Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Firday 23 August, <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP)</a> announced that three cross-holders would sell about 4.6% of the shares out in a secondary sale. </li>
<li>MS&amp;AD was expected. Toyota was probably expected. Yamaha Corp is a bit of a surprise. But it also frees up Yamaha Motor to sell down cross-holdings (top 2 are Toyota/Yamaha).</li>
<li>Given the price/guidance/dividend yield and limited size, this should be quite easy to place.</li>
</ul>


On Firday 23 August, Yamaha Motor (7272 JP) announced that three cross-holders would sell about 4.6% of the shares out in a secondary sale. 
MS&amp;AD was expected. Toyota was probably expected. Yamaha Corp is a bit of a surprise. But it also frees up Yamaha Motor to sell down cross-holdings (top 2 are Toyota/Yamaha).
Given the price/guidance/dividend yield and limited size, this should be quite easy to place.


Yamaha Motors (7272 JP) - Secondary Offering as Toyota Sells Down - Easy To Digest

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at a number of upcoming listings in India.</li>
<li>There was a revival in placement flows during the week, after a lull over the past few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at a number of upcoming listings in India.
There was a revival in placement flows during the week, after a lull over the past few weeks.


ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Yamaha Motor share sale by Toyota, Yamaha Corp and MS&amp;AD may take time to clear, but the outlook for Yamaha Motor is improving. Expect Yamaha Corp strength on buyback expectations.</li>
<li>Ueda signalling a slightly hawkish tone on Friday should be good for banks and utilities, but less good for exporters, tourism related and real estate.</li>
<li>6963 Rohm is starting to look interesting again with a few upcoming drivers which should help it rebound, including next weeks NKY225 rebalance announcement.</li>
</ul>


Yamaha Motor share sale by Toyota, Yamaha Corp and MS&amp;AD may take time to clear, but the outlook for Yamaha Motor is improving. Expect Yamaha Corp strength on buyback expectations.
Ueda signalling a slightly hawkish tone on Friday should be good for banks and utilities, but less good for exporters, tourism related and real estate.
6963 Rohm is starting to look interesting again with a few upcoming drivers which should help it rebound, including next weeks NKY225 rebalance announcement.


Japan Morning Connection: Yamaha Motor, Rohm, Kawasaki Heavy

<ul>
<li>A group of shareholders aims to raise around US$330m via selling around 3.6% of <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP).</a>
</li>
<li>This will be another cross-shareholding unwind and hence, won’t be a huge surprise, although the stock hasn’t been doing particularly well lately.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise around US$330m via selling around 3.6% of Yamaha Motor (7272 JP).

This will be another cross-shareholding unwind and hence, won’t be a huge surprise, although the stock hasn’t been doing particularly well lately.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Yamaha Motors Placement - A Relatively Small Cross-Shareholding Unwind

<ul>
<li>ARM +11% after a broker upgrade yesterday will see <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> rebound sharply off heavily sold levels yesterday, despite its surprise Y500bn buyback.</li>
<li>Tech wide relief rally in the US sets the tone for a very strong day in Japan, helped by strong earnings by the likes of <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">TEL (8035)</a> and <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai (6525).</a>
</li>
<li>Jobs data saw leisure and powersports names in the US rally which should help the likes of <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP)</a> and <a href="https://www.smartkarma.com/entities/kawasaki-heavy-industries" target="_blank" data-smartkarma-citation="entities:8790:1" rel="noopener">KHI (7012 JP)</a> rebound sharply also.</li>
</ul>


ARM +11% after a broker upgrade yesterday will see Softbank Group (9984 JP) rebound sharply off heavily sold levels yesterday, despite its surprise Y500bn buyback.
Tech wide relief rally in the US sets the tone for a very strong day in Japan, helped by strong earnings by the likes of TEL (8035) and Kokusai (6525).

Jobs data saw leisure and powersports names in the US rally which should help the likes of Yamaha Motor (7272 JP) and KHI (7012 JP) rebound sharply also.


Japan Morning Connection: 9984 JP, 8035 JP, 6525 JP

Japan

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

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Yamaha Motor (7272 JP)

Yamaha Motors (7272 JP) - Secondary Offering as Toyota Sells Down - Easy To Digest

Toyota and Yamaha Corp and MS&AD will sell down 4.6% of Yamaha Motors, which has not bounced as much as peers from the USDJPY and equity selldown....

Travis Lundy

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Japan Morning Connection: Yamaha Motor, Rohm, Kawasaki Heavy

Yamaha Motor outlook improving with share sale, Ueda's hawkish tone favors banks and utilities, Rohm showing rebound potential with upcoming drivers.

Andrew Jackson

Yamaha Motors Placement - A Relatively Small Cross-Shareholding Unwind

A group of shareholders aims to raise around US$330m via selling around 3.6% of Yamaha Motor (7272 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Japan Morning Connection: 9984 JP, 8035 JP, 6525 JP

ARM stock surges after broker upgrade, Softbank Group rebounds, tech rally in US boosts Japan market, leisure and powersports names rally in US...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yamaha Motors (7272 JP) - Secondary Offering as Toyota Sells Down - Easy To Digest

Toyota and Yamaha Corp and MS&AD will sell down 4.6% of Yamaha Motors, which has not bounced as much as peers from the USDJPY and equity selldown....

Travis Lundy

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Japan Morning Connection: Yamaha Motor, Rohm, Kawasaki Heavy

​Yamaha Motor outlook improving with share sale, Ueda's hawkish tone favors banks and utilities, Rohm showing rebound potential with upcoming drivers.

Andrew Jackson

Yamaha Motors Placement - A Relatively Small Cross-Shareholding Unwind

A group of shareholders aims to raise around US$330m via selling around 3.6% of Yamaha Motor (7272 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Japan Morning Connection: 9984 JP, 8035 JP, 6525 JP

​ARM stock surges after broker upgrade, Softbank Group rebounds, tech rally in US boosts Japan market, leisure and powersports names rally in US...

Andrew Jackson

Yamaha Motor outlook improving with share sale, Ueda's hawkish tone favors banks and utilities, Rohm showing rebound potential with upcoming drivers.

ARM stock surges after broker upgrade, Softbank Group rebounds, tech rally in US boosts Japan market, leisure and powersports names rally in US...