Highly Differentiated Ideas and Insights, Made in Japan

Made in Japan

Highly Differentiated Ideas and Insights

The mission of MIJ is to become your field guide to Business and Investing in Japan. My goal is to make businesses in Japan more accessible to everyone by breaking down cultural barriers and provide differentiated ideas and insights.

Thematic (Sector/Industry)

<ul><li>It’s been no secret that Japan has not been the most technologically forward society in the world…</li><li>As a consumer, it was only a few years ago you’d be carrying hard cash to pay for most things as many shops wouldn’t let you pay with your card.</li><li>If you’re an employee, the chances are that your office is still using a fax in one capacity or another. </li></ul>

It’s been no secret that Japan has not been the most technologically forward society in the world…As a consumer, it was only a few years ago you’d be carrying hard cash to pay for most things as many shops wouldn’t let you pay with your card.If you’re an employee, the chances are that your office is still using a fax in one capacity or another. 

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.</li>
<li>Japan may be the most surprising with relatively high growth and relative to last year. </li>
<li>Indonesia moves from strength to strength, where India loan growth is high, but less so.</li>
</ul>


Thailand, Macau and Hong Kong report negative loan growth in monthly HFD data.
Japan may be the most surprising with relatively high growth and relative to last year. 
Indonesia moves from strength to strength, where India loan growth is high, but less so.


Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

<ul>
<li>Japan's domestic credit growth is now running at 4.2% YoY in the latest month in February 2024. </li>
<li>The slope of Japan's domestic credit growth is greater than all developed Asia Pacific peer countries.</li>
<li>Weaker JPY can further raise interest in tourism, and USD translation of earnings for megabanks.</li>
</ul>


Japan's domestic credit growth is now running at 4.2% YoY in the latest month in February 2024. 
The slope of Japan's domestic credit growth is greater than all developed Asia Pacific peer countries.
Weaker JPY can further raise interest in tourism, and USD translation of earnings for megabanks.


Japan - Domestic Credit Growth Acceleration Higher Than Developed Asian Countries

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/k-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:36073:1" rel="noopener">K Bank (279570 KS)</a> raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



K Bank (279570 KS) raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.
K Bank is one of three Internet-only banks in Korea. It provides a full range of commercial banking products and services.
In this note, we will talk about the lockup dynamics and possible placement.


Aequitas Kbank Lockup Expiry - Most Investors Will Be Out of Lockup, as 23% of Stock Is Released

<ul>
<li>There is no easy way to gather duration data of securities held by Japan's regional banks</li>
<li>In IR material of the largest 8 regional banks, Resona and Chiba stand out, at opposite ends</li>
<li>On blunt equity/assets SBI Sumishin Net Bank stands out at only 1.5%</li>
</ul>


There is no easy way to gather duration data of securities held by Japan's regional banks
In IR material of the largest 8 regional banks, Resona and Chiba stand out, at opposite ends
On blunt equity/assets SBI Sumishin Net Bank stands out at only 1.5%


Resona & Chiba - Duration Longest at Resona, Shortest at Chiba, Implications for YCC Relief

Japan

SBI Sumishin Net Bank, Ltd. offers general banking services. The Company provides transfer accounts, deposits, currency savings, mortgages, net loans, investment trusts, insurance products, and other banking services. SBI Sumishin Net Bank offers services to individuals and businesses.

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SBI Sumishin Net Bank (7163 JP)

Why I think Japanese SaaS is undervalued

It’s been no secret that Japan has not been the most technologically forward society in the world…As a consumer, it was only a few years ago you’d...

Made in Japan

Global Credit Growth - Thailand, Macau, HK Report Negative Loan Growth, Japan, Indonesia Shine

Global credit growth data on a monthly basis, shows a vast range of cycles, with Thailand, Macau and HK the worse off. Japan, Taiwan, Indonesia...

Daniel Tabbush

Japan - Domestic Credit Growth Acceleration Higher Than Developed Asian Countries

Japan bank's domestic credit growth is stronger than most others in developed Asia, and the pace of growth is far stronger now compared with early...

Daniel Tabbush

Aequitas Kbank Lockup Expiry - Most Investors Will Be Out of Lockup, as 23% of Stock Is Released

K Bank (279570 KS) raised around US$340m in its South Korean IPO in March 2026. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

Resona & Chiba - Duration Longest at Resona, Shortest at Chiba, Implications for YCC Relief

With rising yields on 10 year JGBs and on 1 year JGBs it is worth re-visting the stand outs in duration, Resona and Chiba.

Daniel Tabbush

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