In today’s briefing:
- Weekly Deals Digest (26 Jan) – Seven & I, Shinko, Canvest, GAPack, Get Nice, Japfa, LG CNS, Guming
- Merger Arb Mondays (27 Jan) – Fosun Tourism, Get Nice, Lifestyle China, Canvest, Japfa, SLB
- Is Slower Management Decision Making of Japanese Companies Relate to Slower Growth of Market Cap?
Weekly Deals Digest (26 Jan) – Seven & I, Shinko, Canvest, GAPack, Get Nice, Japfa, LG CNS, Guming
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: LG CNS (LGCNSZ KS) seeks to raise up to US$837 million, and Guming Holdings (GUM HK) seeks to raise US$300 million.
- Event-Driven developments: Seven & I Holdings (3382 JP), Shinko Electric Industries (6967 JP), Fuji Soft Inc (9749 JP), Japfa Ltd (JAP SP), Get Nice Financial Group Ltd (1469 HK).
Merger Arb Mondays (27 Jan) – Fosun Tourism, Get Nice, Lifestyle China, Canvest, Japfa, SLB
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: SLB Development (SLB SP), Japfa Ltd (JAP SP), Seven & I Holdings (3382 JP), Lifestyle China (2136 HK), Get Nice Financial Group Ltd (1469 HK).
- Lowest spreads: Makino Milling Machine Co (6135 JP), Avjennings Ltd (AVJ AU), Fuji Soft Inc (9749 JP), Auswide Bank (ABA AU), Pressance Corp (3254 JP).
Is Slower Management Decision Making of Japanese Companies Relate to Slower Growth of Market Cap?
- Declining components from MSCI indexes will lead to less inflows from active as well as passive funds, and less transmission from the sell-side to global investors.
- Based on the assumption that the world’s top companies have grown in response to changes in the environment, Japanese companies may be relatively slow in making management decisions for growth.
- As benchmark adopters reduce their investments in Japanese equities, investors adopting investment strategies that are less concerned with benchmarks will have a greater presence than ever before.
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