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 Jun 12th. The aggregated net margin trading position is USD29,582m.</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, Disco, Advantest, Lasertec, Skylark, Murata Manufacturing, Iida, JX Advanced Metals, Hitachi, McDonald's.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 12th. The aggregated net margin trading position is USD29,582m.
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, Disco, Advantest, Lasertec, Skylark, Murata Manufacturing, Iida, JX Advanced Metals, Hitachi, McDonald's.


JPX Margin Trading Weekly (Jun 12th): Kioxia, Disco, Advantest, Lasertec, Skylark, Iida, Hitachi

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 5th. The aggregated net margin trading position is USD32,394m.</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, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial, Fast Retailing, Lasertec, Mitsui Mining &amp; Smelting, Sumitomo Mitsui Financial, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 5th. The aggregated net margin trading position is USD32,394m.
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, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial, Fast Retailing, Lasertec, Mitsui Mining &amp; Smelting, Sumitomo Mitsui Financial, Toyota Motor.


JPX Margin Trading Weekly (Jun 5th): Kioxia, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For May 2026, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$15bn.
The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A [May 2026 Wrap]: Vault Minerals, Kakaku.com, Nippon Dry Chemical, Paltac Corporation

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 22nd. The aggregated net margin trading position is USD28,591m.</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, Fujikura, Mitsubishi UFJ Financial, SoftBank, Tokyo Kiraboshi Financial, Advantest, Fast Retailing, Sumitomo Mitsui Financial, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 22nd. The aggregated net margin trading position is USD28,591m.
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, Fujikura, Mitsubishi UFJ Financial, SoftBank, Tokyo Kiraboshi Financial, Advantest, Fast Retailing, Sumitomo Mitsui Financial, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (May 22nd): Kioxia, Fujikura, Mitsubishi UFJ Financial, SoftBank

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.

<ul>
<li>I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/skyworth-group-limited" target="_blank" data-smartkarma-citation="entities:10941:1" rel="noopener">Skyworth (751 HK)</a>, <a href="https://www.smartkarma.com/entities/qoria-ltd" target="_blank" data-smartkarma-citation="entities:30531:1" rel="noopener">Qoria (QOR AU)</a>, <a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a>, <a href="https://www.smartkarma.com/entities/enn-energy-holdings-limited" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a>, <a href="https://www.smartkarma.com/entities/changhong-jiahua-holdings-ltd" target="_blank" data-smartkarma-citation="entities:5849:1" rel="noopener">Changhong Jiahua (3991 HK)</a>, <a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a>, <a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a>.
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/australian-strategic-materials" target="_blank" data-smartkarma-citation="entities:30815:1" rel="noopener">Australian Strategic Materials (ASM AU)</a>, <a href="https://www.smartkarma.com/entities/taiyo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15154:1" rel="noopener">Taiyo Holdings (4626 JP)</a>, <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a>, <a href="https://www.smartkarma.com/entities/toho-titanium-co-ltd" target="_blank" data-smartkarma-citation="entities:12709:1" rel="noopener">Toho Titanium (5727 JP)</a>, <a href="https://www.smartkarma.com/entities/e-grand-co-ltd" target="_blank" data-smartkarma-citation="entities:1821:1" rel="noopener">E'grand Co Ltd (3294 JP)</a>, <a href="https://www.smartkarma.com/entities/global-ltd-the" target="_blank" data-smartkarma-citation="entities:9672:1" rel="noopener">Global Ltd/The (3271 JP)</a>. 
</li>
</ul>


I summarise the latest spreads and newsflow for the merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
Highest spreads: Skyworth (751 HK), Qoria (QOR AU), European Lithium (EUR AU), ENN Energy (2688 HK), Changhong Jiahua (3991 HK), Humm Group (HUM AU), oOh!Media Ltd (OML AU).

Lowest spreads: Australian Strategic Materials (ASM AU), Taiyo Holdings (4626 JP), Sankei Real Estate (2972 JP), Toho Titanium (5727 JP), E'grand Co Ltd (3294 JP), Global Ltd/The (3271 JP). 



Merger Arb Mondays (11 May) - Altas, European Lithium, Atlantic Lithium, Vault, Emmerson, Shengmu

Japan

SANKEI REAL ESTATE Inc. operates as an investment company. The Company mainly invests in real estate development industries. SANKEI REAL ESTATE offers services in Japan.

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Sankei Real Estate (2972 JP)

JPX Margin Trading Weekly (Jun 12th): Kioxia, Disco, Advantest, Lasertec, Skylark, Iida, Hitachi

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia, Disco, Advantest, Lasertec, Skylark, Murata...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jun 5th): Kioxia, SoftBank, Disco, Ibiden, Mitsubishi UFJ Financial

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Disco (6146 JP), Ibiden...

Ke Yan, CFA, FRM

Asia-Pac M&A [May 2026 Wrap]: Vault Minerals, Kakaku.com, Nippon Dry Chemical, Paltac Corporation

The average premium for the new transactions announced (or first discussed) in May was ~57%, and a year-to-date average of 48%.

David Blennerhassett

JPX Margin Trading Weekly (May 22nd): Kioxia, Fujikura, Mitsubishi UFJ Financial, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Fujikura (5803 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

Merger Arb Mondays (11 May) - Altas, European Lithium, Atlantic Lithium, Vault, Emmerson, Shengmu

The Ontario Teachers’ ROFO acceptance period has expired. While the Board is exploring other opportunities, the Takeover Panel notes “that there...

Arun George

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