Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Stick with restaurant group <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>, despite the elevated implied stub and NAV discount. And <a href="https://www.smartkarma.com/entities/genting-bhd" target="_blank" data-smartkarma-citation="entities:14210:1" rel="noopener">Genting Bhd (GENT MK)</a> craters on rights issue plan.</li>
<li>Preceding my comments on Colowide and Genting are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


Stick with restaurant group Colowide Co Ltd (7616 JP), despite the elevated implied stub and NAV discount. And Genting Bhd (GENT MK) craters on rights issue plan.
Preceding my comments on Colowide and Genting are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/baycurrent-inc" target="_blank" data-smartkarma-citation="entities:25985:1" rel="noopener">Baycurrent (6532 JP)</a> is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.</li>
<li>A curious development as EQT (barely) bumps indicative terms for <a href="https://www.smartkarma.com/entities/perpetual-ltd" target="_blank" data-smartkarma-citation="entities:599:1" rel="noopener">Perpetual Ltd (PPT AU)</a> in what appears to be a self destructing offer.</li>
<li>
<a href="https://www.smartkarma.com/entities/digital-garage-inc" target="_blank" data-smartkarma-citation="entities:13747:1" rel="noopener">Digital Garage (4819 JP)</a> is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.</li>
</ul>



Baycurrent (6532 JP) is very short-term, and it is not highly-convicted, but it is a warning of a short-term dip potential.
A curious development as EQT (barely) bumps indicative terms for Perpetual Ltd (PPT AU) in what appears to be a self destructing offer.

Digital Garage (4819 JP) is dirt cheap. Old Peak thinks so too and has taken a nearly 5% stake.


Last Week In Event SPACE: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

<ul>
<li>A double of dose of StubWorld this week: restaurant group <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>'s implied stub and NAV discount are elevated; but it's not that simple.</li>
<li>Preceding my comments on Colowide are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


A double of dose of StubWorld this week: restaurant group Colowide Co Ltd (7616 JP)'s implied stub and NAV discount are elevated; but it's not that simple.
Preceding my comments on Colowide are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Colowide Appears Stretched As Problem Child ATOM Underperforms

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 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

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)

StubWorld: Stay With Colowide (7616 JP); Bullet Dodged On Genting (GENT MK)

I might simply be inclined to (still) go outright long in Colowide here. And I would (still) be disinclined to set up the Genting stub here.

David Blennerhassett

Last Week In Event SPACE: Baycurrent, Perpetual, Digital Garage, Genesis/Vault, Seven & I, SoftBank

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Colowide Appears Stretched As Problem Child ATOM Underperforms

I might simply be inclined to go outright long in Colowide here. It is trading below its five-year averages and to a basket of peers. And the FY26...

David Blennerhassett

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

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52-week Range

Market Cap (USDm)

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