. TDK Corp invests in AI, sensors, and batteries, set for share...

Henry Soediarko

Japan Strategy Weekly: AI Rotation

Cooling geopolitical tensions, resilient domestic data and surging AI infrastructure demand propelled Japanese equities to fresh highs this week.

Mark Chadwick

Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

Andrew Jackson

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Murata (6981): Vs TDK - Near Vs Mid Term

​Murata posts strong earnings, buyback, and dividend hike, boosting share price. TDK Corp invests in AI, sensors, and batteries, set for share...

Henry Soediarko

Japan Strategy Weekly: AI Rotation

Cooling geopolitical tensions, resilient domestic data and surging AI infrastructure demand propelled Japanese equities to fresh highs this week.

Mark Chadwick

Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

​MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

Andrew Jackson

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Murata posts strong earnings, buyback, and dividend hike, boosting share price. TDK Corp invests in AI, sensors, and batteries, set for share...

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.