Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>We said previously that we would remain positive on Monex until there were signs of a crypto currency breakdown. </li>
<li>That now appears to be happening and we are thus leery of the pure long trade here. </li>
<li>However, earnings trends are reasonable and we still like the name so we would examine hedging options.</li>
</ul>


We said previously that we would remain positive on Monex until there were signs of a crypto currency breakdown. 
That now appears to be happening and we are thus leery of the pure long trade here. 
However, earnings trends are reasonable and we still like the name so we would examine hedging options.


Monex – Bitcoin Breakdown Means This Needs a Hedge

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note we will talk about the IPO valuation.</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note we will talk about the IPO valuation.


Net Protections Holdings IPO - Needs a Bit of Hope and Belief

<ul>
<li>Monex’s SPAC of its TradeStation business highlighted the hidden potential of its non-crypto assets.</li>
<li>While its domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing.</li>
<li>We examine the potential of the company’s regional bank tie-ups below.</li>
</ul>


Monex’s SPAC of its TradeStation business highlighted the hidden potential of its non-crypto assets.
While its domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing.
We examine the potential of the company’s regional bank tie-ups below.


Monex – Examining the Domestic Business

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Today, <a href="https://www.smartkarma.com/entities/nippo-corp" target="_blank" data-smartkarma-citation="entities:2583:1" rel="noopener">NIPPO Corp (1881 JP)</a> reported Q2 earnings down sharply yoy (but forecasts for full year remained unchanged) and the Roadmap entity which two months ago had announced the intention to launch a Tender Offer on NIPPO today announced that the tender offer would start tomorrow.

Today, NIPPO Corp (1881 JP) reported Q2 earnings down sharply yoy (but forecasts for full year remained unchanged) and the Roadmap entity which two months ago had announced the intention to launch a Tender Offer on NIPPO today announced that the tender offer would start tomorrow. 

NIPPO (1881) Tender Offer to Launch - May Not Be A Done Deal

Monex just <a href="https://www.monexgroup.jp/jp/news_release/irnews/auto_20211108426992/pdfFile.pdf" target="_blank" rel="noopener">announced</a> (Japanese only for now) that it has tied up with NTT to integrate its “Sharely” virtual AGM support service into NTT SmartConnect’s virtual AGM one stop package. While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and looking like a train you do not want to be standing in front of.

Monex just announced (Japanese only for now) that it has tied up with NTT to integrate its “Sharely” virtual AGM support service into NTT SmartConnect’s virtual AGM one stop package. While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and looking like a train you do not want to be standing in front of.

Monex – Garnish That Double Limit-Up with A Pinch of Virtual AGMs and a Dash of Crypto Breakout

Japan

Monex Group, Inc. is a holding company, which was established through merger between Monex and Nikko Beans. The Company manages its subsidiaries that provides investing services for self-directed investors through Internet and telephone.

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

Monex Group Inc (8698 JP)

Monex – Bitcoin Breakdown Means This Needs a Hedge

We said previously that we would remain positive on Monex until there were signs of a crypto currency breakdown. With that occurring we are leery...

Mio Kato

Net Protections Holdings IPO - Needs a Bit of Hope and Belief

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

Monex – Examining the Domestic Business

While Monex's domestic business has traditionally been volatile and not grown profit especially quickly that appears to be changing...

Mio Kato

NIPPO (1881) Tender Offer to Launch - May Not Be A Done Deal

The ENEOS+GS Tender Offer for ENEOS subsidiary NIPPO (1881) launches tomorrow. NIPPO is willing to distribute all their cash. The price is too low....

Travis Lundy

Monex – Garnish That Double Limit-Up with A Pinch of Virtual AGMs and a Dash of Crypto Breakout

While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and just announced a virtual AGM tie-up...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)