https://www.smartkarma.com/segment/feeds/9984@jp.rssSmartkarma Feed 9984@JP2024-03-25T06:18:09.774973+00:00Smartkarma Analystsinsights@smartkarma.compython-feedgenhttps://www.smartkarma.com/segment/feeds/9984@jp.rss/9667e5f6-02b6-3d19-9bec-3d098c65286eBrief 9984@JP: ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit and more2024-03-25T06:18:09.814695+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ecm-weekly-25th-mar-2024-tcs-akeso-coforge-absl-tokio-marine-trial-migao-mixue-reddit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side</a></li><li><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell</a></li><li><a href="https://www.smartkarma.com/insights/ecm-weekly-18th-mar-2024-itc-interglobe-indigo-ms-ad-globalwafer-belle-auntea-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial</a></li><li><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ecm-weekly-25th-mar-2024-tcs-akeso-coforge-absl-tokio-marine-trial-migao-mixue-reddit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/599/original/chart%2025%20Mar%2024.jpg?1710921207"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a data-smartkarma-citation="entities:18708:1" href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" rel="noopener" target="_blank">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">2. Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/263/original/image?1710840828"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">3. Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/094/original/image?1710750137"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:7591:1" href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" rel="noopener" target="_blank">Tokio Marine Holdings (8766 JP)</a> had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ecm-weekly-18th-mar-2024-itc-interglobe-indigo-ms-ad-globalwafer-belle-auntea-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">4. ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/451/original/chart%2018%20Mar%2024.jpg?1710403979"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.</li>
<li>For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn <a data-smartkarma-citation="entities:327:1" href="https://www.smartkarma.com/entities/itc-ltd" rel="noopener" target="_blank">ITC Ltd (ITC IN)</a> block.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">5. MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/025/original/image?1710225519"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:631:1" href="https://www.smartkarma.com/entities/ms-ad-insurance-group-holdings" rel="noopener" target="_blank">MS&AD Insurance (8725 JP)</a> had a stake over US$100m in at least 29 listed Japanese stocks, amounting to a total of US$17.4bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ecm-weekly-25th-mar-2024-tcs-akeso-coforge-absl-tokio-marine-trial-migao-mixue-reddit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side</a></li><li><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell</a></li><li><a href="https://www.smartkarma.com/insights/ecm-weekly-18th-mar-2024-itc-interglobe-indigo-ms-ad-globalwafer-belle-auntea-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial</a></li><li><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ecm-weekly-25th-mar-2024-tcs-akeso-coforge-absl-tokio-marine-trial-migao-mixue-reddit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/599/original/chart%2025%20Mar%2024.jpg?1710921207"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a data-smartkarma-citation="entities:18708:1" href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" rel="noopener" target="_blank">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">2. Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/263/original/image?1710840828"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">3. Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/094/original/image?1710750137"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:7591:1" href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" rel="noopener" target="_blank">Tokio Marine Holdings (8766 JP)</a> had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ecm-weekly-18th-mar-2024-itc-interglobe-indigo-ms-ad-globalwafer-belle-auntea-trial?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">4. ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/451/original/chart%2018%20Mar%2024.jpg?1710403979"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.</li>
<li>For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn <a data-smartkarma-citation="entities:327:1" href="https://www.smartkarma.com/entities/itc-ltd" rel="noopener" target="_blank">ITC Ltd (ITC IN)</a> block.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">5. MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/025/original/image?1710225519"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:631:1" href="https://www.smartkarma.com/entities/ms-ad-insurance-group-holdings" rel="noopener" target="_blank">MS&AD Insurance (8725 JP)</a> had a stake over US$100m in at least 29 listed Japanese stocks, amounting to a total of US$17.4bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>2024-03-25T08:48:05+08:00[{"term": "Equity Capital Markets"}, {"term": "INDIA"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "TCS@IN"}, {"term": "RIL@IN"}, {"term": "UOB@SP"}, {"term": "OCBC@SP"}, {"term": "DBS@SP"}, {"term": "323410@KS"}, {"term": "377300@KS"}, {"term": "103260@KS"}, {"term": "035720@KS"}, {"term": "035420@KS"}, {"term": "@5838@JP"}, {"term": "4755@JP"}, {"term": "6098@JP"}, {"term": "7181@JP"}, {"term": "7182@JP"}, {"term": "6178@JP"}, {"term": "1024@HK"}, {"term": "3690@HK"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "9988@HK"}, {"term": "BABA@US"}, {"term": "700@HK"}, {"term": "BATS@LN"}, {"term": "ITC@US"}, {"term": "INDIGO@IN"}, {"term": "1605242D@IN"}, {"term": "99SPD@MK"}, {"term": "CARO@HK"}, {"term": "RDDT@US"}, {"term": "MIX@HK"}, {"term": "9879@HK"}, {"term": "8766@JP"}, {"term": "3036@TT"}, {"term": "9926@HK"}, {"term": "INDUSTOW@IN"}, {"term": "IDEA@IN"}, {"term": "COFORGE@IN"}, {"term": "ABSLAMC@IN"}, {"term": "ITC@IN"}, {"term": "5882@JP"}, {"term": "Equity Capital Markets"}, {"term": "JAPAN"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "5882@JP"}, {"term": "7203@JP"}, {"term": "7181@JP"}, {"term": "7182@JP"}, {"term": "6178@JP"}, {"term": "9956@JP"}, {"term": "3222@JP"}, {"term": "8842@JP"}, {"term": "6758@JP"}, {"term": "6098@JP"}, {"term": "4755@JP"}, {"term": "@5838@JP"}, {"term": "6752@JP"}, {"term": "4385@JP"}, {"term": "7456@JP"}, {"term": "8194@JP"}, {"term": "2651@JP"}, {"term": "8273@JP"}, {"term": "8276@JP"}, {"term": "9983@JP"}, {"term": "7751@JP"}, {"term": "9974@JP"}, {"term": "8255@JP"}, {"term": "9948@JP"}, {"term": "8279@JP"}, {"term": "3349@JP"}, {"term": "7532@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "JAPAN"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "8766@JP"}, {"term": "4911@JP"}, {"term": "8035@JP"}, {"term": "8015@JP"}, {"term": "2802@JP"}, {"term": "8802@JP"}, {"term": "TPX@INDEX"}, {"term": "9434@JP"}, {"term": "3382@JP"}, {"term": "6723@JP"}, {"term": "@5838@JP"}, {"term": "4755@JP"}, {"term": "9532@JP"}, {"term": "4528@JP"}, {"term": "NKY@INDEX"}, {"term": "6981@JP"}, {"term": "8031@JP"}, {"term": "7181@JP"}, {"term": "7182@JP"}, {"term": "6178@JP"}, {"term": "HMC@US"}, {"term": "4901@JP"}, {"term": "6902@JP"}, {"term": "6367@JP"}, {"term": "4568@JP"}, {"term": "9022@JP"}, {"term": "7259@JP"}, {"term": "8630@JP"}, {"term": "8725@JP"}, {"term": "8267@JP"}, {"term": "8002@JP"}, {"term": "6201@JP"}, {"term": "4519@JP"}, {"term": "4543@JP"}, {"term": "8001@JP"}, {"term": "4063@JP"}, {"term": "7269@JP"}, {"term": "7267@JP"}, {"term": "8058@JP"}, {"term": "7203@JP"}, {"term": "3003@JP"}, {"term": "Equity Capital Markets"}, {"term": "INDIA"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ITC@IN"}, {"term": "TCS@IN"}, {"term": "TATACONS@IN"}, {"term": "ZOMATO@IN"}, {"term": "PAYTM@IN"}, {"term": "323410@KS"}, {"term": "377300@KS"}, {"term": "035720@KS"}, {"term": "035420@KS"}, {"term": "6098@JP"}, {"term": "4755@JP"}, {"term": "9983@JP"}, {"term": "1364@JP"}, {"term": "1592@JP"}, {"term": "1593@JP"}, {"term": "1591@JP"}, {"term": "NKY@US"}, {"term": "SENSEX@INDEX"}, {"term": "NDIA@AU"}, {"term": "MUFG@US"}, {"term": "6201@JP"}, {"term": "7203@JP"}, {"term": "1024@HK"}, {"term": "3690@HK"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "9988@HK"}, {"term": "BABA@US"}, {"term": "2007708D@HK"}, {"term": "5882@JP"}, {"term": "QUNA@HK"}, {"term": "AJI@HK"}, {"term": "1700674D@IN"}, {"term": "8725@JP"}, {"term": "6488@TT"}, {"term": "BATS@LN"}, {"term": "INDIGO@IN"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "JAPAN"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "8725@JP"}, {"term": "7181@JP"}, {"term": "6178@JP"}, {"term": "7182@JP"}, {"term": "@5838@JP"}, {"term": "8842@JP"}, {"term": "4755@JP"}, {"term": "RAKUSEC@JP"}, {"term": "6723@JP"}, {"term": "1364@JP"}, {"term": "NKY@INDEX"}, {"term": "TPX@INDEX"}, {"term": "8267@JP"}, {"term": "9532@JP"}, {"term": "7974@JP"}, {"term": "7951@JP"}, {"term": "9022@JP"}, {"term": "4528@JP"}, {"term": "7259@JP"}, {"term": "8830@JP"}, {"term": "9104@JP"}, {"term": "3263@JP"}, {"term": "6201@JP"}, {"term": "3382@JP"}, {"term": "8316@JP"}, {"term": "6981@JP"}, {"term": "8015@JP"}, {"term": "7267@JP"}, {"term": "9434@JP"}, {"term": "8630@JP"}, {"term": "8766@JP"}, {"term": "6367@JP"}, {"term": "8053@JP"}, {"term": "4901@JP"}, {"term": "4568@JP"}, {"term": "8031@JP"}, {"term": "6902@JP"}, {"term": "4063@JP"}, {"term": "8001@JP"}, {"term": "7203@JP"}, {"term": "5882@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "7532@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "3003@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "INDIGO@IN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "7203@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/9984@jp.rss/cac4d0f1-039b-3b73-9caa-88740aa35aaeBrief 9984@JP: KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points and more2024-03-25T06:18:09.802048+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points</a></li><li><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding</a></li><li><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">EQD</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX</a></li><li><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ARM Holdings (ARM US): Lock up Expiry on 12 March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/091/original/KDDI.jpg?1709736698"/> <ul>
<li>Many are asking why KDDI would want to buy 50% of Lawson, Japan's third biggest convenience store chain.</li>
<li>Some more imaginative analysts suggest this could be just the first step towards KDDI merging with Rakuten in order to beat Amazon.</li>
<li>The more likely future is an ecosystem to challenge Rakuten and LY Corp (Yahoo etc), starting with points and payments and evolving to other Fintech, e-commerce and health.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">2. ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/215/original/table%2011%20Mar%2024.jpg?1709800275"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> was hoping for better luck with its listing this time around.</li>
<li>For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">3. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/052/original/Screenshot%202024-03-06%20at%2010.47.43.png?1709718474"/> <ul><li>A cross-country study on the post earning announcement drift effect.</li><li>We explore the use of various options-implied analytics to systematically view returns around earnings announcements. </li><li>Options-Implied Analytics can provide empowering information to better inform investment decisions.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">4. Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/996/original/image?1709709401"/> <ul>
<li>
<a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank"><strong>Keisei Electric Railway Co (9009 JP)</strong></a> places out 1% of <strong><a data-smartkarma-citation="entities:13517:1" href="https://www.smartkarma.com/entities/oriental-land-co-ltd" rel="noopener" target="_blank">Oriental Land (4661 JP)</a></strong>, but rejects lowering its stake to 15%. That is the end of the near-term catalyst.</li>
<li>
<strong><a data-smartkarma-citation="entities:7037:1" href="https://www.smartkarma.com/entities/new-world-development" rel="noopener" target="_blank">New World Development (17 HK)</a></strong> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for both <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU) </a></strong> and <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong> are trading wide; both potentially FIRB-related.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">5. ARM Holdings (ARM US): Lock up Expiry on 12 March </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/083/original/Lock-up%204.png?1709735192"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank Group (9984 JP)</a>’s 180-day lock-up period on its 89.75% <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a> shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.</li>
<li>SoftBank will likely monetise its ARM stake using the <a data-smartkarma-citation="entities:787:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" rel="noopener" target="_blank">Alibaba (ADR) (BABA US)</a> playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. </li>
<li>ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to <a data-smartkarma-citation="entities:5891:1" href="https://www.smartkarma.com/entities/nvidia-corp" rel="noopener" target="_blank">NVIDIA Corp (NVDA US)</a>, despite forecasted lower growth and margin. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points</a></li><li><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding</a></li><li><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">EQD</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX</a></li><li><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ARM Holdings (ARM US): Lock up Expiry on 12 March</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/091/original/KDDI.jpg?1709736698"/> <ul>
<li>Many are asking why KDDI would want to buy 50% of Lawson, Japan's third biggest convenience store chain.</li>
<li>Some more imaginative analysts suggest this could be just the first step towards KDDI merging with Rakuten in order to beat Amazon.</li>
<li>The more likely future is an ecosystem to challenge Rakuten and LY Corp (Yahoo etc), starting with points and payments and evolving to other Fintech, e-commerce and health.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">2. ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/215/original/table%2011%20Mar%2024.jpg?1709800275"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> was hoping for better luck with its listing this time around.</li>
<li>For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">3. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/052/original/Screenshot%202024-03-06%20at%2010.47.43.png?1709718474"/> <ul><li>A cross-country study on the post earning announcement drift effect.</li><li>We explore the use of various options-implied analytics to systematically view returns around earnings announcements. </li><li>Options-Implied Analytics can provide empowering information to better inform investment decisions.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">4. Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/996/original/image?1709709401"/> <ul>
<li>
<a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank"><strong>Keisei Electric Railway Co (9009 JP)</strong></a> places out 1% of <strong><a data-smartkarma-citation="entities:13517:1" href="https://www.smartkarma.com/entities/oriental-land-co-ltd" rel="noopener" target="_blank">Oriental Land (4661 JP)</a></strong>, but rejects lowering its stake to 15%. That is the end of the near-term catalyst.</li>
<li>
<strong><a data-smartkarma-citation="entities:7037:1" href="https://www.smartkarma.com/entities/new-world-development" rel="noopener" target="_blank">New World Development (17 HK)</a></strong> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for both <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU) </a></strong> and <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong> are trading wide; both potentially FIRB-related.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/arm-holdings-arm-us-lock-up-expiry-on-12-march?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">5. ARM Holdings (ARM US): Lock up Expiry on 12 March </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/083/original/Lock-up%204.png?1709735192"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank Group (9984 JP)</a>’s 180-day lock-up period on its 89.75% <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a> shareholding expires on 12 March. SoftBank’s stake is worth US$124 billion.</li>
<li>SoftBank will likely monetise its ARM stake using the <a data-smartkarma-citation="entities:787:1" href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" rel="noopener" target="_blank">Alibaba (ADR) (BABA US)</a> playbook. This playbook uses prepaid forward contracts to raise capital with eventual settlement through shares. </li>
<li>ARM is currently trading 2.6x its IPO price on AI-driven hype. ARM trades at a premium multiple to <a data-smartkarma-citation="entities:5891:1" href="https://www.smartkarma.com/entities/nvidia-corp" rel="noopener" target="_blank">NVIDIA Corp (NVDA US)</a>, despite forecasted lower growth and margin. </li>
</ul>2024-03-12T08:00:03+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "JAPAN"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "2651@JP"}, {"term": "AMZN@US"}, {"term": "9437@JP"}, {"term": "8058@JP"}, {"term": "4689@JP"}, {"term": "4755@JP"}, {"term": "9433@JP"}, {"term": "Equity Capital Markets"}, {"term": "JAPAN"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "UOB@SP"}, {"term": "OCBC@SP"}, {"term": "DBS@SP"}, {"term": "TME@US"}, {"term": "INFO@IN"}, {"term": "TCS@IN"}, {"term": "RIL@IN"}, {"term": "9988@HK"}, {"term": "BABA@US"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "3690@HK"}, {"term": "700@HK"}, {"term": "9690@HK"}, {"term": "377300@KS"}, {"term": "1700674D@IN"}, {"term": "MOTHERSO@IN"}, {"term": "ARM@US"}, {"term": "DYL@AU"}, {"term": "LODHA@IN"}, {"term": "EQT@SS"}, {"term": "5882@JP"}, {"term": "9147@JP"}, {"term": "NLC@IN"}, {"term": "6669@TT"}, {"term": "XHT@HK"}, {"term": "AMM@MK"}, {"term": "055550@KS"}, {"term": "MM@IN"}, {"term": "9009@JP"}, {"term": "2314866D@CH"}, {"term": "4661@JP"}, {"term": "ANZ@AU"}, {"term": "AAVAS@IN"}, {"term": "ZOMATO@IN"}, {"term": "SZTD@HK"}, {"term": "1730088D@CH"}, {"term": "GQG@AU"}, {"term": "BHARTI@IN"}, {"term": "ST@SP"}, {"term": "DBRL@IN"}, {"term": "INDIGO@IN"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "JAPAN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "SPX@INDEX"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "SPY@US"}, {"term": "NIFTY@INDEX"}, {"term": "HSI@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "JAPAN"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9009@JP"}, {"term": "IBE@SM"}, {"term": "AGR@US"}, {"term": "SIG@AU"}, {"term": "ARM@US"}, {"term": "O2D@GR"}, {"term": "VIAV@US"}, {"term": "659@HK"}, {"term": "SPT@LN"}, {"term": "3690@HK"}, {"term": "825@HK"}, {"term": "4062@JP"}, {"term": "9983@JP"}, {"term": "AA@US"}, {"term": "003410@KS"}, {"term": "4185@JP"}, {"term": "MIN@AU"}, {"term": "GNX@AU"}, {"term": "2015@HK"}, {"term": "TEF@SM"}, {"term": "ECR@SM"}, {"term": "6967@JP"}, {"term": "9513@JP"}, {"term": "SQM/B@CI"}, {"term": "9868@HK"}, {"term": "TLGO@SM"}, {"term": "APZ@AU"}, {"term": "1910@HK"}, {"term": "ORR@AU"}, {"term": "PRU@AU"}, {"term": "EGH@AU"}, {"term": "3331@HK"}, {"term": "011780@KS"}, {"term": "TDCX@US"}, {"term": "AZS@AU"}, {"term": "AWC@AU"}, {"term": "17@HK"}, {"term": "4661@JP"}, {"term": "Equity Capital Markets"}, {"term": "US"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ARM@US"}, {"term": "SNPS@US"}, {"term": "CEVA@US"}, {"term": "CDNS@US"}, {"term": "NVDA@US"}, {"term": "BABA@US"}, {"term": "9433@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "INDIGO@IN", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "HSI@INDEX", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "4661@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "9984@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/9984@jp.rss/23537b17-224a-39e2-848e-b659878c00c6Brief 9984@JP: ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On and more2024-03-25T06:18:09.789752+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On</a></li><li><a href="https://www.smartkarma.com/insights/zomato-placement-momentum-is-very-strong-somewhat-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged</a></li><li><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help</a></li><li><a href="https://www.smartkarma.com/insights/bat-s-possible-us-2-5bn-itc-selldown-will-be-well-flagged-but-still-won-t-be-an-easy-one-to-digest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/755/original/image?1709625317"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank</a> raised around US$4.9bn via selling some of its stake in <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/zomato-placement-momentum-is-very-strong-somewhat-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">2. Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/848/original/image?1709645729"/> <ul>
<li>AntFin is looking to raise around US$350m by selling around 2% of <a data-smartkarma-citation="entities:28820:1" href="https://www.smartkarma.com/entities/zomato-ltd" rel="noopener" target="_blank">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">3. Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/524/original/image_181127022111709537750293.png?1709537751"/> <ul>
<li>
<a data-smartkarma-citation="entities:15817:1" href="https://www.smartkarma.com/entities/disco-corp" rel="noopener" target="_blank">DISCO (6146 JP)</a>, <a data-smartkarma-citation="entities:36351:1" href="https://www.smartkarma.com/entities/socionext-inc" rel="noopener" target="_blank">Socionext (6526 JP)</a> and <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO (3092 JP)</a> will replace <a data-smartkarma-citation="entities:11074:1" href="https://www.smartkarma.com/entities/takara-holdings-inc" rel="noopener" target="_blank">Takara Holdings (2531 JP)</a>, <a data-smartkarma-citation="entities:20460:1" href="https://www.smartkarma.com/entities/sumitomo-osaka-cement-co-ltd" rel="noopener" target="_blank">Sumitomo Osaka Cement (5232 JP)</a> and <a data-smartkarma-citation="entities:3439:1" href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" rel="noopener" target="_blank">Pacific Metals (5541 JP)</a> in the <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225</a>.</li>
<li>
<a data-smartkarma-citation="entities:20386:1" href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" rel="noopener" target="_blank">Nitori Holdings (9843 JP)</a>'s PAF will increase from 0.3 to 0.5, and surprisingly there is no PAF adjustment for <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO Inc (3092 JP)</a>. </li>
<li>Passive trackers need to buy between 1-18 days of ADV on the adds while selling between 2.7-28 days of ADV on the deletes. There is a big funding trade too.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">4. Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/502/original/image?1709528601"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) is now looking to raise up to US$259m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about implied valuations in the IPO range.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/bat-s-possible-us-2-5bn-itc-selldown-will-be-well-flagged-but-still-won-t-be-an-easy-one-to-digest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">5. BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/274/original/image?1709011890"/> <ul>
<li>Earlier this month, <a data-smartkarma-citation="entities:21828:1" href="https://www.smartkarma.com/entities/british-american-tobacco-plc" rel="noopener" target="_blank">British American Tobacco (BATS LN)</a>’s management stated that they were reviewing their stake in <a data-smartkarma-citation="entities:327:1" href="https://www.smartkarma.com/entities/itc-ltd" rel="noopener" target="_blank">ITC Ltd (ITC IN)</a> to enhance its balance sheet flexibility.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the possible deal structure and dynamics.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On</a></li><li><a href="https://www.smartkarma.com/insights/zomato-placement-momentum-is-very-strong-somewhat-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged</a></li><li><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help</a></li><li><a href="https://www.smartkarma.com/insights/bat-s-possible-us-2-5bn-itc-selldown-will-be-well-flagged-but-still-won-t-be-an-easy-one-to-digest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/arm-holdings-ipo-lock-up-expiry-a-us-127bn-lockup-release-might-be-too-tempting-to-pass-on?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. ARM Holdings IPO Lock-Up Expiry - A US$127bn Lockup Release Might Be Too Tempting to Pass On </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/755/original/image?1709625317"/> <ul>
<li>
<a data-smartkarma-citation="entities:315:1" href="https://www.smartkarma.com/entities/softbank-group-corp" rel="noopener" target="_blank">Softbank</a> raised around US$4.9bn via selling some of its stake in <a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a>’ US IPO. Its remaining 90% stake will be released from its IPO linked lockup soon.</li>
<li>ARM develops and licenses high-performance, low-cost, and energy-efficient CPU products and related technology, which is used by semiconductor companies and OEMs to develop their own products.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/zomato-placement-momentum-is-very-strong-somewhat-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">2. Zomato Placement - Momentum Is Very Strong, Somewhat Well Flagged </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/848/original/image?1709645729"/> <ul>
<li>AntFin is looking to raise around US$350m by selling around 2% of <a data-smartkarma-citation="entities:28820:1" href="https://www.smartkarma.com/entities/zomato-ltd" rel="noopener" target="_blank">Zomato (ZOMATO IN)</a>.</li>
<li>Ant Group had earlier sold some of its stake in Nov 2023 and Ant just came out of lockup from the previous selldown a few days ago.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">3. Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/524/original/image_181127022111709537750293.png?1709537751"/> <ul>
<li>
<a data-smartkarma-citation="entities:15817:1" href="https://www.smartkarma.com/entities/disco-corp" rel="noopener" target="_blank">DISCO (6146 JP)</a>, <a data-smartkarma-citation="entities:36351:1" href="https://www.smartkarma.com/entities/socionext-inc" rel="noopener" target="_blank">Socionext (6526 JP)</a> and <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO (3092 JP)</a> will replace <a data-smartkarma-citation="entities:11074:1" href="https://www.smartkarma.com/entities/takara-holdings-inc" rel="noopener" target="_blank">Takara Holdings (2531 JP)</a>, <a data-smartkarma-citation="entities:20460:1" href="https://www.smartkarma.com/entities/sumitomo-osaka-cement-co-ltd" rel="noopener" target="_blank">Sumitomo Osaka Cement (5232 JP)</a> and <a data-smartkarma-citation="entities:3439:1" href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" rel="noopener" target="_blank">Pacific Metals (5541 JP)</a> in the <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225</a>.</li>
<li>
<a data-smartkarma-citation="entities:20386:1" href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" rel="noopener" target="_blank">Nitori Holdings (9843 JP)</a>'s PAF will increase from 0.3 to 0.5, and surprisingly there is no PAF adjustment for <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO Inc (3092 JP)</a>. </li>
<li>Passive trackers need to buy between 1-18 days of ADV on the adds while selling between 2.7-28 days of ADV on the deletes. There is a big funding trade too.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">4. Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/502/original/image?1709528601"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) is now looking to raise up to US$259m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about implied valuations in the IPO range.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/bat-s-possible-us-2-5bn-itc-selldown-will-be-well-flagged-but-still-won-t-be-an-easy-one-to-digest?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">5. BAT’s Possible US$2.5bn ITC Selldown - Will Be Well Flagged but Still Won’t Be an Easy One to Digest </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/274/original/image?1709011890"/> <ul>
<li>Earlier this month, <a data-smartkarma-citation="entities:21828:1" href="https://www.smartkarma.com/entities/british-american-tobacco-plc" rel="noopener" target="_blank">British American Tobacco (BATS LN)</a>’s management stated that they were reviewing their stake in <a data-smartkarma-citation="entities:327:1" href="https://www.smartkarma.com/entities/itc-ltd" rel="noopener" target="_blank">ITC Ltd (ITC IN)</a> to enhance its balance sheet flexibility.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the possible deal structure and dynamics.</li>
</ul>2024-03-06T09:48:03+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "US"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "NORTH AMERICA"}, {"term": "ARM@US"}, {"term": "SOXX@US"}, {"term": "7203@JP"}, {"term": "700@HK"}, {"term": "2330@TT"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "PDD@US"}, {"term": "SE@US"}, {"term": "005930@KS"}, {"term": "CRM@US"}, {"term": "TSLA@US"}, {"term": "SPY@US"}, {"term": "6723@JP"}, {"term": "RIL@IN"}, {"term": "2379@TT"}, {"term": "QCOM@US"}, {"term": "PRX@SJ"}, {"term": "PRX@NA"}, {"term": "PROSY@US"}, {"term": "ORCL@US"}, {"term": "NXPI@US"}, {"term": "2454@TT"}, {"term": "MRVL@US"}, {"term": "RDDT@US"}, {"term": "AS@US"}, {"term": "1024@HK"}, {"term": "IFNNY@US"}, {"term": "7267@JP"}, {"term": "GRAB@US"}, {"term": "GM@US"}, {"term": "175@HK"}, {"term": "GFS@US"}, {"term": "F@US"}, {"term": "EA@US"}, {"term": "CDNS@US"}, {"term": "AVGO@US"}, {"term": "002594@CH"}, {"term": "1211@HK"}, {"term": "AMZN@US"}, {"term": "9988@HK"}, {"term": "BABA@US"}, {"term": "ADBE@US"}, {"term": "GOOGL@US"}, {"term": "GOOG@US"}, {"term": "AAPL@US"}, {"term": "MSFT@US"}, {"term": "NVDA@US"}, {"term": "AMD@US"}, {"term": "Equity Capital Markets"}, {"term": "INDIA"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ZOMATO@IN"}, {"term": "700@HK"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "MSIL@IN"}, {"term": "TTMT@IN"}, {"term": "TTM@US"}, {"term": "TCS@IN"}, {"term": "RIL@IN"}, {"term": "APNT@IN"}, {"term": "DEVYANI@IN"}, {"term": "JUBI@IN"}, {"term": "TTAN@IN"}, {"term": "NYKAA@IN"}, {"term": "DELHIVER@IN"}, {"term": "INFOE@IN"}, {"term": "POLICYBZ@IN"}, {"term": "PAYTM@IN"}, {"term": "NPN@SJ"}, {"term": "PRX@NA"}, {"term": "DASH@US"}, {"term": "3690@HK"}, {"term": "6688@HK"}, {"term": "9988@HK"}, {"term": "BABA@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "JAPAN"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "3092@JP"}, {"term": "TPX@INDEX"}, {"term": "9613@JP"}, {"term": "6971@JP"}, {"term": "9766@JP"}, {"term": "1721@JP"}, {"term": "9735@JP"}, {"term": "4021@JP"}, {"term": "9301@JP"}, {"term": "6954@JP"}, {"term": "4543@JP"}, {"term": "6762@JP"}, {"term": "9433@JP"}, {"term": "4063@JP"}, {"term": "6857@JP"}, {"term": "8035@JP"}, {"term": "9983@JP"}, {"term": "9843@JP"}, {"term": "NKY@INDEX"}, {"term": "5541@JP"}, {"term": "5232@JP"}, {"term": "2531@JP"}, {"term": "6526@JP"}, {"term": "6146@JP"}, {"term": "Equity Capital Markets"}, {"term": "JAPAN"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "5882@JP"}, {"term": "8279@JP"}, {"term": "9956@JP"}, {"term": "3222@JP"}, {"term": "8842@JP"}, {"term": "6758@JP"}, {"term": "6098@JP"}, {"term": "4755@JP"}, {"term": "@5838@JP"}, {"term": "6752@JP"}, {"term": "7532@JP"}, {"term": "4385@JP"}, {"term": "7456@JP"}, {"term": "8194@JP"}, {"term": "2651@JP"}, {"term": "8273@JP"}, {"term": "8276@JP"}, {"term": "9983@JP"}, {"term": "3349@JP"}, {"term": "7751@JP"}, {"term": "9974@JP"}, {"term": "8255@JP"}, {"term": "9948@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDIA"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ITC@IN"}, {"term": "NEST@IN"}, {"term": "HUVR@IN"}, {"term": "2914@JP"}, {"term": "6055@HK"}, {"term": "GGRM@IJ"}, {"term": "005930@KS"}, {"term": "700@HK"}, {"term": "BABA@US"}, {"term": "POLICYBZ@IN"}, {"term": "PAYTM@IN"}, {"term": "ZOMATO@IN"}, {"term": "AXSB@IN"}, {"term": "ICICIBC@IN"}, {"term": "HDFCB@IN"}, {"term": "HDFC@IN"}, {"term": "UNBK@IN"}, {"term": "MSIL@IN"}, {"term": "TTMT/A@IN"}, {"term": "TTMT@IN"}, {"term": "TTM@US"}, {"term": "TATACONS@IN"}, {"term": "TCS@IN"}, {"term": "AWLTD@IN"}, {"term": "ATGL@IN"}, {"term": "ADSEZ@IN"}, {"term": "ADE@IN"}, {"term": "ADANIGR@IN"}, {"term": "ADANIT@IN"}, {"term": "ADANI@IN"}, {"term": "RIL@IN"}, {"term": "BATS@LN"}, {"term": "9984@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BABA@US", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "6146@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "9948@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}, {"term": "BATS@LN", "scheme": "http://rss.financialcontent.com/stocksymbol"}]https://www.smartkarma.com/segment/feeds/9984@jp.rss/b48caaa7-072c-34ca-9d61-1d161ef83236Brief 9984@JP: ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure and more2024-03-25T06:18:09.777022+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ecm-weekly-26th-feb-2024-trial-holdings-juniper-xiaocaiyuan-union-bank-orica-azure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ecm-weekly-26th-feb-2024-trial-holdings-juniper-xiaocaiyuan-union-bank-orica-azure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/393/322/original/chart%2026%20Feb%2024.jpg?1708589487"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we looked at <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> refiling and <a data-smartkarma-citation="entities:40688:1" href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" rel="noopener" target="_blank">Xiaocaiyuan International Holding</a> .</li>
<li>For placements, it was an action packed week in India, again, with Australia joining in as well.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ecm-weekly-26th-feb-2024-trial-holdings-juniper-xiaocaiyuan-union-bank-orica-azure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ecm-weekly-26th-feb-2024-trial-holdings-juniper-xiaocaiyuan-union-bank-orica-azure?utm_medium=feed&utm_source=daily_briefing&utm_campaign=9984@JP">1. ECM Weekly (26th Feb 2024) - Trial Holdings, Juniper, Xiaocaiyuan, Union Bank, Orica, Azure </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/393/322/original/chart%2026%20Feb%2024.jpg?1708589487"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, we looked at <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> refiling and <a data-smartkarma-citation="entities:40688:1" href="https://www.smartkarma.com/entities/xiaocaiyuan-international-holding-ltd" rel="noopener" target="_blank">Xiaocaiyuan International Holding</a> .</li>
<li>For placements, it was an action packed week in India, again, with Australia joining in as well.</li>
</ul>2024-02-26T08:08:03+08:00[{"term": "Equity Capital Markets"}, {"term": "CHINA"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "BABA@US"}, {"term": "@5838@JP"}, {"term": "4755@JP"}, {"term": "323410@KS"}, {"term": "377300@KS"}, {"term": "293490@KS"}, {"term": "035720@KS"}, {"term": "1838597D@KS"}, {"term": "035420@KS"}, {"term": "700@HK"}, {"term": "BHARTI@IN"}, {"term": "TCS@IN"}, {"term": "TTMT@IN"}, {"term": "TATACONS@IN"}, {"term": "0172540D@IN"}, {"term": "1700674D@IN"}, {"term": "SWAN@IN"}, {"term": "600983@CH"}, {"term": "RIL@IN"}, {"term": "9983@JP"}, {"term": "7203@JP"}, {"term": "ARM@US"}, {"term": "HNDL@IN"}, {"term": "AS@US"}, {"term": "175@HK"}, {"term": "AZS@AU"}, {"term": "EUREKAFO@IN"}, {"term": "XCY@HK"}, {"term": "AMMN@IJ"}, {"term": "MTAL@US"}, {"term": "ORI@AU"}, {"term": "DEVYANI@IN"}, {"term": "YUM@US"}, {"term": "WHIRL@IN"}, {"term": "WHR@US"}, {"term": "UNBK@IN"}, {"term": "AJI@HK"}, {"term": "6593708Z@IN"}, {"term": "5882@JP"}, {"term": "5882@JP", "scheme": "http://rss.financialcontent.com/stocksymbol"}]