Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Quantitative Analysis

In my last "Pre-events" based insight <a href="https://www.smartkarma.com/insights/topix-inclusion-pre-events-recent-tachiaigai-bunbai-round-up" target="_blank" data-smartkarma-citation="insights:40509" rel="noopener">TOPIX Inclusion Pre-Events: Recent "Tachiaigai Bunbai" Round-Up</a>, we looked at all the tachiaigai bunbai offerings announcements in the previous 30 days and recommended additions to a TOPIX Inclusion Pre-event Watchlist. A couple of weeks later, I updated this Watchlist in my month-end update <a href="https://www.smartkarma.com/insights/topix-inclusion-trade-summary-june-2020" target="_blank" data-smartkarma-citation="insights:40784" rel="noopener">TOPIX Inclusion Trade Summary: June 2020</a>. While tachiaigai bunbai offerings are one of the most commonly observed pre-event signals, not all TOPIX Inclusions candidates launch such equity offerings in the run up to their TSE moves. In fact, all else equal, stocks that are not required to launch such offerings usually are more bullish scenarios in the supply-demand balance of the event and as recently observed in the cases of <a href="https://www.smartkarma.com/insights/topix-inclusion-retail-partners-8167-jp" target="_blank" data-smartkarma-citation="insights:38782" rel="noopener">TOPIX Inclusion: Retail Partners (8167 JP)</a> and <a href="https://www.smartkarma.com/insights/topix-inclusion-8157-jp-tsuzuki-denki" target="_blank" data-smartkarma-citation="insights:40444" rel="noopener">TOPIX Inclusion (8157 JP): Tsuzuki Denki</a>, these ones have the potential to enjoy strong rallies in the run up to their Inclusions Events. In this Insight, I have used an alternative approach to identify such stocks that are currently listed in TSE2, MOTHERS, or JASDAQ and are currently capable of satisfying most of the TSE1 Section Transfer Requirements without having to launch any substantial equity offerings.

In my last "Pre-events" based insight TOPIX Inclusion Pre-Events: Recent "Tachiaigai Bunbai" Round-Up, we looked at all the tachiaigai bunbai offerings announcements in the previous 30 days and recommended additions to a TOPIX Inclusion Pre-event Watchlist. A couple of weeks later, I updated this Watchlist in my month-end update TOPIX Inclusion Trade Summary: June 2020. While tachiaigai bunbai offerings are one of the most commonly observed pre-event signals, not all TOPIX Inclusions candidates launch such equity offerings in the run up to their TSE moves. In fact, all else equal, stocks that are not required to launch such offerings usually are more bullish scenarios in the supply-demand balance of the event and as recently observed in the cases of TOPIX Inclusion: Retail Partners (8167 JP) and TOPIX Inclusion (8157 JP): Tsuzuki Denki, these ones have the potential to enjoy strong rallies in the run up to their Inclusions Events. In this Insight, I have used an alternative approach to identify such stocks that are currently listed in TSE2, MOTHERS, or JASDAQ and are currently capable of satisfying most of the TSE1 Section Transfer Requirements without having to launch any substantial equity offerings. 

TOPIX Inclusion Pre-Events: Who Is Ready?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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

JMDC's main shareholder Noritsu Koki is selling a 10% stake in JMDC. We will look at the details of the deal. We like the company's fundamentals despite the big deal size and overhang of the shareholder selling down.  The deal scores positively in our ECM Framework and we will participate in the deal.

JMDC's main shareholder Noritsu Koki is selling a 10% stake in JMDC. We will look at the details of the deal. We like the company's fundamentals despite the big deal size and overhang of the shareholder selling down.  The deal scores positively in our ECM Framework and we will participate in the deal.

JMDC Placement: Discovery of Japanese Ali-Health and Ping'an Good Doctor

Japan

Software Service, Inc. develops and sells medical information software for hospital uses.  The products include electronic medical carte and order entry system.  The Company also provides training and maintenance services.

Findex Inc plans, develops and maintains software products specialized in healthcare.  The Company also builds and provides medical net-work system for medical industry.

Medical Data Vision Co.,Ltd. was founded in 2003. The company's line of business includes developing integrated medical information systems, analysis of medical information, and business consulting for medical institutions.

SHIP HEALTHCARE HOLDINGS, INC. mainly distributes medical equipment and physics & chemistry equipment.  The Company also sells equipment used for medical facility and office automation.  Ship Healthcare provides integrated consultation as well as maintenance services.

MANI, INC. manufactures medical goods and equipment.  The Company's products include threads and needles for surgeries, surgical knives for eye surgeries, and dental instruments and equipment.

CE Holdings Co Ltd develops and sells packaged medical information software for hospital uses.  The Company also develops software upon clients' request.  CSI sells system equipment and provides consulting services.

TOHO HOLDINGS CO., LTD. is a wholesaler of medicine and medical tools and equipment.  The Company mainly sells to hospitals and pharmacies.  Toho's merchandise are nursing products mainly for elderly and handicapped, and these include pajamas and bedding products, wheelchairs, walkers, diapers, bathing products, and health foods.

AS ONE CORPORATION wholesales laboratory equipment, scientific equipment, and related products.  The Company sells its products through catalogs and provides quick delivery by using the on-line ordering system.

DATA HORIZON CO., LTD. provides billing data services for welfare and medical organizations. The Company also provides consultation services on public health.

NIPRO CORPORATION manufactures medical products.  The Company's products include artificial dialysis and blood transfusion equipment, hypodermic syringes, and glass products for medical use.

Winning Health Technology Group Co., Ltd. develops and sells medical software, and provides technology supporting services and comprehensive information technology solutions to the health care industry.

Winning Health Technology Group Co., Ltd. A (300253 CH)

Winning Health Technology Group Co., Ltd. A

NextGen Healthcare, Inc. develops and markets healthcare information systems. The Company's systems automate medical group practices, physical hospitals, management service organizations, community health centers, and dental schools. NextGen Healthcare offers its services throughout the United States.

Allscripts Healthcare Solutions, Inc. develops and markets clinical software. The Company's products include electronic health records, electronic prescribing, revenue cycle management, practice management, document management, medication services, hospital care management, emergency department information systems and homecare automation.

Allscripts Healthcare Solutions (MDRX US)

Omnicell, Inc. provides an integrated suite of clinical infrastructure and workflow automation solutions for healthcare facilities.  The Company's solutions include pharmacy and supply systems, clinical reference tools, an Internet-based procurement application, and decision support tools.  Omnicell sells and leases its products and services to a range of healthcare facilities.

EMIS Group Plc is a healthcare information technology company. The Company computerizes patients' medical records and allows primary, secondary and community healthcare practitioners to view and contribute to a patient's core medical record.

Craneware plc engages in the development, licensing, and ongoing support of computer software for the United States healthcare industry. The company offers access management and strategic pricing products comprising InSight Medical Necessity, which provides medical necessity validation and advance beneficiary notice creation; and Patient Charge Estimator software, which simplifies the process of providing patient bill estimates for inpatient and outpatient services. It also provides charge capture and pricing solutions include Chargemaster Toolkit that automates chargemaster management processes for capturing optimal legitimate reimbursement for hospitals; Physician Revenue Toolkit, a software for managing physician group charges, codes, RVUs, fee schedules, and related information; Pricing Analyzer software that simplifies the price modeling process; Reference Plus, a platform for hospitals to perform chargemaster analysis; Pharmacy ChargeLink, which improves charge capture, pricing, and cost management; and Supplies ChargeLink that optimize reimbursement for codable supplies by identifying missing or invalid charges, as well as offers supporting modules. In addition, the company offers coding integrity solutions consisting of Bill Analyzer, which automates claim and coding reviews to identify missed charges, billing errors, and categorize areas of risk. Further, it provides revenue recovery and retention solutions, including InSight Audit, a Web-based audit management tool to manage claim audits and workflow from one central location; InSight Payment Variance Analyzer, which identifies, tracks, and helps eliminate revenue lost in the form of underpaid claims; and InSight Denials that analyses, tracks, trends, and reports on denial data. Additionally, the company offers companion implementation and consulting services. Craneware plc was founded in 1999 and is headquartered in Edinburgh, the United Kingdom.

HealthStream, Inc. offers a Web-based solution to the continuing education and training needs of the healthcare community.  The Company distributes numerous hours of continuing education and training content to doctors, nurses, allied health professionals, and other healthcare workers through its network of distribution partners.

Evolent Health, Inc. provides a purpose-built platform, powered by our technology, proprietary processes and integrated services, enables providers to migrate their economic orientation from fee-for-service, or FFS, reimbursement to payment models that reward high-quality and cost-effective care, or value-based payment models.

Simulations Plus, Inc. develops drug discovery and development simulation software, which is licensed to and used in the conduct of drug research for pharmaceutical companies worldwide.  The Company's other businesses are based on its proprietary software technologies and provide support for the emerging pharmaceutical enterprise.

RaySearch Laboratories AB develops methods and software for cancer radiation therapy.  The Company's main product is ORBIT, a software framework for solving optimization problems in radiotherapy, and its modular structure can be adapted to many different types of environments.  RaySearch works with corporations and institutions worldwide, and sells to suppliers of treatment planning systems.

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)

TOPIX Inclusion Pre-Events: Who Is Ready?

In my last "Pre-events" based insight TOPIX Inclusion Pre-Events: Recent "Tachiaigai Bunbai" Round-Up, we looked at all the tachiaigai bunbai...

Janaghan Jeyakumar, CFA

JMDC Placement: Discovery of Japanese Ali-Health and Ping'an Good Doctor

JMDC's main shareholder Noritsu Koki is selling a 10% stake in JMDC. We will look at the details of the deal. We like the company's fundamentals...

Ke Yan, CFA, FRM

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52-week Range

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