Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

<ul>
<li>At the beginning of this month, we got a scoop from Reuters about a US$3bn selldown of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> by P&amp;C insurers and others. </li>
<li>We knew this was coming at some point. The FSA had pushed the insurers to unwind cross-holdings, and it is otherwise of the zeitgeist. </li>
<li>It came out as heavily retail-oriented, and the supply/demand details are otherwise interesting. To boot, there is an EPS boost to come.</li>
</ul>


At the beginning of this month, we got a scoop from Reuters about a US$3bn selldown of Honda Motor (7267 JP) by P&amp;C insurers and others. 
We knew this was coming at some point. The FSA had pushed the insurers to unwind cross-holdings, and it is otherwise of the zeitgeist. 
It came out as heavily retail-oriented, and the supply/demand details are otherwise interesting. To boot, there is an EPS boost to come.


The Honda (7267) Offering - Much Easier Than It Looks

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>A group of shareholders aims to raise up to US$3.2bn via selling around 5% of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP).</a>
</li>
<li>The possibility of such a selldown was flagged by Reuters prior to the deal launch.</li>
<li>In our earlier note, we spoke about the deal dynamics. In this note, we talk about the updates since then.</li>
</ul>


A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP).

The possibility of such a selldown was flagged by Reuters prior to the deal launch.
In our earlier note, we spoke about the deal dynamics. In this note, we talk about the updates since then.


Honda Motor Placement - Past Large Deals Analysis - Could Do with a Bit More Correction

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>Jiangsu General commissions Rayong Phase II, lifts capacity to 10 million units  </li><li>BYD opens plants while Suzuki and Subaru are shutting shop  </li><li>Over 480 factories shut down in five months of 2024</li></ul>

Jiangsu General commissions Rayong Phase II, lifts capacity to 10 million units  BYD opens plants while Suzuki and Subaru are shutting shop  Over 480 factories shut down in five months of 2024

It's Zig Zag For Thailand As China Steers The Wheel

<ul>
<li>Just pre-close on 2 July, Reuters carried an article suggesting a ¥500bn secondary offering in <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> as insurers sold. The stock fell 4% in minutes. </li>
<li>Honda semi-confirmed but it took two days to get to the details, now out. The stock climbed in the meantime. </li>
<li>At launch, this deal is two-thirds covered by buyback + passive demand but the supply is heavily-weighted to retail. Cheaper than it looks, lots of moving parts. Read the details!</li>
</ul>


Just pre-close on 2 July, Reuters carried an article suggesting a ¥500bn secondary offering in Honda Motor (7267 JP) as insurers sold. The stock fell 4% in minutes. 
Honda semi-confirmed but it took two days to get to the details, now out. The stock climbed in the meantime. 
At launch, this deal is two-thirds covered by buyback + passive demand but the supply is heavily-weighted to retail. Cheaper than it looks, lots of moving parts. Read the details!


Big ¥500bn Honda (7267) Offering Is Small

<ul>
<li>A group of shareholders aims to raise up to US$3.2bn via selling around 5% of <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> .</li>
<li>The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP) .
The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Honda Motor Placement - Large in Size, Relatively Small in Other Terms

Japan

Suzuki Motor Corporation manufactures automobiles, motorcycles, and their related parts. The Company has production facilities in USA, Japan, Taiwan, India, Pakistan, Indonesia, Thailand, and Hungary.

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Suzuki Motor (7269 JP)

The Honda (7267) Offering - Much Easier Than It Looks

Honda's mega-offering is not mega. It is two-thirds covered by non-active investor demand over the next two months. 80+% if the stock falls post...

Travis Lundy

Honda Motor Placement - Past Large Deals Analysis - Could Do with a Bit More Correction

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the updates since...

Sumeet Singh

It's Zig Zag For Thailand As China Steers The Wheel

Two tire majors, Jiangsu General and Continental, are increasing the capacities of their Thailand plants, giving a shot in the arm to Thailand...

Helixtap

Big ¥500bn Honda (7267) Offering Is Small

The big ¥500bn Honda offering is announced. Details and context the buyback and passive demand cover two-thirds of the offering but this is going...

Travis Lundy

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

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