IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. </li>
<li>The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. </li>
<li>A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. </li>
</ul>



JSR Corp (4185 JP) has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. 
The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. 
A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. 


JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

Energy Transition | AI | Shifting World Order, Mint Finance

Srinidhi Raghavendra

Energy Transition | AI | Shifting World Order

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Cross Asset Strategy

<ul>
<li>Panama Canal and Suez Canal are critical corridors underpinning global trade. &gt;50% of containers from Asia into America cross either through Panama or Suez.</li>
<li>Affected by El Niño, Panama Canal's capacity has shrunk to 25/day crossings &amp; risks falling to 18/day by February next year from an average of 36/day given shrinking water levels.</li>
<li>Given Europe’s higher sensitivity to geopolitics, European Natural Gas &amp; Crude Oil prices have reacted more wildly and have jumped sharply relative to US Gas and Oil prices.</li>
</ul>


Panama Canal and Suez Canal are critical corridors underpinning global trade. &gt;50% of containers from Asia into America cross either through Panama or Suez.
Affected by El Niño, Panama Canal's capacity has shrunk to 25/day crossings &amp; risks falling to 18/day by February next year from an average of 36/day given shrinking water levels.
Given Europe’s higher sensitivity to geopolitics, European Natural Gas &amp; Crude Oil prices have reacted more wildly and have jumped sharply relative to US Gas and Oil prices.


War and Weather Choking Supply Chains and Risks Spooking Inflation

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain bullish global equities if the major $93 support level on MSCI ACWI (ACWI-US) continues to hold (1+ year base support and the 10.5-month uptrend)</li>
<li>The 10-year Treasury yield remains below 4.35% resistance (a positive), but the DXY is climbing above $103.70-$104.70 resistance, and $105.70 is the last line of defense (9-month resistance).</li>
<li>Japan and India remain top overweights, with many of today's buy recommendations from these countries (Real Estate, Energy, Tech/Services, Discretionary). Also downgrading Taiwan and Greece to market weight.</li>
</ul>


We remain bullish global equities if the major $93 support level on MSCI ACWI (ACWI-US) continues to hold (1+ year base support and the 10.5-month uptrend)
The 10-year Treasury yield remains below 4.35% resistance (a positive), but the DXY is climbing above $103.70-$104.70 resistance, and $105.70 is the last line of defense (9-month resistance).
Japan and India remain top overweights, with many of today's buy recommendations from these countries (Real Estate, Energy, Tech/Services, Discretionary). Also downgrading Taiwan and Greece to market weight.


Remain Overweight Japan and India; Key Supports Holding; Buys in Energy, Tech/Services (India)

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. </li>
<li>Preceding the chart-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. 
Preceding the chart-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Japex/Inpex, Amorepacific, Wynn, Shimao, Takara, Silicon Integrated/United Micro

Travis Lundy

<ul>
<li>A year ago I wrote that same headline as <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a> reported H1 results, a change in forecasts, and a bigly buyback.</li>
<li>Yesterday, Inpex reported FY2023 H1 results, a change in forecasts, and a bigly buyback. </li>
<li>The mechanics are the same. The impact is a bit different, but it is worth looking at. Then there is the event on 28 February 2024.</li>
</ul>


A year ago I wrote that same headline as Inpex Corp (1605 JP) reported H1 results, a change in forecasts, and a bigly buyback.
Yesterday, Inpex reported FY2023 H1 results, a change in forecasts, and a bigly buyback. 
The mechanics are the same. The impact is a bit different, but it is worth looking at. Then there is the event on 28 February 2024.


Inpex (1605 JP) - Earnings, Forecasts and a BIGLY Buyback (Aug 2023 Version)

Japan

INPEX CORPORATION is a holding company established through the reorganization of INPEX Corp and Teikoku Oil.  The Company manages subsidiaries that explores, produces, and sells oil and natural gas.

Idemitsu Kosan Co., Ltd. explores, imports, refines, and distributes petroleum and its related products.  The Company also manufactures and sells petrochemical products.

Cosmo Energy Holdings Co., Ltd. operates as a holding company.  The Company, through its subsidiaries, imports, refines, and sells crude oil as well engages in the independent development of oil resources.

Japan Petroleum Exploration Co., Ltd. explores, develops, and markets petroleum products such as crude oil and natural gas.

NIPPON GAS CO., LTD. provides LPG (liquefied petroleum gas), gas related apparatus, gas air conditioning equipment, and gas supplying work.  The Company also operates real estate business.

ITOCHU ENEX CO., LTD. distributes various kinds of fuel products such as oil, gasoline, and liquefied petroleum gas.  The Company, affiliated with Itochu Corp, manages many gas stations as well as convenience stores.  Itochu Enex also provides catalog sales of household goods.

MITSUUROKO GROUP HOLDINGS CO., LTD. wholesales a variety of fuel products such as liquefied petroleum gas, coal, and briquettes products.  The Company also sells gas appliances and oil-heating equipment.  MITSUUROKO operates office leasing business as well.

SAN-AI OIL CO., LTD. primarily wholesales petroleum and LP gas nationwide.  The Company also supplies fuels for aircrafts at Haneda Airport.  San-Ai Oil has business divisions including industry energy, gas, chemical and research, and business development.

SALA CORPORATION is a holding company which operates and manages its subsidiaries.  The Company provides energy supply and solution, and facility management services through its subsidiaries.  Other services include infrastructure development, animals' health care, auto services, and logistic business.

SINANEN HOLDINGS CO., LTD. is a fuel distributor specializing in petroleum products. The Company diversifies into briquettes, liquefied petroleum gas, and other petroleum products.  Sinanen also sells cooling/heating equipment and hot water supply system as well as operates real estate businesses.

PTT Exploration and Production Public Company Limited explores for crude oil and natural gas, develops fields for production, and produces oil and natural gas. The Company is a subsidiary of the Petroleum Authority of Thailand.

China Petroleum & Chemical Corporation produces and trades petroleum and petrochemical products. The Company offers gasoline, diesel, jet fuel, kerosene, ethylene, synthetic fibers, synthetic rubber, synthetic resins, and chemical fertilizers. China Petroleum & Chemical markets its products throughout China.

Santos Limited explores for and produces natural gas, crude oil, condensate, naphtha and liquid petroleum gas.  The Company conducts major onshore and offshore petroleum exploration activities at oil and gas fields in Australia (Cooper/Eromanga Basins), the United States (Gulf of Mexico), Indonesia and Papua New Guinea. The Company also transports crude oil by pipeline.

Origin Energy Limited is an integrated energy company. The Company is an energy retailer in Australia across electricity, gas and LPG. Origin Energy also holds a generation portfolio and fuel position and a renewable energy portfolio, as well as unconventional gas and LNG interests.

APA Corporation operates as an oil and gas company. The Company focuses on exploration and production of oil and gas properties. APA serves clients worldwide.

Marathon Oil Corporation is an independent international energy company engaged in exploration and production, oil sands mining and integrated gas. The Company's operations are focused in North America, Africa and Europe.

EQT Corporation is an integrated energy company with emphasis on Appalachian area natural-gas supply, transmission and distribution. The Company, through its subsidiaries, offer natural gas products to wholesale and retail customers.

Bharat Petroleum Corporation Limited explores for and refines crude oil. The Company manufactures petroleum, petroleum products, lubricants, liquefied petroleum gas, aromatics like benzene and toluene, and other related products. Bharat has retail outlets throughout the country.

Chesapeake Energy Corporation produces oil and natural gas. The Company's operations are focused on discovering, developing, and acquiring conventional and unconventional natural gas reserves onshore in the United States.

PT Dian Swastatika Sentosa Tbk generates electricity and steam.  The Company owns  and operates coal- and gas-fired plants.

ENEOS Holdings, Inc. operates refining and marketing businesses. The Company refines and distributes petroleum and petroleum chemical products. ENEOS Holdings also provides non ferrous metals, electronic materials, and other products.

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ENEOS Holdings (5020 JP)

JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval

JSR has filed a solid response to SUNY RF’s lawsuit. Crucially, the response implies that JIC is comfortable taking on litigation risk. Separately,...

Arun George

War and Weather Choking Supply Chains and Risks Spooking Inflation

Conflicts are intensifying in the Red Sea. US and UK launched about 70 airstrikes on Houthi targets in Yemen. Houthis vows to respond and asserts...

Mint Finance

Remain Overweight Japan and India; Key Supports Holding; Buys in Energy, Tech/Services (India)

We remain bullish on global equities as long as major $93 support on $ACWI continues to hold (1+ year base support and the 10.5-month uptrend)....

Vermilion Research

StubWorld: Japex/Inpex, Amorepacific, Wynn, Shimao, Takara, Silicon Integrated/United Micro

For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. Inpex is the key Holdco discussed.

David Blennerhassett

Inpex (1605 JP) - Earnings, Forecasts and a BIGLY Buyback (Aug 2023 Version)

Inpex announced earnings and, revised its forecast upwards (for the second time this fiscal year), and announced a buyback. The buyback is big...

Travis Lundy

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