Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>
<a href="https://www.smartkarma.com/entities/celsys-inc" target="_blank" data-smartkarma-citation="entities:20774:1" rel="noopener">CELSYS (3663 JP)</a> (formerly known as "Artspark") is a name we have been Bullish on in the last few months as it was a high-probability TOPIX Inclusion candidate.</li>
<li>In the last couple of trading days, the stock has popped more than 30%. In this insight, we take a closer look at this situation.</li>
</ul>


Quiddity's "Who is Ready" series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.

CELSYS (3663 JP) (formerly known as "Artspark") is a name we have been Bullish on in the last few months as it was a high-probability TOPIX Inclusion candidate.
In the last couple of trading days, the stock has popped more than 30%. In this insight, we take a closer look at this situation.


TOPIX Inclusions: Who Is Ready (May 2023)

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Hoya has an impressive business model that results in high Returns on Invested Capital</li>
<li>Hoya reported strong Q4 results but there is little for investors to get excited about in the outlook</li>
<li>We see a lack of catalysts and an expensive valuation as working against the stock in the short term</li>
</ul>


Hoya has an impressive business model that results in high Returns on Invested Capital
Hoya reported strong Q4 results but there is little for investors to get excited about in the outlook
We see a lack of catalysts and an expensive valuation as working against the stock in the short term


Hoya (7741) | A Visionary Company with a Blurry Future

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.</li><li>DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.</li><li>EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.</li></ul></div></div></div></div>

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline.DMs like US &amp; W Europe did better with more material deceleration, which helped Apple to solidify its market position.EMs remained weak with APAC (ex-Jap &amp; China), CEE and MEA falling 17-20% y/y, which was a bigger headache to the Android camp, especially the Chinese players, among which, Xiaomi had relatively poorer performance.

Smartphone – Global Vs China Decelerated Downtrends

<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

<ul>
<li>OVERSEAS:  Global rate hikes+weak US Retail fan recession fears ; Tech hit hard: Macro + WDC hit on GS downgrade + NVDIA Sell initiation; Musk Continues to unload TSLA </li>
<li>JAPAN: NKY Futs -1.6% vs Cash; USDJPY weakens to ¥137.84; Corp tax hike to fund Defense-says LDP; Sony to expand image sensors; Fast Retailing 3:1 stock split; Decarbonization investments accelerating</li>
<li>DAILY NUGGET: Tokyo Electric Power to mine Bitcoin ? Huh ?  Today we take a look at this bit of "breaking news" </li>
</ul>


OVERSEAS:  Global rate hikes+weak US Retail fan recession fears ; Tech hit hard: Macro + WDC hit on GS downgrade + NVDIA Sell initiation; Musk Continues to unload TSLA 
JAPAN: NKY Futs -1.6% vs Cash; USDJPY weakens to ¥137.84; Corp tax hike to fund Defense-says LDP; Sony to expand image sensors; Fast Retailing 3:1 stock split; Decarbonization investments accelerating
DAILY NUGGET: Tokyo Electric Power to mine Bitcoin ? Huh ?  Today we take a look at this bit of "breaking news" 


Good Morning Japan |Hawkish ECB + US Retail Miss Fan Recession Fears - Equities Take It on the Chin

Japan

Hoya Corp manufactures electro-optics products such as mask blanks for semiconductors, photomasks for LCD panels, optical glasses, glass memory disks for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The Company also provides information system architecture.

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

Hoya Corp (7741 JP)

TOPIX Inclusions: Who Is Ready (May 2023)

CELSYS has been working for a move to the Prime Market since August 2022 and with the recent rise in share price they could be able to satisfy all...

Janaghan Jeyakumar, CFA

Hoya (7741) | A Visionary Company with a Blurry Future

We like Hoya long-term, but see a lack of catalysts and an expensive valuation as working against the stock in the short-term

Mark Chadwick

Smartphone – Global Vs China Decelerated Downtrends

Despite shipment continued to fall y/y, all major markets experienced deceleration in decline. DMs like US & W Europe did better with more material...

Quam Securities

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

Good Morning Japan |Hawkish ECB + US Retail Miss Fan Recession Fears - Equities Take It on the Chin

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)