Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>Back in June 2017, <a href="https://www.smartkarma.com/entities/toray-industries-inc" target="_blank" data-smartkarma-citation="entities:625:1" rel="noopener">Toray Industries (3402 JP)</a> acquired a 28.03% stake in <a href="https://www.smartkarma.com/entities/pacific-textiles-holdings" target="_blank" data-smartkarma-citation="entities:12638:1" rel="noopener">Pacific Textiles (1382 HK)</a> (@ HK$10/share). Rumours that Toray would take this stake to 50% never unfolded.</li>
<li>Pacific Textiles is currently trading at HK$1.30/share, its lowest level outside of the GFC. </li>
<li>Relatively inexpensive, high digit yield and M&amp;A angle, Pacific Textiles remains attractive. This is supported by the recent Offer for <a href="https://www.smartkarma.com/entities/weiqiao-textile-co" target="_blank" data-smartkarma-citation="entities:3690:1" rel="noopener">Weiqiao (2698 HK)</a> and David Webb taking a 5% stake. </li>
</ul>


Back in June 2017, Toray Industries (3402 JP) acquired a 28.03% stake in Pacific Textiles (1382 HK) (@ HK$10/share). Rumours that Toray would take this stake to 50% never unfolded.
Pacific Textiles is currently trading at HK$1.30/share, its lowest level outside of the GFC. 
Relatively inexpensive, high digit yield and M&amp;A angle, Pacific Textiles remains attractive. This is supported by the recent Offer for Weiqiao (2698 HK) and David Webb taking a 5% stake. 


Pacific Textiles (1382 HK): Material Benefits

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Positive sentiment from Intel's deal with AWS and extra Govt. backing may outweigh plans to delay its EU fab capex for JP SPE suppliers.</li>
<li>Concerns iPhone 16 Pro preorders are below expectations to weigh on JP component suppliers, but can this be much of a surprise?</li>
<li>The JP Govt. agreeing for 7&amp;I to be designated as a 'core' company is not a show-stopper and may compel Couche-Tard to up their game.</li>
</ul>


Positive sentiment from Intel's deal with AWS and extra Govt. backing may outweigh plans to delay its EU fab capex for JP SPE suppliers.
Concerns iPhone 16 Pro preorders are below expectations to weigh on JP component suppliers, but can this be much of a surprise?
The JP Govt. agreeing for 7&amp;I to be designated as a 'core' company is not a show-stopper and may compel Couche-Tard to up their game.


Japan Morning Connection: IPhone 16 Pro Orders Miss Expectations

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/furuya-metal-co-ltd" target="_blank" data-smartkarma-citation="entities:5196:1" rel="noopener">Furuya Metal (7826 JP)</a> and <a href="https://www.smartkarma.com/entities/visional-inc" target="_blank" data-smartkarma-citation="entities:32977:1" rel="noopener">Visional (4194 JP)</a> are expected to be included in the TOPIX index at the end of January 2024. </li>
<li>
<a href="https://www.smartkarma.com/entities/wilmar-international-ltd" target="_blank" data-smartkarma-citation="entities:172:1" rel="noopener">Wilmar International (WIL SP)</a>'s current implied stub and simple ratio (Wilmar/ <a href="https://www.smartkarma.com/entities/yihai-kerry-arawana-holdings-c" target="_blank" data-smartkarma-citation="entities:33230:1" rel="noopener">Yihai Kerry Arawana Holdings (300999 CH)</a>) are both at all-time highs.</li>
<li>Reportedly, the mother and two sisters of <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> Chairman Jay Y. Lee plan to sell shares in a block deal worth ~₩2.8tn ($2.1bn billion.</li>
</ul>



Furuya Metal (7826 JP) and Visional (4194 JP) are expected to be included in the TOPIX index at the end of January 2024. 

Wilmar International (WIL SP)'s current implied stub and simple ratio (Wilmar/ Yihai Kerry Arawana Holdings (300999 CH)) are both at all-time highs.
Reportedly, the mother and two sisters of Samsung Electronics (005930 KS) Chairman Jay Y. Lee plan to sell shares in a block deal worth ~₩2.8tn ($2.1bn billion.


Last Week in Event SPACE: Furuya Metal, Visional, Wilmar, Samsung Electronics, ViinFast/Vingroup

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS. All Major US Equity Indices rose: SPX +0.7%; Dow 1.2% after a last weeks sell off; US 10Yr yields rise on anticipated increased sales; Mgmt Transition worries at Tesla?</li>
<li>JAPAN.  NKY Futures +0.5% vs Cash; USDJPY  142.5;  METI releases guidelines on developing AI HR; Toshiba tend to start (finally!); Broker upgrades to MHI(7011) (A bit late to the party)</li>
<li>NUGGET. ENEOS to collaborate with Total Energy (France) to produce SAF. SAF has huge potential and we think its worth paying attention to as Japan pushes its carbon-zero agenda.</li>
</ul>


OVERSEAS. All Major US Equity Indices rose: SPX +0.7%; Dow 1.2% after a last weeks sell off; US 10Yr yields rise on anticipated increased sales; Mgmt Transition worries at Tesla?
JAPAN.  NKY Futures +0.5% vs Cash; USDJPY  142.5;  METI releases guidelines on developing AI HR; Toshiba tend to start (finally!); Broker upgrades to MHI(7011) (A bit late to the party)
NUGGET. ENEOS to collaborate with Total Energy (France) to produce SAF. SAF has huge potential and we think its worth paying attention to as Japan pushes its carbon-zero agenda.


Ohayo Japan| Equities Rebound; Yields Rise; NUGGET: Sustainable Aviation Fuel -ENEOS Joins the Party

<ul>
<li>OVERSEAS.  Bullard Calms Recession fears; SPX stabilizes; 2Yr Yields Rise: Non Farm Payrolls in Focus ahead of Good Friday Holidays </li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY 131.7; ex-IMF Chief Economist Blanchard says BOJ to remain accomodative;  JP Corporates doubles buying of own stocks in 2022; Point 72 JP expansion</li>
<li>NUGGET.  KEPCO reconfirmed its plan to bring 2 addl Nuclear power plans online in a few months. The profit uptick will be considerable. We maintain KEPCO as a TOP PICK.</li>
</ul>


OVERSEAS.  Bullard Calms Recession fears; SPX stabilizes; 2Yr Yields Rise: Non Farm Payrolls in Focus ahead of Good Friday Holidays 
JAPAN. NKY Futs +0.5% vs Cash; USDJPY 131.7; ex-IMF Chief Economist Blanchard says BOJ to remain accomodative;  JP Corporates doubles buying of own stocks in 2022; Point 72 JP expansion
NUGGET.  KEPCO reconfirmed its plan to bring 2 addl Nuclear power plans online in a few months. The profit uptick will be considerable. We maintain KEPCO as a TOP PICK.


Good Morning Japan |Fed's Bullard Offers Comfort; NUGGET: Kansai Electric- Watch the Nuke Restarts !

Japan

TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made leather used as apparel and industrial materials.  The Company also makes chemical products such as polyester films, engineering plastics, and resin materials.  Toray develops information equipment such as electronic circuit and liquid crystal color filter.

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Toray Industries (3402 JP)

Pacific Textiles (1382 HK): Material Benefits

The key factors which made Pacific Textiles attractive previously (value, solid dividend, M&A angle) remain intact. If small-cap names are your...

David Blennerhassett

Japan Morning Connection: IPhone 16 Pro Orders Miss Expectations

Positive sentiment from Intel's deal with AWS and Govt. iPhone 16 Pro miss will weigh on JP component suppliers. JP Govt. designating 7&I as...

Andrew Jackson

Last Week in Event SPACE: Furuya Metal, Visional, Wilmar, Samsung Electronics, ViinFast/Vingroup

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

Ohayo Japan| Equities Rebound; Yields Rise; NUGGET: Sustainable Aviation Fuel -ENEOS Joins the Party

US stock rebound; 10 year yields rise - anticipating a wave of buying; NKY Futures +0.5% vs Cash; USDJPY 142.5; METI releases guidelines on...

Mark Chadwick

Good Morning Japan |Fed's Bullard Offers Comfort; NUGGET: Kansai Electric- Watch the Nuke Restarts !

Bullard Calms Markets; ex-IMF Chief Economist Blanchard says BOJ to remain accomodative; Japanese Corporates doubles buying of own stocks

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pacific Textiles (1382 HK): Material Benefits

The key factors which made Pacific Textiles attractive previously (value, solid dividend, M&A angle) remain intact. If small-cap names are your...

David Blennerhassett

Japan Morning Connection: IPhone 16 Pro Orders Miss Expectations

​Positive sentiment from Intel's deal with AWS and Govt. iPhone 16 Pro miss will weigh on JP component suppliers. JP Govt. designating 7&I as...

Andrew Jackson

Last Week in Event SPACE: Furuya Metal, Visional, Wilmar, Samsung Electronics, ViinFast/Vingroup

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

Ohayo Japan| Equities Rebound; Yields Rise; NUGGET: Sustainable Aviation Fuel -ENEOS Joins the Party

US stock rebound; 10 year yields rise - anticipating a wave of buying; NKY Futures +0.5% vs Cash; USDJPY 142.5; METI releases guidelines on...

Mark Chadwick

Good Morning Japan |Fed's Bullard Offers Comfort; NUGGET: Kansai Electric- Watch the Nuke Restarts !

Bullard Calms Markets; ex-IMF Chief Economist Blanchard says BOJ to remain accomodative; Japanese Corporates doubles buying of own stocks

Mark Chadwick

Positive sentiment from Intel's deal with AWS and Govt. iPhone 16 Pro miss will weigh on JP component suppliers. JP Govt. designating 7&I as...