Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Event-Driven

<ul>
<li>Sony held the first of their two investor days yesterday presenting on the Game &amp; Network Services, Music and Pictures segments. </li>
<li>While there was nothing especially new for those paying attention to the broad flow of news conditions for the content businesses remain strong. </li>
<li>What was interesting to us was the degree of collaboration with Kadokawa.</li>
</ul>


Sony held the first of their two investor days yesterday presenting on the Game &amp; Network Services, Music and Pictures segments. 
While there was nothing especially new for those paying attention to the broad flow of news conditions for the content businesses remain strong. 
What was interesting to us was the degree of collaboration with Kadokawa.


Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Sony’s hosted its 2022 Corporate Strategy Meeting last week. Our key takeaway is that SONY is shifting towards greater investment in Content, Creators, and Communities.  </li>
<li>Sony recognizes that technology is changing the way that content is produced and consumed and is responding with new experiences and monetization models.  </li>
<li>Sony will continue to benefit from the evolution of the internet as it becomes more social, immersive and financialized (otherwise known as the metaverse). </li>
</ul>


Sony’s hosted its 2022 Corporate Strategy Meeting last week. Our key takeaway is that SONY is shifting towards greater investment in Content, Creators, and Communities.  
Sony recognizes that technology is changing the way that content is produced and consumed and is responding with new experiences and monetization models.  
Sony will continue to benefit from the evolution of the internet as it becomes more social, immersive and financialized (otherwise known as the metaverse). 


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>Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. The IPO was almost entirely taken up by cornerstones.</li>
<li>The company had also earlier obtained investments from Baidu and Alibaba, along with other mainly PE investors. These investors will be released from their lock-up on 1st Jun 2022.</li>
<li>In this note, we will talk about the lock-up dynamics and updates over the past few months.</li>
</ul>


Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. The IPO was almost entirely taken up by cornerstones.
The company had also earlier obtained investments from Baidu and Alibaba, along with other mainly PE investors. These investors will be released from their lock-up on 1st Jun 2022.
In this note, we will talk about the lock-up dynamics and updates over the past few months.


Cloud Village IPO Lock-Up - Selling the PE Stock (US$350m) Might Solve the Liquidity Issues

Zhejiang Leapmotor Technologie / Equity Capital Markets

<ul>
<li>Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.</li>
<li>It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>


Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.
In this note, we talk about the not so positive aspects of the deal.


Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> / <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data (9613 JP)</a> transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain. </li>
<li>Both <a href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" target="_blank" data-smartkarma-citation="entities:970:1" rel="noopener">Link Administration (LNK AU)</a> and Dye &amp; Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect - before a price recovery to close the week.</li>
<li>MCB says the <a href="https://www.smartkarma.com/entities/agl-energy-ltd" target="_blank" data-smartkarma-citation="entities:554:1" rel="noopener">AGL Energy Ltd (AGL AU)</a> de-merger plan is bad, and now analysts say it is "underwhelming." Duh.  But the alternative? Underwhelming too, but less independent.</li>
</ul>


The NTT (9432 JP) / NTT Data (9613 JP) transaction is a little complicated, but the end goal appears, like before, to push operating control below holdcos on the chain. 
Both Link Administration (LNK AU) and Dye &amp; Durham tanked over the unfortunate timing of an ACCC delay and MAC disconnect - before a price recovery to close the week.
MCB says the AGL Energy Ltd (AGL AU) de-merger plan is bad, and now analysts say it is "underwhelming." Duh.  But the alternative? Underwhelming too, but less independent.


Last Week in Event SPACE:  NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

Sony – IR Day One and Kadokawa

Sony's first IR day covered its content businesses painting a picture of steady future growth, but what we found most interesting was just how much...

Mio Kato

Sony (6758 JP) | Master of the Metaverse

Sony has a unique blend of assets to become a major player in virtual worlds and the metaverse. Sony is clearly focused in the three key areas of...

Mark Chadwick

Cloud Village IPO Lock-Up - Selling the PE Stock (US$350m) Might Solve the Liquidity Issues

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. Investors will be released from their...

Sumeet Singh

Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sony – IR Day One and Kadokawa

Sony's first IR day covered its content businesses painting a picture of steady future growth, but what we found most interesting was just how much...

Mio Kato

Sony (6758 JP) | Master of the Metaverse

Sony has a unique blend of assets to become a major player in virtual worlds and the metaverse. Sony is clearly focused in the three key areas of...

Mark Chadwick

Cloud Village IPO Lock-Up - Selling the PE Stock (US$350m) Might Solve the Liquidity Issues

Cloud Village Inc. (CVI), also known as NetEase Music, raised around US$420m in its Hong Kong IPO in Dec 21. Investors will be released from their...

Sumeet Singh

Leapmotor Pre-IPO - The Negatives - Related Party Sanctions, Lags Peers

Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015. In this note, we talk...

Sumeet Singh

Last Week in Event SPACE: NTT, Link Admin, AGL, Mindtree/Larsen & Toubro, Sihuan Pharma

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett