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

Rikki Malik

Equity Bottom-Up

<ul>
<li>Jafco divests overseas operations to focus on domestic capital markets</li>
<li>The company continues to focus on shareholder returns in a meaningful way</li>
<li>Domestic venture capital returns exceed overseas returns historically and the future looks bright</li>
</ul>


Jafco divests overseas operations to focus on domestic capital markets
The company continues to focus on shareholder returns in a meaningful way
Domestic venture capital returns exceed overseas returns historically and the future looks bright


Jafco (8595.T) Announces a Big Buyback and a Change in Business Strategy- The Market Likes It!

Thematic (Sector/Industry)

<ul>
<li>Revisiting a sector we have liked for the last 2 years</li>
<li>We discuss current sector dynamics and why they could be  a potential short</li>
<li>Recent positive earning surprises from the banks have not moved the stocks</li>
</ul>


Revisiting a sector we have liked for the last 2 years
We discuss current sector dynamics and why they could be  a potential short
Recent positive earning surprises from the banks have not moved the stocks


Japanese Megabanks – Time to Get Short?

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Equity Derivatives

TSE Tokyo Price Index TOPIX / Equity Derivatives

<ul><li>The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.</li><li>The TPNBNK/TOPIX ratio has returned to its 2013 level.</li><li>The TSEREIT/TOPIX ratio is now trading at a 15-year low.</li></ul>

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks.The TPNBNK/TOPIX ratio has returned to its 2013 level.The TSEREIT/TOPIX ratio is now trading at a 15-year low.

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>Revisiting some of our old favourites- China, Japan and Gold</li>
<li>Short-Term trades continue to work but investors only interested in US equities</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
Revisiting some of our old favourites- China, Japan and Gold
Short-Term trades continue to work but investors only interested in US equities


Overview #13 - The US Dollar Peaks, Japan Struggles While China Treads Water

<ul>
<li>Earnings surpassed consensus expectations providing no pullback to allow entry</li>
<li>Most operating metrics improved and all trends are goign in the right direction</li>
<li>Capital management is top of mind for management with a common thread of increasing ROEs and PBRs</li>
</ul>


Earnings surpassed consensus expectations providing no pullback to allow entry
Most operating metrics improved and all trends are goign in the right direction
Capital management is top of mind for management with a common thread of increasing ROEs and PBRs


Japanese Megabanks' Earnings Exceed Expectations - Stay on the Train?

Japan

TOPIX-Banks Index is a capitalization-weighted index of all the banks listed on the First Section of the Tokyo Stock Exchange and is one of the 33 industry sectors of the TOPIX Index (TPX). The index was developed with a base value of 1000 as of January 6, 1992. The parent index is TPX.

TOPIX Banks Index (TPNBNK INDEX)

Jafco (8595.T) Announces a Big Buyback and a Change in Business Strategy- The Market Likes It!

Jafco shifts focus to domestic capital markets, prioritizing shareholder returns with promising future prospects in domestic venture capital.

Rikki Malik

Japanese Megabanks – Time to Get Short?

From a short-term trading perspective, we would look to cover half our shorts in the sector today as the stocks approach the 200-day Moving...

Rikki Malik

Japan Equity Indices Vs. TOPIX Ratios

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks. The TPNBNK/TOPIX ratio has returned to its 2013 level.

Vantage Capital Markets Japan

Overview #13 - The US Dollar Peaks, Japan Struggles While China Treads Water

A review of recent events/data impacting our investment themes and outlook. We look at the some recent trends in China, Japan and the USD

Rikki Malik

Japanese Megabanks' Earnings Exceed Expectations - Stay on the Train?

Banks' strong earnings performance and focus on capital management drives positive stock price performance. Will it continue?

Rikki Malik

Jafco (8595.T) Announces a Big Buyback and a Change in Business Strategy- The Market Likes It!

​Jafco shifts focus to domestic capital markets, prioritizing shareholder returns with promising future prospects in domestic venture capital.

Rikki Malik

Japanese Megabanks – Time to Get Short?

From a short-term trading perspective, we would look to cover half our shorts in the sector today as the stocks approach the 200-day Moving...

Rikki Malik

Japan Equity Indices Vs. TOPIX Ratios

The Nikkei 225/TOPIX ratio is underperforming due to the rally in banks and insurance stocks. The TPNBNK/TOPIX ratio has returned to its 2013 level.

Vantage Capital Markets Japan

Overview #13 - The US Dollar Peaks, Japan Struggles While China Treads Water

A review of recent events/data impacting our investment themes and outlook. We look at the some recent trends in China, Japan and the USD

Rikki Malik

Japanese Megabanks' Earnings Exceed Expectations - Stay on the Train?

Banks' strong earnings performance and focus on capital management drives positive stock price performance. Will it continue?

Rikki Malik

Jafco shifts focus to domestic capital markets, prioritizing shareholder returns with promising future prospects in domestic venture capital.