Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>According to the Stockholm International Peace Research Institute (SIPRI), total global military expenditure increased by 3.7% in real terms in 2022, to reach a new high of $2,240bn.</li>
<li>A number of European states significantly increased their military spending following Russia’s invasion of Ukraine. Elsewhere, Japan’s 2022 military spending accounts for 1.1% of GDP, the highest level since 1960.</li>
<li>South Korea had four companies inside the world’s top 100 arms manufacturers in 2021. These conglomerates are expected to move up the ranking in 2022. </li>
</ul>


According to the Stockholm International Peace Research Institute (SIPRI), total global military expenditure increased by 3.7% in real terms in 2022, to reach a new high of $2,240bn.
A number of European states significantly increased their military spending following Russia’s invasion of Ukraine. Elsewhere, Japan’s 2022 military spending accounts for 1.1% of GDP, the highest level since 1960.
South Korea had four companies inside the world’s top 100 arms manufacturers in 2021. These conglomerates are expected to move up the ranking in 2022. 


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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> announced a pre-conditional tender offer by Japan Industrial Partners (JIP), the preferred bidder at JPY4,620 per share, a 9.7% premium to the last close price.</li>
<li>The special committee opines that the offer is the best price that can be expected today, which sounds like we are recommending the offer as it is the only one.</li>
<li>The offer has several negatives: a 14% price reduction during the process, below the undisturbed price, below the mid-point IFA DCF range and no serious effort on Plan B. </li>
</ul>



Toshiba Corp (6502 JP) announced a pre-conditional tender offer by Japan Industrial Partners (JIP), the preferred bidder at JPY4,620 per share, a 9.7% premium to the last close price.
The special committee opines that the offer is the best price that can be expected today, which sounds like we are recommending the offer as it is the only one.
The offer has several negatives: a 14% price reduction during the process, below the undisturbed price, below the mid-point IFA DCF range and no serious effort on Plan B. 


Toshiba (6502 JP): JIP’s JPY4,620 Tender Offer, Now for the Really Hard Part

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX reclaims 4000 level with 2nd day of gains; 8/11 SPX sectors up as VIX collapses; Fed Decision Day on Wed-Expect No surprises; INTEL headwinds on China curbs </li>
<li>JAPAN.  NKY Futs +0.6% vs Cash; USDJPY 132. 4; Japan set to rally after the Spring  transition break;US accepts Japan's EV subsidy appeal=+ve auto parts; More inflation support from govt. </li>
<li>NUGGET. Asahi Kasai - M&amp;A Gone Bad, Writedown, Struggles Remain. Future profitability of the LiB Separator business in question. </li>
</ul>


OVERSEAS. SPX reclaims 4000 level with 2nd day of gains; 8/11 SPX sectors up as VIX collapses; Fed Decision Day on Wed-Expect No surprises; INTEL headwinds on China curbs 
JAPAN.  NKY Futs +0.6% vs Cash; USDJPY 132. 4; Japan set to rally after the Spring  transition break;US accepts Japan's EV subsidy appeal=+ve auto parts; More inflation support from govt. 
NUGGET. Asahi Kasai - M&amp;A Gone Bad, Writedown, Struggles Remain. Future profitability of the LiB Separator business in question. 


Good Morning Japan |SPX Reclaims 4000! NUGGET: Asahi Kasei-M&A Gone Bad, Writedown, Struggles Remain

<ul>
<li>OVERSEAS. SPX +0.5% in Choppy session; Tech leads as 7/11 sectors rose in a Beta rebound; NDVIA +14% on AI/Chat GPT prospects; All eyes on Friday's PCE Deflator print</li>
<li>JAPAN. NKY Futs +0.4% vs Cash; USDJPY 135 level; Tech to lead after yesterday's holidays; BOJ Gov designate Ueda speaks the Diet today;  Analysts bullish with 11 BUY Upgrades </li>
<li>DAILY NUGGET.  What does Roll-Royce, +24% overnight, say about Japan's IHI(7013) ? The rise in prospects positive for IHI. </li>
</ul>


OVERSEAS. SPX +0.5% in Choppy session; Tech leads as 7/11 sectors rose in a Beta rebound; NDVIA +14% on AI/Chat GPT prospects; All eyes on Friday's PCE Deflator print
JAPAN. NKY Futs +0.4% vs Cash; USDJPY 135 level; Tech to lead after yesterday's holidays; BOJ Gov designate Ueda speaks the Diet today;  Analysts bullish with 11 BUY Upgrades 
DAILY NUGGET.  What does Roll-Royce, +24% overnight, say about Japan's IHI(7013) ? The rise in prospects positive for IHI. 


Good Morning Japan |Choppy US BUT Tech Roars Back with NVIDIA/AI Prospects; Catch up Time in Japan !

<ul>
<li>OVERSEAS.  SPX  stays positive; Energy leads as Russia cuts oil production; CPI print in focus - as market looks for Fed Pause clues; TEREX - solid print/outlook..what Recession?</li>
<li>JAPAN. NKY Fut -0.3% vs Cash;  USDJPY 131.36; Shock at Professor Ueda as BOJ Gov; Yen rallies then weakens post his Presser;  Govt to guarantee 15% margins for Defense suppliers?</li>
<li>DAILY NUGGET. Fun take - ChatGPT on BOJ Governor to be Kazuo Ueda.</li>
</ul>


OVERSEAS.  SPX  stays positive; Energy leads as Russia cuts oil production; CPI print in focus - as market looks for Fed Pause clues; TEREX - solid print/outlook..what Recession?
JAPAN. NKY Fut -0.3% vs Cash;  USDJPY 131.36; Shock at Professor Ueda as BOJ Gov; Yen rallies then weakens post his Presser;  Govt to guarantee 15% margins for Defense suppliers?
DAILY NUGGET. Fun take - ChatGPT on BOJ Governor to be Kazuo Ueda.


Good Morning Japan |SPX Hangs on Ahead of Key CPI Print; BOJ Gov Candidate Shocker->ChatGPT's View

Japan

Kawasaki Heavy Industries, Ltd. designs, develops, and manufactures transport equipment and industrial heavy machinery for military and commercial use.  The Company produces ships, railroad cars, aircraft engines and parts, hydraulic and gas turbines, submarine engines, boilers, and industrial robots.  Kawasaki Heavy Industries offers engineering and construction services to industrial plants.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kawasaki Heavy Industries (7012 JP)

Asian Defence Contractors: Up In Arms

Defence spending beneficiaries include Hyundai Rotem (064350 KS) and Aerospace Industrial Development (2634 TT). For relval, short Poongsan Corp...

David Blennerhassett

Toshiba (6502 JP): JIP’s JPY4,620 Tender Offer, Now for the Really Hard Part

The shares will react positively initially. However, it should start drifting again once it becomes apparent that there is a considerable risk that...

Arun George

Good Morning Japan |SPX Reclaims 4000! NUGGET: Asahi Kasei-M&A Gone Bad, Writedown, Struggles Remain

Japan is poised to rally after the Spring transition, as its stocks have taken a hit during the recent risk-off period. This has created many...

Mark Chadwick

Good Morning Japan |Choppy US BUT Tech Roars Back with NVIDIA/AI Prospects; Catch up Time in Japan !

Tech to lead after yesterday's holidays; BOJ Gov designate Ueda speaks the Diet today; Analysts bullish with 11 BUY Upgrades

Mark Chadwick

Good Morning Japan |SPX Hangs on Ahead of Key CPI Print; BOJ Gov Candidate Shocker->ChatGPT's View

US CPI in focus; BOJ Surprise Nominee - do not expect anything revolutonary. After Gov designate Ueda's news conference on Friday, that market has...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)