Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today at lunch, <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> released a New Medium-Term Management Plan Presentation (FY2023 to 2026). <em>“Sail Green, Drive Transformations 2026 - A Passion for Planetary Wellbeing.”</em>
</li>
<li>It has basic investment plans, including growing scale of ONE container shipping alliance, growing auto logistics, spending on fuel conversions, offshore wind, hydrogen/ammonia, and doing some logistics M&amp;A</li>
<li>They also plan a new Shareholder Return Policy. That raises minimum dividend, expected payout ratio, and involves ¥200bn of buybacks the next two fiscal years. Read on.</li>
</ul>


Today at lunch, Nippon Yusen Kk (9101 JP) released a New Medium-Term Management Plan Presentation (FY2023 to 2026). “Sail Green, Drive Transformations 2026 - A Passion for Planetary Wellbeing.”

It has basic investment plans, including growing scale of ONE container shipping alliance, growing auto logistics, spending on fuel conversions, offshore wind, hydrogen/ammonia, and doing some logistics M&amp;A
They also plan a new Shareholder Return Policy. That raises minimum dividend, expected payout ratio, and involves ¥200bn of buybacks the next two fiscal years. Read on.


Nippon Yusen - New MidTermPlan = New Shareholder Return Policy

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. </li>
<li>JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs </li>
<li>NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  </li>
</ul>


OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. 
JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs 
NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  


Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

<ul>
<li>ANA announced their FY23-25 Mid-Term Corporate Strategy last month. In it, a plan to increase cargo. </li>
<li>Today, <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a> and <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> announced ANA would take over NYK sub Nippon Cargo Airlines 1 October 2023 - price and method TBD.</li>
<li>This would add ~45-50% to ANA's cargo volume, and more to its capacity. But it means NYK sells cheap OR it means a chunk of ANA cash/stock. Overhang.</li>
</ul>


ANA announced their FY23-25 Mid-Term Corporate Strategy last month. In it, a plan to increase cargo. 
Today, Ana Holdings (9202 JP) and Nippon Yusen Kk (9101 JP) announced ANA would take over NYK sub Nippon Cargo Airlines 1 October 2023 - price and method TBD.
This would add ~45-50% to ANA's cargo volume, and more to its capacity. But it means NYK sells cheap OR it means a chunk of ANA cash/stock. Overhang.


<ul>
<li>OVERSEAS. SPX -1.2% ahead of Fed; Tech pulls back after torrid MTD; Eyes on Fed as Consensus converges on 25bp hike; More earnings ahead as FAANG(you get it) this week</li>
<li>JAPAN. NKY Futs  vs CASh -0.1%; USDJPY 130.44. ; Calls for more Activists?! Foreign Tourist Spend normalizes; KEPCO Nuclear plant powers down; Notable Earnings beats:  OLC, Omron; NEC; Misses: Canon </li>
<li>DAILY NUGGETS. Suzuki embraces carbon neutrality in a different form - yes a very different form...see below !</li>
</ul>


OVERSEAS. SPX -1.2% ahead of Fed; Tech pulls back after torrid MTD; Eyes on Fed as Consensus converges on 25bp hike; More earnings ahead as FAANG(you get it) this week
JAPAN. NKY Futs  vs CASh -0.1%; USDJPY 130.44. ; Calls for more Activists?! Foreign Tourist Spend normalizes; KEPCO Nuclear plant powers down; Notable Earnings beats:  OLC, Omron; NEC; Misses: Canon 
DAILY NUGGETS. Suzuki embraces carbon neutrality in a different form - yes a very different form...see below !


Good Morning Japan |RETREAT ! SPX Fails at 4100 (Again) Ahead of Fed; Calls for More Activists in JP

<ul>
<li>OVERSEAS.  Bull vs Bears swings as SPX closes flat; TSLA back on track with beat; ASML comforts Semi bulls; Global Shipping Alliance Crumbles, Negative Containers. </li>
<li>JAPAN.  NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP Shippers ? Cyberagent - better future?</li>
<li>DAILY NUGGET. We look at the big decarbonization push via carbon capture, and see MHI (7011) as the biggest Japan beneficiary. </li>
</ul>


OVERSEAS.  Bull vs Bears swings as SPX closes flat; TSLA back on track with beat; ASML comforts Semi bulls; Global Shipping Alliance Crumbles, Negative Containers. 
JAPAN.  NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP Shippers ? Cyberagent - better future?
DAILY NUGGET. We look at the big decarbonization push via carbon capture, and see MHI (7011) as the biggest Japan beneficiary. 


Good Morning Japan |Off the Lows to Flat as ASML, TSLA Beats; Global Shipping Alliance Crumbles

Japan

Nippon Yusen Kabushiki Kaisha mainly provides marine transportation services and transportation management solution from international hub ports to both domestic and international ports. The Company operates container transportation, tramp and specialized carriers, and logistics and cruise lines. Nippon Yusen offers scheduled and unscheduled transportation services around the world.

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Nippon Yusen Kk (9101 JP)

Nippon Yusen - New MidTermPlan = New Shareholder Return Policy

Shipping Co NYK (9101) announced a new MTMP today at lunch. Lots of investment. Some shareholder return. Shares fell. I expect the "Additional...

Travis Lundy

Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

REALITY CHECK FROM POWELL; USDJPY weakens to 137.1 as Powell tesimony digested; H3 failure-blow to JP space hopes; "My Number" Use expanded; ...

Mark Chadwick

ANA and NYK to Trade NCA, So JAL/ANA GTG

ANA and Nippon Yusen today announced that ANA would buy NYK unit Nippon Cargo Airlines on 1 Oct 2023. Price and method TBD. This likely creates...

Travis Lundy

Good Morning Japan |RETREAT ! SPX Fails at 4100 (Again) Ahead of Fed; Calls for More Activists in JP

JAPAN. NKY Futs vs CASh -0.1%; USDJPY 130.44. ; Calls for more Activists?! Foreign Tourist Spend normalizes; KEPCO Nuclear plant powers down;...

Mark Chadwick

Good Morning Japan |Off the Lows to Flat as ASML, TSLA Beats; Global Shipping Alliance Crumbles

JAPAN. NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP...

Mark Chadwick

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