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 analysed the earning revision of component stocks of M-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.</li>
</ul>


We analysed the earning revision of component stocks of M-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.


M-Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.</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, Mitsubishi Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.
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, Mitsubishi Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.


JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kagome-co-ltd" target="_blank" data-smartkarma-citation="entities:14533:1" rel="noopener">Kagome Co Ltd (2811 JP)</a> aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.</li>
<li>At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024.
At the time of the acquisition, the company has stated its intention to part finance the acquisition via issuance of treasury shares
In this note, we will talk about the placement and run the deal through our ECM framework.


Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

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>Japanese inflation, which peaked at 4.3% in January 2023, gradually decreased to 3.5%, 3.2%, 3.3%, 3.3%, and 3.2% in the subsequent months of 2023.</li>
<li>Inflation rates remained stable for most items, excluding Fuel, Electricity, Water, and fresh vegetables, indicating the persistence of cost-push inflation.</li>
<li>In this insight, we analyze the recent quarterly performance of Yakult, Nissin, and Seven &amp; I, Japanese Consumer Staples companies discussed in our prior Smartkarma Original.</li>
</ul>


Japanese inflation, which peaked at 4.3% in January 2023, gradually decreased to 3.5%, 3.2%, 3.3%, 3.3%, and 3.2% in the subsequent months of 2023.
Inflation rates remained stable for most items, excluding Fuel, Electricity, Water, and fresh vegetables, indicating the persistence of cost-push inflation.
In this insight, we analyze the recent quarterly performance of Yakult, Nissin, and Seven &amp; I, Japanese Consumer Staples companies discussed in our prior Smartkarma Original.


Japan Consumer Staples Update: Inflation Looks a Blessing in Disguise for Those with Pricing Power

<ul>
<li>Japan's inflation hit a 41-year high at 4.3% in January, but gradually slowed down in the following months, reaching 3.3%, 3.2%, and 3.5% in February, March, and April 2023, respectively.</li>
<li>Although Fuel, Electricity, and Water prices declined, other items excluding fresh vegetables, maintained inflation at a similar pace, suggesting that cost-push inflation continues to impact the overall economic environment.</li>
<li>This insight examines the recent quarterly performance of Yakult, Nissin, and Seven &amp; I, our top picks in the Japan Consumer Staples Sector <a href="https://www.smartkarma.com/insights/japan-consumer-staples-sector-inflation-looks-a-blessing-in-disguise-for-those-with-pricing-power" target="_blank" rel="noopener">Smartkarma Original</a>.</li>
</ul>


Japan's inflation hit a 41-year high at 4.3% in January, but gradually slowed down in the following months, reaching 3.3%, 3.2%, and 3.5% in February, March, and April 2023, respectively.
Although Fuel, Electricity, and Water prices declined, other items excluding fresh vegetables, maintained inflation at a similar pace, suggesting that cost-push inflation continues to impact the overall economic environment.
This insight examines the recent quarterly performance of Yakult, Nissin, and Seven &amp; I, our top picks in the Japan Consumer Staples Sector Smartkarma Original.


Japan

NISSIN FOODS HOLDINGS CO.,LTD. produces instant noodle and processed food products.  The Company also develops pharmaceuticals.  NISSIN FOODS operates production facilities in overseas countries including Hong Kong, India, U.S., Singapore, and other countries.

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Nissin Foods Holdings (2897 JP)

M-Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

We analyzed M-Japan's consensus for Nov 2025 and highlighted changes of EPS in Toyota Motor (7203 JP), SoftBank (9984 JP), Rakuten (4755 JP),...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), Sanrio...

Ke Yan, CFA, FRM

Kagome Placement - Very Well Flagged Deal but Liquidity Might Be a Concern

Kagome Co Ltd (2811 JP) aims to raise around US$140m to repay debt used to fund the acquisition of Ingomar in Jan 2024. In this note, we run the...

Sumeet Singh

Japan Consumer Staples Update: Inflation Looks a Blessing in Disguise for Those with Pricing Power

Japanese inflation peaked at 4.3% in January 2023 but decreased to 3.5%, 3.2%, 3.3%, 3.3%, and 3.2% in the following months. For most items except...

Oshadhi Kumarasiri

Japan Consumer Staples Update: Inflation Looks a Blessing in Disguise for Those with Pricing Power

The prevailing inflationary environment presents an opportunity for specific Japanese Food and Beverages companies that have consistently achieved...

Oshadhi Kumarasiri

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