Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/noritsu-koki-co-ltd" target="_blank" data-smartkarma-citation="entities:3091:1" rel="noopener">Noritsu Koki (7744 JP)</a> just sold two-thirds of its stake in subsidiary <a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC Inc (4483 JP)</a> to <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron Corp (6645 JP)</a> for ¥112bn - pretty good for a ¥61bn marketcap.</li>
<li>This is the payday for those who have been long NK as a proxy for JMDC and possibly short JMDC against it. Now the shape of the company is different.</li>
<li>A closer look at the pro-forma financial profile is warranted. It's a lot of money. BUT... if you look today and buy today you do NOT get the special div!
</li>
</ul>



Noritsu Koki (7744 JP) just sold two-thirds of its stake in subsidiary JMDC Inc (4483 JP) to Omron Corp (6645 JP) for ¥112bn - pretty good for a ¥61bn marketcap.
This is the payday for those who have been long NK as a proxy for JMDC and possibly short JMDC against it. Now the shape of the company is different.
A closer look at the pro-forma financial profile is warranted. It's a lot of money. BUT... if you look today and buy today you do NOT get the special div!



NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>NTT sees a US$1 billion selldown of shares on Wednesday 29 December. </li>
<li>This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.</li>
<li>NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.</li>
</ul>


NTT sees a US$1 billion selldown of shares on Wednesday 29 December. 
This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.
NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.


Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jmdc-inc" target="_blank" data-smartkarma-citation="entities:28673:1" rel="noopener">JMDC Inc (4483 JP)</a> is an interesting company with a high-flying stock price and valuation. </li>
<li>As one of the larger companies in the TSE Mothers universe, it still had not announced its intentions regarding TSE, and today we have <a href="https://ssl4.eir-parts.net/doc/4483/tdnet/2052268/00.pdf" target="_blank" rel="noopener">the reason why</a>. </li>
<li>JMDC will move from Mothers to TSE1 on 29 November, and this will be a biggie. </li>
</ul>



JMDC Inc (4483 JP) is an interesting company with a high-flying stock price and valuation. 
As one of the larger companies in the TSE Mothers universe, it still had not announced its intentions regarding TSE, and today we have the reason why. 
JMDC will move from Mothers to TSE1 on 29 November, and this will be a biggie. 


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

Wisdomtree Japan Hedged Eq / Technical Analysis

Market dynamics continue to send mixed signals, but the bottom line is that not one MSCI ACWI Sector is breaking down, and important price support levels are holding in the US, Europe, and Japan. Additionally, the MSCI ACWI, ACWI ex-US, and EAFE indexes all remain above critical support levels. Until supports start to break we cannot be bearish. It is also worth noting that various indicators could be making a turn for the better, including early signs of interest rates bottoming in the US and Germany, a potential false breakdown in crude oil, and high yield spreads leveling-out.

Market dynamics continue to send mixed signals, but the bottom line is that not one MSCI ACWI Sector is breaking down, and important price support levels are holding in the US, Europe, and Japan. Additionally, the MSCI ACWI, ACWI ex-US, and EAFE indexes all remain above critical support levels. Until supports start to break we cannot be bearish. It is also worth noting that various indicators could be making a turn for the better, including early signs of interest rates bottoming in the US and Germany, a potential false breakdown in crude oil, and high yield spreads leveling-out.

Critical Supports Holding in the US, Europe, & Japan; Buying Health Care, Utilities, Materials, Tech

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

In this insight, we take a look at the monthly performance of the trading opportunities surrounding TOPIX Index Rebalance events. During the month, we witnessed the Inclusion Events of cloud-based business accounting software company <a href="https://www.smartkarma.com/entities/money-forward-inc" target="_blank" data-smartkarma-citation="entities:25919:1" rel="noopener">Money Forward (3994 JP)</a>, water treatment technology company <a href="https://www.smartkarma.com/entities/nomura-micro-science-co-ltd" target="_blank" data-smartkarma-citation="entities:11317:1" rel="noopener">Nomura Micro Science (6254 JP)</a>, and printed circuit board manufacturer <a href="https://www.smartkarma.com/entities/meiko-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:20004:1" rel="noopener">Meiko Electronics (6787 JP)</a>. Furthermore, as discussed by <a href="https://www.smartkarma.com/profiles/travis-lundy" target="_blank" data-smartkarma-citation="accounts:25" rel="noopener">Travis Lundy</a> in <a href="https://www.smartkarma.com/insights/july-topix-ffw-rebalancing-trade" target="_blank" data-smartkarma-citation="insights:54275" rel="noopener">July TOPIX FFW Rebalancing Trade</a>, there were quarterly float adjustments for some constituents of the TOPIX Index which opened up a few trading opportunities. Below is a closer look at each of these situations.

In this insight, we take a look at the monthly performance of the trading opportunities surrounding TOPIX Index Rebalance events. During the month, we witnessed the Inclusion Events of cloud-based business accounting software company Money Forward (3994 JP), water treatment technology company Nomura Micro Science (6254 JP), and printed circuit board manufacturer Meiko Electronics (6787 JP). Furthermore, as discussed by Travis Lundy in July TOPIX FFW Rebalancing Trade, there were quarterly float adjustments for some constituents of the TOPIX Index which opened up a few trading opportunities. Below is a closer look at each of these situations. 

Japan

JMDC Inc. offers information services. The Company provides medical data statistics, life insurance data statistics, health data platform management, and other services. JMDC provides its services throughout Japan.

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JMDC (4483 JP)

Noritsu Koki (7744) - PAAAAYDAAAAY!

Noritsu Koki (7744) just got paid. They got ¥112bn for 2/3 of their stake in JMDC (4483), hold 15.7% still, now have net cash, and ongoing...

Travis Lundy

Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

NTT cancelled shares in November. That leads to a TOPIX event selldown at end-December. For NTT it is US$1bn. But NTT remains undeservedly cheap to...

Travis Lundy

A Really BIG Event for JMDC (4483)

JMDC is one of Mothers' larger caps and the move to TSE1 creates an index event. The nature of the shareholder structure creates interesting...

Travis Lundy

Critical Supports Holding in the US, Europe, & Japan; Buying Health Care, Utilities, Materials, Tech

Various indicators are making a turn for the better, including early signs of interest rates bottoming in the US and Germany, a false breakdown in...

Vermilion Research

TOPIX Inclusion Trade Summary: July 2021

In this insight, we discuss the performance of trading opportunities surrounding TOPIX Index Rebalance events. In July, Money Forward, Nomura...

Janaghan Jeyakumar, CFA

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