Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Softbank racking up big losses in 3Q but market looking to Stargate.</li>
<li>Japanese cosmetics names continue to struggle with Kose missing after Shiseido the day before.</li>
<li>Toray's -12% drop yesterday looks excessive given the overall outlook remains buoyant.</li>
</ul>


Softbank racking up big losses in 3Q but market looking to Stargate.
Japanese cosmetics names continue to struggle with Kose missing after Shiseido the day before.
Toray's -12% drop yesterday looks excessive given the overall outlook remains buoyant.


Japan Morning Connection: Mixed Tape but Gains for Names to Benefit from a US Focused AI Industry

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

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Greentown China, Softbank Group, Bharti Airtel</li>
<li>In the US, the January nonfarm payrolls came in below estimates at 143 k (175 k e / 307 k revised p). That said, payrolls for December were revised upwards to 307 k (from 256 k), with the two-month revision rising to 100 k (from negative 8 k).</li>
<li>The average hourly earnings in January increased to 0.5% m-o-m (0.3% e / 0.3% p), and stood at 4.1% y-o-y (3.8% e / 4.1% revised p). The unemployment rate declined to 4.0% in the same month (4.1% e / 4.1% p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Greentown China, Softbank Group, Bharti Airtel
In the US, the January nonfarm payrolls came in below estimates at 143 k (175 k e / 307 k revised p). That said, payrolls for December were revised upwards to 307 k (from 256 k), with the two-month revision rising to 100 k (from negative 8 k).
The average hourly earnings in January increased to 0.5% m-o-m (0.3% e / 0.3% p), and stood at 4.1% y-o-y (3.8% e / 4.1% revised p). The unemployment rate declined to 4.0% in the same month (4.1% e / 4.1% p).


Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Event-Driven

<ul>
<li>On January 31st, Nikkei released a note “<a href="https://indexes.nikkei.co.jp/nkave/archives/news/20250131E_1.pdf" target="_blank" rel="noopener">Regarding the Capping Ratio of Fast Retailing in Nikkei </a><a href="https://indexes.nikkei.co.jp/nkave/archives/news/20250131E_1.pdf" target="_blank" rel="noopener">225</a>” about the change in capping ratio of Fast Retailing (9983.T) in the Nikkei 225 index.</li>
<li>As per the <a href="https://indexes.nikkei.co.jp/nkave/archives/file/nikkei_stock_average_guidebook_en.pdf" target="_blank" rel="noopener">Nikkei Stock Average Index Guidebook</a> (cf. below) the capping ratio will be changed from 0.9 to 0.8 from April 1st, 2025.</li>
<li>The change in the capping ratio is meant to change the weight of the shares from the current 11.18% to below the cap threshold of 10%. </li>
</ul>


On January 31st, Nikkei released a note “Regarding the Capping Ratio of Fast Retailing in Nikkei 225” about the change in capping ratio of Fast Retailing (9983.T) in the Nikkei 225 index.
As per the Nikkei Stock Average Index Guidebook (cf. below) the capping ratio will be changed from 0.9 to 0.8 from April 1st, 2025.
The change in the capping ratio is meant to change the weight of the shares from the current 11.18% to below the cap threshold of 10%. 


Capping Ratio of Fast Retailing in Nikkei 225

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'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, neither of the two listings performed last week, while more are lining up to list across the region.</li>
<li>On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.</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, neither of the two listings performed last week, while more are lining up to list across the region.
On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.


ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions-limited" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">BrainBees Solutions (FIRSTCRY IN)</a> (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to expire soon.
In India, FirstCry sells Mothers’, Babies’ and Kids’ products through its online platform, company-owned modern stores, franchisee-owned modern stores and general trade retail distribution.
In this note, we will talk about the lockup dynamics and possible placement.


Brainbees Solutions (FirstCry) - US$2bn IPO Lockup Expiry with Most Investors Still in the Money

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.

Price Gauge
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Softbank Group (9984 JP)

Japan Morning Connection: Mixed Tape but Gains for Names to Benefit from a US Focused AI Industry

Softbank faces significant losses but market will focus on Stargate. Kose follows Shiseido's miss. Toray's drop seems excessive given overall...

Andrew Jackson

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Greentown China, Softbank...

Lucror Analytics

Capping Ratio of Fast Retailing in Nikkei 225

On January 31st, Nikkei released a note “Regarding the Capping Ratio of Fast Retailing in Nikkei 225” about the change in capping ratio of Fast...

Vantage Capital Markets Japan

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

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

Brainbees Solutions (FirstCry) - US$2bn IPO Lockup Expiry with Most Investors Still in the Money

BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Mixed Tape but Gains for Names to Benefit from a US Focused AI Industry

​Softbank faces significant losses but market will focus on Stargate. Kose follows Shiseido's miss. Toray's drop seems excessive given overall...

Andrew Jackson

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: West China Cement, Greentown China, Softbank...

Lucror Analytics

Capping Ratio of Fast Retailing in Nikkei 225

On January 31st, Nikkei released a note “Regarding the Capping Ratio of Fast Retailing in Nikkei 225” about the change in capping ratio of Fast...

Vantage Capital Markets Japan

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

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

Brainbees Solutions (FirstCry) - US$2bn IPO Lockup Expiry with Most Investors Still in the Money

BrainBees Solutions (FIRSTCRY IN) (FirstCry) raised around US$500m in its August 2024 India IPO. The lockup on its pre-IPO investors is set to...

Sumeet Singh

Softbank faces significant losses but market will focus on Stargate. Kose follows Shiseido's miss. Toray's drop seems excessive given overall...