Asia Pac ECM and Index Rebal, DZT 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 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

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 17th. The aggregated net margin trading position is USD18,404m.</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 IHI, Kobe Bussan, Advantest, Disco, Mitsubishi Heavy Industries, SoftBank, Fujikura, Mitsubishi UFJ Financial, Recruit, Furukawa Electric, Ihi, Kobe Bussan, Advantest, Disco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 17th. The aggregated net margin trading position is USD18,404m.
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 IHI, Kobe Bussan, Advantest, Disco, Mitsubishi Heavy Industries, SoftBank, Fujikura, Mitsubishi UFJ Financial, Recruit, Furukawa Electric, Ihi, Kobe Bussan, Advantest, Disco.


JPX Margin Trading Weekly (Oct 17th): IHI, Kobe Bussan, Advantest, Disco

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

When <a href="https://www.smartkarma.com/entities/colowide-co-ltd" target="_blank" data-smartkarma-citation="entities:13967:1" rel="noopener">Colowide Co Ltd (7616 JP)</a> launched its Tender Offer for <a href="https://www.smartkarma.com/entities/ootoya-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7329:1" rel="noopener">OOTOYA Holdings (2705 JP)</a> back in July, the attempt was to get to board control. Colowide only got to 46+% but at an EGM held earlier this month, they spilled the board and put their own in. My premise for selling at the time was that the stock was - even without thinking of covid effects - expensive at the terms proposed, so that if the Tender went through, the shares would fall afterwards, and there was a non-negligible chance the tender did not go through because the Ootoya kabunushi yutai (shareholder benefit) program was reasonably generous. At the time, I argued that the right trade for those who wanted the yutai program to continue was perhaps to sell their shares into the tender and buy Colowide instead, because their kabunushi yutai program was much more generous. From that point, Ootoya fell 35+% and even at a three-month low, Colowide has gained 14% (though from when I wrote that through end-Sep, Colowide was up 50% at times). New news out yesterday improves the chances Ootoya will see its shares bid up again.

When Colowide Co Ltd (7616 JP) launched its Tender Offer for OOTOYA Holdings (2705 JP) back in July, the attempt was to get to board control. Colowide only got to 46+% but at an EGM held earlier this month, they spilled the board and put their own in. My premise for selling at the time was that the stock was - even without thinking of covid effects - expensive at the terms proposed, so that if the Tender went through, the shares would fall afterwards, and there was a non-negligible chance the tender did not go through because the Ootoya kabunushi yutai (shareholder benefit) program was reasonably generous. At the time, I argued that the right trade for those who wanted the yutai program to continue was perhaps to sell their shares into the tender and buy Colowide instead, because their kabunushi yutai program was much more generous. From that point, Ootoya fell 35+% and even at a three-month low, Colowide has gained 14% (though from when I wrote that through end-Sep, Colowide was up 50% at times). New news out yesterday improves the chances Ootoya will see its shares bid up again. 

Ootoya - Watch Out For Upside on New Yutai Policy

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/oisix-ra-daichi-inc" target="_blank" data-smartkarma-citation="entities:10145:1" rel="noopener">Oisix ra daichi (3182 JP)</a> has managed to grow rapidly during the pandemic and make a much improved profit at the same time. The business remains small compared to supermarkets, but has a unique position as the only pureplay retailer for fresh foods. This has attracted new partners, the latest of which are Ootoya and Ebay's Qoo10.
Given current momentum to buy food online, even if competitors are also expanding, Oisix has now updated its forecasts, expecting sales to hit ¥90 billion, a 15.4% increase with operating profit coming in at ¥5 billion.

Oisix ra daichi (3182 JP) has managed to grow rapidly during the pandemic and make a much improved profit at the same time. The business remains small compared to supermarkets, but has a unique position as the only pureplay retailer for fresh foods. This has attracted new partners, the latest of which are Ootoya and Ebay's Qoo10.
Given current momentum to buy food online, even if competitors are also expanding, Oisix has now updated its forecasts, expecting sales to hit ¥90 billion, a 15.4% increase with operating profit coming in at ¥5 billion.

Oisix Thrives in Crisis, Ties with Ootoya

David Blennerhassett

Last Week in Event SPACE: Vedanta, Cardinal Res., Japan Retail Fund, HSBC, Opticomm, Tiffany/LVMH

Japan

OOTOYA, Holdings Co., Ltd. operates a restaurant chain which serves Japanese set meals.  The Company operates its own restaurants based in Kanto.

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OOTOYA Holdings (2705 JP)

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

JPX Margin Trading Weekly (Oct 17th): IHI, Kobe Bussan, Advantest, Disco

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Kobe Bussan (3038 JP), Advantest (6857 JP), Disco...

Ke Yan, CFA, FRM

Ootoya - Watch Out For Upside on New Yutai Policy

Ootoya fell sharply after the Tender Offer by Colowide. A new kabunushi yutai policy raises the effective dividend yield substantially. This should...

Travis Lundy

Oisix Thrives in Crisis, Ties with Ootoya

Oisix Ra Daichi is a quality brand in a nascent market: online food retailing where e-commerce has less than 3% share. It is a huge prize and...

Michael Causton

Last Week in Event SPACE: Vedanta, Cardinal Res., Japan Retail Fund, HSBC, Opticomm, Tiffany/LVMH

Last Week in Event SPACE ... Plus, other events, CCASS movements and Mood Spins. (This insight covers specific insights & comments...

David Blennerhassett

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