Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX -0.8% on Friday, -1.8%WoW as recession fears resurface post -ve EU PMI, amidst rate hikes to combat inflation; Carmax +10% on earnings beat, but used car px falling</li>
<li>JAPAN. NKY Futs -0.6% disc to Cash; USDJPY 143.7 reflecting disparity between Japan rates vs Global; Yet JP inflation remains elevated; JIC ¥1trn bid for JSR(4183); Oriental Land hikes px-es</li>
<li>NUGGET. Cosmo Energy(5021) - set back for Japan corporate governance. The Fourth Estate - Your turn.</li>
</ul>


OVERSEAS. SPX -0.8% on Friday, -1.8%WoW as recession fears resurface post -ve EU PMI, amidst rate hikes to combat inflation; Carmax +10% on earnings beat, but used car px falling
JAPAN. NKY Futs -0.6% disc to Cash; USDJPY 143.7 reflecting disparity between Japan rates vs Global; Yet JP inflation remains elevated; JIC ¥1trn bid for JSR(4183); Oriental Land hikes px-es
NUGGET. Cosmo Energy(5021) - set back for Japan corporate governance. The Fourth Estate - Your turn.


Ohayo Japan|Correction Mode as Recession Fears Reassert; NUGGET: Cosmo Energy (5021) - SHAME ON YOU

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.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba (ADR) (BABA US)</a>'s Cainiao &amp; Cloud Intelligence Group, <a href="https://www.smartkarma.com/entities/j-t-global-express" target="_blank" data-smartkarma-citation="entities:36819:1" rel="noopener">J&amp;T Global Express (1936374D CH)</a>,  <a href="https://www.smartkarma.com/entities/amman-mineral-internasional-pt" target="_blank" data-smartkarma-citation="entities:39838:1" rel="noopener">Amman Mineral Internasional (1416286D IJ)</a>, <a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> IPOs.</li>
<li>Event-Driven developments - <a href="https://www.smartkarma.com/entities/invocare-ltd" target="_blank" data-smartkarma-citation="entities:9044:1" rel="noopener">Invocare Ltd (IVC AU)</a>, <a href="https://www.smartkarma.com/entities/arcland-service-co-ltd" target="_blank" data-smartkarma-citation="entities:2392:1" rel="noopener">Arcland Service (3085 JP)</a>, <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a>, <a href="https://www.smartkarma.com/entities/sbi-shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">SBI Shinsei Bank (8303 JP)</a>, <a href="https://www.smartkarma.com/entities/amara-holdings-ltd" target="_blank" data-smartkarma-citation="entities:2692:1" rel="noopener">Amara Holdings (AMA SP)</a>, <a href="https://www.smartkarma.com/entities/yashili-international-holdings-ltd" target="_blank" data-smartkarma-citation="entities:3397:1" rel="noopener">Yashili International Holdings (1230 HK)</a>.       </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Alibaba (ADR) (BABA US)'s Cainiao &amp; Cloud Intelligence Group, J&amp;T Global Express (1936374D CH),  Amman Mineral Internasional (1416286D IJ), Tata Technologies (TATATECH IN) IPOs.
Event-Driven developments - Invocare Ltd (IVC AU), Arcland Service (3085 JP), JSR Corp (4185 JP), SBI Shinsei Bank (8303 JP), Amara Holdings (AMA SP), Yashili International Holdings (1230 HK).       


Weekly Deals Digest (25 Jun) - Alibaba, JSR, Shinsei, Arcland, InvoCare, J&T Global, Amman Mineral

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Nikkei followed by other media outlets revealed Saturday that the JIC (株式会社産業革新投資機構) were in talks with <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> to acquire the photoresist maker for ¥1 trillion.</li>
<li>JSR's release (<a href="https://ssl4.eir-parts.net/doc/4185/tdnet/2302693/00.pdf" target="_blank" rel="noopener">Japanese</a>/<a href="https://ssl4.eir-parts.net/doc/4185/ir_material4/209830/00.pdf" target="_blank" rel="noopener">English</a>) noted that they are considering the matter, but no decision has been made. They note, however, a Board of Directors meeting on Monday 26 June 2023.</li>
<li>Articles suggest a Tender Offer "this year", delisting next. ¥1 trillion is a 50% premium. Or 35%. I expect shares go limit up, then we will get more news post-close.</li>
</ul>


The Nikkei followed by other media outlets revealed Saturday that the JIC (株式会社産業革新投資機構) were in talks with JSR Corp (4185 JP) to acquire the photoresist maker for ¥1 trillion.
JSR's release (Japanese/English) noted that they are considering the matter, but no decision has been made. They note, however, a Board of Directors meeting on Monday 26 June 2023.
Articles suggest a Tender Offer "this year", delisting next. ¥1 trillion is a 50% premium. Or 35%. I expect shares go limit up, then we will get more news post-close.


JIC To Launch ¥1 Trillion Takeover on JSR (4185)

<ul>
<li>Nikkei <a href="https://asia.nikkei.com/Business/Business-deals/Japan-state-backed-fund-looks-to-buy-top-photoresist-maker-JSR" target="_blank" rel="noopener">reports</a> that Japan Investment Corporation (JIC) is in talks to acquire <a href="https://www.smartkarma.com/entities/jsr-corp" target="_blank" data-smartkarma-citation="entities:17620:1" rel="noopener">JSR Corp (4185 JP)</a> for around JPY1 trillion (US$7 billion) through a tender offer.</li>
<li>JSR responded, "No decision has been made at this moment, although JSR is considering this matter.” The Board will discuss the proposal on Monday.</li>
<li>Minorities will be supportive as the JPY1 trillion valuation implies a tender price of JPY4,850 per share, a 50% premium to the last close and an all-time share price high.   </li>
</ul>


Nikkei reports that Japan Investment Corporation (JIC) is in talks to acquire JSR Corp (4185 JP) for around JPY1 trillion (US$7 billion) through a tender offer.
JSR responded, "No decision has been made at this moment, although JSR is considering this matter.” The Board will discuss the proposal on Monday.
Minorities will be supportive as the JPY1 trillion valuation implies a tender price of JPY4,850 per share, a 50% premium to the last close and an all-time share price high.   


JSR Corporation (4185 JP): JIC’s Tender Offer Looming?

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Equity Bottom-Up

<ul>
<li>Q1’23 revenues of ¥764 billion, up 15% YoY and 2.6% QoQ</li>
<li>FY2022, revenues grew by 13.2% to ¥2,859 while net income grew by 3.9% to ¥219.4.</li>
<li>Electronic Materials set to grow from ¥180 billion in '22 to ¥500 billion by '30</li>
</ul>


Q1’23 revenues of ¥764 billion, up 15% YoY and 2.6% QoQ
FY2022, revenues grew by 13.2% to ¥2,859 while net income grew by 3.9% to ¥219.4.
Electronic Materials set to grow from ¥180 billion in '22 to ¥500 billion by '30


Japan

JSR Corporation manufactures synthetic rubber and synthetic resins.  The Company's rubber products are used mainly for auto tires.  JSR Corporation also manufactures LCD-related materials and photo-resists.

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JSR Corp (4185 JP)

Ohayo Japan|Correction Mode as Recession Fears Reassert; NUGGET: Cosmo Energy (5021) - SHAME ON YOU

Stocks fall on recession fears/higher rates. NKY Futs -0.6% disc to Cash; USDJPY 143.7 JP inflation remains elevated - BOJ pickle ? JIC ¥1trn bid...

Mark Chadwick

Weekly Deals Digest (25 Jun) - Alibaba, JSR, Shinsei, Arcland, InvoCare, J&T Global, Amman Mineral

Last week, notable developments occurred in Event-Driven (InvoCare, Arcland, JSR, SBI Shinsei, Amara, Yashili) and ECM (Alibaba, J&T Global...

Arun George

JIC To Launch ¥1 Trillion Takeover on JSR (4185)

News Saturday says govt-affiliated JIC will buy JSR (4185) for ¥1trln (EV or market cap?, either 50% or 35% premium). This may not be great for...

Travis Lundy

JSR Corporation (4185 JP): JIC’s Tender Offer Looming?

Nikkei reports the JIC is in talks to acquire JSR for around JPY1 trillion. The rumoured offer implies a 50% premium to the last close and an all...

Arun George

FUJIFILM (4901.T) Loving The Setup Here

Q1’23 revenues of ¥764 billion, +15% YoY & 2.6% QoQ. FY2022, revenues +13.2% to ¥2,859, net income +3.9% to ¥219.4. TTM P/E ~16 reflects past, not...

William Keating

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