Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>15 weeks ago, a specialised media outlet suggested <a href="https://www.smartkarma.com/entities/teijin-ltd" target="_blank" data-smartkarma-citation="entities:5097:1" rel="noopener">Teijin Ltd (3401 JP)</a> was in process to sell its stake in <a href="https://www.smartkarma.com/entities/infocom-corp" target="_blank" data-smartkarma-citation="entities:8412:1" rel="noopener">Infocom Corp (4348 JP)</a>. </li>
<li>I caught up later, after the stock had run up significantly, but writing bullishly <a href="https://www.smartkarma.com/insights/infocom-4348-jp-the-meaning-of-binding-bids-and-250bn" target="_blank" rel="noopener">here</a> and <a href="https://www.smartkarma.com/insights/infocom-4348-jp-reports-of-an-exclusive-negotiation-may-give-hints" target="_blank" rel="noopener">here</a>. Since then, the stock is up another 33-35%.</li>
<li>Today we finally got the announced deal. Blackstone will buy the stock at a valuation of ¥280bn, paying ¥6,060/share for the minority stake, and buying back Teijin's stake at ¥4,340/share.</li>
</ul>


15 weeks ago, a specialised media outlet suggested Teijin Ltd (3401 JP) was in process to sell its stake in Infocom Corp (4348 JP). 
I caught up later, after the stock had run up significantly, but writing bullishly here and here. Since then, the stock is up another 33-35%.
Today we finally got the announced deal. Blackstone will buy the stock at a valuation of ¥280bn, paying ¥6,060/share for the minority stake, and buying back Teijin's stake at ¥4,340/share.


Blackstone Does a BIG Deal for Infocom (4348) - Minorities Get ¥6,060/Share

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.</li>
<li>This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.</li>
<li>Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.</li>
</ul>


News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.
This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.
Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.


Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

<ul>
<li>Credo gains read well for connectivity plays but Astera Labs ran out of steam after early pop.</li>
<li>Intel higher still after Apple reportedly signs NDA to explore 18A for the M-series.</li>
<li>Power and industrial semi names led higher by NXP after upbeat comments at UBS conference.</li>
</ul>


Credo gains read well for connectivity plays but Astera Labs ran out of steam after early pop.
Intel higher still after Apple reportedly signs NDA to explore 18A for the M-series.
Power and industrial semi names led higher by NXP after upbeat comments at UBS conference.


Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers

<ul>
<li>HDD names taking a hit in later trading after Seagate miss. Watch the likes of Hoya, TDK and Minebea Misumi for weakness.</li>
<li>Boeing down despite numbers good on better FCF, although 787 deliveries read's well for carbon fiber names the Heavies.</li>
<li>NEC beat points to plenty of room for further upside, while Advantest numbers may lead to tough QoQ comps for 2Q.</li>
</ul>


HDD names taking a hit in later trading after Seagate miss. Watch the likes of Hoya, TDK and Minebea Misumi for weakness.
Boeing down despite numbers good on better FCF, although 787 deliveries read's well for carbon fiber names the Heavies.
NEC beat points to plenty of room for further upside, while Advantest numbers may lead to tough QoQ comps for 2Q.


Japan Morning Connection: Big Print for Corning Will Drive DC and Optical Connectivity Plays

<ul>
<li>UK deal and anticipation of a positive outcome to China talks lifting positioning into risk assets.</li>
<li>Quantum computing names flying after D-wave numbers may lift Socionext.</li>
<li>Nintendo numbers obviously conservative, while Ibiden points to a bigger NVDA product mix + index upside.</li>
</ul>


UK deal and anticipation of a positive outcome to China talks lifting positioning into risk assets.
Quantum computing names flying after D-wave numbers may lift Socionext.
Nintendo numbers obviously conservative, while Ibiden points to a bigger NVDA product mix + index upside.


Japan Morning Connection: Market Risk on with Trump Telling Punters to Buy Ahead of W/E

Japan

Teijin Ltd manufactures polyester and other fibers including nylon, acetate, aramid, and polyvinyl chloride for apparel and industrial materials.  Teijin also makes polyester films used in advanced magnetic media and electronics equipment through a joint venture with Dupont.  The Company also produces pharmaceuticals, medical products, and information system equipment.

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Teijin Ltd (3401 JP)

Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

Andrew Jackson

Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers

Memory names took a back seat, while power and industrial semi's were lifted by upbeat comments at a UBS conference. Intel had another strong move...

Andrew Jackson

Japan Morning Connection: Big Print for Corning Will Drive DC and Optical Connectivity Plays

Memory names will be down after Seagate's weakness. Boeing down despite good numbers but general outlook is strong. Corning's beat should send...

Andrew Jackson

Japan Morning Connection: Market Risk on with Trump Telling Punters to Buy Ahead of W/E

Positioning into risk assets with UK deal and China talks, Socionext may benefit from D-wave numbers; may be opportunity to buy into the dip for...

Andrew Jackson

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Blackstone Does a BIG Deal for Infocom (4348) - Minorities Get ¥6,060/Share

The Blackstone deal for Infocom (4348) has been announced. +177% vs undisturbed for minorities and interestingly, the combined price for Blackstone...

Travis Lundy

Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

Andrew Jackson

Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers

Memory names took a back seat, while power and industrial semi's were lifted by upbeat comments at a UBS conference. Intel had another strong move...

Andrew Jackson

Japan Morning Connection: Big Print for Corning Will Drive DC and Optical Connectivity Plays

Memory names will be down after Seagate's weakness. Boeing down despite good numbers but general outlook is strong. Corning's beat should send...

Andrew Jackson

Japan Morning Connection: Market Risk on with Trump Telling Punters to Buy Ahead of W/E

Positioning into risk assets with ​UK deal and China talks, Socionext may benefit from D-wave numbers; may be opportunity to buy into the dip for...

Andrew Jackson

Positioning into risk assets with UK deal and China talks, Socionext may benefit from D-wave numbers; may be opportunity to buy into the dip for...