Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

<p>Returns in emerging market wireless telecoms have bottomed as the sector takes a capex holiday after the 4G roll-out. We continue to like low-return markets where we look for returns to rise (e.g. India, Indonesia, China are prime examples). We have also become more bullish where returns are high and stable (e.g. Hong Kong). A number of markets continue to face tough conditions typically due to rising spectrum payments (e.g. Malaysia and Thailand).</p><p>Higher returns imply higher cash flows and that is good news for both debt reduction and rising dividends. it also may encourage more M&amp;A, an area we think makes sense for in market consolidation and fixed/wireless convergence.</p><p>In terms of stocks, we favor names such as <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> , <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a>, Telefonica Brasil, <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a> and <a href="https://www.smartkarma.com/entities/873" target="_blank" data-smartkarma-citation="entities:873:1">PCCW (8 HK)</a>. Top shorts include <a href="https://www.smartkarma.com/entities/946" target="_blank" data-smartkarma-citation="entities:946:1">Maxis (MAXIS MK)</a> and <a href="https://www.smartkarma.com/entities/947" target="_blank" data-smartkarma-citation="entities:947:1">AIS (ADVANC TB)</a> .</p>

Returns in emerging market wireless telecoms have bottomed as the sector takes a capex holiday after the 4G roll-out. We continue to like low-return markets where we look for returns to rise (e.g. India, Indonesia, China are prime examples). We have also become more bullish where returns are high and stable (e.g. Hong Kong). A number of markets continue to face tough conditions typically due to rising spectrum payments (e.g. Malaysia and Thailand).Higher returns imply higher cash flows and that is good news for both debt reduction and rising dividends. it also may encourage more M&amp;A, an area we think makes sense for in market consolidation and fixed/wireless convergence.In terms of stocks, we favor names such as Bharti Airtel (BHARTI IN) , China Unicom (762 HK), Telefonica Brasil, XL Axiata (EXCL IJ) and PCCW (8 HK). Top shorts include Maxis (MAXIS MK) and AIS (ADVANC TB) .

Emerging Market Telecoms: Returns Have Bottomed. Outlook Improves.

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

DZT Research

DZT 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 22nd. The aggregated net margin trading position is USD15,656m.</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 SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco, Tokyo Electron, IHI, Fujikura, Kawasaki Heavy Industries, Lasertec, Mitsubishi Heavy Industries, Softbank, Mitsubishi Ufj Financial, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 22nd. The aggregated net margin trading position is USD15,656m.
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 SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco, Tokyo Electron, IHI, Fujikura, Kawasaki Heavy Industries, Lasertec, Mitsubishi Heavy Industries, Softbank, Mitsubishi Ufj Financial, Sanrio.


JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>Last evening post market close, the results of the JPX Nikkei 400 review were announced. There are 41 inclusions and 40 deletions to bring the number of constituents back to 400 and the changes will be effective after the close of trading on 30 August.</p><p>This is the list of inclusions and exclusions.</p><table class="table table-striped">
<colgroup>
<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td colspan="2" style="text-align: center; width: 396.578px;"><h3>Inclusions</h3></td>
<td colspan="2" style="text-align: center; width: 349.422px;"><h3>Exclusions</h3></td>
</tr>
<tr>
<td style="width: 75.2969px;">1417.T</td>
<td style="width: 321.281px;">Mirait Holdings Corp</td>
<td style="width: 84.3281px;">1333.T</td>
<td style="width: 265.094px;">Maruha Nichiro Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">1942.T</td>
<td style="width: 321.281px;">Kandenko Co Ltd</td>
<td style="width: 84.3281px;">2222.T</td>
<td style="width: 265.094px;">Kotobuki Spirits Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">1973.T</td>
<td style="width: 321.281px;">NEC Networks &amp; System Integration Corp</td>
<td style="width: 84.3281px;">3086.T</td>
<td style="width: 265.094px;">J.Front Retailing Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">2281.T</td>
<td style="width: 321.281px;">Prima Meat Packers Ltd</td>
<td style="width: 84.3281px;">3197.T</td>
<td style="width: 265.094px;">Skylark Holdings Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">3244.T</td>
<td style="width: 321.281px;">Samty Co Ltd</td>
<td style="width: 84.3281px;">4185.T</td>
<td style="width: 265.094px;">JSR Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">3254.T</td>
<td style="width: 321.281px;">Pressance Corp</td>
<td style="width: 84.3281px;">4189.T</td>
<td style="width: 265.094px;">KH Neochem Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">3880.T</td>
<td style="width: 321.281px;">Daio Paper Corp</td>
<td style="width: 84.3281px;">4324.T</td>
<td style="width: 265.094px;">Dentsu Group Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">3923.T</td>
<td style="width: 321.281px;">Rakus Co Ltd</td>
<td style="width: 84.3281px;">4530.T</td>
<td style="width: 265.094px;">Hisamitsu Pharmaceutical Co Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">3941.T</td>
<td style="width: 321.281px;">Rengo Co Ltd</td>
<td style="width: 84.3281px;">4666.T</td>
<td style="width: 265.094px;">Park24 Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">4205.T</td>
<td style="width: 321.281px;">Zeon Corp</td>
<td style="width: 84.3281px;">4755.T</td>
<td style="width: 265.094px;">Rakuten Group Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">4552.T</td>
<td style="width: 321.281px;">JCR Pharmaceuticals Co Ltd</td>
<td style="width: 84.3281px;">5401.T</td>
<td style="width: 265.094px;">Nippon Steel Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">4553.T</td>
<td style="width: 321.281px;">Towa Pharmaceutical Co Ltd</td>
<td style="width: 84.3281px;">5411.T</td>
<td style="width: 265.094px;">JFE Holdings Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">4587.T</td>
<td style="width: 321.281px;">PeptiDream Inc</td>
<td style="width: 84.3281px;">5801.T</td>
<td style="width: 265.094px;">Furukawa Electric Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">4812.T</td>
<td style="width: 321.281px;">Information Services International-Dentsu Ltd</td>
<td style="width: 84.3281px;">6481.T</td>
<td style="width: 265.094px;">THK Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">4848.T</td>
<td style="width: 321.281px;">Fullcast Holdings Co Ltd</td>
<td style="width: 84.3281px;">6588.T</td>
<td style="width: 265.094px;">Toshiba Tec Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">4901.T</td>
<td style="width: 321.281px;">Fujifilm Holdings Corp</td>
<td style="width: 84.3281px;">6753.T</td>
<td style="width: 265.094px;">Sharp Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">5706.T</td>
<td style="width: 321.281px;">Mitsui Mining and Smelting Co Ltd</td>
<td style="width: 84.3281px;">6770.T</td>
<td style="width: 265.094px;">Alps Alpine Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">6055.T</td>
<td style="width: 321.281px;">Japan Material Co Ltd</td>
<td style="width: 84.3281px;">6877.T</td>
<td style="width: 265.094px;">Obara Group Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">6183.T</td>
<td style="width: 321.281px;">BELLSYSTEM24 Holdings Inc</td>
<td style="width: 84.3281px;">7261.T</td>
<td style="width: 265.094px;">Mazda Motor Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">6235.T</td>
<td style="width: 321.281px;">Optorun Co Ltd</td>
<td style="width: 84.3281px;">7458.T</td>
<td style="width: 265.094px;">Daiichikosho Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">6361.T</td>
<td style="width: 321.281px;">Ebara Corp</td>
<td style="width: 84.3281px;">7731.T</td>
<td style="width: 265.094px;">Nikon Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">6544.T</td>
<td style="width: 321.281px;">Japan Elevator Service Holdings Co Ltd</td>
<td style="width: 84.3281px;">7751.T</td>
<td style="width: 265.094px;">Canon Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">6727.T</td>
<td style="width: 321.281px;">Wacom Co Ltd</td>
<td style="width: 84.3281px;">8267.T</td>
<td style="width: 265.094px;">Aeon Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">7177.T</td>
<td style="width: 321.281px;">GMO Financial Holdings Inc</td>
<td style="width: 84.3281px;">9001.T</td>
<td style="width: 265.094px;">Tobu Railway Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">7516.T</td>
<td style="width: 321.281px;">Kohnan Shoji Co Ltd</td>
<td style="width: 84.3281px;">9003.T</td>
<td style="width: 265.094px;">Sotetsu Holdings Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">7947.T</td>
<td style="width: 321.281px;">FP Corp</td>
<td style="width: 84.3281px;">9005.T</td>
<td style="width: 265.094px;">Tokyu Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">8194.T</td>
<td style="width: 321.281px;">Life Corp</td>
<td style="width: 84.3281px;">9007.T</td>
<td style="width: 265.094px;">Odakyu Electric Railway Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">8425.T</td>
<td style="width: 321.281px;">Mizuho Leasing Co Ltd</td>
<td style="width: 84.3281px;">9008.T</td>
<td style="width: 265.094px;">Keio Corp</td>
</tr>
<tr>
<td style="width: 75.2969px;">8595.T</td>
<td style="width: 321.281px;">JAFCO Group Co Ltd</td>
<td style="width: 84.3281px;">9009.T</td>
<td style="width: 265.094px;">Keisei Electric Railway Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">8892.T</td>
<td style="width: 321.281px;">Es-con Japan Ltd</td>
<td style="width: 84.3281px;">9020.T</td>
<td style="width: 265.094px;">East Japan Railway Co</td>
</tr>
<tr>
<td style="width: 75.2969px;">8919.T</td>
<td style="width: 321.281px;">Katitas Co Ltd</td>
<td style="width: 84.3281px;">9021.T</td>
<td style="width: 265.094px;">West Japan Railway Co</td>
</tr>
<tr>
<td style="width: 75.2969px;">9069.T</td>
<td style="width: 321.281px;">Senko Group Holdings Co Ltd</td>
<td style="width: 84.3281px;">9024.T</td>
<td style="width: 265.094px;">Seibu Holdings Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">9090.T</td>
<td style="width: 321.281px;">Maruwa Unyu Kikan Co Ltd</td>
<td style="width: 84.3281px;">9041.T</td>
<td style="width: 265.094px;">Kintetsu Group Holdings Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">9101.T</td>
<td style="width: 321.281px;">Nippon Yusen KK</td>
<td style="width: 84.3281px;">9044.T</td>
<td style="width: 265.094px;">Nankai Electric Railway Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">9104.T</td>
<td style="width: 321.281px;">Mitsui OSK Lines Ltd</td>
<td style="width: 84.3281px;">9045.T</td>
<td style="width: 265.094px;">Keihan Holdings Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">9143.T</td>
<td style="width: 321.281px;">SG Holdings Co Ltd</td>
<td style="width: 84.3281px;">9048.T</td>
<td style="width: 265.094px;">Nagoya Railroad Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">9375.T</td>
<td style="width: 321.281px;">Kintetsu World Express Inc</td>
<td style="width: 84.3281px;">9201.T</td>
<td style="width: 265.094px;">Japan Airlines Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">9418.T</td>
<td style="width: 321.281px;">USEN NEXT HOLDINGS Co Ltd</td>
<td style="width: 84.3281px;">9202.T</td>
<td style="width: 265.094px;">ANA Holdings Inc</td>
</tr>
<tr>
<td style="width: 75.2969px;">9517.T</td>
<td style="width: 321.281px;">eREX Co Ltd</td>
<td style="width: 84.3281px;">9603.T</td>
<td style="width: 265.094px;">H.I.S. Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">9519.T</td>
<td style="width: 321.281px;">Renova Inc</td>
<td style="width: 84.3281px;">9706.T</td>
<td style="width: 265.094px;">Japan Airport Terminal Co Ltd</td>
</tr>
<tr>
<td style="width: 75.2969px;">9787.T</td>
<td style="width: 321.281px;">Aeon Delight Co Ltd</td>
<td style="width: 84.3281px;"></td>
<td style="width: 265.094px;"></td>
</tr>
</tbody>
</table><p>Estimated one-way turnover at the rebalance is 8.16% and will result in a trade of JPY 468bn.</p><p>Among the inclusions, the largest impacts will be on <a href="https://www.smartkarma.com/entities/daio-paper-corp" target="_blank" data-smartkarma-citation="entities:3211:1" rel="noopener">Daio Paper Corp (3880 JP)</a>, <a href="https://www.smartkarma.com/entities/mizuho-leasing-co-ltd" target="_blank" data-smartkarma-citation="entities:12780:1" rel="noopener">Mizuho Leasing Co (8425 JP)</a>, <a href="https://www.smartkarma.com/entities/sg-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:26070:1" rel="noopener">SG Holdings (9143 JP)</a>, <a href="https://www.smartkarma.com/entities/katitas-co-ltd" target="_blank" data-smartkarma-citation="entities:26073:1" rel="noopener">Katitas Co Ltd (8919 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-delight-co-ltd" target="_blank" data-smartkarma-citation="entities:16763:1" rel="noopener">Aeon Delight (9787 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-elevator-service-holdi" target="_blank" data-smartkarma-citation="entities:25910:1" rel="noopener">Japan Elevator Service Holdi (6544 JP)</a>, <a href="https://www.smartkarma.com/entities/kandenko-co-ltd" target="_blank" data-smartkarma-citation="entities:3726:1" rel="noopener">Kandenko Co Ltd (1942 JP)</a>, <a href="https://www.smartkarma.com/entities/senko-group-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5287:1" rel="noopener">SENKO Group Holdings Co., Ltd. (9069 JP)</a>, <a href="https://www.smartkarma.com/entities/fp-corp" target="_blank" data-smartkarma-citation="entities:7703:1" rel="noopener">Fp Corp (7947 JP)</a> and <a href="https://www.smartkarma.com/entities/prima-meat-packers-ltd" target="_blank" data-smartkarma-citation="entities:8035:1" rel="noopener">Prima Meat Packers (2281 JP)</a>.</p><p>Deletions with the largest impacts will be <a href="https://www.smartkarma.com/entities/odakyu-electric-railway-co-ltd" target="_blank" data-smartkarma-citation="entities:5405:1" rel="noopener">Odakyu Electric Railway (9007 JP)</a>, <a href="https://www.smartkarma.com/entities/nankai-electric-railway-co" target="_blank" data-smartkarma-citation="entities:633:1" rel="noopener">Nankai Electric Railway Co (9044 JP)</a>, <a href="https://www.smartkarma.com/entities/keio-corp" target="_blank" data-smartkarma-citation="entities:1223:1" rel="noopener">Keio Corp (9008 JP)</a>, <a href="https://www.smartkarma.com/entities/sotetsu-holdings-inc" target="_blank" data-smartkarma-citation="entities:20274:1" rel="noopener">Sotetsu Holdings (9003 JP)</a>, <a href="https://www.smartkarma.com/entities/tobu-railway-co-ltd" target="_blank" data-smartkarma-citation="entities:15463:1" rel="noopener">Tobu Railway (9001 JP)</a>, <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon Co Ltd (8267 JP)</a>, <a href="https://www.smartkarma.com/entities/tokyu-corp" target="_blank" data-smartkarma-citation="entities:3357:1" rel="noopener">Tokyu Corp (9005 JP)</a>, <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-tec-corp" target="_blank" data-smartkarma-citation="entities:17697:1" rel="noopener">Toshiba Tec (6588 JP)</a> and <a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a>.</p><p>There are changes proposed to the index, mainly on selection criteria for stocks and on qualitative criteria including appointment of independent outside directors and of female corporate directors.</p>

Last evening post market close, the results of the JPX Nikkei 400 review were announced. There are 41 inclusions and 40 deletions to bring the number of constituents back to 400 and the changes will be effective after the close of trading on 30 August.This is the list of inclusions and exclusions.








Inclusions
Exclusions


1417.T
Mirait Holdings Corp
1333.T
Maruha Nichiro Corp


1942.T
Kandenko Co Ltd
2222.T
Kotobuki Spirits Co Ltd


1973.T
NEC Networks &amp; System Integration Corp
3086.T
J.Front Retailing Co Ltd


2281.T
Prima Meat Packers Ltd
3197.T
Skylark Holdings Co Ltd


3244.T
Samty Co Ltd
4185.T
JSR Corp


3254.T
Pressance Corp
4189.T
KH Neochem Co Ltd


3880.T
Daio Paper Corp
4324.T
Dentsu Group Inc


3923.T
Rakus Co Ltd
4530.T
Hisamitsu Pharmaceutical Co Inc


3941.T
Rengo Co Ltd
4666.T
Park24 Co Ltd


4205.T
Zeon Corp
4755.T
Rakuten Group Inc


4552.T
JCR Pharmaceuticals Co Ltd
5401.T
Nippon Steel Corp


4553.T
Towa Pharmaceutical Co Ltd
5411.T
JFE Holdings Inc


4587.T
PeptiDream Inc
5801.T
Furukawa Electric Co Ltd


4812.T
Information Services International-Dentsu Ltd
6481.T
THK Co Ltd


4848.T
Fullcast Holdings Co Ltd
6588.T
Toshiba Tec Corp


4901.T
Fujifilm Holdings Corp
6753.T
Sharp Corp


5706.T
Mitsui Mining and Smelting Co Ltd
6770.T
Alps Alpine Co Ltd


6055.T
Japan Material Co Ltd
6877.T
Obara Group Inc


6183.T
BELLSYSTEM24 Holdings Inc
7261.T
Mazda Motor Corp


6235.T
Optorun Co Ltd
7458.T
Daiichikosho Co Ltd


6361.T
Ebara Corp
7731.T
Nikon Corp


6544.T
Japan Elevator Service Holdings Co Ltd
7751.T
Canon Inc


6727.T
Wacom Co Ltd
8267.T
Aeon Co Ltd


7177.T
GMO Financial Holdings Inc
9001.T
Tobu Railway Co Ltd


7516.T
Kohnan Shoji Co Ltd
9003.T
Sotetsu Holdings Inc


7947.T
FP Corp
9005.T
Tokyu Corp


8194.T
Life Corp
9007.T
Odakyu Electric Railway Co Ltd


8425.T
Mizuho Leasing Co Ltd
9008.T
Keio Corp


8595.T
JAFCO Group Co Ltd
9009.T
Keisei Electric Railway Co Ltd


8892.T
Es-con Japan Ltd
9020.T
East Japan Railway Co


8919.T
Katitas Co Ltd
9021.T
West Japan Railway Co


9069.T
Senko Group Holdings Co Ltd
9024.T
Seibu Holdings Inc


9090.T
Maruwa Unyu Kikan Co Ltd
9041.T
Kintetsu Group Holdings Co Ltd


9101.T
Nippon Yusen KK
9044.T
Nankai Electric Railway Co Ltd


9104.T
Mitsui OSK Lines Ltd
9045.T
Keihan Holdings Co Ltd


9143.T
SG Holdings Co Ltd
9048.T
Nagoya Railroad Co Ltd


9375.T
Kintetsu World Express Inc
9201.T
Japan Airlines Co Ltd


9418.T
USEN NEXT HOLDINGS Co Ltd
9202.T
ANA Holdings Inc


9517.T
eREX Co Ltd
9603.T
H.I.S. Co Ltd


9519.T
Renova Inc
9706.T
Japan Airport Terminal Co Ltd


9787.T
Aeon Delight Co Ltd




Estimated one-way turnover at the rebalance is 8.16% and will result in a trade of JPY 468bn.Among the inclusions, the largest impacts will be on Daio Paper Corp (3880 JP), Mizuho Leasing Co (8425 JP), SG Holdings (9143 JP), Katitas Co Ltd (8919 JP), Aeon Delight (9787 JP), Japan Elevator Service Holdi (6544 JP), Kandenko Co Ltd (1942 JP), SENKO Group Holdings Co., Ltd. (9069 JP), Fp Corp (7947 JP) and Prima Meat Packers (2281 JP).Deletions with the largest impacts will be Odakyu Electric Railway (9007 JP), Nankai Electric Railway Co (9044 JP), Keio Corp (9008 JP), Sotetsu Holdings (9003 JP), Tobu Railway (9001 JP), Aeon Co Ltd (8267 JP), Tokyu Corp (9005 JP), Keisei Electric Railway Co (9009 JP), Toshiba Tec (6588 JP) and Hisamitsu Pharmaceutical Co (4530 JP).There are changes proposed to the index, mainly on selection criteria for stocks and on qualitative criteria including appointment of independent outside directors and of female corporate directors.

JPX Nikkei 400 Index Rebalance: Big Turnover, Big Impact & A Market Consultation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>The previous Insight took a brief look at the <a href="https://www.smartkarma.com/insights/usen-tob-situation-mechanics-possibilities" target="_blank" data-smartkarma-citation="insights:8802">USEN TOB Situation - Mechanics &amp; Possibilities</a> with regard to <a href="https://www.smartkarma.com/entities/9637" target="_blank" data-smartkarma-citation="entities:9637:1">U-Next Co Ltd (9418 JP)</a> 's Tender Offer to acquire an effective majority control of <a href="https://www.smartkarma.com/entities/19290" target="_blank" data-smartkarma-citation="entities:19290:1">USEN Corp (4842 JP)</a> , then subsequently perform a de-merger and merger to result in a NEWCO.</p><p>Subsequent to my publishing the last piece, USEN released an <a href="http://www.usen.com/news/cms_data/news/images/2017/20170216_169_3.pdf" target="_blank">English language document</a>. </p><p>Taking a page from Pooh, as I am wont to do, as he is a <em>Particularly Perspicacious Bear</em>, I offer...</p><h2>Things to THINK About.</h2><blockquote><p><strong>When</strong>…</p></blockquote>

The previous Insight took a brief look at the USEN TOB Situation - Mechanics &amp; Possibilities with regard to U-Next Co Ltd (9418 JP) 's Tender Offer to acquire an effective majority control of USEN Corp (4842 JP) , then subsequently perform a de-merger and merger to result in a NEWCO.Subsequent to my publishing the last piece, USEN released an English language document. Taking a page from Pooh, as I am wont to do, as he is a Particularly Perspicacious Bear, I offer...Things to THINK About.When…

USEN/U-Next - THINKING About Things (Which Go Bumpity Bumpity?)

<p>The morning after the TOB by a subsidiary of <a href="https://www.smartkarma.com/entities/9637" target="_blank" data-smartkarma-citation="entities:9637:1">U-Next Co Ltd (9418 JP)</a> was announced, <a href="https://www.smartkarma.com/entities/19290" target="_blank" data-smartkarma-citation="entities:19290:1">USEN Corp (4842 JP)</a> soared 15% to just below the Tender Offer Price of ¥461/share. That was entirely expected.</p><p>What happened next was perhaps less expected, and is not outrageously easy to get one's hands around.</p><p>Details matter. </p><p>Below I discuss... <br>      USEN &amp; U-Next Share Prices<br>      What Does the Tender Look Like A Priori?<br>      A Table Of Possibilities In The Tender<br>      Is There a Possibility of a Bump?<br>      A…</p>

The morning after the TOB by a subsidiary of U-Next Co Ltd (9418 JP) was announced, USEN Corp (4842 JP) soared 15% to just below the Tender Offer Price of ¥461/share. That was entirely expected.What happened next was perhaps less expected, and is not outrageously easy to get one's hands around.Details matter. Below I discuss...        USEN &amp; U-Next Share Prices       What Does the Tender Look Like A Priori?       A Table Of Possibilities In The Tender       Is There a Possibility of a Bump?       A…

USEN TOB Situation - Mechanics & Possibilities

Japan

USEN-NEXT HOLDINGS Co.,Ltd. provides network information services. The Company provides video contents distribution, music contents distribution, and other services. USEN-NEXT HOLDINGS also provides internet agency, mobile communication, and other services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Usen-Next Holdings Co Ltd (9418 JP)

Emerging Market Telecoms: Returns Have Bottomed. Outlook Improves.

Returns in emerging market wireless telecoms have bottomed as the sector takes a capex holiday after the 4G roll-out. We continue to like...

New Street Research

JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi UFJ Financial (8306 JP), Sanrio...

Ke Yan, CFA, FRM

JPX Nikkei 400 Index Rebalance: Big Turnover, Big Impact & A Market Consultation

There are 41 adds and 40 deletes for the JPX NK 400 Index. One-way turnover is high at 8.16% and will result in a trade of JPY 468bn. There will be...

Brian Freitas

USEN/U-Next - THINKING About Things (Which Go Bumpity Bumpity?)

The previous Insight took a brief look at the USEN TOB Situation - Mechanics & Possibilities with regard to U-Next Co Ltd (9418 JP) 's Tender...

Travis Lundy

USEN TOB Situation - Mechanics & Possibilities

The morning after the TOB by a subsidiary of U-Next Co Ltd (9418 JP) was announced, USEN Corp (4842 JP) soared 15% to just below the Tender Offer...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)