Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

Event-Driven

<ul>
<li>Sony Group Corporation (6758) is planning to spin off 80% of its stake in Sony Financial Group Inc. (8729) on September 29, 2025.</li>
<li>Sony Financial Group Inc. is the financial services arm of Sony, comprised of three main businesses</li>
<li>The spin-off will generate ~ ¥100BN in the current fiscal year and pay a ¥50BN annual dividend.</li>
</ul>


Sony Group Corporation (6758) is planning to spin off 80% of its stake in Sony Financial Group Inc. (8729) on September 29, 2025.
Sony Financial Group Inc. is the financial services arm of Sony, comprised of three main businesses
The spin-off will generate ~ ¥100BN in the current fiscal year and pay a ¥50BN annual dividend.


Sony Spin-off (Sony Financial Group) Spin-off Deep Dive

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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a> (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Tekscend Photomask (429A JP) (TP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
In this note, we talk about the not-so-positive aspects of the deal.


Tekscend Photomask IPO - The Negatives - Market Share

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>In Friday's Monetary Policy Statement, the BOJ announced it would start selling down its holdings in ETFs and J-REITs at the pace of ¥620bn and ¥5.5bn/year, respectively. BIG NEWS!
</li>
<li>That is US$17mm of ETFs and US$150k of J-REITs per day. The BOJ suggests it is 0.05% of volume per day. That's close. SMALL EFFECT. 
</li>
<li>Given ¥15trln of buybacks and ¥5trln+ of dividend reinvestment + NISA account buys, plus ¥trlns of cross-holding selldowns/year, this is a total nothingburger, even if they up the pace.</li>
</ul>


In Friday's Monetary Policy Statement, the BOJ announced it would start selling down its holdings in ETFs and J-REITs at the pace of ¥620bn and ¥5.5bn/year, respectively. BIG NEWS!

That is US$17mm of ETFs and US$150k of J-REITs per day. The BOJ suggests it is 0.05% of volume per day. That's close. SMALL EFFECT. 

Given ¥15trln of buybacks and ¥5trln+ of dividend reinvestment + NISA account buys, plus ¥trlns of cross-holding selldowns/year, this is a total nothingburger, even if they up the pace.


The BOJ Announces the Start of ETF/JREIT Selldowns - Basically a Nothing-Burger

<ul><li>Before I get into my regular update, I want to share one fantastic chart that caught my eye.</li><li>It shows current earnings multiple of the S&amp;P 500, 400 and 600, respectively.</li><li>One takeaway is that large caps (S&amp;P 500) are at the high end of their historical trading range.</li></ul>

Before I get into my regular update, I want to share one fantastic chart that caught my eye.It shows current earnings multiple of the S&amp;P 500, 400 and 600, respectively.One takeaway is that large caps (S&amp;P 500) are at the high end of their historical trading range.

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.</li>
<li>
Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.</li>
<li>
Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.</li>
</ul>



Context: The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. Unlike most central banks, the BoJ announces its decisions flexibly, usually around noon.

Highlight: Analysis of the past 13 meetings hints at patterns linking longer meetings and delayed announcements with policy changes, including a surprise hike in July 2024.

Why it Matters: This analysis helps investors interpret timing signals ahead of the 19 September decision, assessing whether delay itself could hint at an outcome shift.


Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Sony Spin-off (Sony Financial Group) Spin-off Deep Dive

Sony Group Corporation (6758) is planning to spin off 80% of its stake in Sony Financial Group Inc. (8729) on September 29, 2025.

Richard Howe

The BOJ Announces the Start of ETF/JREIT Selldowns - Basically a Nothing-Burger

The BOJ announced Friday 19 Sep 2025 it would start to sell its portfolio of ¥80trln of ETFs. That seems like a lot, but the pace is very slow to...

Travis Lundy

Weekly Update (3134, Versant, Aumovio)

Before I get into my regular update, I want to share one fantastic chart that caught my eye. It shows current earnings multiple of the S&P 500, 400...

Richard Howe

Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?

The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. The BoJ announces its decisions flexibly, usually...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Sony Spin-off (Sony Financial Group) Spin-off Deep Dive

Sony Group Corporation (6758) is planning to spin off 80% of its stake in Sony Financial Group Inc. (8729) on September 29, 2025.

Richard Howe

Tekscend Photomask IPO - The Negatives - Market Share

Tekscend Photomask (429A JP), a manufacturer of semiconductor photomasks, aims to raise around US$830m in its Japan IPO. In this note, we talk...

Sumeet Singh

The BOJ Announces the Start of ETF/JREIT Selldowns - Basically a Nothing-Burger

The BOJ announced Friday 19 Sep 2025 it would start to sell its portfolio of ¥80trln of ETFs. That seems like a lot, but the pace is very slow to...

Travis Lundy

Weekly Update (3134, Versant, Aumovio)

Before I get into my regular update, I want to share one fantastic chart that caught my eye. It shows current earnings multiple of the S&P 500, 400...

Richard Howe

Bank of Japan’s Rate Decision on Sept 19: Does Timing Signal the Outcome?

The Bank of Japan (BoJ) will announce its monetary policy decision on Friday, 19 September 2025. The BoJ announces its decisions flexibly, usually...

Gaudenz Schneider