Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 31 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Two new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/nippon-sheet-glass-co-ltd" target="_blank" data-smartkarma-citation="entities:9013:1" rel="noopener">Nippon Sheet Glass (5202 JP)</a>. and <a href="https://www.smartkarma.com/entities/gunma-bank-ltd" target="_blank" data-smartkarma-citation="entities:15777:1" rel="noopener">Gunma Bank (8334 JP)</a>/<a href="https://www.smartkarma.com/entities/daishi-hokuetsu-financial-group" target="_blank" data-smartkarma-citation="entities:27533:1" rel="noopener">Daishi Hokuetsu Financial Group (7327 JP)</a> .</li>
<li>Key updates/news also took place on: <a href="https://www.smartkarma.com/entities/pepper-money-ltd-australia" target="_blank" data-smartkarma-citation="entities:24157:1" rel="noopener">Pepper Money (PPM AU)</a>, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a>, and <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-limited" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua Holdings (3991 HK)</a>.</li>
</ul>


I tally 31 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Two new deal was discussed on Smartkarma this week: Nippon Sheet Glass (5202 JP). and Gunma Bank (8334 JP)/Daishi Hokuetsu Financial Group (7327 JP) .
Key updates/news also took place on: Pepper Money (PPM AU), Sankei Real Estate (2972 JP), Insignia Financial (IFL AU), and Changhong Jiahua Holdings (3991 HK).


Asia-Pac M&A Weekly Wrap: Nippon Sheet Glass, Yinson, Pepper Money, Sankei Real Estate, Insignia

<ul>
<li>Bain extends the TOB for <a href="https://www.smartkarma.com/entities/mcj-co-ltd" target="_blank" data-smartkarma-citation="entities:14132:1" rel="noopener">MCJ Co Ltd (6670 JP)</a>. This still needs a bump.</li>
<li>I'd still be setting up the stub here. Or buying <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson Holdings (JM SP)</a> outright. Expect more accretion/recycling. All of which benefits Matheson. And the Keswicks.</li>
<li>Re: <a href="https://www.smartkarma.com/entities/toyota-industries-corp" target="_blank" data-smartkarma-citation="entities:4500:1" rel="noopener">Toyota Industries (6201 JP)</a>: arbitrageurs gonna arbitrage. And shorts are going to cover. If you are in either camp, you know what to do. Or have to do.</li>
</ul>


Bain extends the TOB for MCJ Co Ltd (6670 JP). This still needs a bump.
I'd still be setting up the stub here. Or buying Jardine Matheson Holdings (JM SP) outright. Expect more accretion/recycling. All of which benefits Matheson. And the Keswicks.
Re: Toyota Industries (6201 JP): arbitrageurs gonna arbitrage. And shorts are going to cover. If you are in either camp, you know what to do. Or have to do.


Last Week In Event SPACE: MCJ, Jardine Matheson, Toyota Industries, Zijin Mining/Chifeng Jilong Gold

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 Nov 7th. The aggregated net margin trading position is USD20,487m.</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 SoftBank, Advantest, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 7th. The aggregated net margin trading position is USD20,487m.
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 SoftBank, Advantest, Fujikura, Sanrio, Socionext, Mitsubishi Heavy Industries, Nintendo, Recruit, IHI, Nippon Telegraph and Telephone, Softbank, Advantest, Fujikura, Sanrio, Socionext.


JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

Travis Lundy

<ul>
<li>The September 2023 Nikkei 225 Rebalance is tomorrow at the close. This will engender a lot of buying of three names, and a lot of selling of 3 names.  </li>
<li>It will also engender a funding trade of nearly ¥460bn. </li>
<li>I am going to beat the dead horse and warn about certain issues with this rebalance.</li>
</ul>


The September 2023 Nikkei 225 Rebalance is tomorrow at the close. This will engender a lot of buying of three names, and a lot of selling of 3 names.  
It will also engender a funding trade of nearly ¥460bn. 
I am going to beat the dead horse and warn about certain issues with this rebalance.


Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-September 2023.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the potential forward inclusions and removals every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2024 based on trading data as of end-September 2023.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Sep 2023

Japan

Nippon Sheet Glass Company, Limited manufactures a variety of glass related products. The products include flat glass for construction, building materials, automobiles, and glassfiber products. Nippon Sheet Glass also develops glass for electronics such as plasma panels and optoelectronic devices.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nippon Sheet Glass (5202 JP)

Asia-Pac M&A Weekly Wrap: Nippon Sheet Glass, Yinson, Pepper Money, Sankei Real Estate, Insignia

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: MCJ, Jardine Matheson, Toyota Industries, Zijin Mining/Chifeng Jilong Gold

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Fujikura (5803 JP),...

Ke Yan, CFA, FRM

Nikkei 225 Rebal - Beating a Dead Horse

Tomorrow's Nikkei 225 Rebalance is ¥490bn a side, with ¥460bn of funding trade. Matsui Sec is like a big offering. The three ADDs are all more...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2024: End-Sep 2023

There are 35 Potential ADDs and 39 Potential DELs (unique names) presented in the current Quiddity Leaderboard which is based on the latest...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asia-Pac M&A Weekly Wrap: Nippon Sheet Glass, Yinson, Pepper Money, Sankei Real Estate, Insignia

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: MCJ, Jardine Matheson, Toyota Industries, Zijin Mining/Chifeng Jilong Gold

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

JPX Margin Trading Weekly (Nov 7th): SoftBank, Advantest, Fujikura, Sanrio, Socionext

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Fujikura (5803 JP),...

Ke Yan, CFA, FRM

Nikkei 225 Rebal - Beating a Dead Horse

​Tomorrow's Nikkei 225 Rebalance is ¥490bn a side, with ¥460bn of funding trade. Matsui Sec is like a big offering. The three ADDs are all more...

Travis Lundy

Quiddity JPX-Nikkei 400 Rebal 2024: End-Sep 2023

There are 35 Potential ADDs and 39 Potential DELs (unique names) presented in the current Quiddity Leaderboard which is based on the latest...

Janaghan Jeyakumar, CFA

Tomorrow's Nikkei 225 Rebalance is ¥490bn a side, with ¥460bn of funding trade. Matsui Sec is like a big offering. The three ADDs are all more...