Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Is <a href="https://www.smartkarma.com/entities/hino-motors-ltd" target="_blank" data-smartkarma-citation="entities:2144:1" rel="noopener">Hino (7205 JP)</a> a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.</li>
<li>A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.</li>
<li>A spin-off makes sense as <a href="https://www.smartkarma.com/entities/zijin-mining-group-co-ltd-h" target="_blank" data-smartkarma-citation="entities:6358:1" rel="noopener">Zijin (2899 HK)</a> capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.</li>
</ul>


Is Hino (7205 JP) a short or a long at ¥366/share? Suggest short, but also selling more as the stock goes up, and buying back the short on big dips.
A Bloomberg op-ed piece concludes it is time to move on from "from an archaic currency regime". That conclusion on the Hong Kong peg appears presumptuous. And uninformed.
A spin-off makes sense as Zijin (2899 HK) capitalises on the upward cycle in gold prices. However,  Zijin is trading at a single-digit NAV discount. Before any holding company discount.


Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>Rigaku’s diverse product portfolio caters to a broad range of end industries which does provide it some insulation from the demand cyclicality of some markets.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Rigaku Holdings (268A JP) raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
Rigaku’s diverse product portfolio caters to a broad range of end industries which does provide it some insulation from the demand cyclicality of some markets.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Rigaku IPO Trading - Demand Wasn’t as Hot as Tokyo Metro but Still Decent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is looking to raise up to US$756m in its Japan IPO.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.</li>
</ul>



Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In our earlier notes, we looked at the firm’s past performance and discussed our thoughts on valuation. In this note, we look at Rigaku’s valuation at the final indicative range.


Rigaku Holdings IPO - Upside Remains Attractive

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rigaku-holdings-corporation" target="_blank" data-smartkarma-citation="entities:43950:1" rel="noopener">Rigaku Holdings (268A JP)</a> is looking to raise US$762m in its Japan IPO.</li>
<li>Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.</li>
<li>In our earlier notes, we looked at the firm’s past performance and peers. In this note, we discuss our thoughts on valuation.</li>
</ul>



Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO.
Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
In our earlier notes, we looked at the firm’s past performance and peers. In this note, we discuss our thoughts on valuation.


Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.</li>
<li>We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).</li>
<li>If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.</li>
</ul>


The pullback in global equities continues with the MSCI ACWI (ACWI-US) testing 1.5-month downtrend resistance while the STOXX Europe 50 tests resistance at 3800-3840.
We expect a rejection at the 1.5-month downtrend and for the stair-step lower to continue, with our targets being $84 (December 2022 low) and potentially $75-77 (the 2022 lows).
If ACWI-US is able to reverse above the 1.5-month downtrend, we still expect $93 to cap upside in 2023. Remain overweight Europe. Also highlighting individual stock buys on pullbacks.


MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

United Kingdom

Spectris plc manufactures, designs and markets products for the electronic control and process instrumentation sectors.  The Company's products include digital indication and control products, industrial computer circuit boards, semiconductor related devices, infrared equipment for temperature measurement, flying controls, gas analysis products, and analytical x-ray systems.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Spectris PLC (SXS LN)

Last Week in Event SPACE: Hino Motors, Hong Kong's Peg, Zijin Mining, MINISO

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Rigaku IPO Trading - Demand Wasn’t as Hot as Tokyo Metro but Still Decent

Rigaku Holdings (268A JP) raised around US$751m in its Japan IPO. Rigaku engages in developing, manufacturing, sales and servicing scientific...

Clarence Chu

Rigaku Holdings IPO - Upside Remains Attractive

Rigaku Holdings (268A JP) is looking to raise up to US$756m in its Japan IPO. In this note, we look at Rigaku’s valuation at the final indicative...

Clarence Chu

Rigaku IPO Thoughts on Valuation - Decent Upside from the Indicative Range

Rigaku Holdings (268A JP) is looking to raise US$762m in its Japan IPO. In our earlier notes, we looked at the firm’s past performance and peers....

Clarence Chu

MSCI ACWI and EAFE Testing 1.5-Month Downtrends; Remain OW EU; Buys in Leading Sectors on Pullbacks

Pullback in global equities continues with MSCI $ACWI testing 1.5-month downtrend resistance as $STOXX Europe 50 tests 3800-3840 resistance....

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)