Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

We screened for large-cap names in Japan that have recently seen a spike in volatility. We calculated Beta over the last 6 months and compared it to the 7-year average Beta. We then screened for names where current Beta is more than 1.5 standard deviations above the 7-year average.As you can see from the results below, a number of names have really moved away from their historical average. <a href="https://www.smartkarma.com/entities/6311" target="_blank" data-smartkarma-citation="entities:6311:1">Mitsubishi Tanabe Pharma (4508 JP)</a> and <a href="https://www.smartkarma.com/entities/794" target="_blank" data-smartkarma-citation="entities:794:1">Mitsubishi Motors Corp (7211 JP)</a> are both close to 3 standard…

We screened for large-cap names in Japan that have recently seen a spike in volatility. We calculated Beta over the last 6 months and compared it to the 7-year average Beta. We then screened for names where current Beta is more than 1.5 standard deviations above the 7-year average.As you can see from the results below, a number of names have really moved away from their historical average. Mitsubishi Tanabe Pharma (4508 JP) and Mitsubishi Motors Corp (7211 JP) are both close to 3 standard…

Large-Cap Names that Have Gotten a Lot More Volatile Recently....

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

In late April this year, just before Golden Week and two weeks before earnings were announced, <a href="https://www.smartkarma.com/entities/4270" target="_blank" data-smartkarma-citation="entities:4270:1">Coca Cola East Japan Co Ltd (2580 JP)</a> (hereafter "CCEJ")and <a href="https://www.smartkarma.com/entities/20051" target="_blank" data-smartkarma-citation="entities:20051:1">Coca Cola West Co Ltd (2579 JP)</a> (hereafter "CCW") announced they had signed an MOU regarding a business integration between the two companies. Longtime Japan-watchers had expected this to come at some point after multiple integrations on both sides had left Japan with the two major bottlers plus Hokkaido as the major TCCC (The Coca-Cola Company) distributors hawking KO product in Japan. The Nihon Keizai Shinbun carried an article on Sep 27 suggesting the two companies would indeed merge and this was confirmed Friday at the close. The details are as expected. The CCEJ/CCW Merger Ratio came in at 0.75x, which happens to be the exact average ratio of the 1mo, 3mo, and 1-year share price averages as of Friday's close. The average of these three averages on April 25 - one day before the MOU announcement - was 0.737x.Since the MOU was announced on the 26th of April, the ratio has risen from 0.672x to 0.78x after a brief stop above 0.80x earlier in September though the ratio spent most of the May to July timeframe around or just below 0.7x. Those who bought during that period may have done OK for themselves but it was not a huge surprise one way or the other. The ratio is roughly in line with the two companies' independent financial advisors' "fairness evaluations", and not too far off historical ratios. Based on current year forecasts, the ratio is slightly favorable to CCW. The companies also each have roughly 40% of shares held by cross holders and 15% by individuals (as of the end of last fiscal year). This does not appear to have significant obstacles in the path to a clean result. There is one obvious trade on the back of this. But it's small.More below the fold for subscribers.

In late April this year, just before Golden Week and two weeks before earnings were announced, Coca Cola East Japan Co Ltd (2580 JP) (hereafter "CCEJ")and Coca Cola West Co Ltd (2579 JP) (hereafter "CCW") announced they had signed an MOU regarding a business integration between the two companies. Longtime Japan-watchers had expected this to come at some point after multiple integrations on both sides had left Japan with the two major bottlers plus Hokkaido as the major TCCC (The Coca-Cola Company) distributors hawking KO product in Japan. The Nihon Keizai Shinbun carried an article on Sep 27 suggesting the two companies would indeed merge and this was confirmed Friday at the close. The details are as expected. The CCEJ/CCW Merger Ratio came in at 0.75x, which happens to be the exact average ratio of the 1mo, 3mo, and 1-year share price averages as of Friday's close. The average of these three averages on April 25 - one day before the MOU announcement - was 0.737x.Since the MOU was announced on the 26th of April, the ratio has risen from 0.672x to 0.78x after a brief stop above 0.80x earlier in September though the ratio spent most of the May to July timeframe around or just below 0.7x. Those who bought during that period may have done OK for themselves but it was not a huge surprise one way or the other. The ratio is roughly in line with the two companies' independent financial advisors' "fairness evaluations", and not too far off historical ratios. Based on current year forecasts, the ratio is slightly favorable to CCW. The companies also each have roughly 40% of shares held by cross holders and 15% by individuals (as of the end of last fiscal year). This does not appear to have significant obstacles in the path to a clean result. There is one obvious trade on the back of this. But it's small.More below the fold for subscribers. 

Coke Goes Better With Coke:  Coca-Cola West-East Japan Merger

Japan

HOKKAIDO COCA-COLA BOTTLING CO., LTD. produces soft and cold canned drinks in Hokkaido.

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Hokkaido Coca Cola Bottling (2573 JP)

Large-Cap Names that Have Gotten a Lot More Volatile Recently....

We screened for large-cap names in Japan that have recently seen a spike in volatility. We calculated Beta over the last 6 months and compared it...

Custom Products Group

Coke Goes Better With Coke: Coca-Cola West-East Japan Merger

In late April this year, just before Golden Week and two weeks before earnings were announced, Coca Cola East Japan Co Ltd (2580 JP) (hereafter...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)