Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The TOPIX October Free Float Weight Review details are out. This is the biggest FFW review of the year. This year, it's $11.3bn a side. </li>
<li>As discussed in <a href="https://www.smartkarma.com/insights/japan-post-bank-7182-the-october-topix-ffw-adjustment" target="_blank" data-smartkarma-citation="insights:110290" rel="noopener">Japan Post Bank (7182) - The October TOPIX FFW Adjustment</a>, JPB is the big buy. $2bn/23d of ADV. There is $2bn to buy of trading cos too.</li>
<li>There are lots of large names to trade in both directions. If you have interests to sell the buys and vice versa, it is good to know the flows.</li>
</ul>


The TOPIX October Free Float Weight Review details are out. This is the biggest FFW review of the year. This year, it's $11.3bn a side. 
As discussed in Japan Post Bank (7182) - The October TOPIX FFW Adjustment, JPB is the big buy. $2bn/23d of ADV. There is $2bn to buy of trading cos too.
There are lots of large names to trade in both directions. If you have interests to sell the buys and vice versa, it is good to know the flows.


October 2023 TOPIX Free Float Review - $22.6bn to Trade and JPB (7182) The Biggie

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Capital Markets

<ul>
<li>Seijo Ishii is Japan’s leading premium supermarket chain with some 200 stores and is being prepped for an IPO by its owner, Lawson. </li>
<li>After strong growth during Covid, sales have now flattened and the company’s large import business has suffered from higher costs due to the weak Yen and global crises.</li>
<li>To maintain its market position, it is reducing imports of packaged goods and increasing volumes of imported, high-end raw materials – and then manufacturing products itself.</li>
</ul>


Seijo Ishii is Japan’s leading premium supermarket chain with some 200 stores and is being prepped for an IPO by its owner, Lawson. 
After strong growth during Covid, sales have now flattened and the company’s large import business has suffered from higher costs due to the weak Yen and global crises.
To maintain its market position, it is reducing imports of packaged goods and increasing volumes of imported, high-end raw materials – and then manufacturing products itself.


Lawson: Seijo Ishii Producing at Home to Beat Inflation and Weak Yen

David Blennerhassett

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> will eliminate its ADS program. This is another potentially juicy trade. </li>
<li>Canada's Brookfield, along with EIG look to take over <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, one of Australia's largest energy companies.</li>
<li>This <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a> trade is fundamentally a bit short gamma on copper. If copper takes another dive, then it may no longer be interesting to be long. </li>
</ul>



Tata Motors Ltd (TTMT IN) will eliminate its ADS program. This is another potentially juicy trade. 
Canada's Brookfield, along with EIG look to take over Origin Energy (ORG AU), one of Australia's largest energy companies.
This OZ Minerals Ltd (OZL AU) trade is fundamentally a bit short gamma on copper. If copper takes another dive, then it may no longer be interesting to be long. 


Last Week in Event SPACE: Tata Motors, Origin Energy, OZ Minerals, Toshiba

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsubishi-estate-co-ltd" target="_blank" data-smartkarma-citation="entities:566:1" rel="noopener">Mitsubishi Estate (8802 JP)</a> reported Q2 earnings today. Domestic revenue and OP in the commercial property and residential businesses were down. International and investment management businesses were up A LOT.</li>
<li>Most of the gains in international business were capital gains, but overall, H1 results were in line with full-year guidance. Condo deliveries are completely in H2. </li>
<li>The company also decided on a ¥100bn buyback. Headline says up to 70mm shares or 5.29% of shares out ex-Treasury. It'll be 20+ smaller. Details, however, matter. </li>
</ul>



Mitsubishi Estate (8802 JP) reported Q2 earnings today. Domestic revenue and OP in the commercial property and residential businesses were down. International and investment management businesses were up A LOT.
Most of the gains in international business were capital gains, but overall, H1 results were in line with full-year guidance. Condo deliveries are completely in H2. 
The company also decided on a ¥100bn buyback. Headline says up to 70mm shares or 5.29% of shares out ex-Treasury. It'll be 20+ smaller. Details, however, matter. 


Mitsubishi Estate (8802) - Buyback Announced and Long-Term It's a Soft Squeeze.

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Mitsubishi Estate Logistics / Event-Driven

<ul>
<li>Last Friday, small-cap logistics JREIT <a href="https://www.smartkarma.com/entities/mitsubishi-estate-logistics" target="_blank" data-smartkarma-citation="entities:25867:1" rel="noopener">Mitsubishi Estate Logistics (3481 JP)</a> ("MEL") announced a follow-on equity offering to fund part of their recently-announced property acquisition. </li>
<li>The primary offer quantity is 51,000 units. In addition, there will also be an over-allotment quantity of 2,550 units. The total size of this offering could be roughly ¥23bn (~US$157mn). </li>
<li>Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.</li>
</ul>


Last Friday, small-cap logistics JREIT Mitsubishi Estate Logistics (3481 JP) ("MEL") announced a follow-on equity offering to fund part of their recently-announced property acquisition. 
The primary offer quantity is 51,000 units. In addition, there will also be an over-allotment quantity of 2,550 units. The total size of this offering could be roughly ¥23bn (~US$157mn). 
Below is a closer look at the details of this offering and the potential of this offering to trigger strong secondary market performance in the following weeks.


Mitsubishi Estate Logistics (3481 JP): Offering Could Trigger Outperformance Vs Peers Like Last Time

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mitsubishi Estate (8802 JP)

October 2023 TOPIX Free Float Review - $22.6bn to Trade and JPB (7182) The Biggie

The TOPIX FFW trade approaches. 4+ trading days left. So far the Top 40 Buys vs Sells are +1+% since I wrote two weeks ago. Shin-Etsu/Ibiden is...

Travis Lundy

Lawson: Seijo Ishii Producing at Home to Beat Inflation and Weak Yen

Japan's leading premium supermarket chain, Seijo Ishii, is preparing for an IPO. To stay competitive, the company is reducing imports while...

Michael Causton

Last Week in Event SPACE: Tata Motors, Origin Energy, OZ Minerals, Toshiba

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Mitsubishi Estate (8802) - Buyback Announced and Long-Term It's a Soft Squeeze.

Mit Estate announced in-line H1. Also a JPY 100bn buyback. The buyback was a generally known known. Less well understood is the LTMP implies a lot...

Travis Lundy

Mitsubishi Estate Logistics (3481 JP): Offering Could Trigger Outperformance Vs Peers Like Last Time

Small-cap logistics JREIT MEL launched a US$157mn follow-on equity offerings to fund their recently-announced acquisitions. This could trigger...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

October 2023 TOPIX Free Float Review - $22.6bn to Trade and JPB (7182) The Biggie

The TOPIX FFW trade approaches. 4+ trading days left. So far the Top 40 Buys vs Sells are +1+% since I wrote two weeks ago. Shin-Etsu/Ibiden is...

Travis Lundy

Lawson: Seijo Ishii Producing at Home to Beat Inflation and Weak Yen

​Japan's leading premium supermarket chain, Seijo Ishii, is preparing for an IPO. To stay competitive, the company is reducing imports while...

Michael Causton

Last Week in Event SPACE: Tata Motors, Origin Energy, OZ Minerals, Toshiba

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Mitsubishi Estate (8802) - Buyback Announced and Long-Term It's a Soft Squeeze.

Mit Estate announced in-line H1. Also a JPY 100bn buyback. The buyback was a generally known known. Less well understood is the LTMP implies a lot...

Travis Lundy

Mitsubishi Estate Logistics (3481 JP): Offering Could Trigger Outperformance Vs Peers Like Last Time

Small-cap logistics JREIT MEL launched a US$157mn follow-on equity offerings to fund their recently-announced acquisitions. This could trigger...

Janaghan Jeyakumar, CFA

Japan's leading premium supermarket chain, Seijo Ishii, is preparing for an IPO. To stay competitive, the company is reducing imports while...