Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Concerning Australian tax-loss selling baskets, the sell across the four baskets made 4.2% vs ASX200 in May, then is up.</li>
<li>Be long <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>. Or long<a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> for a long JPB position. Don't be short JPB or short JPB vs JPH.</li>
<li>As a PRC aviation/defense play, <a href="https://www.smartkarma.com/entities/avichina-industry-technology-h" target="_blank" data-smartkarma-citation="entities:16315:1" rel="noopener">AviChina Industry &amp; Technology H (2357 HK)</a>'s fundamentals are undemanding. </li>
</ul>


Concerning Australian tax-loss selling baskets, the sell across the four baskets made 4.2% vs ASX200 in May, then is up.
Be long Japan Post Bank (7182 JP). Or longJapan Post Holdings (6178 JP) for a long JPB position. Don't be short JPB or short JPB vs JPH.
As a PRC aviation/defense play, AviChina Industry &amp; Technology H (2357 HK)'s fundamentals are undemanding. 


Last Week in Event SPACE: Aussie Tax-Loss Selling, Japan Post Bank/Holdings, AviChina, Hang Lung

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  Equities sink on China Worries; China enacts emergency rate cuts; Stops publishing youth employment data; Strong US Retail sales pushes Yields; New US Bank regulation to hit profits</li>
<li>JAPAN. NKY Futures -1% discount vs Cash; USDJPY 145.6; Japan watching Yen - to take appropriate action says Fin Minister; JP GDP beats expectations; Typhoon Lan rips Western Japan </li>
<li>NUGGET.  Japan Post Holdings -300 billion yen share buyback;  With a pile of cash from Japan Post Bank Sale (1.2 trillion to be exact), we think this just the start</li>
</ul>


OVERSEAS.  Equities sink on China Worries; China enacts emergency rate cuts; Stops publishing youth employment data; Strong US Retail sales pushes Yields; New US Bank regulation to hit profits
JAPAN. NKY Futures -1% discount vs Cash; USDJPY 145.6; Japan watching Yen - to take appropriate action says Fin Minister; JP GDP beats expectations; Typhoon Lan rips Western Japan 
NUGGET.  Japan Post Holdings -300 billion yen share buyback;  With a pile of cash from Japan Post Bank Sale (1.2 trillion to be exact), we think this just the start


Ohayo Japan|China Worries Sinks Equities; NUGGET: Japan Post Holdings - More Behind

Travis Lundy

<ul>
<li>
<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> was effectively re-IPOed in March when <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP)</a> offered more than a BILLION shares against the 400mm shares then in float. </li>
<li>It was a huge offering. A huge increase in float. Lots of immediate liquidity. A PERFECT opportunity for the TSE to do an ad hoc FFW change. But they didn't. </li>
<li>Then in June they lowered the FFW (on a technicality). That leaves a big upweight in October. In this insight we measure the opportunity.</li>
</ul>



Japan Post Bank (7182 JP) was effectively re-IPOed in March when Japan Post Holdings (6178 JP) offered more than a BILLION shares against the 400mm shares then in float. 
It was a huge offering. A huge increase in float. Lots of immediate liquidity. A PERFECT opportunity for the TSE to do an ad hoc FFW change. But they didn't. 
Then in June they lowered the FFW (on a technicality). That leaves a big upweight in October. In this insight we measure the opportunity.


Japan Post Bank (7182) - The October TOPIX FFW Adjustment

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In India, <a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> launched its IPO bookbuild. <a href="https://www.smartkarma.com/entities/suzlon-energy-ltd" target="_blank" data-smartkarma-citation="entities:1073:1" rel="noopener">Suzlon Energy (SUEL IN)</a> had also launched its well-flagged INR20bn (US$240m) QIP.</li>
<li>While Japan saw <a href="https://www.smartkarma.com/entities/star-asia-investment-corp" target="_blank" data-smartkarma-citation="entities:24040:1" rel="noopener">Star Asia Investment (3468 JP)</a> launching its primary follow-on for acquiring properties as well. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In India, TVS Supply Chain Solutions (1915741D IN) launched its IPO bookbuild. Suzlon Energy (SUEL IN) had also launched its well-flagged INR20bn (US$240m) QIP.
While Japan saw Star Asia Investment (3468 JP) launching its primary follow-on for acquiring properties as well. 


ECM Weekly (13th August 2023) - Zomato, TVS Supply Chain, Suzlon Energy, Star Asia Investment

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Transport industry officials want to ban ‘free shipping’, forcing customers to pay for all deliveries and even redeliveries.</li>
<li>The aim is to reduce demand in time for new rules on driver overtime due to come into force next year and should relieve pressure on Yamato and others.</li>
<li>There is also more collaboration to reduce costs and labour: Yamato has scrapped its small packet business entirely, passing customers on to Japan Post. </li>
</ul>


Transport industry officials want to ban ‘free shipping’, forcing customers to pay for all deliveries and even redeliveries.
The aim is to reduce demand in time for new rules on driver overtime due to come into force next year and should relieve pressure on Yamato and others.
There is also more collaboration to reduce costs and labour: Yamato has scrapped its small packet business entirely, passing customers on to Japan Post. 


Trucker Call for End to Free Shipping Will Help Relieve Pressure on Yamato

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

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Japan Post Holdings (6178 JP)

Last Week in Event SPACE: Aussie Tax-Loss Selling, Japan Post Bank/Holdings, AviChina, Hang Lung

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Ohayo Japan|China Worries Sinks Equities; NUGGET: Japan Post Holdings - More Behind

China worries sinks equities; NKY Futures -1% discount vs Cash; USDJPY 145.6; Japan watching Yen - to take appropriate action as needed; JP GDP...

Mark Chadwick

Japan Post Bank (7182) - The October TOPIX FFW Adjustment

Japan Post Bank will have a JPY 200bn+ TOPIX upweight in October about 10 weeks from now. That will be about 20% of Real World Float. JPB is rich...

Travis Lundy

ECM Weekly (13th August 2023) - Zomato, TVS Supply Chain, Suzlon Energy, Star Asia Investment

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Clarence Chu

Trucker Call for End to Free Shipping Will Help Relieve Pressure on Yamato

There is real pressure on Japan's transport companies ahead of major new legislation in 2024. Demand for drivers will be intense leading to...

Michael Causton

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