Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>The BoJ's reluctance to raise rates ensures negative real rates for longer</li>
<li>Supply and Demand for both commercial and residential are skewed towards price rises in central Tokyo and other urban areas</li>
<li>Property prices are at a big discount to other major developed countries</li>
</ul>


The BoJ's reluctance to raise rates ensures negative real rates for longer
Supply and Demand for both commercial and residential are skewed towards price rises in central Tokyo and other urban areas
Property prices are at a big discount to other major developed countries


Property Sector a Winner in Japan Reflationary Era

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>We highlight a  commodity sector with  a strong risk-reward ratio</li>
<li>Precious metals have likely just completed Wave B of their correction</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
We highlight a  commodity sector with  a strong risk-reward ratio
Precious metals have likely just completed Wave B of their correction


Overview #41 – Securing Supply, Unlocking Value: Global Themes in Equities and Commodities

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

Tokyu Fudosan Holdings / Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
 Highlights: In Japan, currently four pair trade opportunities persist across three sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

 Highlights: In Japan, currently four pair trade opportunities persist across three sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Japan: Relative Value Opportunities and Pair Trades (29 June 2026)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/haseko-corp" target="_blank" data-smartkarma-citation="entities:748:1" rel="noopener">Haseko (1808 JP)</a> vs. <a href="https://www.smartkarma.com/entities/tokyu-fudosan-holdings-corp" target="_blank" data-smartkarma-citation="entities:8355:1" rel="noopener">Tokyu Fudosan (3289 JP)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlight: Going long <a href="https://www.smartkarma.com/entities/tokyu-fudosan-holdings-corp" target="_blank" data-smartkarma-citation="entities:8355:1" rel="noopener">Tokyu Fudosan (3289 JP)</a> and short <a href="https://www.smartkarma.com/entities/haseko-corp" target="_blank" data-smartkarma-citation="entities:748:1" rel="noopener">Haseko (1808 JP)</a>  targets a ~3% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Haseko (1808 JP) vs. Tokyu Fudosan (3289 JP) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlight: Going long Tokyu Fudosan (3289 JP) and short Haseko (1808 JP)  targets a ~3% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Tokyu Fudosan (3289 JP) Vs Haseko (1808 JP): Property–Construction Pair Trade with Fundamental Edge

Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

<ul><li>IOI Properties has secured conditional approval for a $1.9 billion Real Estate Investment Trust, marking a significant development in the APAC real estate market.</li><li>Japan's Government Pension Investment Fund reported a record $152 billion gain due to a stock market rally, showcasing the financial strength in the region.</li><li>UAE's Mubadala is pursuing a $6.3 billion data center project in Japan, indicating robust investment activity in the real estate sector across Asia.</li></ul>

IOI Properties has secured conditional approval for a $1.9 billion Real Estate Investment Trust, marking a significant development in the APAC real estate market.Japan's Government Pension Investment Fund reported a record $152 billion gain due to a stock market rally, showcasing the financial strength in the region.UAE's Mubadala is pursuing a $6.3 billion data center project in Japan, indicating robust investment activity in the real estate sector across Asia.

Asia Real Estate Tracker (10-Aug-2026): IOI Properties Secures Approval for $1.9B REIT Deal

Japan

Tokyu Fudosan Holdings, Corp. is a holding company established through the merger of Tokyu Land Corporation, Tokyu Community Corp, and Tokyu Livable Inc. The Company manages operations for its subsidiaries.

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Tokyu Fudosan Holdings (3289 JP)

Property Sector a Winner in Japan Reflationary Era

Misui Fudosan is back to the levels where Elliott Mgmt disclosed their 2.5% stake. It rallied to an ATH on the disclosure and has corrected 15-17%...

Rikki Malik

Overview #41 – Securing Supply, Unlocking Value: Global Themes in Equities and Commodities

A review of recent events/data impacting our investment themes and outlook. Lithium, Japan, precious Metals and the Oil and Gas sector

Rikki Malik

Japan: Relative Value Opportunities and Pair Trades (29 June 2026)

Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Tokyu Fudosan (3289 JP) Vs Haseko (1808 JP): Property–Construction Pair Trade with Fundamental Edge

Statistical pair trade supported by fundamentals. Essential for quantitative traders seeking mean-reversion opportunities in a highly correlated pair.

Gaudenz Schneider

Asia Real Estate Tracker (10-Aug-2026): IOI Properties Secures Approval for $1.9B REIT Deal

IOI Properties has secured conditional approval for a $1.9 billion REIT, amid significant APAC real estate developments, including Japan's GPIF's...

Asia Real Estate Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Property Sector a Winner in Japan Reflationary Era

Misui Fudosan is back to the levels where Elliott Mgmt disclosed their 2.5% stake. It rallied to an ATH on the disclosure and has corrected 15-17%...

Rikki Malik

Overview #41 – Securing Supply, Unlocking Value: Global Themes in Equities and Commodities

A review of recent events/data impacting our investment themes and outlook. Lithium, Japan, precious Metals and the Oil and Gas sector

Rikki Malik

Japan: Relative Value Opportunities and Pair Trades (29 June 2026)

​Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.

Gaudenz Schneider

Tokyu Fudosan (3289 JP) Vs Haseko (1808 JP): Property–Construction Pair Trade with Fundamental Edge

Statistical pair trade supported by fundamentals. Essential for quantitative traders seeking mean-reversion opportunities in a highly correlated pair.

Gaudenz Schneider

Asia Real Estate Tracker (10-Aug-2026): IOI Properties Secures Approval for $1.9B REIT Deal

IOI Properties has secured conditional approval for a $1.9 billion REIT, amid significant APAC real estate developments, including Japan's GPIF's...

Asia Real Estate Tracker

Discover four pair trade opportunities across three sectors using statistical mean-reversion methodology for actionable insights.