Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/haier-electronics-group-co" target="_blank" data-smartkarma-citation="entities:4877:1" rel="noopener">Haier Electronics Group Co (1169 HK)</a> and <a href="https://www.smartkarma.com/entities/ping-an-healthcare-and-technology-company-limited" target="_blank" data-smartkarma-citation="entities:27008:1" rel="noopener">Ping An Healthcare and Technology Company Limited (1833 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a> and <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a>. Shorts increased in Financials and Health Care stocks, and decreased on Consumer Discretionary, Industrials, Communication Services, Information Technology and Real Estate names.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-building-fund-inc" target="_blank" data-smartkarma-citation="entities:1900:1" rel="noopener">Nippon Building Fund (8951 JP)</a>, <a href="https://www.smartkarma.com/entities/mercari-inc" target="_blank" data-smartkarma-citation="entities:27149:1" rel="noopener">Mercari Inc (4385 JP)</a> and <a href="https://www.smartkarma.com/entities/miura-co-ltd" target="_blank" data-smartkarma-citation="entities:20185:1" rel="noopener">Miura Co Ltd (6005 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-corp-aichi" target="_blank" data-smartkarma-citation="entities:12942:1" rel="noopener">Fuji Machine Mfg (6134 JP)</a>, <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a> and <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a>. Sectorally, shorts increased on Consumer Discretionary, Real Estate and Financials, while shorts were covered on Consumer Staples.</p></div><div><p>In Korea, the biggest increase in shorts were seen on <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-heavy-industries" target="_blank" data-smartkarma-citation="entities:10155:1" rel="noopener">Hyundai Heavy Industries (009540 KS)</a> and <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI (006400 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/amorepacific-corp" target="_blank" data-smartkarma-citation="entities:20854:1" rel="noopener">Amorepacific Corp (090430 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-chemicals-co-ltd-new" target="_blank" data-smartkarma-citation="entities:26190:1" rel="noopener">Sk Chemicals Co Ltd/New (285130 KS)</a>, <a href="https://www.smartkarma.com/entities/s-oil-corp" target="_blank" data-smartkarma-citation="entities:1667:1" rel="noopener">S Oil Corp (010950 KS)</a> and <a href="https://www.smartkarma.com/entities/hmm-co-ltd" target="_blank" data-smartkarma-citation="entities:13494:1" rel="noopener">HMM Co., Ltd. (011200 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a>, <a href="https://www.smartkarma.com/entities/wiwynn-corp" target="_blank" data-smartkarma-citation="entities:27838:1" rel="noopener">Wiwynn Corp (6669 TT)</a>, <a href="https://www.smartkarma.com/entities/acer-inc" target="_blank" data-smartkarma-citation="entities:15726:1" rel="noopener">Acer Inc (2353 TT)</a> and <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/century-iron-steel-indus" target="_blank" data-smartkarma-citation="entities:8853:1" rel="noopener">Century Iron &amp; Steel Indus (9958 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/formosa-petrochemical-corp" target="_blank" data-smartkarma-citation="entities:20875:1" rel="noopener">Formosa Petrochemical (6505 TT)</a>. </p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Ping An Insurance (H) (2318 HK), Alibaba Group (9988 HK), Haier Electronics Group Co (1169 HK) and Ping An Healthcare and Technology Company Limited (1833 HK) while there was short covering on Meituan (3690 HK), Tencent Holdings (700 HK), Sunny Optical (2382 HK) and AIA Group Ltd (1299 HK). Shorts increased in Financials and Health Care stocks, and decreased on Consumer Discretionary, Industrials, Communication Services, Information Technology and Real Estate names.In Japan, stocks that saw the most shorts were Itochu Corp (8001 JP), Nippon Building Fund (8951 JP), Mercari Inc (4385 JP) and Miura Co Ltd (6005 JP) while shorts decreased on Toshiba Corp (6502 JP), Fuji Machine Mfg (6134 JP), Casio Computer (6952 JP) and Ricoh Company Ltd (7752 JP). Sectorally, shorts increased on Consumer Discretionary, Real Estate and Financials, while shorts were covered on Consumer Staples.In Korea, the biggest increase in shorts were seen on Hyundai Motor Co (005380 KS), Hyundai Heavy Industries (009540 KS) and Samsung SDI (006400 KS) while shorts were covered on Amorepacific Corp (090430 KS), Sk Chemicals Co Ltd/New (285130 KS), S Oil Corp (010950 KS) and HMM Co., Ltd. (011200 KS). Stocks in Taiwan that saw the highest increase in shorts were Asustek Computer (2357 TT), Wiwynn Corp (6669 TT), Acer Inc (2353 TT) and Largan Precision (3008 TT) while shorts were covered on Unimicron Technology (3037 TT), Century Iron &amp; Steel Indus (9958 TT), Yageo Corporation (2327 TT) and Formosa Petrochemical (6505 TT). 

Asia Short Interest Weekly: Haier, Sunny Optical, Itochu, Mercari, Toshiba, HMM, Asustek, Acer

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<p>On 19 April I wrote about Ricoh's big buyback potential, saying the timing was right in <a href="https://www.smartkarma.com/insights/ricoh-s-big-buyback-potential-the-timing-is-right" target="_blank" data-smartkarma-citation="insights:38518" rel="noopener">Ricoh's BIG Buyback Potential - The Timing Is Right</a>. I followed up three weeks later with <a href="https://www.smartkarma.com/insights/ricoh-redux-get-long-vs-comps" target="_blank" data-smartkarma-citation="insights:39155" rel="noopener">Ricoh Redux:  Get Long Vs Comps</a> just before the earnings announcement which I expected would deliver on the share buyback. </p><p>We didn't get it. No buyback. And there was no earnings forecast for the year to March 2021. Talk in the meeting and presentation about how orders were OK but deliveries in Europe weren't because of the lockdown rules so who knew when things would come back to normal. The "new normal" of WFH had not made the outlook better. </p><p>The stock itself rose sharply despite the lack of guidance, but has since fallen back to below March 2020 "covid-crash" lows. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/165/504/original/Screenshot%202020-10-16%20at%2010.19.40%20AM.png?1602814817" class="editor-image img-responsive" data-smartkarma-image-id="165504"></figure></section><p>Since April 17 and May 8, TOPIX is up 13% and 12%, TOPIX Electrical Appliances is up 22.5% and 18.3%, and TOPIX Precision Instruments is up 16.1% and 19.0%. </p><p>Ricoh, on the other hand, is -9.4% and -12.8% now. </p><p>But the trade was to buy <a href="https://www.smartkarma.com/entities/ricoh-company-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Company Ltd (7752 JP)</a> against a basket of <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/konica-minolta-inc" target="_blank" data-smartkarma-citation="entities:17287:1" rel="noopener">Konica Minolta (4902 JP)</a>. That trade has done well at +26.2% and +19.6% in 23 weeks and 21 weeks respectively.  </p><p>The question is what does one do now.</p>

On 19 April I wrote about Ricoh's big buyback potential, saying the timing was right in Ricoh's BIG Buyback Potential - The Timing Is Right. I followed up three weeks later with Ricoh Redux:  Get Long Vs Comps just before the earnings announcement which I expected would deliver on the share buyback. We didn't get it. No buyback. And there was no earnings forecast for the year to March 2021. Talk in the meeting and presentation about how orders were OK but deliveries in Europe weren't because of the lockdown rules so who knew when things would come back to normal. The "new normal" of WFH had not made the outlook better. The stock itself rose sharply despite the lack of guidance, but has since fallen back to below March 2020 "covid-crash" lows. Since April 17 and May 8, TOPIX is up 13% and 12%, TOPIX Electrical Appliances is up 22.5% and 18.3%, and TOPIX Precision Instruments is up 16.1% and 19.0%. Ricoh, on the other hand, is -9.4% and -12.8% now. But the trade was to buy Ricoh Company Ltd (7752 JP) against a basket of Canon Inc (7751 JP) and Konica Minolta (4902 JP). That trade has done well at +26.2% and +19.6% in 23 weeks and 21 weeks respectively.  The question is what does one do now.

Ricoh (Reductively) - Reduced Bullishness So Take Off the Trade

Event-Driven

<p>Today after the close, <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Co Ltd (7752 JP)</a> is expected to announce its full-year results. </p><p>I do not normally repeat myself before an announcement, but here I have decided I need to pound the table a little harder. So I am reiterating my suggestion that the with or shortly after the results announcement will come the likely near-term announcement of the <em>next</em> Mid-Term Plan, and the announcement for how Ricoh will execute the ¥100bn capital return to shareholders from the last Mid-Term Plan results.</p><p>For the background, please read <a href="https://www.smartkarma.com/insights/ricoh-s-big-buyback-potential-the-timing-is-right" target="_blank" data-smartkarma-citation="insights:38518" rel="noopener">Ricoh's BIG Buyback Potential - The Timing Is Right</a>. </p><p>Given that the Board has already approved the ¥100bn capital return, and that return is almost 20% of current market cap and would be 25% of float, and close to one-third of <em>Real World Float, <strong>investors should not ignore the likely impact here. </strong></em></p>

Today after the close, Ricoh Co Ltd (7752 JP) is expected to announce its full-year results. I do not normally repeat myself before an announcement, but here I have decided I need to pound the table a little harder. So I am reiterating my suggestion that the with or shortly after the results announcement will come the likely near-term announcement of the next Mid-Term Plan, and the announcement for how Ricoh will execute the ¥100bn capital return to shareholders from the last Mid-Term Plan results.For the background, please read Ricoh's BIG Buyback Potential - The Timing Is Right. Given that the Board has already approved the ¥100bn capital return, and that return is almost 20% of current market cap and would be 25% of float, and close to one-third of Real World Float, investors should not ignore the likely impact here. 

<p>On the 27th of March, <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" data-smartkarma-citation="entities:15359:1" rel="noopener">Ricoh Co Ltd (7752 JP)</a> held an <a href="https://www.ricoh.com/IR/events/investors_meeting" target="_blank" rel="noopener">Investors Meeting</a>. There was discussion of how the company had gone through the pain of realizing how they were in real trouble, and then made significant efforts to change that. U</p><p>In the last two Mid-Term Plans (MTPs), called "Resurgent" and "Ignite", the company led by CEO "Jake" Yamashita undertook structural reform to create cost savings of ¥100bn (mostly fixing the sales structure in the US, cutting out HQ costs and using RPA ("Robotic Process Automation") everywhere, and streamlining in-house production). They also started cutting businesses which weren't delivering (or had been delivering losses). They announced they would stop supporting fraud-hit Ricoh India in late 2017 (a case which finally got resolved in early 2019), and then took impairments on Ikon and Mindshift in 2018, deciding to sell their <em>long</em>-held position (tied to Ricoh's founder) in <a href="https://www.smartkarma.com/entities/coca-cola-bottlers-japan" target="_blank" data-smartkarma-citation="entities:20051:1" rel="noopener">Coca Cola Bottlers Japan (2579 JP)</a> that year to help them smooth out the large losses. In May 2018 they sold Ricoh Logistics. That seemed to get them "over the hump" as Yamashita-san said then, and the growth strategy outlined in mid-2018 concentrated on industrial commercial printing and more features in MFPs to create a better "digital services business."</p><p><strong>In March this year, they announced they were going to sell 20% of <a href="https://www.smartkarma.com/entities/ricoh-leasing-co-ltd" target="_blank" data-smartkarma-citation="entities:9144:1" rel="noopener">Ricoh Leasing (8566 JP)</a></strong>to <a href="https://www.smartkarma.com/entities/mizuho-leasing-co-ltd" target="_blank" data-smartkarma-citation="entities:12780:1" rel="noopener">Mizuho Leasing Co (8425 JP)</a>, which would allow them to de-consolidate Ricoh Leasing, which completely changes the optics of Ricoh's consolidated debt. </p><p><strong>The company also gave a preview of the next Mid-Term Plan for FY20-22 called "Lift Off" which should be announced next month </strong>(and which Yamashita-san had previously previewed 1 November 2019). That will involve a lot more digital services. The company may be under more pressure from its long-time large shareholder activist Effissimo Capital Management. Effissimo first went substantial by reporting an 8.61% position, meant for "pure investment purposes" in early September 2015. They lifted that position to above 10% then eventually to the high teens, and on 13 August 2019 noted that they had lifted their position slightly, to 18.99%, but importantly were changing the purpose of their investment to "making important recommendations to management." Effissimo has ~US$1.5bn invested in the company at ¥1120 on average against Friday's close of ¥734, much of the position on margin with lenders.</p><p>The stock hit a 4+yr high in February this year, finally catching up to TOPIX when compared to the relative lows in mid 2016 (the chart below is equalized in terms of percentage changes in price). Then in March and early April fell to a 7-year low. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/466/original/Screenshot%202020-04-18%20at%2010.24.37%20PM.png?1587219926" class="editor-image img-responsive" data-smartkarma-image-id="128466"></figure><div style="text-align: left;" class="content-caption">source: tradingview.com, Quiddity</div><p>More importantly, it fell sharply vs TOPIX and whereas TOPIX has bounced, Ricoh has hardly moved. </p><p>Investor Day had been scheduled for a while, so it wasn't any disappointment with that, and what should have been <em>Confirmation of Good News</em> seems to have been largely ignored. That is possibly an error by market observers.</p><h2>The Confirmation of Good News</h2><p>In the Investor Day 2019 presentation on 19 April 2019, there was a slide noting the goal of the future capital structure which included returning capital to shareholders to the tune of ¥100bn. It had been a goal of the MTP which runs until this year, but that was presented with enough vagueness to still seem aspirational. In this year's slide deck, the company presented the same slide from the 2019 slide deck, but with an additional slide presenting cashflow sources and uses. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/128/467/original/Screenshot%202020-04-18%20at%2010.44.27%20PM.png?1587221108" class="editor-image img-responsive" data-smartkarma-image-id="128467"></figure><div style="text-align: left;" class="content-caption">source: Ricoh Investor Day Presentation 27 March 2020</div><p>In that slide (shown below) it shows a section for shareholder returns, including the return of ¥100bn generated during the Mid-Term Plan to FY19. I am the last person to draw lines on a chart in a presentation and assume that they should be taken at presented relative sizes, but the Q&amp;A provided a little clarity on how one should think about that ¥100bn created to FY19.</p><p>The Mizuho Leasing purchase of the Ricoh Leasing stake is scheduled to close in the next week or two, and fiscal year earnings are scheduled for 8 May 2020.</p><div class="content-highlight">
<p>Given where the stock is now, ¥100bn of returns to shareholders from the last Mid-Term Plan looks juicy. It is 18.8% of market cap. And if one looks at how that might be implemented, the impact looks even more interesting. </p>
<p>It sometimes helps to think like a card counter. </p>
<p>More below.</p>
</div>

On the 27th of March, Ricoh Co Ltd (7752 JP) held an Investors Meeting. There was discussion of how the company had gone through the pain of realizing how they were in real trouble, and then made significant efforts to change that. UIn the last two Mid-Term Plans (MTPs), called "Resurgent" and "Ignite", the company led by CEO "Jake" Yamashita undertook structural reform to create cost savings of ¥100bn (mostly fixing the sales structure in the US, cutting out HQ costs and using RPA ("Robotic Process Automation") everywhere, and streamlining in-house production). They also started cutting businesses which weren't delivering (or had been delivering losses). They announced they would stop supporting fraud-hit Ricoh India in late 2017 (a case which finally got resolved in early 2019), and then took impairments on Ikon and Mindshift in 2018, deciding to sell their long-held position (tied to Ricoh's founder) in Coca Cola Bottlers Japan (2579 JP) that year to help them smooth out the large losses. In May 2018 they sold Ricoh Logistics. That seemed to get them "over the hump" as Yamashita-san said then, and the growth strategy outlined in mid-2018 concentrated on industrial commercial printing and more features in MFPs to create a better "digital services business."In March this year, they announced they were going to sell 20% of Ricoh Leasing (8566 JP)to Mizuho Leasing Co (8425 JP), which would allow them to de-consolidate Ricoh Leasing, which completely changes the optics of Ricoh's consolidated debt. The company also gave a preview of the next Mid-Term Plan for FY20-22 called "Lift Off" which should be announced next month (and which Yamashita-san had previously previewed 1 November 2019). That will involve a lot more digital services. The company may be under more pressure from its long-time large shareholder activist Effissimo Capital Management. Effissimo first went substantial by reporting an 8.61% position, meant for "pure investment purposes" in early September 2015. They lifted that position to above 10% then eventually to the high teens, and on 13 August 2019 noted that they had lifted their position slightly, to 18.99%, but importantly were changing the purpose of their investment to "making important recommendations to management." Effissimo has ~US$1.5bn invested in the company at ¥1120 on average against Friday's close of ¥734, much of the position on margin with lenders.The stock hit a 4+yr high in February this year, finally catching up to TOPIX when compared to the relative lows in mid 2016 (the chart below is equalized in terms of percentage changes in price). Then in March and early April fell to a 7-year low. source: tradingview.com, QuiddityMore importantly, it fell sharply vs TOPIX and whereas TOPIX has bounced, Ricoh has hardly moved. Investor Day had been scheduled for a while, so it wasn't any disappointment with that, and what should have been Confirmation of Good News seems to have been largely ignored. That is possibly an error by market observers.The Confirmation of Good NewsIn the Investor Day 2019 presentation on 19 April 2019, there was a slide noting the goal of the future capital structure which included returning capital to shareholders to the tune of ¥100bn. It had been a goal of the MTP which runs until this year, but that was presented with enough vagueness to still seem aspirational. In this year's slide deck, the company presented the same slide from the 2019 slide deck, but with an additional slide presenting cashflow sources and uses. source: Ricoh Investor Day Presentation 27 March 2020In that slide (shown below) it shows a section for shareholder returns, including the return of ¥100bn generated during the Mid-Term Plan to FY19. I am the last person to draw lines on a chart in a presentation and assume that they should be taken at presented relative sizes, but the Q&amp;A provided a little clarity on how one should think about that ¥100bn created to FY19.The Mizuho Leasing purchase of the Ricoh Leasing stake is scheduled to close in the next week or two, and fiscal year earnings are scheduled for 8 May 2020.
Given where the stock is now, ¥100bn of returns to shareholders from the last Mid-Term Plan looks juicy. It is 18.8% of market cap. And if one looks at how that might be implemented, the impact looks even more interesting. 
It sometimes helps to think like a card counter. 
More below.


Ricoh's BIG Buyback Potential - The Timing Is Right

<div><p>The short notional in the market for the data released 18 February is US$24.74bn (up by US$460mm excluding FX movements) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a>. </p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> and <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a> <a href="https://www.smartkarma.com/entities/miramar-hotel-investment" target="_blank" rel="noopener" data-smartkarma-citation="entities:15014:1"></a>while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a>, <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1"></a><a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP)</a> and <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>. <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:14358:1"></a></p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/nikon-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:7117:1">Nikon Corp (7731 JP)</a>, <a href="https://www.smartkarma.com/entities/disco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:15817:1">Disco Corp (6146 JP)</a> and <a href="https://www.smartkarma.com/entities/kyushu-railway-company" target="_blank" rel="noopener" data-smartkarma-citation="entities:23609:1">Kyushu Railway Company (9142 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15003:1">Square Enix Holdings (9684 JP)</a>, <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:379:1">Sumco Corp (3436 JP)</a>, <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a> and <a href="https://www.smartkarma.com/entities/mercari-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:27149:1">Mercari Inc (4385 JP)</a>.  <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:18379:1"></a></p></div><div><p>Sectorally, short positions were increased in Consumer Discretionary (US$502m) and Financials (US$44m) while shorts were covered in Communication Services (US$84m), Health Care (US$41m) and Real Estate (US$26m).</p></div>

The short notional in the market for the data released 18 February is US$24.74bn (up by US$460mm excluding FX movements) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and Fast Retailing (9983 JP). Most shorted stocks as a percentage of free float are Anritsu Corp (6754 JP), Taiyo Yuden (6976 JP), Tokai Carbon (5301 JP) and Aruhi Corp (7198 JP) while the stocks with the highest days to cover are Vital Ksk Holdings (3151 JP), Katakura Industries (3001 JP), J Trust Co Ltd (8508 JP) and Itochu Corp (8001 JP). The largest increases in short notional over the week were Fast Retailing (9983 JP), Nikon Corp (7731 JP), Disco Corp (6146 JP) and Kyushu Railway Company (9142 JP) while shorts were covered in Square Enix Holdings (9684 JP), Sumco Corp (3436 JP), Leopalace21 Corp (8848 JP) and Mercari Inc (4385 JP).  Sectorally, short positions were increased in Consumer Discretionary (US$502m) and Financials (US$44m) while shorts were covered in Communication Services (US$84m), Health Care (US$41m) and Real Estate (US$26m).

Japan - Jump in Shorts Led By Fast Retailing (9983 JP)

Japan

RICOH COMPANY, LTD. manufactures and markets office automation equipment, electronic devices, and photographic instruments.  The Company's diverse product line includes facsimiles, image scanners, printers, digital cameras, and personal computers, as well as a full range of analog, digital, and color copiers. Ricoh operates with a network of sales offices and tie-ups worldwide.

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Ricoh Company Ltd (7752 JP)

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