Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.</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 Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 21st. The aggregated net margin trading position is USD19,632m.
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 Heavy Industries, SBI, Nippon Telegraph and Telephone, Sanrio, Tokyo Electric Power Company, Tokio Marine, Mitsubishi UFJ Financial, Furukawa Electric.


JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.</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 Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 14th. The aggregated net margin trading position is USD20,683m.
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 Heavy Industries, Sanrio, Mitsubishi UFJ Financial, Advantest, Kawasaki Heavy Industries, Disco, Sony, Kasumigaseki Capital, Fujikura, Softbank, Mitsubishi Heavy Industries, Sanrio.


JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jul 4th. The aggregated net margin trading position is USD17,017m.</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 Sanrio, Lasertec, Ntt Data, Ihi, Mitsubishi Heavy Industries, Softbank, Disco, Kawasaki Heavy Industries, Advantest, Mitsubishi Ufj Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jul 4th. The aggregated net margin trading position is USD17,017m.
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 Sanrio, Lasertec, Ntt Data, Ihi, Mitsubishi Heavy Industries, Softbank, Disco, Kawasaki Heavy Industries, Advantest, Mitsubishi Ufj Financial.


JPX Margin Trading Weekly (Jul 4th): Sanrio, Lasertec, Ntt Data, Ihi, Mitsubishi Heavy Industries

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

<ul>
<li>Without sufficient sales growth and profitability, including profit margins and ROE, it is understandable that shareholders will demand greater shareholder returns in order to secure a return on their investment.</li>
<li>Since Zojirushi's foreign shareholder ratio is 19.9%, it was expected that shareholder proposals including takeover defense measures would likely be rejected at the general shareholders meeting.</li>
<li>The likelihood of passage by a company that have low foreign ownership ratio is unlikely to increase without significant change in the attitude of domestic institutional investors toward shareholder proposals.</li>
</ul>


Without sufficient sales growth and profitability, including profit margins and ROE, it is understandable that shareholders will demand greater shareholder returns in order to secure a return on their investment.
Since Zojirushi's foreign shareholder ratio is 19.9%, it was expected that shareholder proposals including takeover defense measures would likely be rejected at the general shareholders meeting.
The likelihood of passage by a company that have low foreign ownership ratio is unlikely to increase without significant change in the attitude of domestic institutional investors toward shareholder proposals.


Change in Attitude of Domestic Institutional Investors Is Key to Approval of Shareholder Proposal

<ul>
<li>Zojirushi's low profitability and numerical targets are at the root of the problem with this shareholder proposal, which required disclosure of cost of capital to verify reasonableness of the targets.</li>
<li>To ensure transparency of BOD, it would have required individual disclosure of director compensation, divestment of policy shareholdings, and elimination of takeover defenses, which are issues of corporate governance practices.</li>
<li>When % foreign shareholders reaches 30% level, companies tend to eliminate takeover defense. Since Zojirushi's % foreign shareholders is 20%, the shareholder proposal will be very likely to be rejected.</li>
</ul>


Zojirushi's low profitability and numerical targets are at the root of the problem with this shareholder proposal, which required disclosure of cost of capital to verify reasonableness of the targets.
To ensure transparency of BOD, it would have required individual disclosure of director compensation, divestment of policy shareholdings, and elimination of takeover defenses, which are issues of corporate governance practices.
When % foreign shareholders reaches 30% level, companies tend to eliminate takeover defense. Since Zojirushi's % foreign shareholders is 20%, the shareholder proposal will be very likely to be rejected.


Unreasonable Company Opposition, but No Change in Outlook for Shareholder Proposals to Be Rejected

Japan

ZOJIRUSHI CORPORATION manufactures kitchen appliances, heat-insulating containers, and environmental equipment.  The Company's products include rice cookers, coffee makers, thermos bottles, humidifiers, and water purifiers. Zojirushi sells its products in Japan, North America, and Asia.

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

Zojirushi Corp (7965 JP)

JPX Margin Trading Weekly (Nov 21st): SoftBank, Mitsubishi Heavy Industries, SBI

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), SBI...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Nov 14th): SoftBank, Mitsubishi Heavy Industries, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi Heavy Industries (7011 JP), Sanrio...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jul 4th): Sanrio, Lasertec, Ntt Data, Ihi, Mitsubishi Heavy Industries

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Lasertec (6920 JP), Ntt Data (9613 JP), Ihi...

Ke Yan, CFA, FRM

Change in Attitude of Domestic Institutional Investors Is Key to Approval of Shareholder Proposal

I would like to discuss the issues on the February 16 Nikkei article, "Zojirushi Shareholders' Meeting Rejects Shareholder Proposal to Remove...

Metrical Inc

Unreasonable Company Opposition, but No Change in Outlook for Shareholder Proposals to Be Rejected

I would like to discuss the January 10 Nikkei article, "Zojirushi Mahobin opposes shareholder proposal to eliminate takeover defense measures," and...

Metrical Inc

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)