In today’s briefing:
- [Japan Event] The Crasus Chemical (646A) Spinoff – Details, Valuation, Flows
- Merger Arb Mondays (21 Sep) – Kadoya, Leopalace21, Kakaku, Skyworth, Z Fin, OFX, Peet, Cleanaway
- Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (X Sep 2026)
- Murata (6981) Vs. TDK (6762): Still Murata
- IINO Kaiun Kaisha (9119 JP) – Navigating a Shipping Downcycle with Strength
[Japan Event] The Crasus Chemical (646A) Spinoff – Details, Valuation, Flows
- A few years ago, Resonac Holdings (4004 JP) announced it would consider spinning off its petrochemicals business.
- This summer it announced it would happen, and on 7 September it got TSE approval for a spinoff 1 October 2026. Shares start trading on 29 September.
- On Friday, the reference price for listing was announced at ¥200/share. Day 1 will mean significant index flows, and thoughts of what is to come.
Merger Arb Mondays (21 Sep) – Kadoya, Leopalace21, Kakaku, Skyworth, Z Fin, OFX, Peet, Cleanaway
- I summarise the latest spreads and newsflow for the merger arb situations covered across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, the Philippines, Thailand, and Chinese ADRs.
- Highest spreads: Skyworth (751 HK), OFX Group (OFX AU), Z Fin (1168 HK), Peet Ltd (PPC AU), Atlantic Lithium (A11 AU), Tourism Holdings (THL NZ), Cleanaway Waste Management (CWY AU).
- Lowest spreads: Kadoya Sesame Mills (2612 JP), Leopalace21 Corp (8848 JP), Carnaby Resources (CNB AU), Kakaku.com Inc (2371 JP), Accent Group (AX1 AU), FleetPartners Group (FPR AU).
Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (X Sep 2026)
- Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
- Highlights: Currently seven pair trade opportunities persist across three markets and four sectors.
- Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.
Murata (6981) Vs. TDK (6762): Still Murata
- If you are (still) bullish on data centers and AI, Murata Manufacturing (6981 JP) is the one you should go long.
- Murata Manufacturing (6981 JP) grew its OPM more than TDK Corp (6762 JP) while its revenue growth is smaller than the latter, a sign of effective operating leverage.
- For investors who prefer earnings quality and margin expansion over top line revenue growth, Murata is your answer.
IINO Kaiun Kaisha (9119 JP) – Navigating a Shipping Downcycle with Strength
- Shipping is cyclical, and earnings volatility has long been the sector’s biggest weakness for investors.
- IINO Lines has successfully reduced the volatility of its earnings by combining its real estate business with shipping.
- The Company was profitable through all seven years of the FY3/15–FY3/21 shipping market downcycle and grew BVPS +26.9%, while the major domestic peers recorded multiple years of losses and saw BVPS decline meaningfully
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
