Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Thursday, mid-day, <a href="https://www.smartkarma.com/entities/taisei-corp" target="_blank" data-smartkarma-citation="entities:7896:1" rel="noopener">Taisei Corp (1801 JP)</a> announced Q2 earnings, and it announced a VERY BIG BUYBACK of up to 30mm shares and up to ¥150bn. That's 16.41% of outstanding.</li>
<li>The share price popped such that the buyback is really only about 10-11%, but that's still a lot. </li>
<li>It is worth looking at the details of this buyback and how it plays out.</li>
</ul>


On Thursday, mid-day, Taisei Corp (1801 JP) announced Q2 earnings, and it announced a VERY BIG BUYBACK of up to 30mm shares and up to ¥150bn. That's 16.41% of outstanding.
The share price popped such that the buyback is really only about 10-11%, but that's still a lot. 
It is worth looking at the details of this buyback and how it plays out.


Taisei (1801 JP) - In-Line Earnings, BIG Buyback, Already In The Price?

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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.</li>
<li>On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPOs front, Indian deals continue to flow in, even as other markets have taken a breather ahead of US elections this week.
On the placements front, there weren't many large deals but we did look at a number of upcoming lockup expiries.


ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

<ul>
<li>Post-Close on the 5th business day of October every year, the TSE announces the Free Float Weight review for all stocks where the FY ends in the Jan-March quarter.</li>
<li>Yesterday saw 210 decent changes to FFW (more up than down). There are still 400+ Phased Weight Reductions, 3 new adds (3663, 3993, 9341), and some share cancellation-based share-count reductions.</li>
<li>It turns out there is a LOT to trade. I see ¥2trln one-way (¥2trln net to buy on 245 names, and ¥2trln to sell on the other nearly 1,900 names). </li>
</ul>


Post-Close on the 5th business day of October every year, the TSE announces the Free Float Weight review for all stocks where the FY ends in the Jan-March quarter.
Yesterday saw 210 decent changes to FFW (more up than down). There are still 400+ Phased Weight Reductions, 3 new adds (3663, 3993, 9341), and some share cancellation-based share-count reductions.
It turns out there is a LOT to trade. I see ¥2trln one-way (¥2trln net to buy on 245 names, and ¥2trln to sell on the other nearly 1,900 names). 


The TOPIX October FFW Trade - BIG Numbers

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Horizon Robotics / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/horizon-robotics-inc" target="_blank" data-smartkarma-citation="entities:35637:1" rel="noopener">Horizon Robotics (9660 HK)</a>, a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.    </li>
<li>Horizon ranked fourth among all global ADAS and AD solution providers in China by solution installation volume in 2023 and 1H24, with a market share of 9.3% and 15.4%, respectively.</li>
<li>The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong balance sheet.</li>
</ul>



Horizon Robotics (9660 HK), a provider of autonomous driving products and services, is seeking to raise up to US$696 million through a HKEx IPO.    
Horizon ranked fourth among all global ADAS and AD solution providers in China by solution installation volume in 2023 and 1H24, with a market share of 9.3% and 15.4%, respectively.
The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong balance sheet.


Horizon Robotics (9660 HK) IPO: The Bull Case

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Server related names higher after some big sales numbers and new product launches from SMCI should be a positive for Nidec</li>
<li>Watch for P&amp;C weakness in Japan following losses for peers overnight as Hurricane Milton intensifies as it approaches the Florida coast line</li>
<li>Oil back above $80 will continue to push related names higher; possible refiner pair with 4 days of TPX FFW selling for recent outperformer Idemitsu</li>
</ul>


Server related names higher after some big sales numbers and new product launches from SMCI should be a positive for Nidec
Watch for P&amp;C weakness in Japan following losses for peers overnight as Hurricane Milton intensifies as it approaches the Florida coast line
Oil back above $80 will continue to push related names higher; possible refiner pair with 4 days of TPX FFW selling for recent outperformer Idemitsu


Japan Morning Connection: Oil Through $80 While P&C Take a Hit on Hurricane Milton

Japan

DENSO CORPORATION manufactures electronic parts for automobiles.  The Company's products include automobile air conditioners, air bags, ignition systems, generators, power steering systems, and spark plugs with iridium electrode. The Company also produces communication equipment for mobile navigation system.

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Denso Corp (6902 JP)

Taisei (1801 JP) - In-Line Earnings, BIG Buyback, Already In The Price?

Taisei last week announced in-line earnings with a cross-holding sale kicker. Other guidance is unchanged, and remains... meh? Shares have moved...

Travis Lundy

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The TOPIX October FFW Trade - BIG Numbers

The TOPIX Buy/Sell Trade was doing OK through mid-week last week. Then on the 17th it fell hard. That was the day after 'uncertainty" on TCM (570...

Travis Lundy

Horizon Robotics (9660 HK) IPO: The Bull Case

The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong...

Arun George

Japan Morning Connection: Oil Through $80 While P&C Take a Hit on Hurricane Milton

Positive sales numbers and new product launches from SMCI could benefit Nidec; P&C weakness expected due to Hurricane Milton; Oil above $80...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taisei (1801 JP) - In-Line Earnings, BIG Buyback, Already In The Price?

Taisei last week announced in-line earnings with a cross-holding sale kicker. Other guidance is unchanged, and remains... meh? Shares have moved...

Travis Lundy

ECM Weekly (4th Nov 2024) - Swiggy, Waaree, Afcons, TS Lines, Zeekr, Hyundai Marine, Indegene, TBO

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

The TOPIX October FFW Trade - BIG Numbers

The TOPIX Buy/Sell Trade was doing OK through mid-week last week. Then on the 17th it fell hard. That was the day after 'uncertainty" on TCM (570...

Travis Lundy

Horizon Robotics (9660 HK) IPO: The Bull Case

The bull case rests on a large TAM, a blue-chip customer base, a robust backlog, a core business in good health, a high gross margin, and a strong...

Arun George

Japan Morning Connection: Oil Through $80 While P&C Take a Hit on Hurricane Milton

​Positive sales numbers and new product launches from SMCI could benefit Nidec; P&C weakness expected due to Hurricane Milton; Oil above $80...

Andrew Jackson

Positive sales numbers and new product launches from SMCI could benefit Nidec; P&C weakness expected due to Hurricane Milton; Oil above $80...