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 Feb 20th. The aggregated net margin trading position is USD24,230m.</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, Hitachi, Mitsubishi UFJ Financial, Advantest, Mizuho Financial, Mitsubishi Heavy Industries, Fujikura, Keyence, Fast Retailing, Kandenko.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Feb 20th. The aggregated net margin trading position is USD24,230m.
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, Hitachi, Mitsubishi UFJ Financial, Advantest, Mizuho Financial, Mitsubishi Heavy Industries, Fujikura, Keyence, Fast Retailing, Kandenko.


JPX Margin Trading Weekly (Feb 20th): Kioxia, Hitachi, Mitsubishi UFJ Financial, Advantest

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Feb 13th. The aggregated net margin trading position is USD23,203m.</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 Shin-Etsu Chemical, SoftBank, Advantest, Kioxia, Mitsubishi Heavy Industries, Fujikura, Mitsubishi UFJ Financial, Recruit, Disco, Fast Retailing, Shin-Etsu Chemical, Softbank, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Feb 13th. The aggregated net margin trading position is USD23,203m.
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 Shin-Etsu Chemical, SoftBank, Advantest, Kioxia, Mitsubishi Heavy Industries, Fujikura, Mitsubishi UFJ Financial, Recruit, Disco, Fast Retailing, Shin-Etsu Chemical, Softbank, Advantest.


JPX Margin Trading Weekly (Feb 13th): Shin-Etsu Chemical, SoftBank, Advantest, Kioxia

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Feb 6th. The aggregated net margin trading position is USD23,298m.</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 Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest, SoftBank, Fujikura, Sumitomo Mitsui Financial, Recruit, Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, Nec, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Feb 6th. The aggregated net margin trading position is USD23,298m.
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 Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest, SoftBank, Fujikura, Sumitomo Mitsui Financial, Recruit, Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, Nec, Advantest.


JPX Margin Trading Weekly (Feb 6th): Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jan 30th. The aggregated net margin trading position is USD24,095m.</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, Lasertec, Fujikura, Disco, Tokyo Electron, Mitsubishi UFJ Financial, Nichirei, SoftBank, Mitsubishi Heavy Industries, Kioxia, Advantest, Lasertec, Fujikura, Disco, Tokyo Electron.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jan 30th. The aggregated net margin trading position is USD24,095m.
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, Lasertec, Fujikura, Disco, Tokyo Electron, Mitsubishi UFJ Financial, Nichirei, SoftBank, Mitsubishi Heavy Industries, Kioxia, Advantest, Lasertec, Fujikura, Disco, Tokyo Electron.


JPX Margin Trading Weekly (Jan 30th): Kioxia, Advantest, Lasertec, Fujikura, Disco, Tokyo Electron

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Value Act, as activist, believes the KKR's <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> is not being done at the right price. But Value Act will now tender shares and invest in Bidco. </li>
<li>
<a href="https://www.smartkarma.com/entities/lynas-corp-ltd" target="_blank" data-smartkarma-citation="entities:20374:1" rel="noopener">Lynas Corp Ltd (LYC AU)</a>and <a href="https://www.smartkarma.com/entities/iluka-resources-ltd" target="_blank" data-smartkarma-citation="entities:10105:1" rel="noopener">Iluka Resources (ILU AU)</a> are the only Australian companies with confirmed (or near-term) refining specific heavy rare earth elements as China restricts exports.</li>
<li>StraCap has been tilting at the <a href="https://www.smartkarma.com/entities/wakita-co-ltd" target="_blank" data-smartkarma-citation="entities:11924:1" rel="noopener">Wakita (8125 JP)</a> for years. It hasn't made headway. The only way StraCap will get its measures over the line is by soliciting retail.</li>
</ul>


Value Act, as activist, believes the KKR's Topcon Corp (7732 JP) is not being done at the right price. But Value Act will now tender shares and invest in Bidco. 

Lynas Corp Ltd (LYC AU)and Iluka Resources (ILU AU) are the only Australian companies with confirmed (or near-term) refining specific heavy rare earth elements as China restricts exports.
StraCap has been tilting at the Wakita (8125 JP) for years. It hasn't made headway. The only way StraCap will get its measures over the line is by soliciting retail.


Last Week in Event SPACE: Topcon, Heavy Rare Earth Elements, Wakita, Swire/Cathay, Horizon Robotics

Japan

Wakita & Co., LTD. is a manufacturing and trading firm primarily handling construction and civil engineering equipment.  The Company also handles imported construction materials, industrial and commercial facilities, and audio-visual equipment.  Wakita leases construction machinery as well.

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Wakita & Co Ltd (8125 JP)

JPX Margin Trading Weekly (Feb 20th): Kioxia, Hitachi, Mitsubishi UFJ Financial, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Hitachi (6501 JP), Mitsubishi UFJ Financial...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Feb 13th): Shin-Etsu Chemical, SoftBank, Advantest, Kioxia

We analyzed JPX margin trading positions report for the past week and highlighted Shin-Etsu Chemical (4063 JP), SoftBank (9984 JP), Advantest (6857...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Feb 6th): Nintendo, Shin-Etsu Chemical, Lasertec, Kioxia, NEC, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Nintendo (7974 JP), Shin-Etsu Chemical (4063 JP), Lasertec (6920...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jan 30th): Kioxia, Advantest, Lasertec, Fujikura, Disco, Tokyo Electron

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Lasertec (6920 JP),...

Ke Yan, CFA, FRM

Last Week in Event SPACE: Topcon, Heavy Rare Earth Elements, Wakita, Swire/Cathay, Horizon Robotics

It’s Sunday (and Easter)! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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