Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Management pushed a conservative / defensive line for Q3 as markets remain uncertain and investment losses continue</li>
<li>Revenue growth at ARM was better than expected as licensing revenues rebounded strongly. Guidance for the timing of an IPO (sometime in 2023) remains unchanged</li>
<li>This was a slightly disappointing quarter but hopes were not high heading into the print with the discount hovering around 35%</li>
</ul>


Management pushed a conservative / defensive line for Q3 as markets remain uncertain and investment losses continue
Revenue growth at ARM was better than expected as licensing revenues rebounded strongly. Guidance for the timing of an IPO (sometime in 2023) remains unchanged
This was a slightly disappointing quarter but hopes were not high heading into the print with the discount hovering around 35%


Softbank Group (Neutral) - Q3 22 Results Reaction: Defensive Stance Intact as VF Losses Continue

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.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault</a> coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn Nissan stake that it will look to sell eventually.</li>
<li>The selldown will probably take a long while to materialize.</li>
<li>In this note, we talk about the announcement and take a very early look at the possible selldown.</li>
</ul>


With Nissan (7201 JP) and Renault coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn Nissan stake that it will look to sell eventually.
The selldown will probably take a long while to materialize.
In this note, we talk about the announcement and take a very early look at the possible selldown.


Nissan’s Renault Led Selldown Very Early Look - US$4.3bn Prolonged Overhang or Lack Thereof

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX Pulls Back for 2nd day as Spy Balloons dominate - mkts just stretched;  Google responds to ChatGPT with BARD; Dell cuts headcount as PC struggle continues</li>
<li>JAPAN. NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with Sakura!</li>
<li>DAILY NUGGET. MHI  formalizes exit from Spacejet. No surprise as it has been on ice for 2 years.   Opportunity to put a positive spin on the $7bn failure.</li>
</ul>


OVERSEAS.  SPX Pulls Back for 2nd day as Spy Balloons dominate - mkts just stretched;  Google responds to ChatGPT with BARD; Dell cuts headcount as PC struggle continues
JAPAN. NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with Sakura!
DAILY NUGGET. MHI  formalizes exit from Spacejet. No surprise as it has been on ice for 2 years.   Opportunity to put a positive spin on the $7bn failure.


Good Morning Japan | Spy Balloons?? SPX Holds; Google Responds with BARD; BOJ AMAMIYA Story Refuted!

Equity Capital Markets

Adani Enterprises / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Indonesia kicked-off bookbuild for what is likely to be one of its largest IPOs this year.</li>
<li>On the placement front, Adani's FPO continued to keep everyone busy with its twists and turns. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Indonesia kicked-off bookbuild for what is likely to be one of its largest IPOs this year.
On the placement front, Adani's FPO continued to keep everyone busy with its twists and turns. 


ECM Weekly (5th Feb 2023) - Adani, Pertamina, Hesai, Ruipeng Pet, Concord, Oasis, Flight Centre

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<p>Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.</p>In this Insight:<ol><li><a href='/entities/china-jinmao-holdings-group' target='_blank' rel='noopener'>China Jinmao Holdings</a></li><li><a href='/entities/lifestyle-international-holdings-ltd' target='_blank' rel='noopener'>Lifestyle International Holdings</a></li><li><a href='/entities/geely-automobile-holdings-ltd' target='_blank' rel='noopener'>Geely Auto</a></li><li><a href='/entities/first-pacific-co-ltd' target='_blank' rel='noopener'>First Pacific Co</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:China Jinmao HoldingsLifestyle International HoldingsGeely AutoFirst Pacific CoTata Motors Ltdand more...

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Softbank Group (Neutral) - Q3 22 Results Reaction: Defensive Stance Intact as VF Losses Continue

As expected, Softbank pushed a conservative outlook in uncertain markets. Investment losses were higher than expected but ARM revenues were better....

Kirk Boodry

Nissan’s Renault Led Selldown Very Early Look - US$4.3bn Prolonged Overhang or Lack Thereof

With Nissan (7201 JP) and Renault (RNO FP) coming to a new arrangement regarding their working relationship, Renault will be left with a US$4.3bn...

Sumeet Singh

Good Morning Japan | Spy Balloons?? SPX Holds; Google Responds with BARD; BOJ AMAMIYA Story Refuted!

NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with...

Mark Chadwick

ECM Weekly (5th Feb 2023) - Adani, Pertamina, Hesai, Ruipeng Pet, Concord, Oasis, Flight Centre

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Weekly Wrap - 03 Feb 2023

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

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