Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX +1.9% to close on highs; Beta-driven rally as Tech rebounds;  Dovish talk from 2 Fed Members;  Google joins the fray slashing 12,000 staff; US Banks not far behind.</li>
<li>JAPAN.  NKY Futs +1.3% vs Cash; USDJPY 129.6;  CORE Inflation hits 4%;  Kishida: too early to discuss BOJ 2% policy exit;  Japan courts global elite grads; Population declines in 2022</li>
<li>DAILY NUGGET.  Change of Direction with new BOJ Leadership? Ha, policy direction has already been decided, and whoever the Govt selects will just continue where Kuroda left off. </li>
</ul>


OVERSEAS.  SPX +1.9% to close on highs; Beta-driven rally as Tech rebounds;  Dovish talk from 2 Fed Members;  Google joins the fray slashing 12,000 staff; US Banks not far behind.
JAPAN.  NKY Futs +1.3% vs Cash; USDJPY 129.6;  CORE Inflation hits 4%;  Kishida: too early to discuss BOJ 2% policy exit;  Japan courts global elite grads; Population declines in 2022
DAILY NUGGET.  Change of Direction with new BOJ Leadership? Ha, policy direction has already been decided, and whoever the Govt selects will just continue where Kuroda left off. 


Good Morning Japan | The Doves Strike Back; Google Joins Layoff Parade; "Too Early for BOJ Exit"

<ul>
<li>OVERSEAS:  US MLK Holidays - World markets directionless;  US Equity Futs flat; European Markets bid on Inflation peak;  BOJ decision to lead markets this week.</li>
<li>JAPAN:  NKY Futures +0.2% vs Cash ; USDJPY flat at 128.52 ; BOJ speculation dominates local headlines;  Kuroda heads to Davos = no fireworks? ;  Dec Machine Tools orders +1%YoY</li>
<li>DAILY NUGGET:  Fast Retailing and Sustainability: Set to introduce a new repair service in its domestic stores.</li>
</ul>


OVERSEAS:  US MLK Holidays - World markets directionless;  US Equity Futs flat; European Markets bid on Inflation peak;  BOJ decision to lead markets this week.
JAPAN:  NKY Futures +0.2% vs Cash ; USDJPY flat at 128.52 ; BOJ speculation dominates local headlines;  Kuroda heads to Davos = no fireworks? ;  Dec Machine Tools orders +1%YoY
DAILY NUGGET:  Fast Retailing and Sustainability: Set to introduce a new repair service in its domestic stores.


Good Morning Japan |US Off = Directionless; BOJ in Focus +2trn JGB Buying; Kuroda off to Davos

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Mitsui&amp;Co has been in <a href="https://www.smartkarma.com/entities/relia-inc" target="_blank" data-smartkarma-citation="entities:16219:1" rel="noopener">Relia Inc (4708 JP)</a> for a long time. As part of investing in BPO/RPA/AI services, they are buying out Relia, merging it with a KDDI sub.</li>
<li>They are buying it at an all-time high, and a 50% premium. Looks nice. But it's not nice enough.</li>
<li>This is one of those times when I can reiterate, <a href="https://www.smartkarma.com/insights/japan-needs-more-cowbell" target="_blank" data-smartkarma-citation="insights:41191" rel="noopener">Japan Needs More Cowbell</a>. </li>
</ul>


Mitsui&amp;Co has been in Relia Inc (4708 JP) for a long time. As part of investing in BPO/RPA/AI services, they are buying out Relia, merging it with a KDDI sub.
They are buying it at an all-time high, and a 50% premium. Looks nice. But it's not nice enough.
This is one of those times when I can reiterate, Japan Needs More Cowbell. 


Mitsui & Co To Buy Out Relia (4708) - Moshi Moshi Is TOO CHEAP

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a>'s off-market takeover offer at 1 MIN share for every 1,367 NWE shares closes on 6 February. The target's statement will be despatched by early to mid-January.</li>
<li>The <a href="https://www.smartkarma.com/entities/norwest-energy-nl" target="_blank" data-smartkarma-citation="entities:1433:1" rel="noopener">Norwest Energy NL (NWE AU)</a> Board recommends shareholders take no action. The timing is opportunistic and motivated by recent Perth Basin consolidation activity. </li>
<li>Hancock’s latest bid for <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a> suggests that Norwest is worth at least 20% more than MinRes’ offer. Expect the Board to reject the offer.</li>
</ul>



Mineral Resources (MIN AU)'s off-market takeover offer at 1 MIN share for every 1,367 NWE shares closes on 6 February. The target's statement will be despatched by early to mid-January.
The Norwest Energy NL (NWE AU) Board recommends shareholders take no action. The timing is opportunistic and motivated by recent Perth Basin consolidation activity. 
Hancock’s latest bid for Warrego Energy (WGO AU) suggests that Norwest is worth at least 20% more than MinRes’ offer. Expect the Board to reject the offer.


Norwest Energy (NWE AU): Valuation Read Across from Warrego’s Takeover Battle

<ul>
<li>Hancock increased its <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a> off-market takeover bid by 28.6% from A$0.28 to A$0.36 per share along with a 40% minimum acceptance condition.</li>
<li>Hancock’s latest move is an attempt to ward off a potential offer from a third suitor who has built up a 15% stake (rumoured to be <a href="https://www.smartkarma.com/entities/mineral-resources-ltd" target="_blank" data-smartkarma-citation="entities:15103:1" rel="noopener">Mineral Resources (MIN AU)</a>). </li>
<li>
<a href="https://www.smartkarma.com/entities/strike-energy-ltd" target="_blank" data-smartkarma-citation="entities:12473:1" rel="noopener">Strike Energy (STX AU)</a>’s all-scrip offer remains the highest as it is the next takeover target. However, Gina Rinehart’s ego suggests that she will persist no matter the cost.</li>
</ul>


Hancock increased its Warrego Energy (WGO AU) off-market takeover bid by 28.6% from A$0.28 to A$0.36 per share along with a 40% minimum acceptance condition.
Hancock’s latest move is an attempt to ward off a potential offer from a third suitor who has built up a 15% stake (rumoured to be Mineral Resources (MIN AU)). 

Strike Energy (STX AU)’s all-scrip offer remains the highest as it is the next takeover target. However, Gina Rinehart’s ego suggests that she will persist no matter the cost.


Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large

Japan

MITSUI & CO., LTD. is a general trading company.  The Company has operating groups including Iron and Steel, Non-Ferrous Metals, Machinery, Chemicals, Foods, Energy, Textiles, and General Merchandise.  Mitsui also operates real estate and overseas development projects.

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Mitsui & Co Ltd (8031 JP)

Good Morning Japan | The Doves Strike Back; Google Joins Layoff Parade; "Too Early for BOJ Exit"

SPX +1.9% to close on highs; Beta-driven rally. NKY Futs +1.3% vs Cash; JP CORE Inflation hits 4%; Kishida: too early to discuss BOJ 2% policy...

Mark Chadwick

Good Morning Japan |US Off = Directionless; BOJ in Focus +2trn JGB Buying; Kuroda off to Davos

NKY Futures +0.2% vs Cash ; USDJPY flat; BOJ speculation dominates as Kuroda heads to Davos ; Dec Machine Tools +1%YoY. Global stealth rally...

Mark Chadwick

Mitsui & Co To Buy Out Relia (4708) - Moshi Moshi Is TOO CHEAP

Mitsui is buying out Relia (4708) formerly known as Moshi Moshi Hotline. It is an all-time high and big premium, but it is the wrong price. But...

Travis Lundy

Norwest Energy (NWE AU): Valuation Read Across from Warrego’s Takeover Battle

MinRes' offer is open. Hancock’s latest bid for Warrego suggests that Norwest is worth at least 20% more than MinRes’ offer. Expect the Board to...

Arun George

Warrego (WGO AU): Hancock Ups Its Offer to A$0.36 as MinRes Looms Large

Strike’s all-scrip offer remains higher than Hancock's revised offer as it is the next logical takeover target. However, Gina Rinehart’s ego...

Arun George

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