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 Jul 18th. The aggregated net margin trading position is USD17,250m.</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 Lasertec, Fujikura, Advantest, Sanrio, Ihi, Fast Retailing, Softbank, Seven &amp; I, Mitsubishi Ufj Financial, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 18th. The aggregated net margin trading position is USD17,250m.
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 Lasertec, Fujikura, Advantest, Sanrio, Ihi, Fast Retailing, Softbank, Seven &amp; I, Mitsubishi Ufj Financial, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Jul 18th): Lasertec, Fujikura, Advantest, Sanrio, Ihi, Fast Retailing

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" target="_blank" data-smartkarma-citation="entities:2765:1" rel="noopener">Ryohin Keikaku (7453 JP)</a>'s stock price has more than doubled this year and the increased market cap could now result in a global index inclusion.</li>
<li>
<a href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" target="_blank" data-smartkarma-citation="entities:2765:1" rel="noopener">Ryohin Keikaku (7453 JP)</a> has outperformed its peers by a BIG margin since its inclusion in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> in September 2024.</li>
<li>There appears to be significant positioning in the stock. Given the huge outperformance over the last few months, trim into strength.</li>
</ul>



Ryohin Keikaku (7453 JP)'s stock price has more than doubled this year and the increased market cap could now result in a global index inclusion.

Ryohin Keikaku (7453 JP) has outperformed its peers by a BIG margin since its inclusion in the Nikkei 225 (NKY INDEX) in September 2024.
There appears to be significant positioning in the stock. Given the huge outperformance over the last few months, trim into strength.


Ryohin Keikaku (7453 JP): Global Index Inclusion Likely in August

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

<ul>
<li>Muji continues its impressive growth streak both at home and abroad – sales in March alone rose 33% in Japan.</li>
<li>Muji has grown in part because of its ability to move into new categories, even cosmetics and food, possible because <strong>Muji's biggest asset is how well it is trusted</strong>.</li>
<li>The latest, with significant potential given inbound demand, is Muji Stay which includes its own hotels, rooms in other hotels and inns, as well as house rentals on Airbnb.</li>
</ul>


Muji continues its impressive growth streak both at home and abroad – sales in March alone rose 33% in Japan.
Muji has grown in part because of its ability to move into new categories, even cosmetics and food, possible because Muji's biggest asset is how well it is trusted.
The latest, with significant potential given inbound demand, is Muji Stay which includes its own hotels, rooms in other hotels and inns, as well as house rentals on Airbnb.


<ul>
<li>World may finally have found the key to real growth after years of trying to build a fashion retail business in shopping centres, but with limited success.</li>
<li>The big problem was that it didn’t have the supply chain skills to compete with the big retailers like Uniqlo and Adastria.</li>
<li>Buying the supplier that helped grow those same chains means World now has a real chance to enter the big leagues.</li>
</ul>


World may finally have found the key to real growth after years of trying to build a fashion retail business in shopping centres, but with limited success.
The big problem was that it didn’t have the supply chain skills to compete with the big retailers like Uniqlo and Adastria.
Buying the supplier that helped grow those same chains means World now has a real chance to enter the big leagues.


<ul>
<li>Ryohin Keikaku made a big splash in 2021 when it announced a sales target of ¥3 trillion by 2030, more than a six-fold increase. </li>
<li>Following a reshuffling of management, targets have been slashed but growth rates still remain impressive with a near doubling of sales by 2030.</li>
<li>At home, the push into food is working and at last, overseas markets are getting the attention they deserve. The next Uniqlo?</li>
</ul>


Ryohin Keikaku made a big splash in 2021 when it announced a sales target of ¥3 trillion by 2030, more than a six-fold increase. 
Following a reshuffling of management, targets have been slashed but growth rates still remain impressive with a near doubling of sales by 2030.
At home, the push into food is working and at last, overseas markets are getting the attention they deserve. The next Uniqlo?


Muji Growing Fast but Not to ¥3 Trillion by 2030

Japan

RYOHIN KEIKAKU CO., LTD. is a retailer and wholesaler of Mujirushi Ryohin brand products, which were originally a generic private-brand product.  The Company's product line includes knitwear, food, and household items

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Ryohin Keikaku (7453 JP)

JPX Margin Trading Weekly (Jul 18th): Lasertec, Fujikura, Advantest, Sanrio, Ihi, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Lasertec (6920 JP), Fujikura (5803 JP), Advantest (6857 JP),...

Ke Yan, CFA, FRM