Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 21st. The aggregated net margin trading position is USD28,184m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Murata Manufacturing, Sumitomo Mitsui Financial, Mizuho Financial, Lasertec, SoftBank, Tokyo Electron, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 21st. The aggregated net margin trading position is USD28,184m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Murata Manufacturing, Sumitomo Mitsui Financial, Mizuho Financial, Lasertec, SoftBank, Tokyo Electron, Toyota Motor.


JPX Margin Trading Weekly (Aug 21st): Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Lasertec

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 14th. The aggregated net margin trading position is USD27,503m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 14th. The aggregated net margin trading position is USD27,503m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.


JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 31st. The aggregated net margin trading position is USD26,908m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Tokyo Electron, Sumitomo Mitsui Trust, Mizuho Financial, Disco, Toyota Motor, Sumitomo Mitsui Financial.


JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.


JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.</li>
<li>I discussed it <a href="https://www.smartkarma.com/insights/huge-hogy-medical-3593-buyback-from-the-founding-family" target="_blank" rel="noopener">here</a>. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.</li>
<li>The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.</li>
</ul>



Hogy Medical (3593 JP)'s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.
I discussed it here. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.
The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.


[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction - Totally Unsurprising

Japan

TOHOKUSHINSHA FILM CORPORATION plans and produces TV programs, movies, and commercial films.  The Company also provides satellite broadcasting and distributes licensing rights to domestic and foreign media companies.

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Tohokushinsha Film (2329 JP)

JPX Margin Trading Weekly (Aug 21st): Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Mitsubishi UFJ Financial (8306 JP), Taiyo Yuden...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), IHI (7013 JP), Tokio...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 31st): Kioxia, Advantest, Mitsubishi UFJ Financial, Nintendo, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Yaskawa Electric (6506 JP),...

Ke Yan, CFA, FRM

[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction - Totally Unsurprising

After a BBG article on 9 Dec and a Nikkei article this weekend sending Hogy Medical limit up y/day, this AM Hogy says Carlyle has bid ¥6700/share...

Travis Lundy

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