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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lintec-corp" target="_blank" data-smartkarma-citation="entities:5564:1" rel="noopener">Lintec Corp (7966 JP)</a> has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).</li>
<li>The offering will enable <a href="https://www.smartkarma.com/entities/nippon-paper-industries-co-l" target="_blank" data-smartkarma-citation="entities:557:1" rel="noopener">Nippon Paper Industries Co L (3863 JP)</a>, the largest shareholder, to sell all its directly owned shares.</li>
<li>The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.</li>
</ul>



Lintec Corp (7966 JP) has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).
The offering will enable Nippon Paper Industries Co L (3863 JP), the largest shareholder, to sell all its directly owned shares.
The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.


Lintec (7966 JP): A US$0.7 Billion Secondary Offering

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Past Peak Rates - Equities continue upward trajectory;  9/11 SPX sectors  up as Tech leads; Yields down post weaker than expected ADP Employment; More China Measures for Economy </li>
<li>JAPAN. NKY Futures +0.2% vs Cash; USDJPY 146.3; MOF FY24 Budget ~30trillion, +10.7%YoY; BOJ Board Member: BOJ May normalize in 2024; Govt Extends Gasoline Subsidy Program</li>
<li>JAPAN X: Tokyo's Condo Prices Break Decades-Old Records, being fueled foreign buying spurred by weaker yen. Potential Boon for Tokyo Focused Developers-IF they can secure labor and keep GPM </li>
</ul>


OVERSEAS. Past Peak Rates - Equities continue upward trajectory;  9/11 SPX sectors  up as Tech leads; Yields down post weaker than expected ADP Employment; More China Measures for Economy 
JAPAN. NKY Futures +0.2% vs Cash; USDJPY 146.3; MOF FY24 Budget ~30trillion, +10.7%YoY; BOJ Board Member: BOJ May normalize in 2024; Govt Extends Gasoline Subsidy Program
JAPAN X: Tokyo's Condo Prices Break Decades-Old Records, being fueled foreign buying spurred by weaker yen. Potential Boon for Tokyo Focused Developers-IF they can secure labor and keep GPM 


Ohayo Japan|"Past Peak Rate" View Spur Equity Bid; JAPAN X: Tokyo's Condo Prices Reach Record High

<ul>
<li>OVERSEAS: US Equities start on a postive note with SPX, NDX, SOX all gaining; 10/11 SPX sectors rose; Tech lead as US Yields Fell; China Stocks Surged on Govt Measures</li>
<li>JAPAN: NKY Futures +0.4% vs Cash; USDJPY 146.5; NKY records strongest day in Aug; JP Retail turn net buyers; Companies Make promises to boost share px; H2A Rocket Launch Delayed</li>
<li>JAPAN X:  Idemitsu Kosan Prepares for All-Solid-State Battery Era with Production Boost. All is is being driven by Toyota-which is leading to way to commercialization of solid state batteries. </li>
</ul>


OVERSEAS: US Equities start on a postive note with SPX, NDX, SOX all gaining; 10/11 SPX sectors rose; Tech lead as US Yields Fell; China Stocks Surged on Govt Measures
JAPAN: NKY Futures +0.4% vs Cash; USDJPY 146.5; NKY records strongest day in Aug; JP Retail turn net buyers; Companies Make promises to boost share px; H2A Rocket Launch Delayed
JAPAN X:  Idemitsu Kosan Prepares for All-Solid-State Battery Era with Production Boost. All is is being driven by Toyota-which is leading to way to commercialization of solid state batteries. 


Ohayo Japan| Equities Start on a Positive Note; JAPAN X: Idemitsu Ramps Up for Solid State Batteries

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

Shenton Research

Shenton 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 Aug 14th. The aggregated net margin trading position is USD27,503m.</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 Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 14th. The aggregated net margin trading position is USD27,503m.
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 Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.


JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

<ul>
<li>OVERSEAS. Fitch downgrade spurs risk off as S&amp;P 500 and Nasdaq 100 sold off;  US Treasuries sold off as well, but note new Treasury issuance are indeed coming </li>
<li>JAPAN. NKY  Futures -1.1% vs cash; USDJPY 143.4;  Japan had most of the selling yesterday but could see some follow-through;  EARNINGS; TDK, Sumi Elect misses; TOB: Itochu takes CTC private</li>
<li>NUGGET. ANA(9202) to begin offsetting GHG via the purchase of carbon credits. We estimate that if DAC  removes 10% of its emissions, 70% of OP will disappear!  Bears watching. </li>
</ul>


OVERSEAS. Fitch downgrade spurs risk off as S&amp;P 500 and Nasdaq 100 sold off;  US Treasuries sold off as well, but note new Treasury issuance are indeed coming 
JAPAN. NKY  Futures -1.1% vs cash; USDJPY 143.4;  Japan had most of the selling yesterday but could see some follow-through;  EARNINGS; TDK, Sumi Elect misses; TOB: Itochu takes CTC private
NUGGET. ANA(9202) to begin offsetting GHG via the purchase of carbon credits. We estimate that if DAC  removes 10% of its emissions, 70% of OP will disappear!  Bears watching. 


Ohayo Japan|Fitch Downgrade Spurs Global Risk Off; NUGGET: ANA(+JAL) - Direct Air Capture, Not Cheap

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Lintec (7966 JP): A US$0.7 Billion Secondary Offering

The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements...

Arun George

Ohayo Japan|"Past Peak Rate" View Spur Equity Bid; JAPAN X: Tokyo's Condo Prices Reach Record High

Weaker ADP Employment drives Past Peak Rate Bid; NKY Futures +0.2% vs Cash; USDJPY 146.3; MOF FY24 Budget ~30trillion, +10.7%YoY; BOJ Board Member:...

Mark Chadwick

Ohayo Japan| Equities Start on a Positive Note; JAPAN X: Idemitsu Ramps Up for Solid State Batteries

US Equities start on postiive note; NKY Futures +0.4% vs Cash; USDJPY 146.5; NKY records strongest day in Aug; JP Retail turn net buyers; JP...

Mark Chadwick

JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), IHI (7013 JP), Tokio...

Ke Yan, CFA, FRM

Ohayo Japan|Fitch Downgrade Spurs Global Risk Off; NUGGET: ANA(+JAL) - Direct Air Capture, Not Cheap

Fitch downgrade spurs risk off; NKY Futures -1.1% vs cash; USDJPY 143.4; Japan likely sees some follow-through on yesterday's sell-off; ...

Mark Chadwick

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