Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The last two reviews have been announced on the second business day of the month of the review. The one before that on the third business day.</li>
<li>The review could be announced today or tomorrow. Wednesday would seem to be "late."</li>
<li>There are still questions about implementation - thus "care" in previous insights. Here I explore the possibilities/probabilities/issues around the edges. And a Dark Horse which may be lighter than thought.</li>
</ul>


The last two reviews have been announced on the second business day of the month of the review. The one before that on the third business day.
The review could be announced today or tomorrow. Wednesday would seem to be "late."
There are still questions about implementation - thus "care" in previous insights. Here I explore the possibilities/probabilities/issues around the edges. And a Dark Horse which may be lighter than thought.


Sep24 Nikkei 225 Rebal - Last Minute Thoughts and Change in Predictions

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>News Intel may be looking to restructure and even sell its fab business, a slight negative for Japanese SPE suppliers.</li>
<li>Japan upping defence budget to a record high a positive for related names, including KHI which has been excessively weak on the news it fabricated data for marine engine business.</li>
<li>Nikkei Inc. is expected to announce results for 30th September rebalance today or tomorrow which may see big buying for the likes of Ryohin Keikaku, NRI and possibly one other.</li>
</ul>


News Intel may be looking to restructure and even sell its fab business, a slight negative for Japanese SPE suppliers.
Japan upping defence budget to a record high a positive for related names, including KHI which has been excessively weak on the news it fabricated data for marine engine business.
Nikkei Inc. is expected to announce results for 30th September rebalance today or tomorrow which may see big buying for the likes of Ryohin Keikaku, NRI and possibly one other.


Japan Morning Connection: Record Defense Budget and Nikkei Rebalance Set to Boost Related Stocks

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> has announced a secondary offering of up to 73.2 million shares, worth JPY203 billion (US$1.4 billion) at the last close. </li>
<li>The secondary offering facilitates the exit of large shareholders. Terumo also announced a buyback worth a maximum of JPY30 billion or 15 million shares.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 September (likely 10 September).</li>
</ul>



Terumo Corp (4543 JP) has announced a secondary offering of up to 73.2 million shares, worth JPY203 billion (US$1.4 billion) at the last close. 
The secondary offering facilitates the exit of large shareholders. Terumo also announced a buyback worth a maximum of JPY30 billion or 15 million shares.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and 12 September (likely 10 September).


Terumo (4543 JP): A US$1.4 Billion Secondary Offering

<ul>
<li>Sony price hikes in Japan to have a mild positive impact. The stock still looks attractive after positives from recent earnings seem to have been lost in the recent volatility.</li>
<li>PPIH continues to look attractive as a continued laggard as the market rotates out of the big retail/inbound winners such as Isetan Mitsukoshi.</li>
<li>7&amp;I clearly showing how anti-takeover they are effectively asking for Govt protection to ward off Canada’s Alimentation Couche-Tard takeover approach.</li>
</ul>


Sony price hikes in Japan to have a mild positive impact. The stock still looks attractive after positives from recent earnings seem to have been lost in the recent volatility.
PPIH continues to look attractive as a continued laggard as the market rotates out of the big retail/inbound winners such as Isetan Mitsukoshi.
7&amp;I clearly showing how anti-takeover they are effectively asking for Govt protection to ward off Canada’s Alimentation Couche-Tard takeover approach.


Japan Morning Connection: Sony, PPIH, 7&I

<ul>
<li>Estee Lauder continues to  underwhelm on its China strategy, making names with less country exposure such as Kose look increasingly attractive</li>
<li>While the 7&amp;I deal outcome remains highly  uncertain, NKY225 replacement candidates should see a lift in the short-term</li>
<li>This includes PPIH, which looks oversold after yesterdays negative price reaction to the Founder's 22 year old son being promoted to a non-exec director.</li>
</ul>


Estee Lauder continues to  underwhelm on its China strategy, making names with less country exposure such as Kose look increasingly attractive
While the 7&amp;I deal outcome remains highly  uncertain, NKY225 replacement candidates should see a lift in the short-term
This includes PPIH, which looks oversold after yesterdays negative price reaction to the Founder's 22 year old son being promoted to a non-exec director.


Japan Morning Connection: Kose, 7&I, PPIH

Japan

Nomura Research Institute, Ltd. provides information technology, research, consulting, and analyzing for business strategy decision-making.  The Company also provides application software for system operation services.

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Nomura Research Institute (4307 JP)

Sep24 Nikkei 225 Rebal - Last Minute Thoughts and Change in Predictions

The September Nikkei 225 rebalance is likely to be announced either today, tomorrow, or Thursday. I have adjusted my picks to go for 3 x 3. If I...

Travis Lundy

Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and...

Arun George

Japan Morning Connection: Sony, PPIH, 7&I

Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.

Andrew Jackson

Japan Morning Connection: Kose, 7&I, PPIH

Estee Lauder continues to struggle while those with less China exposure such as Kose look more attractive. Uncertainty over 7&I deal should lift...

Andrew Jackson

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sep24 Nikkei 225 Rebal - Last Minute Thoughts and Change in Predictions

The September Nikkei 225 rebalance is likely to be announced either today, tomorrow, or Thursday. I have adjusted my picks to go for 3 x 3. If I...

Travis Lundy

Japan Morning Connection: Record Defense Budget and Nikkei Rebalance Set to Boost Related Stocks

​News Intel may restructure/sell fab business, negative for Japanese SPE suppliers. Japan defense budget increase positive for related names....

Andrew Jackson

Terumo (4543 JP): A US$1.4 Billion Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 10 and...

Arun George

Japan Morning Connection: Sony, PPIH, 7&I

​Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.

Andrew Jackson

Japan Morning Connection: Kose, 7&I, PPIH

Estee Lauder continues to struggle while those with less China exposure such as Kose look more attractive. Uncertainty over 7&I deal should lift...

Andrew Jackson

News Intel may restructure/sell fab business, negative for Japanese SPE suppliers. Japan defense budget increase positive for related names....

Sony's stock remains attractive as a long, PPIH is a laggard worth considering, and 7&I seeks government protection against takeover.