'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<div><p style="text-align: center;"><strong> • RELATIVE PRICE SCORE - COMPANIES •</strong></p></div><div>
<strong>RELATIVE PRICE SCORE OUTLIERS </strong>- The Relative Price Score (RPS) is a measure of price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices over the last 28 years and 24 months, respectively. As all companies are put on a comparable scale, 'Overbought' and 'Oversold' outliers and short-term changes in scoring can reveal attractive trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months.</div><div></div><div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/120/886/original/2020-03-02_09-36-07.png?1583109407" class="editor-image img-responsive" data-smartkarma-image-id="120886"></figure><div class="content-caption">Source • Japan Analytics</div>
<p><strong>OVERBOUGHT MEAN REVERSION</strong> - Examples of larger-cap companies that have reverted from being Overbought in the last quarter are <a href="https://www.smartkarma.com/entities/systena-corp" target="_blank" data-smartkarma-citation="entities:20438:1" rel="noopener">Systena (2317 JP)</a> which was Very Overbought two quarters ago, <a href="https://www.smartkarma.com/entities/kotobuki-spirits-co-ltd" target="_blank" data-smartkarma-citation="entities:20062:1" rel="noopener">Kotobuki Spirits (2222 JP)</a>, <a href="https://www.smartkarma.com/entities/toei-co-ltd" target="_blank" data-smartkarma-citation="entities:15379:1" rel="noopener">Toei (9605 JP)</a>, and the amusement park operator <a href="https://www.smartkarma.com/entities/fuji-kyuko-co-ltd" target="_blank" data-smartkarma-citation="entities:1305:1" rel="noopener">Fuji Kyuko (9010 JP)</a>, which began to mean-revert well before the emergence of Covid-19. The average decline from their peak of these stocks is 34%, which compares with an 11% decline for the market overall.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/120/887/original/2020-03-02_09-42-41.png?1583109791" class="editor-image img-responsive" data-smartkarma-image-id="120887"></figure><div class="content-caption">Source • Japan Analytics</div>
<p><strong>OVERSOLD MEAN REVERSION</strong> - The four large caps that have reverted from being Oversold have outperformed by over 20% on average, led by <a href="https://www.smartkarma.com/entities/mercari-inc" target="_blank" data-smartkarma-citation="entities:27149:1" rel="noopener">Mercari (4385 JP)</a> which we suggested was <em>'due for another bounce</em>' in our December Insight. Otherwise, <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, <a href="https://www.smartkarma.com/entities/chugoku-electric-power-co" target="_blank" data-smartkarma-citation="entities:16243:1" rel="noopener">Chugoku Electric Power (9504 JP)</a>, <a href="https://www.smartkarma.com/entities/tv-asahi-holdings-corp" target="_blank" data-smartkarma-citation="entities:8830:1" rel="noopener">Tv Asahi (9409 JP)</a>, and <a href="https://www.smartkarma.com/entities/suntory-beverage-food-ltd" target="_blank" data-smartkarma-citation="entities:8218:1" rel="noopener">Suntory Beverage &amp; Food (2587 JP)</a> all saw substantial recoveries.</p>
</div><div></div><div><div class="content-highlight"><p>Following on from our previous Insight <a href="https://www.smartkarma.com/insights/japan-march-sector-peer-group-relative-price-scores" target="_blank" data-smartkarma-citation="insights:36972" rel="noopener">March Sector &amp; Peer Group Relative Price Scores -</a>  which covered Sectors and Peer Groups, in the<strong> DETAIL </strong>section below, we update our list of Overbought and Oversold large-cap companies (market capitalisation over ¥100b) with the current Very Overbought (RPS&gt;5), Too-Late-To-Buy (RPS &gt;4.5) and Oversold (RPS &lt;-2) companies, as well as the largest positive and negative 3-month Changes in RPS adding some stock-specific comments in each category.</p></div></div>

 • RELATIVE PRICE SCORE - COMPANIES •
RELATIVE PRICE SCORE OUTLIERS - The Relative Price Score (RPS) is a measure of price performance relative to TOPIX calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices over the last 28 years and 24 months, respectively. As all companies are put on a comparable scale, 'Overbought' and 'Oversold' outliers and short-term changes in scoring can reveal attractive trading opportunities. Company outlier thresholds are set at +4 &amp; -2 and equate to the top and bottom first-to-second percentiles of historical observations from which mean reversion takes a matter of months.
Source • Japan Analytics
OVERBOUGHT MEAN REVERSION - Examples of larger-cap companies that have reverted from being Overbought in the last quarter are Systena (2317 JP) which was Very Overbought two quarters ago, Kotobuki Spirits (2222 JP), Toei (9605 JP), and the amusement park operator Fuji Kyuko (9010 JP), which began to mean-revert well before the emergence of Covid-19. The average decline from their peak of these stocks is 34%, which compares with an 11% decline for the market overall.
Source • Japan Analytics
OVERSOLD MEAN REVERSION - The four large caps that have reverted from being Oversold have outperformed by over 20% on average, led by Mercari (4385 JP) which we suggested was 'due for another bounce' in our December Insight. Otherwise, Japan Post Bank (7182 JP), Chugoku Electric Power (9504 JP), Tv Asahi (9409 JP), and Suntory Beverage &amp; Food (2587 JP) all saw substantial recoveries.
Following on from our previous Insight March Sector &amp; Peer Group Relative Price Scores -  which covered Sectors and Peer Groups, in the DETAIL section below, we update our list of Overbought and Oversold large-cap companies (market capitalisation over ¥100b) with the current Very Overbought (RPS&gt;5), Too-Late-To-Buy (RPS &gt;4.5) and Oversold (RPS &lt;-2) companies, as well as the largest positive and negative 3-month Changes in RPS adding some stock-specific comments in each category.

🇯🇵 JAPAN • March Company Relative Price Scores - Playing the Extremes

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/403/original/2020-02-18_08-44-22.png?1581983074" class="editor-image img-responsive" data-smartkarma-image-id="118403"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/404/original/2020-02-18_08-42-56.png?1581983098" class="editor-image img-responsive" data-smartkarma-image-id="118404"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>THREE-YEAR LOW</strong> - With <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" data-smartkarma-citation="entities:8914:1" rel="noopener">Bridgestone (5108 JP)</a>'s results and revision now added, our final tally for this season is a 196 basis point decline in our <strong>Results Sore</strong> - the lowest since March 2017.  In contrast, the Forecast/Revision Score reached a three-month high as the 470 companies with December year-ends put an optimistic gloss on their medium-term outlook. As we have noted in our recent daily roundups, a normal precondition for a cycle low is for the <strong>Forecast/Revision Score</strong> to rise above the <strong>Results Score</strong>. <strong>Forecast/Revision Score</strong> peaks and troughs usually occur one to two quarters ahead of those for the <strong>Results Score</strong>.  Covid-19's impact will likely see the 2016 'playbook' repeated next quarter with a lower Results Score and a 'sideways' Forecast/Results Score. The <strong>Results Score</strong> cycle low point will be reached with the mostly-interim results to be released in six months. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/405/original/2020-02-18_09-29-28.png?1581985792" class="editor-image img-responsive" data-smartkarma-image-id="118405"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>LEADING INDICATOR</strong> - By including several momentum factors into our Scoring (see below), we can provide a better indication of future business conditions. Indeed there is a 0.83 correlation between the Cabinet Office's Business Condition Leading Indicator and the<strong> Forecast/Revision Score</strong>. Reported earnings, as well as company forecasts, are <em>lagging</em> indicators and, as shown in Part 1 of this Insight. Both data series peaked one year after our Scores and the market peaked in early 2018. </p><p><strong>SCORING METHODOLOGY</strong> - For those new to these Insights, we briefly recap our scoring methodology below:-</p><ul>
<li><p><strong>Results Scores</strong> are calculated using the most recent eight quarters of company data for Revenues, Operating Income and Operating Margin and, for each, measure the rate, degree and consistency of change. The Results Score has a maximum of +30 and a minimum of -30 for each period. Our data series commences from the time a particular company issues quarterly results. The sample size becomes significant from March 2005.</p></li>
<li><p>The <strong>Forecast/Revision Score</strong> is based on both Annual and Interim period company forecasts and compares changes from previous forecasts as well as against the trailing twelve-month (TTM) or previous first-half results, with annual forecasts being double-weighted. This Score also has a maximum of +30 and a minimum of -30 for each period.  For this series, our data samples start from August 2008.</p></li>
<li><p>The combined <strong>Results &amp; Revision Score (RRS)</strong> is the average of the <strong>Results Score</strong> and the<strong> Forecasts/Revision Score</strong>.</p></li>
<li>
<p>All company Scores are then cap-weight-aggregated into <strong>Sector</strong>, <strong>Peer Group</strong> and <strong>Market Composite</strong> Scores for which the seventeen-year monthly and two-year daily track records are shown above. Only currently listed-companies are covered in the aggregate Scores, and the Total Market Capitalisation excludes delisted entities. REITs are not included.</p>
<hr>
<p style="text-align: center;"><strong>• SECTOR SCORES •</strong></p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/118/410/original/2020-02-18_09-55-29.png?1581987489" class="editor-image img-responsive" data-smartkarma-image-id="118410"></figure><div class="content-caption">Source • Japan Analytics</div>
<p>In the <strong>DETAIL</strong> Section below, we provide a detailed breakdown of our RRS Scoring for Sectors, Peer Groups and individual companies, highlighting this quarter's 'winners' and 'losers'. The chart above shows a  seventeen-year 'timeline' of the cap-weight-aggregated Sector RRS Scores and the ebbs and flows around the business cycles. The <strong>Metals</strong> Sector is the most volatile on the downside and has yet to 'bottom' this cycle. <strong>Technology Hardware</strong> appears to have already rebounded; however, Covid-19 suggests this Sector may relapse. On the upside, the<strong> Information Technology</strong> Sector has replaced the <strong>Internet</strong> and <strong>Telecoms</strong> Sectors as the contra-cyclical 'champion'. </p>
</li>
</ul>

Source • Japan AnalyticsTHREE-YEAR LOW - With Bridgestone (5108 JP)'s results and revision now added, our final tally for this season is a 196 basis point decline in our Results Sore - the lowest since March 2017.  In contrast, the Forecast/Revision Score reached a three-month high as the 470 companies with December year-ends put an optimistic gloss on their medium-term outlook. As we have noted in our recent daily roundups, a normal precondition for a cycle low is for the Forecast/Revision Score to rise above the Results Score. Forecast/Revision Score peaks and troughs usually occur one to two quarters ahead of those for the Results Score.  Covid-19's impact will likely see the 2016 'playbook' repeated next quarter with a lower Results Score and a 'sideways' Forecast/Results Score. The Results Score cycle low point will be reached with the mostly-interim results to be released in six months. Source • Japan AnalyticsLEADING INDICATOR - By including several momentum factors into our Scoring (see below), we can provide a better indication of future business conditions. Indeed there is a 0.83 correlation between the Cabinet Office's Business Condition Leading Indicator and the Forecast/Revision Score. Reported earnings, as well as company forecasts, are lagging indicators and, as shown in Part 1 of this Insight. Both data series peaked one year after our Scores and the market peaked in early 2018. SCORING METHODOLOGY - For those new to these Insights, we briefly recap our scoring methodology below:-
Results Scores are calculated using the most recent eight quarters of company data for Revenues, Operating Income and Operating Margin and, for each, measure the rate, degree and consistency of change. The Results Score has a maximum of +30 and a minimum of -30 for each period. Our data series commences from the time a particular company issues quarterly results. The sample size becomes significant from March 2005.
The Forecast/Revision Score is based on both Annual and Interim period company forecasts and compares changes from previous forecasts as well as against the trailing twelve-month (TTM) or previous first-half results, with annual forecasts being double-weighted. This Score also has a maximum of +30 and a minimum of -30 for each period.  For this series, our data samples start from August 2008.
The combined Results &amp; Revision Score (RRS) is the average of the Results Score and the Forecasts/Revision Score.

All company Scores are then cap-weight-aggregated into Sector, Peer Group and Market Composite Scores for which the seventeen-year monthly and two-year daily track records are shown above. Only currently listed-companies are covered in the aggregate Scores, and the Total Market Capitalisation excludes delisted entities. REITs are not included.

• SECTOR SCORES •
Source • Japan Analytics
In the DETAIL Section below, we provide a detailed breakdown of our RRS Scoring for Sectors, Peer Groups and individual companies, highlighting this quarter's 'winners' and 'losers'. The chart above shows a  seventeen-year 'timeline' of the cap-weight-aggregated Sector RRS Scores and the ebbs and flows around the business cycles. The Metals Sector is the most volatile on the downside and has yet to 'bottom' this cycle. Technology Hardware appears to have already rebounded; however, Covid-19 suggests this Sector may relapse. On the upside, the Information Technology Sector has replaced the Internet and Telecoms Sectors as the contra-cyclical 'champion'. 



🇯🇵 JAPAN • IT’S A WRAP! Part 2: 2020-Q1 Results & Revision Scores

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/756/original/2020-02-14_05-11-41.png?1581624901" class="editor-image img-responsive" data-smartkarma-image-id="117756"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/760/original/2020-02-14_05-38-10.png?1581626321" class="editor-image img-responsive" data-smartkarma-image-id="117760"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>13TH FEBRUARY ROUNDUP</strong> - The penultimate day of this results 'season' saw 402 results and 224 forecast or revision announcements.  Our results Score lost another 7 basis points; however, positive initial annual forecasts from several December year-end companies including <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" data-smartkarma-citation="entities:12434:1" rel="noopener">Dentsu  (4324 JP)</a>, <a href="https://www.smartkarma.com/entities/unicharm-corp" target="_blank" data-smartkarma-citation="entities:6246:1" rel="noopener">Unicharm (8113 JP)</a>, <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group (2502 JP)</a>, <a href="https://www.smartkarma.com/entities/coca-cola-bottlers-japan" target="_blank" data-smartkarma-citation="entities:20051:1" rel="noopener">Coca Cola Bottlers Japan (2579 JP)</a>, <a href="https://www.smartkarma.com/entities/suntory-beverage-food-ltd" target="_blank" data-smartkarma-citation="entities:8218:1" rel="noopener">Suntory Beverage &amp; Food (2587 JP)</a>, and <a href="https://www.smartkarma.com/entities/mcdonald-s-holdings-co-japan" target="_blank" data-smartkarma-citation="entities:985:1" rel="noopener">Mcdonald's Japan (2702 JP)</a> added 34 bps to the Forecast/Revision Score. <strong>The 'gap' between the two Scores is the largest since mid-2016, and a large gap is a precondition for setting a cycle low. </strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/117/757/original/2020-02-14_05-14-40.png?1581625349" class="editor-image img-responsive" data-smartkarma-image-id="117757"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>SECTOR TIMELINE</strong> - These initial forecasts were the prime driver of the on-day changes in our Sector Timeline, which saw gains for <strong>Restaurants,</strong><strong>Media</strong>, <strong>Food, Beverages &amp; Tobacco</strong>, and <strong>Other Consumer Products</strong>. Time will tell if this optimism is well-founded or not.</p>

Source • Japan Analytics13TH FEBRUARY ROUNDUP - The penultimate day of this results 'season' saw 402 results and 224 forecast or revision announcements.  Our results Score lost another 7 basis points; however, positive initial annual forecasts from several December year-end companies including Dentsu  (4324 JP), Unicharm (8113 JP), Asahi Group (2502 JP), Coca Cola Bottlers Japan (2579 JP), Suntory Beverage &amp; Food (2587 JP), and Mcdonald's Japan (2702 JP) added 34 bps to the Forecast/Revision Score. The 'gap' between the two Scores is the largest since mid-2016, and a large gap is a precondition for setting a cycle low. Source • Japan AnalyticsSECTOR TIMELINE - These initial forecasts were the prime driver of the on-day changes in our Sector Timeline, which saw gains for Restaurants,Media, Food, Beverages &amp; Tobacco, and Other Consumer Products. Time will tell if this optimism is well-founded or not.

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 13th February ▲2587 4612 8113 ▼ 7201 4004 4912

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<p>AB InBev is the world’s largest brewing company with headquarters in Belgium and operations in over 100 countries. The company owns over 500 brands, including some well-known brands such as Stella Artois, Budweiser and Corona. The company’s IPO of its Asia Pacific business, which was set to be the biggest of 2019, was cancelled, citing prevailing market conditions.</p><p>We covered the IPO from the beginning and even predicted its failure when the deal details were made public. Find below the links to our insights about the business model and the valuation of Budweiser APAC.</p><p><a href="https://www.smartkarma.com/insights/strong-fundamentals-but-rumored-70b-valuation-is-beyond-our-imagination" target="_blank" data-smartkarma-citation="insights:30279" rel="noopener">Strong Fundamentals: But Rumored $70b Valuation Is Beyond Our Imagination</a> </p><p><a href="https://www.smartkarma.com/insights/budweiser-apac-ipo-valuation-a-differing-view-from-most-others" target="_blank" data-smartkarma-citation="insights:30868" rel="noopener">Budweiser APAC IPO Valuation: A Differing View from Most Others</a> </p><p>The core purpose of the IPO was to raise finances to settle the company’s large debt, which had been an issue since the company’s acquisition of SAB Miller in 2016. Other means were then needed to raise the required finance: it is for this reason that the company has agreed to sell Carlton &amp; United Breweries (CUB) (its Australian subsidiary) to Japan-based Asahi Group Holdings Ltd, which holds the largest market share in the Japanese market and sells Japan’s No. 1 beer, “Asahi Super Dry”.</p>

AB InBev is the world’s largest brewing company with headquarters in Belgium and operations in over 100 countries. The company owns over 500 brands, including some well-known brands such as Stella Artois, Budweiser and Corona. The company’s IPO of its Asia Pacific business, which was set to be the biggest of 2019, was cancelled, citing prevailing market conditions.We covered the IPO from the beginning and even predicted its failure when the deal details were made public. Find below the links to our insights about the business model and the valuation of Budweiser APAC.Strong Fundamentals: But Rumored $70b Valuation Is Beyond Our Imagination Budweiser APAC IPO Valuation: A Differing View from Most Others The core purpose of the IPO was to raise finances to settle the company’s large debt, which had been an issue since the company’s acquisition of SAB Miller in 2016. Other means were then needed to raise the required finance: it is for this reason that the company has agreed to sell Carlton &amp; United Breweries (CUB) (its Australian subsidiary) to Japan-based Asahi Group Holdings Ltd, which holds the largest market share in the Japanese market and sells Japan’s No. 1 beer, “Asahi Super Dry”.

Asahi to Acquire AB InBev's Carlton & United Breweries: Positive for Asahi Not so for AB InBev

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.

Equity Capital Markets

Budweiser Brewing  APAC  / Equity Capital Markets

<p>The announcement of the cancellation of the IPO, will impact some of the listed names across Asia-Pac, apart from the more obvious impact on the parent, <a href="https://www.smartkarma.com/entities/anheuser-busch-inbev-sa-nv" target="_blank" data-smartkarma-citation="entities:865:1" rel="noopener">Anheuser Busch Inbev Sa/Nv (ABI BB). </a>Not to mention, souring of sentiment for some of the bigger deals in the pipeline.</p>
<p>I've covered the IPO over the past few months and taken a quick look at some of the M&amp;A prospects across Asia. In this insight, I'll talk about some of the follow-on effects from the IPO cancellation, starting with the not so obvious and ending with the obvious.</p>
<hr>
<p>Links to my earlier insights:</p>
<ul>
<li>A brief history: <a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-a-brief-history-of-the-asia-pacific-operations-eeking-out-growth-in-china" target="_blank" rel="noopener">Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China</a>
</li>
<li>Comparison with peers: <a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-quick-note-more-like-cr-beer-rather-than-tsingtao" target="_blank" rel="noopener">Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao</a>
</li>
<li>2018 and 1Q19 performance updates: <a href="https://www.smartkarma.com/insights/ab-inbev-asia-pre-ipo-on-its-way-to-potentially-being-the-biggest-hk-ipo-this-year" target="_blank" rel="noopener">Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year</a>
</li>
<li>Analysis of the application proof: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-it-will-be-a-us-5bn-raise-owing-to-its-clean-balance-sheet" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet</a>
</li>
<li>Country performance and updated peer comparison: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-limited-pre-ipo-country-performance-and-updated-peer-comparison" target="_blank" rel="noopener">Budweiser Brewing Company APAC Limited Pre-IPO - Country Performance and Updated Peer Comparison</a>
</li>
<li>Valuation analysis: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-refining-valuation-for-the-diverging-growth-prospects" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - Refining Valuation for the Diverging Growth Prospects</a>
</li>
<li>Index impact: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-quick-take-on-likely-index-impact" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - Quick Take on Likely Index Impact</a>
</li>
<li>PHIP updates: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-pre-ipo-phip-updates-further-indicate-the-need-for-split-valuations" target="_blank" rel="noopener">Budweiser Brewing Company APAC Pre-IPO - PHIP Updates Further Indicate the Need for Split Valuations</a>
</li>
<li>Valuations: <a href="https://www.smartkarma.com/insights/budweiser-brewing-company-apac-ipo-looks-reasonable-at-the-low-end-it-should-go-into-msci-early" target="_blank" rel="noopener">Budweiser Brewing Company APAC IPO - Looks Reasonable at the Low End. It Should Go into MSCI, Early</a>
</li>
<li>Index inclusion timeline and quick thoughts on M&amp;A possibilities: <a href="https://www.smartkarma.com/insights/budweiser-brewing-apac-ipo-valuation-corrigendum-index-inclusion-timeline-and-quick-take-on-m-a" target="_blank" rel="noopener">Budweiser Brewing APAC IPO - Valuation Corrigendum, Index Inclusion Timeline and Quick Take on M&amp;A</a>
</li>
</ul>

The announcement of the cancellation of the IPO, will impact some of the listed names across Asia-Pac, apart from the more obvious impact on the parent, Anheuser Busch Inbev Sa/Nv (ABI BB). Not to mention, souring of sentiment for some of the bigger deals in the pipeline.
I've covered the IPO over the past few months and taken a quick look at some of the M&amp;A prospects across Asia. In this insight, I'll talk about some of the follow-on effects from the IPO cancellation, starting with the not so obvious and ending with the obvious.

Links to my earlier insights:

A brief history: Ab InBev Asia Pre-IPO - A Brief History of the Asia Pacific Operations - Eeking Out Growth in China

Comparison with peers: Ab InBev Asia Pre-IPO - Quick Note - More like CR Beer Rather than Tsingtao

2018 and 1Q19 performance updates: Ab InBev Asia Pre-IPO - On Its Way to Potentially Being the Biggest HK IPO This Year

Analysis of the application proof: Budweiser Brewing Company APAC Pre-IPO - It Will Be a US$5bn+ Raise Owing to Its Clean Balance Sheet

Country performance and updated peer comparison: Budweiser Brewing Company APAC Limited Pre-IPO - Country Performance and Updated Peer Comparison

Valuation analysis: Budweiser Brewing Company APAC Pre-IPO - Refining Valuation for the Diverging Growth Prospects

Index impact: Budweiser Brewing Company APAC Pre-IPO - Quick Take on Likely Index Impact

PHIP updates: Budweiser Brewing Company APAC Pre-IPO - PHIP Updates Further Indicate the Need for Split Valuations

Valuations: Budweiser Brewing Company APAC IPO - Looks Reasonable at the Low End. It Should Go into MSCI, Early

Index inclusion timeline and quick thoughts on M&amp;A possibilities: Budweiser Brewing APAC IPO - Valuation Corrigendum, Index Inclusion Timeline and Quick Take on M&amp;A



Budweiser Brewing Company APAC IPO (Cancelled) - Quick Trades on the Not so Subtle Butterfly Effect

Japan

Suntory Beverage & Food Ltd manufacture and sells beverages and food products worldwide. The company is a part of Suntory Holdings ltd.

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Suntory Beverage & Food (2587 JP)

🇯🇵 JAPAN • March Company Relative Price Scores - Playing the Extremes

• RELATIVE PRICE SCORE - COMPANIES • RELATIVE PRICE SCORE OUTLIERS - The Relative Price Score (RPS) is a measure of price performance relative to...

Campbell Gunn

🇯🇵 JAPAN • IT’S A WRAP! Part 2: 2020-Q1 Results & Revision Scores

THREE-YEAR LOW - With Bridgestone (5108 JP)'s results and revision now added, our final tally for this season is a 196 basis point decline in our...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 13th February ▲2587 4612 8113 ▼ 7201 4004 4912

13TH FEBRUARY ROUNDUP - The penultimate day of this results 'season' saw 402 results and 224 forecast or revision announcements. Our results Score...

Campbell Gunn

Asahi to Acquire AB InBev's Carlton & United Breweries: Positive for Asahi Not so for AB InBev

AB InBev is the world’s largest brewing company with headquarters in Belgium and operations in over 100 countries. The company owns over 500...

Oshadhi Kumarasiri

Budweiser Brewing Company APAC IPO (Cancelled) - Quick Trades on the Not so Subtle Butterfly Effect

The announcement of the cancellation of the IPO, will impact some of the listed names across Asia-Pac, apart from the more obvious impact on the...

Sumeet Singh

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