Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered <a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine (6135 JP)</a> is not a knock-out.</li>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid</li>
<li>New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.</li>
</ul>


At a zero net debt zero net cash (securities liquidated) Adjusted Price/Earnings Ratio of 11.3x expected Net Income, the multiple offered Makino Milling Machine (6135 JP) is not a knock-out.

ENN Energy (2688 HK) investors hoping for a clean (er) exit, or where the back-end terms were clearly defined, will be disappointed. And minorities are active in this name. Avoid
New Trump Tariffs are not based on any actual tariffs, or non-tariff measures. The simple/explicit assumption is that if you run a trade surplus with the US, you are cheating.


Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

Travis Lundy

<ul>
<li>Yesterday, post-close, <a href="https://www.smartkarma.com/entities/t-d-holdings-inc" target="_blank" data-smartkarma-citation="entities:3431:1" rel="noopener">T&amp;D Holdings (8795 JP)</a>  <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247966/00.pdf" target="_blank" rel="noopener">announced</a> ¥40 for 31-Mar-25 FY-end dividend (¥80/yr) and ¥120/share/year in the year to March 2026 on a higher planned payout ratio.</li>
<li>The company also <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247966/00.pdf" target="_blank" rel="noopener">announced</a> guidance for Adjusted Profit for 2025 at ¥130bn (up), and guidance for March 2026 at ¥140bn (lower growth than this past year). </li>
<li>They <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247814/00.pdf" target="_blank" rel="noopener">announced</a> the current ¥50bn buyback was 87.5% complete (they have until 13 May to complete) and a <a href="https://ssl4.eir-parts.net/doc/TE8795/ir_material3/247965/00.pdf" target="_blank" rel="noopener">new buyback</a> starting 19 May to spend up to ¥100bn over 10.5mos.</li>
</ul>


Yesterday, post-close, T&amp;D Holdings (8795 JP)  announced ¥40 for 31-Mar-25 FY-end dividend (¥80/yr) and ¥120/share/year in the year to March 2026 on a higher planned payout ratio.
The company also announced guidance for Adjusted Profit for 2025 at ¥130bn (up), and guidance for March 2026 at ¥140bn (lower growth than this past year). 
They announced the current ¥50bn buyback was 87.5% complete (they have until 13 May to complete) and a new buyback starting 19 May to spend up to ¥100bn over 10.5mos.


T&D Holdings (8795) - A Really Good Look (Divs Up, Big Buyback, Good Historical Stats)

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

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Equity Bottom-Up

<ul><li>In 1H FY03/24, ordinary revenues rose 10.6% YoY to JPY1.7tn, driven by higher insurance premiums.</li><li>Group adjusted profit increased 46.1% YoY to JPY81.8bn, with strong performance across all main life insurance companies.</li><li>The consolidated solvency margin ratio rose to 1,023.0%, with significant increases at Daido Life and TDF Life.</li></ul>

In 1H FY03/24, ordinary revenues rose 10.6% YoY to JPY1.7tn, driven by higher insurance premiums.Group adjusted profit increased 46.1% YoY to JPY81.8bn, with strong performance across all main life insurance companies.The consolidated solvency margin ratio rose to 1,023.0%, with significant increases at Daido Life and TDF Life.

T&D Holdings (8795 JP): 1H FY03/25 flash update

<ul>
<li>
<a href="https://www.smartkarma.com/entities/t-d-holdings-inc" target="_blank" data-smartkarma-citation="entities:3431:1" rel="noopener">T&amp;D Holdings (8795 JP)</a> , formed in 2004, is Japan’s first life insurance holding company.</li>
<li>In FY03/23, ordinary revenues were JPY3.2tn, ordinary loss was JPY74.1bn, and loss attributable to owners of the parent was JPY132.2bn.</li>
<li>T&amp;D Holdings, Inc. has announced a change in its president.</li>
</ul>



T&amp;D Holdings (8795 JP) , formed in 2004, is Japan’s first life insurance holding company.
In FY03/23, ordinary revenues were JPY3.2tn, ordinary loss was JPY74.1bn, and loss attributable to owners of the parent was JPY132.2bn.
T&amp;D Holdings, Inc. has announced a change in its president.


Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Dai Ichi Life Insurance / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> has seen rebounding net profit at a strong rate of growth for the past four quarters. </li>
<li>ROE has moved from a dismal 3.4% to 11.8% from 2Q23 to 2Q24, where a single US bank impairment should now drop out of the numbers</li>
<li>New business annual premiums are up from JPY97bn to JPY122bn from 2Q23 to 2Q24 with a high solvency ratio of 654% </li>
</ul>



Dai Ichi Life Insurance (8750 JP) has seen rebounding net profit at a strong rate of growth for the past four quarters. 
ROE has moved from a dismal 3.4% to 11.8% from 2Q23 to 2Q24, where a single US bank impairment should now drop out of the numbers
New business annual premiums are up from JPY97bn to JPY122bn from 2Q23 to 2Q24 with a high solvency ratio of 654% 


Dai-Ichi Life Holdings - 4 Quarters Strongly Rising Profit, ROE: 3% to 12%, A Profit Upgrade?

Japan

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

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T&D Holdings (8795 JP)

Last Week in Event SPACE: Makino, ENN Energy, Trump Tariffs, HKBN

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

T&D Holdings (8795) - A Really Good Look (Divs Up, Big Buyback, Good Historical Stats)

T&D announced a div hike and a buyback. The last 4 buybacks have been bigger, longer, lower ADV impact but the stock outperforms during, and...

Travis Lundy