Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As "disclosed" recently, we have a deal. <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> will invest "up to 15%" in Ampere. <a href="https://www.smartkarma.com/entities/mitsubishi-motors-corp" target="_blank" data-smartkarma-citation="entities:794:1" rel="noopener">Mitsubishi Motors (7211 JP)</a> may join. They have many potential joint projects.</li>
<li>The key is the Governance Framework, which replaces RAMA. <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault SA (RNO FP)</a> puts 28.4% of Nissan in an open-ended Trust. Renault and Nissan have 15% reciprocal voting rights.</li>
<li>The webcast is more optimistic than I am. Luca de Meo made special mention of the joint projects. This sounds good. It sounds like what has always been promised.</li>
</ul>


As "disclosed" recently, we have a deal. Nissan Motor (7201 JP) will invest "up to 15%" in Ampere. Mitsubishi Motors (7211 JP) may join. They have many potential joint projects.
The key is the Governance Framework, which replaces RAMA. Renault SA (RNO FP) puts 28.4% of Nissan in an open-ended Trust. Renault and Nissan have 15% reciprocal voting rights.
The webcast is more optimistic than I am. Luca de Meo made special mention of the joint projects. This sounds good. It sounds like what has always been promised.


Renault & Nissan Deal Done: Still a Trading Nothing🍔 So Far, OK Framework but Need Shaq Fingerguns

David Blennerhassett

<ul>
<li>Stay away from <a href="https://www.smartkarma.com/entities/adani-enterprises-ltd" target="_blank" data-smartkarma-citation="entities:245:1" rel="noopener">Adani Enterprises (ADE IN)</a>. It has wrapped itself in a cloak of nationalistic righteous indignation. Do not buy the dip. Or even a larger one. </li>
<li>The timing of a <a href="https://www.smartkarma.com/entities/bendigo-adelaide-bank-ltd" target="_blank" data-smartkarma-citation="entities:682:1" rel="noopener">Bendigo And Adelaide Bank (BEN AU)</a> and <a href="https://www.smartkarma.com/entities/bank-of-queensland-ltd" target="_blank" data-smartkarma-citation="entities:16606:1" rel="noopener">Bank Of Queensland (BOQ AU)</a> merger makes a lot of sense right now.</li>
<li>This <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault SA (RNO FP)</a> / <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a>'s press release and "agreement", as-is, is a Nothingburger. </li>
</ul>


Stay away from Adani Enterprises (ADE IN). It has wrapped itself in a cloak of nationalistic righteous indignation. Do not buy the dip. Or even a larger one. 
The timing of a Bendigo And Adelaide Bank (BEN AU) and Bank Of Queensland (BOQ AU) merger makes a lot of sense right now.
This Renault SA (RNO FP) / Nissan Motor (7201 JP)'s press release and "agreement", as-is, is a Nothingburger. 


Last Week in SPACE: Adani Group, Bendigo/Bank of Queensland, Renault/Nissan, Keisei/Oriental Land

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX makes  up for yesterday's loss and more; Markets look past Fed and focus on earnings recovery;  Its all about the Pause;   GM Beats but CAT misses; Awaiting AAPL</li>
<li>JAPAN.  NKY Futs +0.6% Cash; USDJPY 130.11; Labor Shortages worsening (again), Firms desperate;  BYD seeks to Capture JP EV Market;   Komatsu Beats; Lasertec Misses. </li>
<li>DAILY NUGGETS. 6h 37m: The Average Time Spent Using the Internet.  Japan the outlier..for the better ?</li>
</ul>


OVERSEAS. SPX makes  up for yesterday's loss and more; Markets look past Fed and focus on earnings recovery;  Its all about the Pause;   GM Beats but CAT misses; Awaiting AAPL
JAPAN.  NKY Futs +0.6% Cash; USDJPY 130.11; Labor Shortages worsening (again), Firms desperate;  BYD seeks to Capture JP EV Market;   Komatsu Beats; Lasertec Misses. 
DAILY NUGGETS. 6h 37m: The Average Time Spent Using the Internet.  Japan the outlier..for the better ?


Good Morning Japan |Fed Hike, Powell Speech ? Equities Beyond as Optimism Abounds,from Spotify to GM

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

Hon Hai Precision Industry / Equity Bottom-Up

<ul>
<li>Hon Hai's upcoming results date hasn't yet been publicly announced, but last year it was 16 March.</li>
<li>Gross margin could come in well below consensus, and net profit could be minimal for 4Q22E. Look for reiteration of its longer-term margin target from management.</li>
<li>We remain structurally bullish on Hon Hai and see it as positioned favorably relative to U.S. China semiconductor restrictions. Our TP for Hon Hai is $155, over 50% above today.</li>
</ul>


Hon Hai's upcoming results date hasn't yet been publicly announced, but last year it was 16 March.
Gross margin could come in well below consensus, and net profit could be minimal for 4Q22E. Look for reiteration of its longer-term margin target from management.
We remain structurally bullish on Hon Hai and see it as positioned favorably relative to U.S. China semiconductor restrictions. Our TP for Hon Hai is $155, over 50% above today.


Hon Hai 4Q22 Results Preview: Brace for a Weak Print, But EV Structural Driver Intact

<ul>
<li>Today, a Nikkei article suggested (after other media suggested last week) that <a href="https://www.smartkarma.com/entities/renault-sa" target="_blank" data-smartkarma-citation="entities:21536:1" rel="noopener">Renault SA (RNO FP)</a> and <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> have come to agreement about their new deal.</li>
<li>Post-Close, an announcement. Two striking things about this "agreement" a) it comes many months after they started negotiating, and b) we have few details, and c) we're missing a bit.</li>
<li>Renault agrees to cap voting rights in Nissan. Nissan agrees to invest in RNO's EV spinoff, and so far, they agree to strengthen the Alliance. What's missing is interesting/key.</li>
</ul>


Today, a Nikkei article suggested (after other media suggested last week) that Renault SA (RNO FP) and Nissan Motor (7201 JP) have come to agreement about their new deal.
Post-Close, an announcement. Two striking things about this "agreement" a) it comes many months after they started negotiating, and b) we have few details, and c) we're missing a bit.
Renault agrees to cap voting rights in Nissan. Nissan agrees to invest in RNO's EV spinoff, and so far, they agree to strengthen the Alliance. What's missing is interesting/key.


Renault & Nissan "Agree" On New Terms - A Diet Nothing🍔, Exchangeable into Shaq Fingerguns

Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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Nissan Motor (7201 JP)

Renault & Nissan Deal Done: Still a Trading Nothing🍔 So Far, OK Framework but Need Shaq Fingerguns

Renault and Nissan announced their new deal today. It appears the CEOs are satisfied with it. The governance framework looks good/better but seems...

Travis Lundy

Last Week in SPACE: Adani Group, Bendigo/Bank of Queensland, Renault/Nissan, Keisei/Oriental Land

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

Good Morning Japan |Fed Hike, Powell Speech ? Equities Beyond as Optimism Abounds,from Spotify to GM

JAPAN WRAP. NKY Futs +0.6% Cash; USDJPY 130.11. Set for a decent day after the Beta-driven rally in the US. Still, it won't be all green on the...

Mark Chadwick

Hon Hai 4Q22 Results Preview: Brace for a Weak Print, But EV Structural Driver Intact

We remain structurally bullish on Hon Hai and see it as positioned favorably relative to U.S. China semiconductor restrictions. Our TP for Hon Hai...

Vincent Fernando, CFA

Renault & Nissan "Agree" On New Terms - A Diet Nothing🍔, Exchangeable into Shaq Fingerguns

Renault and Nissan finally announce the "details" of a deal which was basically done a year ago. But they were still negotiating hours ago, and...

Travis Lundy

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