In today’s briefing:
- SBI Sumishin NetBank (7163) – Oops! NTT Docomo May Not Be There As a Buyer
- EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot
- Anicom Holdings (8715 JP): Q3 FY03/25 flash update
- EQD | Nifty Index Options Weekly (January 20 – 24): Implied Vol Normalizes
SBI Sumishin NetBank (7163) – Oops! NTT Docomo May Not Be There As a Buyer
- On Friday, SBI Sumishin Net Bank (7163 JP) fell 12.5% in the last 90 minutes of trading. This was not due to their Q3 earnings release (out 30 January).
- It seemed due to investor disappointment in the content of the NTT earnings call. As discussed in the forked insight, there had been speculation NTT would buy SBI Sumishin.
- Investors had thought NTT would pay more than 28x earnings and a ¥600bn premium to book to buy the business. At 23.7x Mar25e EPS and 4.1x book, it’s still expensive.
EQD | Nikkei Index Options Weekly (January 27 – 31): Implied Vol Very Reactive to Spot
- Nikkei down 2.66% on Monday with Implied vol very reactive to the move jumping almost 3 points.
- USD/JPY dropped 2.35% for the week, Nikkei fared better only losing 1.96%.
- Open interest in the Nikkei dominated by Puts with 2 outstanding for every 1 Call.
Anicom Holdings (8715 JP): Q3 FY03/25 flash update
- Recurring revenue increased by JPY4.8bn YoY to JPY49.7bn, driven by underwriting, investment, and other revenue growth.
- Recurring profit rose JPY517mn YoY to JPY3.8bn, aided by decreased claims, agency fees, and SG&A expenses.
- Combined ratio improved by 0.6pp YoY to 93.5% due to better operating expense and E/I loss ratios.
EQD | Nifty Index Options Weekly (January 20 – 24): Implied Vol Normalizes
- Implied vols adjusted downward by 3 points and now at 33rd percentile over the past year as Nifty ekes out a 40 bp gain.
- Seasonal trends not favorable for Nifty in the 2nd half of the month.
- Expect that vol down / spot up will re-assert itself with implied vols having normalized.
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