Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Equity Bottom-Up

<ul>
<li>In this insight, we explore Mitsubishi Estate, who is the second largest real estate company in terms of market cap</li>
<li>Mitsubishi Estate major business is in office (Tokyo CBD), residential/condo, as well as some retail and hotel</li>
<li>Japan stock market is upbeat and saw the largest inflow among Asia YTD.  8802 valuation is not demanding.</li>
</ul>


In this insight, we explore Mitsubishi Estate, who is the second largest real estate company in terms of market cap
Mitsubishi Estate major business is in office (Tokyo CBD), residential/condo, as well as some retail and hotel
Japan stock market is upbeat and saw the largest inflow among Asia YTD.  8802 valuation is not demanding.


8802 Mitsubishi Estate - Another Play on Japan RE and Office - Chase the Rally

Ortus Advisors

Andrew Jackson

Independent Insight Provider

Thematic (Sector/Industry)

<ul>
<li>Echoes of August with Japan looking to start the day very weak on the lead from US semi related.</li>
<li>Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.</li>
<li>Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.</li>
</ul>


Echoes of August with Japan looking to start the day very weak on the lead from US semi related.
Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.
Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.


Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

<ul>
<li>Good retailer numbers and outlooks by Target and TJX setting a positive tone for the likes of Mercari on the read for consumer spending.</li>
<li>Toll Bros numbers from the day before lifting US Homebuilders should see the likes of <a href="https://www.smartkarma.com/entities/sumitomo-forestry-co-ltd" target="_blank" rel="noopener">Sumitomo Forestry</a> rebound off yesterdays weak price action.</li>
<li>Japanese R/E names look increasingly vulnerable to downside ahead of Ueda's speech tomorrow which should point to a BoJ trajectory for future rate hikes.</li>
</ul>


Good retailer numbers and outlooks by Target and TJX setting a positive tone for the likes of Mercari on the read for consumer spending.
Toll Bros numbers from the day before lifting US Homebuilders should see the likes of Sumitomo Forestry rebound off yesterdays weak price action.
Japanese R/E names look increasingly vulnerable to downside ahead of Ueda's speech tomorrow which should point to a BoJ trajectory for future rate hikes.


Japan Morning Connection: Mercari, Sumitomo Forestry, Anritsu

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.

Event-Driven

<ul>
<li>Murakami's entity, City Index Eleventh, and daughter <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100U45I.pdf?sv=2020-08-04&amp;st=2024-07-29T08%3A22%3A26Z&amp;se=2029-07-30T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=X40vp7lhAgBEyEZOwezOlfvKZ1e%2FyjZkQLMnZs1gx%2FI%3D" target="_blank" rel="noopener">reported</a> a 5.05% position in <a href="https://www.smartkarma.com/entities/heiwa-real-estate-co-ltd" target="_blank" data-smartkarma-citation="entities:749:1" rel="noopener">Heiwa Real Estate (8803 JP)</a>. The shares were purchased from 24 May to 22 July.</li>
<li>Murakami's average buy-in price is JPY3,907.38, a 6.7% discount to the last close price. Recently, Simplex (the previous largest shareholder) sold its entire stake to <a href="https://www.smartkarma.com/entities/taisei-co-ltd-aichi" target="_blank" data-smartkarma-citation="entities:3079:1" rel="noopener">Taisei Co Ltd (4649 JP)</a>.</li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents indicate the latter.</li>
</ul>


Murakami's entity, City Index Eleventh, and daughter reported a 5.05% position in Heiwa Real Estate (8803 JP). The shares were purchased from 24 May to 22 July.
Murakami's average buy-in price is JPY3,907.38, a 6.7% discount to the last close price. Recently, Simplex (the previous largest shareholder) sold its entire stake to Taisei Co Ltd (4649 JP).
Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents indicate the latter.


Heiwa Real Estate (8803 JP): Murakami Becomes a Substantial Shareholder

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.

<ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" target="_blank" data-smartkarma-citation="entities:7591:1" rel="noopener">Tokio Marine Holdings (8766 JP)</a> had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.

Tokio Marine Holdings (8766 JP) had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell

Japan

Mitsubishi Estate Company Ltd. invests in real estate properties in Japan.  The Company leases, manages, and develops commercial buildings in central Tokyo. Mitsubishi Estate also develops and sells residential properties and parking lots and manages recreational facilities including golf courses and tennis clubs.

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Mitsubishi Estate (8802 JP)

8802 Mitsubishi Estate - Another Play on Japan RE and Office - Chase the Rally

Japan saw the biggest inflow among Asia and the equity market is strong. 8802 is another interesting play if investor wants to get exposure in...

Jacob Cheng

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Japan Morning Connection: Mercari, Sumitomo Forestry, Anritsu

Positive retail numbers from Target and TJX bode well for consumer spending, while Toll Bros' strong performance lifts Homebuilders. Japanese R/E...

Andrew Jackson

Heiwa Real Estate (8803 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents indicate...

Arun George

Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell

Tokio Marine today announced that it aims to cut its cross-shareholding to zero by FY2029. It will aim to sell 50% of its holdings worth around...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

8802 Mitsubishi Estate - Another Play on Japan RE and Office - Chase the Rally

Japan saw the biggest inflow among Asia and the equity market is strong. 8802 is another interesting play if investor wants to get exposure in...

Jacob Cheng

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

​Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Japan Morning Connection: Mercari, Sumitomo Forestry, Anritsu

​Positive retail numbers from Target and TJX bode well for consumer spending, while Toll Bros' strong performance lifts Homebuilders. Japanese R/E...

Andrew Jackson

Heiwa Real Estate (8803 JP): Murakami Becomes a Substantial Shareholder

Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term pump-and-dump play. Recent precedents indicate...

Arun George

Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell

Tokio Marine today announced that it aims to cut its cross-shareholding to zero by FY2029. It will aim to sell 50% of its holdings worth around...

Sumeet Singh

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Positive retail numbers from Target and TJX bode well for consumer spending, while Toll Bros' strong performance lifts Homebuilders. Japanese R/E...