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

Shenton Research

Shenton 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 28th. The aggregated net margin trading position is USD29,092m.</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, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 28th. The aggregated net margin trading position is USD29,092m.
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, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.


JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 24th. The aggregated net margin trading position is USD27,589m.</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, Disco, Advantest, Mizuho Financial, Fast Retailing, Mitsubishi Heavy Industries, Tokyo Electron, Ferrotec, Dai-ichi Life, Nintendo.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 24th. The aggregated net margin trading position is USD27,589m.
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, Disco, Advantest, Mizuho Financial, Fast Retailing, Mitsubishi Heavy Industries, Tokyo Electron, Ferrotec, Dai-ichi Life, Nintendo.


JPX Margin Trading Weekly (Jul 24th): Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.</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, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 17th. The aggregated net margin trading position is USD28,293m.
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, SoftBank, Yaskawa Electric, Taiyo Yuden, Tokyo Electron, Mizuho Financial, Mitsubishi UFJ Financial, Advantest, Nintendo, Sumco.


JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uzabase-inc" target="_blank" data-smartkarma-citation="entities:27798:1" rel="noopener">Uzabase Inc (3966 JP)</a> has recommended <a href="https://www.smartkarma.com/entities/carlyle-group-inc" target="_blank" data-smartkarma-citation="entities:33402:1" rel="noopener">Carlyle Group Inc (CG US)</a>’s tender offer of JPY1,500 per share, a 72.2% premium to the undisturbed price (9 November).</li>
<li>The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.</li>
<li>The offer is reasonable. The offer ends on 22 December. Tendering shares represent a 27.94% ownership ratio. At the last close, the gross spread to the offer is 46.9%.</li>
</ul>



Uzabase Inc (3966 JP) has recommended Carlyle Group Inc (CG US)’s tender offer of JPY1,500 per share, a 72.2% premium to the undisturbed price (9 November).
The transaction is a two-step acquisition through a cash tender offer and subsequent squeeze-out. The lower limit of the offer has been set to meet the 66.67% ownership ratio.
The offer is reasonable. The offer ends on 22 December. Tendering shares represent a 27.94% ownership ratio. At the last close, the gross spread to the offer is 46.9%.


Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<p>In this insight, we take a look at the monthly performance of the trading opportunities surrounding TOPIX Index Rebalance events. After a dry spell in March and April, two new Section Transfers were announced in May 2021: <a href="https://www.smartkarma.com/entities/anshin-guarantor-service-co" target="_blank" data-smartkarma-citation="entities:33234:1" rel="noopener">Anshin Guarantor Service (7183 JP)</a> and <a href="https://www.smartkarma.com/entities/nomura-micro-science-co-ltd" target="_blank" data-smartkarma-citation="entities:11317:1" rel="noopener">Nomura Micro Science (6254 JP)</a>. On the other hand, we also witnessed some Inclusion Events resulting from TSE1 Direct Listings: <a href="https://www.smartkarma.com/entities/tess-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:32979:1" rel="noopener">Tess Holdings Co Ltd (5074 JP)</a> and <a href="https://www.smartkarma.com/entities/kibun-foods-inc" target="_blank" data-smartkarma-citation="entities:33019:1" rel="noopener">Kibun Foods Inc (2933 JP)</a>. </p><p>Below is a discussion of the situations covered by Quiddity in the Pre-event, Live-event, and Post-event categories during the month of May 2021.   </p>

In this insight, we take a look at the monthly performance of the trading opportunities surrounding TOPIX Index Rebalance events. After a dry spell in March and April, two new Section Transfers were announced in May 2021: Anshin Guarantor Service (7183 JP) and Nomura Micro Science (6254 JP). On the other hand, we also witnessed some Inclusion Events resulting from TSE1 Direct Listings: Tess Holdings Co Ltd (5074 JP) and Kibun Foods Inc (2933 JP). Below is a discussion of the situations covered by Quiddity in the Pre-event, Live-event, and Post-event categories during the month of May 2021.   

Japan

WingArc1st Inc. offers technology services. The Company provides data enpowerment, software development, software sales, and other services. WingArc1st offers its services throughout Japan.

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WingArc1st Inc (4432 JP)

JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Seikoh Giken (6834 JP), Mitsubishi UFJ...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 24th): Kioxia, Disco, Advantest, Mizuho Financial, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Disco (6146 JP), Advantest (6857 JP), Mizuho...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 17th): Kioxia, SoftBank, Yaskawa Electric, Taiyo Yuden, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Yaskawa Electric (6506 JP),...

Ke Yan, CFA, FRM

Uzabase’s (3966 JP) JPY1,500 Tender Offer from Carlyle

The tender offer is reasonable and ends on 22 December. The lower limit of the offer has been set at a 66.67% ownership ratio. At the last close,...

Arun George

TOPIX Inclusion Trade Summary: May 2021

TOPIX Index Changes Review for May 2021. There are a couple of new names, a list of ongoing pre-event trades, a couple of post-event trades. Things...

Janaghan Jeyakumar, CFA

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