Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> sees a US$1bn selldown of shares on 29 December, due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed.</li>
<li>China's State Administration for Market Supervision is reviewing <a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer (1337 HK)</a>'s privatisation as a simple case. With the key regulatory pre-condition all but satisfied, the Scheme timeline will significantly shorten. </li>
<li>The trade is to be long the back end of <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a>'s Tender Offer. BUY Shinsei Bank shares - outright, and vs large Japanese banks with higher PBRs. </li>
</ul>



NTT (9432 JP) sees a US$1bn selldown of shares on 29 December, due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed.
China's State Administration for Market Supervision is reviewing Razer (1337 HK)'s privatisation as a simple case. With the key regulatory pre-condition all but satisfied, the Scheme timeline will significantly shorten. 
The trade is to be long the back end of Shinsei Bank (8303 JP)'s Tender Offer. BUY Shinsei Bank shares - outright, and vs large Japanese banks with higher PBRs. 


Last Week in Event SPACE: NTT, Razer, Shinsei Bank, Evergrande, Bank of Kyoto, Nippon Express

Travis Lundy

<ul>
<li>NTT sees a US$1 billion selldown of shares on Wednesday 29 December. </li>
<li>This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.</li>
<li>NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.</li>
</ul>


NTT sees a US$1 billion selldown of shares on Wednesday 29 December. 
This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.
NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.


Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

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

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

<ul>
<li>Last night it was announced that NTT Docomo had participated in a series A funding round conducted by Hikky.</li>
<li>Hikky is a VR open world metaverse development company offering its Vket Cloud engine and various virtual events for many established global names.</li>
<li>The news marks an uptick in interest in metaverse which is currently trending number 1 on Kabutan.</li>
</ul>


Last night it was announced that NTT Docomo had participated in a series A funding round conducted by Hikky.
Hikky is a VR open world metaverse development company offering its Vket Cloud engine and various virtual events for many established global names.
The news marks an uptick in interest in metaverse which is currently trending number 1 on Kabutan.


Telco/Internet specialist

Kirk Boodry

Redex Research

NTT has had a good couple of weeks. The company followed up its mid-term EPS target upgrade last week with Q2 results ahead of consensus and announced the cancellation of treasury shares that provide indirect confirmation that share buyback volumes of c. ¥200-300bn will continue.  Operationally, the Q2 beat was driven by results for NTT Data that were announced yesterday but the company also posted a fifth straight quarter of fixed-line growth whilst the mobile business posted healthier results than peers. We remain at Buy.

NTT has had a good couple of weeks. The company followed up its mid-term EPS target upgrade last week with Q2 results ahead of consensus and announced the cancellation of treasury shares that provide indirect confirmation that share buyback volumes of c. ¥200-300bn will continue.  Operationally, the Q2 beat was driven by results for NTT Data that were announced yesterday but the company also posted a fifth straight quarter of fixed-line growth whilst the mobile business posted healthier results than peers. We remain at Buy.

NTT (Buy) - Q2 21 Results Reaction: Profit Beat with Good News in Fixed and Mobile

Softbank Corp. results were mixed with revenue in line but operating profit (-7% in Q2) below consensus. Some of that is timing related as it laps a record-high quarter even as H2 comps get easier on tailwinds from ¥50bn in one-time expenses last year. On the telecom side, enterprise revenue growth of 4% including double-digit growth for solutions revenue is encouraging. Management remains confident of meeting full-year targets but as we saw with KDDI last week, mobile price reductions are starting to make their presence felt.

Softbank Corp. results were mixed with revenue in line but operating profit (-7% in Q2) below consensus. Some of that is timing related as it laps a record-high quarter even as H2 comps get easier on tailwinds from ¥50bn in one-time expenses last year. On the telecom side, enterprise revenue growth of 4% including double-digit growth for solutions revenue is encouraging. Management remains confident of meeting full-year targets but as we saw with KDDI last week, mobile price reductions are starting to make their presence felt.

Softbank Corp (Buy) - Q2 21 Results Reaction: Consumer Mobile Weakness Accelerates

Japan

Nippon Telegraph and Telephone Corporation provides a variety of telecommunication services, including telephone, telegraph, leased circuits, data communication, terminal equipment sales, and related services. The Company provides both local and long distance telephone services within Japan.

NTT (Nippon Telegraph & Telephone) (9432 JP)

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NTT (Nippon Telegraph & Telephone) (9432 JP)

Last Week in Event SPACE: NTT, Razer, Shinsei Bank, Evergrande, Bank of Kyoto, Nippon Express

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

NTT cancelled shares in November. That leads to a TOPIX event selldown at end-December. For NTT it is US$1bn. But NTT remains undeservedly cheap to...

Travis Lundy

NTT – Metaverse Investment in Hikky

Last night it was announced that NTT Docomo had participated in a series A funding round conducted by Hikky, a metaverse offering in Japan.

Mio Kato

NTT (Buy) - Q2 21 Results Reaction: Profit Beat with Good News in Fixed and Mobile

NTT followed up on its mid-term EPS guidance upgrade last week with a solid set of results driven by fixed-line growth and a return to mobile...

Kirk Boodry

Softbank Corp (Buy) - Q2 21 Results Reaction: Consumer Mobile Weakness Accelerates

Q2 results were mixed with revenue in line but operating profit weaker despite Yahoo Japan upside. Internet exposure helps but mobile pricing...

Kirk Boodry

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