Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Palantir +24% as AI demand shows no signs of a slow down.</li>
<li>SMCI giving a business update to help one of Japan's worst tech performers?</li>
<li>Estee Lauder -16% as its Asian travel retail business continues to falter setting a bad tone for Shiseido and Kose.</li>
</ul>


Palantir +24% as AI demand shows no signs of a slow down.
SMCI giving a business update to help one of Japan's worst tech performers?
Estee Lauder -16% as its Asian travel retail business continues to falter setting a bad tone for Shiseido and Kose.


Japan Morning Connection: Big Capex Guidance from Alphabet a Positive for Semicap Related

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Equity Bottom-Up

<ul>
<li>More than 40 potential turnaround stocks will report Q3 results in the coming weeks. </li>
<li>The average spread between the lowest and highest street estimate for the stocks on our target list is a gaping 45%. This doesn't mean what most people think it means.</li>
<li>Rohm, Taiyo Yuden, Yamato, Hamamatsu, JFE, Tsuruha look nice, but we pass on Shiseido and Mazda.</li>
</ul>


More than 40 potential turnaround stocks will report Q3 results in the coming weeks. 
The average spread between the lowest and highest street estimate for the stocks on our target list is a gaping 45%. This doesn't mean what most people think it means.
Rohm, Taiyo Yuden, Yamato, Hamamatsu, JFE, Tsuruha look nice, but we pass on Shiseido and Mazda.


Unloved Japan Roundup: Don't Panic Ahead of Q3 Results Rush

<ul>
<li>Japan saw big gains for SPE in the last 15 mins of trading on the TSMC capex outlook which should continue today.</li>
<li>Luxury names got a shot in the arm from Richemont numbers overnight so likes of Shiseido and Kose  may see a knee jerk higher.</li>
<li>Nintendo looks to have largely priced in the Switch 2, but upside remains for component makers.</li>
</ul>


Japan saw big gains for SPE in the last 15 mins of trading on the TSMC capex outlook which should continue today.
Luxury names got a shot in the arm from Richemont numbers overnight so likes of Shiseido and Kose  may see a knee jerk higher.
Nintendo looks to have largely priced in the Switch 2, but upside remains for component makers.


Japan Morning Connection: US Semi-Capex Names Higher on TSMC Numbers...more for JP Also?

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.

Equity Capital Markets

Mao Geping Cosmetics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mao-geping-cosmetics-co-ltd" target="_blank" data-smartkarma-citation="entities:41297:1" rel="noopener">Mao Geping Cosmetics</a> raised around US$345m in its Hong Kong IPO.</li>
<li>Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO.
Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Operating via its two brands, MAOGEPING and Love Keeps, MGC offers a wide range of color cosmetics and skincare products.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the trading dynamics.


Mao Geping Cosmetics IPO Trading - Highest Demand for This Year

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  the deal flow doesn't seem to be slowing down much into the year end. The coming two weeks will see some of the past IPOs listing.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a>'s block trade was hogging all of the limelight this week. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  the deal flow doesn't seem to be slowing down much into the year end. The coming two weeks will see some of the past IPOs listing.
On the placements front, Goodman Group (GMG AU)'s block trade was hogging all of the limelight this week. 


ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

Japan

Shiseido Company, Limited manufactures cosmetic and toiletry products. The Company offers an array of makeup and skin-care products, toiletries, beauty salon, pharmaceuticals, foodstuffs, and fine chemicals.

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Shiseido Company (4911 JP)

Unloved Japan Roundup: Don't Panic Ahead of Q3 Results Rush

Over 40 potential turnaround stocks set to report Q3 results with a 45% spread in estimates, some companies like Rohm and JFE look promising while...

Michael Allen

Japan Morning Connection: US Semi-Capex Names Higher on TSMC Numbers...more for JP Also?

Gains due to positive outlook from TSMC should continue today, Richemont numbers may see Shiseido and Kose higher, component makers for Nintendo...

Andrew Jackson

Mao Geping Cosmetics IPO Trading - Highest Demand for This Year

Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO, after pricing at the top-end and upsizing the deal. In this note, we talk about...

Sumeet Singh

ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Big Capex Guidance from Alphabet a Positive for Semicap Related

​Palantir surges on continuing high demand for AI. Estee Lauder sets a bad tone for Shiseido and Kose. Will SMCI business update aid the struggling...

Andrew Jackson

Unloved Japan Roundup: Don't Panic Ahead of Q3 Results Rush

​Over 40 potential turnaround stocks set to report Q3 results with a 45% spread in estimates, some companies like Rohm and JFE look promising while...

Michael Allen

Japan Morning Connection: US Semi-Capex Names Higher on TSMC Numbers...more for JP Also?

Gains due to positive outlook from TSMC should continue today, Richemont numbers may see Shiseido and Kose higher, component makers for Nintendo...

Andrew Jackson

Mao Geping Cosmetics IPO Trading - Highest Demand for This Year

Mao Geping Cosmetics raised around US$345m in its Hong Kong IPO, after pricing at the top-end and upsizing the deal. In this note, we talk about...

Sumeet Singh

ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Palantir surges on continuing high demand for AI. Estee Lauder sets a bad tone for Shiseido and Kose. Will SMCI business update aid the struggling...

Over 40 potential turnaround stocks set to report Q3 results with a 45% spread in estimates, some companies like Rohm and JFE look promising while...