Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TSE Tokyo Price Index TOPIX / Event-Driven

<ul>
<li>On 8 May I wrote <a href="https://www.smartkarma.com/insights/japan-flow-foreign-investor-inflows-may-increase" target="_blank" data-smartkarma-citation="insights:101617" rel="noopener">JAPAN FLOW: Foreign Investor Inflows May Increase</a>.  Since the data used in that insight, TSE data shows net foreign buying of ¥3.5trln+. </li>
<li>Investor flows appear to work in patterns which are correlated to TOPIX gains and outperformance vs S&amp;P500. </li>
<li>The history of autocorrelation of net buying suggests while the current streak may end, a four week average of net buys could remain positive for a while. </li>
</ul>


On 8 May I wrote JAPAN FLOW: Foreign Investor Inflows May Increase.  Since the data used in that insight, TSE data shows net foreign buying of ¥3.5trln+. 
Investor flows appear to work in patterns which are correlated to TOPIX gains and outperformance vs S&amp;P500. 
The history of autocorrelation of net buying suggests while the current streak may end, a four week average of net buys could remain positive for a while. 


JAPAN FLOW: Foreign Investor Inflows Increased; Next Is Foreigners Vs Buybacks Vs GPIF

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

<ul>
<li>2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.</li>
<li>We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. </li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest number of IPOs and placements.
We ended 2022 with an accuracy rate of 74.6% across 55 IPOs that we covered and 70.5% across 78 placements. 
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.</li>
<li>JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.</li>
<li>Quantum names all strong on good numbers, but will Socionext catch on this time?</li>
</ul>


Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.
JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.
Quantum names all strong on good numbers, but will Socionext catch on this time?


Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

<ul>
<li>Marvell's bullish guidance sets strong tone for ASIC with revs set to rise 4x by next year.</li>
<li>Reports that the Trump admin is going to issue executive orders for robotics firms will help Japanese FA.</li>
<li>Microchip Tech numbers will continue to buoy industrial and component names even after yesterdays strength.</li>
</ul>


Marvell's bullish guidance sets strong tone for ASIC with revs set to rise 4x by next year.
Reports that the Trump admin is going to issue executive orders for robotics firms will help Japanese FA.
Microchip Tech numbers will continue to buoy industrial and component names even after yesterdays strength.


Japan Morning Connection: Power/Industrial Semi Strength Offsets Relative Weakness for Tech Big Guns

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>Since the announcement of the US$0.8 billion secondary offering, <a href="https://www.smartkarma.com/entities/toyoda-gosei-co-ltd" target="_blank" data-smartkarma-citation="entities:20125:1" rel="noopener">Toyoda Gosei (7282 JP)</a>’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.</li>
<li>The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.</li>
</ul>


Since the announcement of the US$0.8 billion secondary offering, Toyoda Gosei (7282 JP)’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda's share decline is better than the median of recent large placements.
The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.


Toyoda Gosei (7282 JP): The Current Playbook

Japan

Socionext Inc. designs, develops, and provides SoC (system on chip) solutions and services. The Company offers digital broadcast demodulation solution, video interface conversion solution, imaging solution, engine and accelerator solution, industrial connected solution, and more. Socionext serves customers in consumer, automotive, industrial, and other fields.

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Socionext (6526 JP)

JAPAN FLOW: Foreign Investor Inflows Increased; Next Is Foreigners Vs Buybacks Vs GPIF

Foreign Investor Flows in Japan matter. They always matter, and recently, more foreign investor flow has mattered more. History shows there is room...

Travis Lundy

Aequitas 2022 IPOs and Placements Performance Review - From the Busiest Year to the Slowest Year

2022 marked our seventh year covering Equity Capital Markets (ECM) in Asia Pacific. 2022 was rather quiet ending with us covering one of the lowest...

Sumeet Singh

Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

A rotation back towards larger cap names and Memory made a bit of a comeback after a few down days. Quantum computing names are back in favor after...

Andrew Jackson

Japan Morning Connection: Power/Industrial Semi Strength Offsets Relative Weakness for Tech Big Guns

Calls for an end of year rally growing, especially for tech. Some excitement for all things robot related. Could be room for Japanese FA laggards...

Andrew Jackson

Toyoda Gosei (7282 JP): The Current Playbook

The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.

Arun George

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