Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Thematic (Sector/Industry)

<ul>
<li>Japan is sending a delegation of top trade negotiators to the U.S, but both sides are making the same mistakes that led to WWII.</li>
<li>I asked Grok to use game theory to map out the most likely scenarios for how Japanese and U.S. governments might avoid the worst-case scenario. </li>
<li>According to Grok, both sides have a strong motivation to delay any agreement no matter what the other side offers.</li>
</ul>


Japan is sending a delegation of top trade negotiators to the U.S, but both sides are making the same mistakes that led to WWII.
I asked Grok to use game theory to map out the most likely scenarios for how Japanese and U.S. governments might avoid the worst-case scenario. 
According to Grok, both sides have a strong motivation to delay any agreement no matter what the other side offers.


Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A review of recent events/data impacting our investment themes or outlook</li>
<li>The new Trump Administration’s “plan” for China is becoming clearer</li>
<li>What’s next for markets after the tumultuous events of the last week</li>
</ul>


A review of recent events/data impacting our investment themes or outlook
The new Trump Administration’s “plan” for China is becoming clearer
What’s next for markets after the tumultuous events of the last week


Overview #22 – The Lunatics Have Taken over the Asylum

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

MNTN, Inc. operates as an advertising and marketing company. The Company builds advertising platform for brands to drive measurable conversions, revenue, and site visits through the power of television. MNTN serves customers in the United States.

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

<ul>
<li>We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.</li>
<li>The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.</li>
<li>With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.</li>
</ul>


We revisit key cross-asset signals as traditional safe havens fail to respond in familiar ways.
The past 8 days have delivered a combination of asset moves with few, if any,  historical parallels.
With trust in U.S. safe haven assets under pressure, we explore emerging themes and ramifications.


Global Markets: Why This Sell-Off Is Different. UPDATE

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The US treasury and dollar markets have proven to be key participants in US trade negotiations.</li>
<li>In a battle of wills, Trump and Xi delay direct negotiations between the world's two largest economies.  Time is on China's side as consumer confidence plummets in US.</li>
<li>Regardless of the results of the trade negotiations, the co-dependent support dynamic for the US equity, dollar, and treasury markets is broken.</li>
</ul>


The US treasury and dollar markets have proven to be key participants in US trade negotiations.
In a battle of wills, Trump and Xi delay direct negotiations between the world's two largest economies.  Time is on China's side as consumer confidence plummets in US.
Regardless of the results of the trade negotiations, the co-dependent support dynamic for the US equity, dollar, and treasury markets is broken.


The Art of the Trade War: FIRST ROUND GOES TO THE MARKETS!

United States
Insights on the United States (USA)

Will Japan's Trade-War Gamble Pay Off?

Japan's top trade negotiators are on their way to Washington, but both sides are at risk of repeating WWII mistakes. I asked Grok to use game...

Michael Allen

Overview #22 – The Lunatics Have Taken over the Asylum

A review of recent events/data impacting our investment themes and outlook. What happens next for markets after the events of the last week

Rikki Malik

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Global Markets: Why This Sell-Off Is Different. UPDATE

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

The Art of the Trade War: FIRST ROUND GOES TO THE MARKETS!

US treasury and dollar markets are key participants in US trade negotiations.The co-dependent support dynamic for the equity, dollar, and treasury...

David Mudd

Will Japan's Trade-War Gamble Pay Off?

​Japan's top trade negotiators are on their way to Washington, but both sides are at risk of repeating WWII mistakes. I asked Grok to use game...

Michael Allen

Overview #22 – The Lunatics Have Taken over the Asylum

A review of recent events/data impacting our investment themes and outlook. What happens next for markets after the events of the last week

Rikki Malik

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Global Markets: Why This Sell-Off Is Different. UPDATE

​Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.

John Ley

The Art of the Trade War: FIRST ROUND GOES TO THE MARKETS!

US treasury and dollar markets are key participants in US trade negotiations.The co-dependent support dynamic for the equity, dollar, and treasury...

David Mudd

Japan's top trade negotiators are on their way to Washington, but both sides are at risk of repeating WWII mistakes. I asked Grok to use game...

Traditional safe havens are not responding as expected, leading to unprecedented asset moves and questioning trust in U.S. safe haven assets.