Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech faded over the day on the potential for further tariffs.</li>
<li>Suzuki Motor's secondary deal was priced 5% below the last.</li>
<li>Onsemi pulls the plug on its plans for ALGM, expect weakness for Sanken.</li>
</ul>


Tech faded over the day on the potential for further tariffs.
Suzuki Motor's secondary deal was priced 5% below the last.
Onsemi pulls the plug on its plans for ALGM, expect weakness for Sanken.


Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom

<ul>
<li>Yields continue to rise as investors flee US assets and Trump's bill adds to fiscal imbalance.</li>
<li>Weakness for yesterdays big tech/AI outperformers to be reflected in Japan, although new lows unlikely.</li>
<li>Suzuki should see lower levels into its secondary pricing next week amid tepid longer-term investor backdrop.</li>
</ul>


Yields continue to rise as investors flee US assets and Trump's bill adds to fiscal imbalance.
Weakness for yesterdays big tech/AI outperformers to be reflected in Japan, although new lows unlikely.
Suzuki should see lower levels into its secondary pricing next week amid tepid longer-term investor backdrop.


Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a> and <a href="https://www.smartkarma.com/entities/sompo-holdings-inc" target="_blank" data-smartkarma-citation="entities:632:1" rel="noopener">Sompo Holdings (8630 JP)</a> aim to raise around US1.15bn (including over-allotment) via selling around 5% of <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>.</li>
<li>While Suzuki doesn’t have much direct exposure to the US markets, its shares had corrected in line with other auto players going into the deal launch.</li>
<li>In this note, we compare the deal to some of the past deals and talk about the updates since our last note.</li>
</ul>



Tokio Marine Holdings (8766 JP) and Sompo Holdings (8630 JP) aim to raise around US1.15bn (including over-allotment) via selling around 5% of Suzuki Motor (7269 JP).
While Suzuki doesn’t have much direct exposure to the US markets, its shares had corrected in line with other auto players going into the deal launch.
In this note, we compare the deal to some of the past deals and talk about the updates since our last note.


Suzuki Motor Placement Updates - Relative Correction Has Been Decent so Far. But Lacks Buyback

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a> and <a href="https://www.smartkarma.com/entities/sompo-holdings-inc" target="_blank" data-smartkarma-citation="entities:632:1" rel="noopener">Sompo Holdings (8630 JP)</a> aim to raise around US1.15bn (including over-allotment) via selling around 5% of <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>.</li>
<li>While Suzuki doesn’t have much direct exposure to the US markets, its shares have still corrected in line with other auto players.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>



Tokio Marine Holdings (8766 JP) and Sompo Holdings (8630 JP) aim to raise around US1.15bn (including over-allotment) via selling around 5% of Suzuki Motor (7269 JP).
While Suzuki doesn’t have much direct exposure to the US markets, its shares have still corrected in line with other auto players.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Suzuki Motor Placement - Not the Best Time for a US$1.15bn Deal. It Will Be a Long Week.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On 3 April mid-day, <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi Corp (8058 JP)</a> announced its <a href="https://www.mitsubishicorp.com/jp/en/news/release/2025/files/mcpr250403ge_2.pdf" target="_blank" rel="noopener">FY25 earnings guidance and new "Shareholder Return Strategy"</a>, <a href="https://www.mitsubishicorp.com/jp/en/news/release/2025/files/mcpr250403he_1.pdf" target="_blank" rel="noopener">a ¥1 trillion buyback</a>, and its "<a href="https://www.mitsubishicorp.com/jp/en/about/plan/pdf/2027_250403.pdf" target="_blank" rel="noopener">Corporate Strategy 2027</a>" Mid-Term Management Plan.</li>
<li>The FY25 forecast is for a third consecutive decline in underlying operating cashflow, but a hike in dividend from ¥100 to ¥110 and a ¥1trln share buyback, including ¥230bn tender.</li>
<li>The combination of dividend and buyback should be 15% of market cap over the next 12mos. And I expect Warren Buffett will consider buying dips.</li>
</ul>


On 3 April mid-day, Mitsubishi Corp (8058 JP) announced its FY25 earnings guidance and new "Shareholder Return Strategy", a ¥1 trillion buyback, and its "Corporate Strategy 2027" Mid-Term Management Plan.
The FY25 forecast is for a third consecutive decline in underlying operating cashflow, but a hike in dividend from ¥100 to ¥110 and a ¥1trln share buyback, including ¥230bn tender.
The combination of dividend and buyback should be 15% of market cap over the next 12mos. And I expect Warren Buffett will consider buying dips.


MitCorp (8058) BIG Buyback - Share Demand Will Help Weather The Storm

Japan

Tokio Marine Holdings, Inc., through subsidiaries, offers property, casualty and life insurance, and asset management services.

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Tokio Marine Holdings (8766 JP)

Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom

Tech stocks declined due to concerns about additional tariffs, Suzuki Motor's secondary deal priced 5% lower than last, and Onsemi's decision to...

Andrew Jackson

Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

Investors fleeing US assets and Trump's bill adding to fiscal imbalance causing yields to rise further. New lows unlikely for big tech/AI, today's...

Andrew Jackson

Suzuki Motor Placement Updates - Relative Correction Has Been Decent so Far. But Lacks Buyback

Tokio Marine Holdings (8766 JP) and Sompo Holdings (8630 JP) aim to raise around US1.15bn via selling 5% of Suzuki Motor (7269 JP). We compare it...

Sumeet Singh

Suzuki Motor Placement - Not the Best Time for a US$1.15bn Deal. It Will Be a Long Week.

Tokio Marine Holdings (8766 JP) and Sompo Holdings (8630 JP) aim to raise around US1.15bn (including over-allotment) via selling around 5% of...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: 2-Days of Gains for the US Markets, but New Curbs Loom

​Tech stocks declined due to concerns about additional tariffs, Suzuki Motor's secondary deal priced 5% lower than last, and Onsemi's decision to...

Andrew Jackson

Japan Morning Connection: Markets Tumble on China/US Standoff and Outlook for Capital Spending

​Investors fleeing US assets and Trump's bill adding to fiscal imbalance causing yields to rise further. New lows unlikely for big tech/AI, today's...

Andrew Jackson

Suzuki Motor Placement Updates - Relative Correction Has Been Decent so Far. But Lacks Buyback

Tokio Marine Holdings (8766 JP) and Sompo Holdings (8630 JP) aim to raise around US1.15bn via selling 5% of Suzuki Motor (7269 JP). We compare it...

Sumeet Singh

Suzuki Motor Placement - Not the Best Time for a US$1.15bn Deal. It Will Be a Long Week.

Tokio Marine Holdings (8766 JP) and Sompo Holdings (8630 JP) aim to raise around US1.15bn (including over-allotment) via selling around 5% of...

Sumeet Singh

MitCorp (8058) BIG Buyback - Share Demand Will Help Weather The Storm

Stocks globally hit by Donald Trump's tariffs, MitCorp is a trader, getting hurt. But MitCorp product lines are essentially globally fungible, and...

Travis Lundy

Tech stocks declined due to concerns about additional tariffs, Suzuki Motor's secondary deal priced 5% lower than last, and Onsemi's decision to...

Investors fleeing US assets and Trump's bill adding to fiscal imbalance causing yields to rise further. New lows unlikely for big tech/AI, today's...