Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS:  SPX -0.6% as Tech leads Tuesday's decline; Inflation concerns continue to weigh; UAW vs Detroit Big 3 discussion continue - strike deadline draws close; Fund managers avoid China. </li>
<li>JAPAN:  NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day - changes in Defense and Foreign Affairs; GTX engine issue shocks Japanese partners;  Street upgrade Galore !</li>
<li>JAPAN X: Reports are that SoftBank is Explores New York Listing for PayPay Amid Rising Tech Valuations. With ARM (effectively) done and dusted, Softie likely turns to a PayPay listing</li>
</ul>


OVERSEAS:  SPX -0.6% as Tech leads Tuesday's decline; Inflation concerns continue to weigh; UAW vs Detroit Big 3 discussion continue - strike deadline draws close; Fund managers avoid China. 
JAPAN:  NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day - changes in Defense and Foreign Affairs; GTX engine issue shocks Japanese partners;  Street upgrade Galore !
JAPAN X: Reports are that SoftBank is Explores New York Listing for PayPay Amid Rising Tech Valuations. With ARM (effectively) done and dusted, Softie likely turns to a PayPay listing


Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank's ARM Done(Almost), PayPay IPO Next?

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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.</li>
<li>There were only a few placement this week, but what the lacked in volume they made up for in size. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, things are getting busy again with multiple deals live across the region, whic his a refreshing change from the slow start in the first half.
There were only a few placement this week, but what the lacked in volume they made up for in size. 


ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>SoftBank’s internal transaction acquiring the 25% Arm stake held by SVF1 valued Arm at USD64bn; the IPO valuation range is from USD48bn to USD52bn</li>
<li>This valuation range implies an Nvidia-like price to prospective 2024E sales multiple range of 22x-25x; the prospectus reveals risks with Arm China, and confirms its lacklustre revenue and earnings growth</li>
<li>Given SoftBank’s largely negative track record on the after-market performance of its investee companies IPOs and SPOs; we expect further downside to SoftBank’s share price</li>
</ul>


SoftBank’s internal transaction acquiring the 25% Arm stake held by SVF1 valued Arm at USD64bn; the IPO valuation range is from USD48bn to USD52bn
This valuation range implies an Nvidia-like price to prospective 2024E sales multiple range of 22x-25x; the prospectus reveals risks with Arm China, and confirms its lacklustre revenue and earnings growth
Given SoftBank’s largely negative track record on the after-market performance of its investee companies IPOs and SPOs; we expect further downside to SoftBank’s share price


SoftBank Group (9984 JP); Arm IPO, Priced for Disappointment

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/country-garden-holdings-co' target='_blank' rel='noopener'>Country Garden Holdings Co</a></li><li><a href='/entities/hopson-development-holdings' target='_blank' rel='noopener'>Hopson Development</a></li><li><a href='/entities/greentown-china-holdings' target='_blank' rel='noopener'>Greentown China</a></li><li><a href='/entities/renew-energy-global-plc' target='_blank' rel='noopener'>ReNew Energy Global </a></li><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Country Garden Holdings CoHopson DevelopmentGreentown ChinaReNew Energy Global China Jinmao Holdingsand more...

<ul>
<li>OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears</li>
<li>JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2</li>
<li>JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  </li>
</ul>


OVERSEAS: Chinese Ban on iPhone weighs on US Equity Sentiment;  Tech, to no one's surprise, hit hard, with Nasdaq100 -0.7% SOX -2%; Initial Jobless Claims drop - fuels inflation fears
JAPAN: NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week;   HA-2 Moon Rocket Successful Launch.; More rumors on Switch 2
JAPAN X: Unveiling the Future: Nintendo's Switch 2 Rumors ? or  Reality ? Seems like Reality. Likely not a smart move to go bearish on Nintendo ! Watch this space.  


Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Ohayo Japan: Tech Leads US Equity Decline; JAPAN X: Softbank's ARM Done(Almost), PayPay IPO Next?

SPX declines lead by Tech; JAPAN: NKY Futs -0.6% Disc vs Cash; USDJPY 1471; Cabinet reshuffle day - changes in Defense and Foreign Affairs; GTX...

Mark Chadwick

ECM Weekly (10th Sep 2023) - ARM, VNG, Tuhu, Integral, Doosan, Orora, JFE, RR Kabel, Samhi Hotel

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

SoftBank Group (9984 JP); Arm IPO, Priced for Disappointment

The Arm IPO valuation, although lower than SoftBank's internal transaction buying out SVF1, still seems very richly valued; add this to the poor...

Victor Galliano

Weekly Wrap - 08 Sep 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Ohayo Japan|China's Apple Ban Hits Equities; JAPAN X: Nintendo's Switch 2 Prospects in 2024 ?

China Ban Weighs on Apple, Tech Space; NKY Futs -0.9% vs Cash; USDJPY 147.3; Kishida to reschuffle Cabinet as early as next week; HA-2 Moon...

Mark Chadwick

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