Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP)</a> is +10% since the close after the Nikkei 225 inclusion announcement vs Nikkei225 +2%. Fellow upweight Nitori is up too. Disco and Socionext are up less.</li>
<li>All three inclusions and one upweight see considerable inclusion demand when compared to active holdings. Some more than others. </li>
<li>Some trades here are more interesting than others, still. Cumulative excess volumes are one guide. Fundamentals, and flow dynamics are another.</li>
</ul>



ZOZO Inc (3092 JP) is +10% since the close after the Nikkei 225 inclusion announcement vs Nikkei225 +2%. Fellow upweight Nitori is up too. Disco and Socionext are up less.
All three inclusions and one upweight see considerable inclusion demand when compared to active holdings. Some more than others. 
Some trades here are more interesting than others, still. Cumulative excess volumes are one guide. Fundamentals, and flow dynamics are another.


Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tocalo-co-ltd" target="_blank" data-smartkarma-citation="entities:11990:1" rel="noopener">Tocalo Co Ltd (3433 JP)</a> provides surface treatments that improve the performance of materials used across a range of industries by adding properties.</li>
<li>In FY03/23, sales were JPY48.1bn, operating profit  JPY10.6bn, recurring profit JPY11.0bn, and net  income attributable to owners of the parent JPY7.4bn.</li>
<li>Tocalo Co., Ltd. has announced that it has been recognized with a B score in the Climate Change Report 2023 published by CDP.</li>
</ul>



Tocalo Co Ltd (3433 JP) provides surface treatments that improve the performance of materials used across a range of industries by adding properties.
In FY03/23, sales were JPY48.1bn, operating profit  JPY10.6bn, recurring profit JPY11.0bn, and net  income attributable to owners of the parent JPY7.4bn.
Tocalo Co., Ltd. has announced that it has been recognized with a B score in the Climate Change Report 2023 published by CDP.


TOCALO (3433): Recognized with B Score in Climate Change Report 2023 Published by CDP

<ul>
<li>Now that the March 2024 Nikkei 225 Rebalance is decided, we have a model for the Sep 2024 Review. As previously discussed on Smartkarma, actual name changes get tough now. </li>
<li>As of now, there should be two ADDs and two DELETEs. They might not occur. But there are two other situations which create interesting dynamics around big names. </li>
<li>The dynamics of Fast Retailing and Tokyo Electron promise more fun than the actual name changes in September 2024. It impacts how you trade Nikkei vs TOPIX and tech internals.</li>
</ul>


Now that the March 2024 Nikkei 225 Rebalance is decided, we have a model for the Sep 2024 Review. As previously discussed on Smartkarma, actual name changes get tough now. 
As of now, there should be two ADDs and two DELETEs. They might not occur. But there are two other situations which create interesting dynamics around big names. 
The dynamics of Fast Retailing and Tokyo Electron promise more fun than the actual name changes in September 2024. It impacts how you trade Nikkei vs TOPIX and tech internals.


Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Thematic (Sector/Industry)

<ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan &amp; ~2x Korea</li>
</ul>


2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year
We forecast 2024 WFE revenues to grow modestly by around 5% YoY
China's WFE spend in 2023 was ~1.5x Taiwan &amp; ~2x Korea


Semiconductor WFE 2023 In Review, 2024 Outlook

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

<ul><li>Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.</li><li>Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.</li><li>Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.</li></ul>

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than the peak.Tokyo Electron continues to be bullish high aspect etch and reports that they are winning in DRAM and hopefully in NAND in the future.Arista says that AI revenue is yet to come, and 800G will mostly be in 2025, not 2024. The market got ahead of itself.

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update

The Mar24 N225 rebal has 5 days to run. So far, 3 of 4 stocks ADDed or UPweighted are up vs N225. DELETEs are down. There is a big funding sell....

Travis Lundy

TOCALO (3433): Recognized with B Score in Climate Change Report 2023 Published by CDP

Tocalo Co Ltd enhances material performance through surface treatments, achieving strong financial results and receiving recognition for climate...

Shared Research

Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN

Predictions for the Sep 2024 Nikkei 225 index rebal. I expect Ryohin Keikaku. Next would be Nomura Research. But the big trades are Fast Retailing...

Travis Lundy

Semiconductor WFE 2023 In Review, 2024 Outlook

2023 WFE revenues $93 billion, -1%YoY. Most had expected a 20% YoY decline. We expect 2024 WFE revenues to grow by ~5% YoY. China's WFE spend in...

William Keating

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than...

Fabricated Knowledge

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update

The Mar24 N225 rebal has 5 days to run. So far, 3 of 4 stocks ADDed or UPweighted are up vs N225. DELETEs are down. There is a big funding sell....

Travis Lundy

TOCALO (3433): Recognized with B Score in Climate Change Report 2023 Published by CDP

​Tocalo Co Ltd enhances material performance through surface treatments, achieving strong financial results and receiving recognition for climate...

Shared Research

Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN

Predictions for the Sep 2024 Nikkei 225 index rebal. I expect Ryohin Keikaku. Next would be Nomura Research. But the big trades are Fast Retailing...

Travis Lundy

Semiconductor WFE 2023 In Review, 2024 Outlook

2023 WFE revenues $93 billion, -1%YoY. Most had expected a 20% YoY decline. We expect 2024 WFE revenues to grow by ~5% YoY. China's WFE spend in...

William Keating

Earnings (LSCC, ANET, GFS, Tokyo Electron, SITM, ENTG, AMAT)

Lattice is just too expensive for what it is. It’s one of the highest multiples in the space, but I acknowledge we are closer to the trough than...

Fabricated Knowledge

Tocalo Co Ltd enhances material performance through surface treatments, achieving strong financial results and receiving recognition for climate...