In today’s briefing:
- Aeon Mall (8905 JP): Aeon (8267 JP)’s Potential Share Exchange Offer
- ECM Weekly (3rd Mar 2025) – Japan Post Bank, JX Advance, Mixue, Chifeng, JSW Cement, Premier, Guzman
- Nikkei Index Options Weekly (Feb 24 – 28): The Range Breaks
Aeon Mall (8905 JP): Aeon (8267 JP)’s Potential Share Exchange Offer
- AEON Mall (8905 JP) and Aeon Co Ltd (8267 JP) announced a MoU for the potential privatisation of Aeon Mall through a share exchange offer.
- The terms of the share exchange are expected to be announced in early April and be implemented in July.
- Aeon’s 58.16% shareholding facilitates passing the Aeon Mall shareholder vote. My analysis suggests a potential share exchange (Aeon Mall/Aeon) ratio range of 0.60x-0.69x.
ECM Weekly (3rd Mar 2025) – Japan Post Bank, JX Advance, Mixue, Chifeng, JSW Cement, Premier, Guzman
- 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, Mixue Group (2097 HK) looks set to break the tea chain jinx in its listing today, while JX Advanced Metals (5016 JP) will set its pricing.
- On the placements front, Japan Post Holdings (6178 JP) was back with a US$4bn+ deal in Japan Post Bank (7182 JP).
Nikkei Index Options Weekly (Feb 24 – 28): The Range Breaks
- Sideways range finally breaks giving way to higher 1M implied vols, now above the 75th percentile.
- Move lower potentially exacerbated by short gamma positions around the 38,000 strike.
- Seasonals not favorable for Nikkei over the next two weeks.
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