Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. US stocks hit again on contagion fears as Fed takes control of Silicon Valley Bank; Lots of activity over the weekend to shore up confidence.  </li>
<li>JAPAN. NKY Futs -2.2% vs Cash. USDJPY strengthened to 135. With all activity in the US to shore up confidence,  Japan likely bottoms early; Ueda confiremed as BOJ Governor. </li>
<li>NUGGET. Dainippon Print(7912)  - Confluence of Target, Timing and Tactics. A spectacular win for Elliot, Activism in Japan and for Japan   </li>
</ul>


OVERSEAS. US stocks hit again on contagion fears as Fed takes control of Silicon Valley Bank; Lots of activity over the weekend to shore up confidence.  
JAPAN. NKY Futs -2.2% vs Cash. USDJPY strengthened to 135. With all activity in the US to shore up confidence,  Japan likely bottoms early; Ueda confiremed as BOJ Governor. 
NUGGET. Dainippon Print(7912)  - Confluence of Target, Timing and Tactics. A spectacular win for Elliot, Activism in Japan and for Japan   


Good Morning Japan |Contagion Fears Dominate; NUGGET: Effective Activism - TARGET, TIMING, TACTICS

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dai-nippon-printing-co-ltd" target="_blank" data-smartkarma-citation="entities:19388:1" rel="noopener">Dai Nippon Printing (7912 JP)</a> is a range trade. The juice is in the speed of the Corporate Buyback and how excited people get.</li>
<li>With the renewal of the gaming concession in the bag and <a href="https://www.smartkarma.com/entities/melco-crown-entertainme-adr" target="_blank" data-smartkarma-citation="entities:810:1" rel="noopener">Melco Resorts (MLCO US)</a> up 128% in the past six months, <a href="https://www.smartkarma.com/entities/melco-international-development-ltd" target="_blank" data-smartkarma-citation="entities:809:1" rel="noopener">Melco (200 HK)</a> has extracted ~HK$2.5bn from MLCO.</li>
<li>
<a href="https://www.smartkarma.com/entities/hosokawa-micron-corp" target="_blank" data-smartkarma-citation="entities:6433:1" rel="noopener">Hosokawa Micron (6277 JP)</a>'s current PER of 9.9x ignores that net cash and securities holdings is about half of market cap. This is a cheap stock.  </li>
</ul>



Dai Nippon Printing (7912 JP) is a range trade. The juice is in the speed of the Corporate Buyback and how excited people get.
With the renewal of the gaming concession in the bag and Melco Resorts (MLCO US) up 128% in the past six months, Melco (200 HK) has extracted ~HK$2.5bn from MLCO.

Hosokawa Micron (6277 JP)'s current PER of 9.9x ignores that net cash and securities holdings is about half of market cap. This is a cheap stock.  


Last Week in Event SPACE: Dai Nippon Printing, Melco, Hosokawa Micron,Tencent/Meituan, Ihara Science

Travis Lundy

<ul>
<li>Today at lunch, <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> released a New Medium-Term Management Plan Presentation (FY2023 to 2026). “Sail Green, Drive Transformations 2026 - A Passion for Planetary Wellbeing.”
</li>
<li>It has basic investment plans, including growing scale of ONE container shipping alliance, growing auto logistics, spending on fuel conversions, offshore wind, hydrogen/ammonia, and doing some logistics M&amp;A</li>
<li>They also plan a new Shareholder Return Policy. That raises minimum dividend, expected payout ratio, and involves ¥200bn of buybacks the next two fiscal years. Read on.</li>
</ul>


Today at lunch, Nippon Yusen Kk (9101 JP) released a New Medium-Term Management Plan Presentation (FY2023 to 2026). “Sail Green, Drive Transformations 2026 - A Passion for Planetary Wellbeing.”

It has basic investment plans, including growing scale of ONE container shipping alliance, growing auto logistics, spending on fuel conversions, offshore wind, hydrogen/ammonia, and doing some logistics M&amp;A
They also plan a new Shareholder Return Policy. That raises minimum dividend, expected payout ratio, and involves ¥200bn of buybacks the next two fiscal years. Read on.


Nippon Yusen - New MidTermPlan = New Shareholder Return Policy

<ul>
<li>OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. </li>
<li>JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs </li>
<li>NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  </li>
</ul>


OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. 
JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs 
NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  


Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

<ul>
<li>ANA announced their FY23-25 Mid-Term Corporate Strategy last month. In it, a plan to increase cargo. </li>
<li>Today, <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a> and <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> announced ANA would take over NYK sub Nippon Cargo Airlines 1 October 2023 - price and method TBD.</li>
<li>This would add ~45-50% to ANA's cargo volume, and more to its capacity. But it means NYK sells cheap OR it means a chunk of ANA cash/stock. Overhang.</li>
</ul>


ANA announced their FY23-25 Mid-Term Corporate Strategy last month. In it, a plan to increase cargo. 
Today, Ana Holdings (9202 JP) and Nippon Yusen Kk (9101 JP) announced ANA would take over NYK sub Nippon Cargo Airlines 1 October 2023 - price and method TBD.
This would add ~45-50% to ANA's cargo volume, and more to its capacity. But it means NYK sells cheap OR it means a chunk of ANA cash/stock. Overhang.


Japan

Nippon Yusen Kabushiki Kaisha mainly provides marine transportation services and transportation management solution from international hub ports to both domestic and international ports. The Company operates container transportation, tramp and specialized carriers, and logistics and cruise lines. Nippon Yusen offers scheduled and unscheduled transportation services around the world.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Nippon Yusen Kk (9101 JP)

Good Morning Japan |Contagion Fears Dominate; NUGGET: Effective Activism - TARGET, TIMING, TACTICS

US stocks hit again on contagion fears as Fed takes control of Silicon Valley Bank; Lots of activity over the weekend to shore up confidence; Ueda...

Mark Chadwick

Last Week in Event SPACE: Dai Nippon Printing, Melco, Hosokawa Micron,Tencent/Meituan, Ihara Science

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Nippon Yusen - New MidTermPlan = New Shareholder Return Policy

Shipping Co NYK (9101) announced a new MTMP today at lunch. Lots of investment. Some shareholder return. Shares fell. I expect the "Additional...

Travis Lundy

Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

REALITY CHECK FROM POWELL; USDJPY weakens to 137.1 as Powell tesimony digested; H3 failure-blow to JP space hopes; "My Number" Use expanded; ...

Mark Chadwick

ANA and NYK to Trade NCA, So JAL/ANA GTG

ANA and Nippon Yusen today announced that ANA would buy NYK unit Nippon Cargo Airlines on 1 Oct 2023. Price and method TBD. This likely creates...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)