Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>On 28 April 2022, with full-year earnings, <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> announced a buyback programme to buy back up to 12mm shares (6.11% of shares out) for up to ¥150bn</li>
<li>That was when the shares were ¥18,540. The shares popped 10% in 2 days. Then fell 25% into end-September. Yesterday, they announced they'd bought back 1.9mm shares in November.</li>
<li>Those were the first shares bought back under the Programme. And that leaves 4 months and a lot of stock to buy. </li>
</ul>


On 28 April 2022, with full-year earnings, Fujitsu Ltd (6702 JP) announced a buyback programme to buy back up to 12mm shares (6.11% of shares out) for up to ¥150bn
That was when the shares were ¥18,540. The shares popped 10% in 2 days. Then fell 25% into end-September. Yesterday, they announced they'd bought back 1.9mm shares in November.
Those were the first shares bought back under the Programme. And that leaves 4 months and a lot of stock to buy. 


Fujitsu (6702) Buyback Just Getting Started

Equity Capital Markets

Nomura Research Institute / Equity Capital Markets

<ul>
<li>On 25 November <a href="https://www.smartkarma.com/entities/nomura-research-institute-ltd" target="_blank" data-smartkarma-citation="entities:18129:1" rel="noopener">Nomura Research Institute Ltd (4307 JP)</a> announced that <a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a> and <a href="https://www.smartkarma.com/entities/nomura-holdings-inc" target="_blank" data-smartkarma-citation="entities:742:1" rel="noopener">Nomura Holdings (8604 JP)</a> would conduct a Secondary Offering of NRI Shares. </li>
<li>The sale is 36.97mm shares plus a greenshoe. It's a big deal ($1bn) including greenshoe after JPY has just strengthened, but underperformance both before and after announcement sets up well. </li>
<li>Expect weakness today, but the stock is now at a two-year low, and the PER multiple premium is now at the lowest 3mo average premium in 5yrs. Expect retail buying.</li>
</ul>


On 25 November Nomura Research Institute Ltd (4307 JP) announced that Jafco Co Ltd (8595 JP) and Nomura Holdings (8604 JP) would conduct a Secondary Offering of NRI Shares. 
The sale is 36.97mm shares plus a greenshoe. It's a big deal ($1bn) including greenshoe after JPY has just strengthened, but underperformance both before and after announcement sets up well. 
Expect weakness today, but the stock is now at a two-year low, and the PER multiple premium is now at the lowest 3mo average premium in 5yrs. Expect retail buying.


NRI (4307) Likely Prices Today - Expect Weakness Then Strength

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> announced Q2 results today during market hours. The stock had been trading up 1.1% on the day, but fell 1% in 5 minutes.</li>
<li>It then spent the rest of the day grinding higher to end just higher than just before results. </li>
<li>NTT announced another buyback - this one on-market. It is only a little bit of a surprise.</li>
</ul>



NTT (Nippon Telegraph &amp; Telephone) (9432 JP) announced Q2 results today during market hours. The stock had been trading up 1.1% on the day, but fell 1% in 5 minutes.
It then spent the rest of the day grinding higher to end just higher than just before results. 
NTT announced another buyback - this one on-market. It is only a little bit of a surprise.


Telco/Internet specialist

Kirk Boodry

Redex Research

<ul>
<li>NTT's global data center business has 6% market share with annual revenue growth of 20% that is twice the industry average</li>
<li>We have updated our model and valuation summary to reflect the transfer of NTT Ltd, which operates the GDC business, into NTT Data</li>
<li>Our valuation remains unchanged although we have lowered our target price ¥4,500 to ¥4,450 for payment of the H1 dividend.  NTT remains a top pick in our coverage</li>
</ul>


NTT's global data center business has 6% market share with annual revenue growth of 20% that is twice the industry average
We have updated our model and valuation summary to reflect the transfer of NTT Ltd, which operates the GDC business, into NTT Data
Our valuation remains unchanged although we have lowered our target price ¥4,500 to ¥4,450 for payment of the H1 dividend.  NTT remains a top pick in our coverage


NTT (Buy) - Investor Day Highlights Global Data Center Business

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>NTT announced a buyback in May as discussed in <a href="https://www.smartkarma.com/insights/ntt-9432-salutary-earnings-salutary-buyback-more-to-go" target="_blank" data-smartkarma-citation="insights:69873" rel="noopener">NTT (9432) - Salutary Earnings Salutary Buyback, More to Go</a>, via ToSTNeT-3 to buy a chunk of the govt's stake. </li>
<li>That will be <a href="https://group.ntt/en/newsrelease/2022/09/14/220914a.html" target="_blank" rel="noopener">executed</a> by ToSTNeT-3 buyback pre-open tomorrow, with a bid of 103.1725mm shares at ¥3,877. A separate report suggests the Ministry of Finance will sell 92mm shares.</li>
<li>It is like a mini tender offer so if you want to sell a large chunk of shares, you can. But I wouldn't. </li>
</ul>


NTT announced a buyback in May as discussed in NTT (9432) - Salutary Earnings Salutary Buyback, More to Go, via ToSTNeT-3 to buy a chunk of the govt's stake. 
That will be executed by ToSTNeT-3 buyback pre-open tomorrow, with a bid of 103.1725mm shares at ¥3,877. A separate report suggests the Ministry of Finance will sell 92mm shares.
It is like a mini tender offer so if you want to sell a large chunk of shares, you can. But I wouldn't. 


NTT (9432) Buyback Has Come - But NTT Is Gonna Grind Out Better EPS So I'd Keep It

Japan

NTT Data Corporation mainly provides large scale system integration and networking system services. System integration involves data transmission system design, sales, leasing, and services.  Network System Services include internet related and linked computer networks, and data provision and management of data. The Company is a subsidiary of Nippon Telegraph & Telephone Corporation.

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NTT Data Corp (9613 JP)

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NTT Q2 Results and a New Buyback

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NTT (Buy) - Investor Day Highlights Global Data Center Business

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Kirk Boodry

NTT (9432) Buyback Has Come - But NTT Is Gonna Grind Out Better EPS So I'd Keep It

NTT's large buyback - possibly the only one this year - comes today. Designed for govt to sell shares, but you can participate. I wouldn't though....

Travis Lundy

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