Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today the TSE announced its long-awaited segmentation of the 3,777 stocks listed on the five major venues, and where they will move on 4 April 2022. </li>
<li>TSE1 represented just under 98% of Japan's float market cap as of today's close. As some TSE1 members will move to TSE Standard, TSE Prime will represent 97+%. </li>
<li>There are tiny changes to TOPIX because of the moves - roughly 3bp of flow per quarter starting Oct 2022. The FFW Model Revision will be <em>far</em> more interesting.</li>
</ul>


Today the TSE announced its long-awaited segmentation of the 3,777 stocks listed on the five major venues, and where they will move on 4 April 2022. 
TSE1 represented just under 98% of Japan's float market cap as of today's close. As some TSE1 members will move to TSE Standard, TSE Prime will represent 97+%. 
There are tiny changes to TOPIX because of the moves - roughly 3bp of flow per quarter starting Oct 2022. The FFW Model Revision will be far more interesting.


TSE Announces Market Structure Revisions: Still Much Ado About Nothing

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

US equity markets mixed with the S&amp;P down 0.1% and the Nasdaq flat. Healthcare led the gainers, up 1% while Industrials led the losers, down 1.2%. US 10Y Treasury yields were down 1bp to 1.76%. European markets were lower with the DAX, CAC and FTSE down 1.1%, 1.4% and 0.5% respectively. Brazil’s Bovespa was down 0.8%. In the Middle East, UAE’s ADX was down 1% while Saudi TASI was up 0.9%. Asian markets have opened mixed – Shanghai and Nikkei were down 0.1% and 0.9% while HSI and STI were up 0.1% and 0.3%. US IG CDS spreads were 0.1bp tighter and HY CDS spreads widened 4.6bp. EU Main CDS spreads were 0.6bp wider and Crossover CDS spreads were 1.3bp wider. Asia ex-Japan CDS spreads widened 1.1bp.

8 New $ Deals incl. MUFG, AgBank; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers a...

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the positive and negative aspects of the deal</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the positive and negative aspects of the deal


Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

Senior Bank Analyst - Japanese Banks

Windamee Research

Japanese Banks

Equity Bottom-Up

Mitsubishi UFJ Financial (MUFG) / Equity Bottom-Up

<ul>
<li>Interim results for <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a> were little short of stellar: 92% of full-year guidance achieved in 1H FY3/2022.</li>
<li>NP rose ¥380.6 billion to ¥781.4 billion (+95.0% YoY) due to a ¥17.9 billion writeback, equity-related gains of ¥126.0 billion and ¥65.1 billion from investments, primarily <a href="https://www.smartkarma.com/entities/morgan-stanley" target="_blank" data-smartkarma-citation="entities:1122:1" rel="noopener">Morgan Stanley (MS US)</a>.</li>
<li>MUFG has raised its dividend to ¥28/share, raised full-year guidance by ¥200 billion to ¥1.050 trillion, announced a ¥150 billion buyback and the cancellation this month of 300 million shares.</li>
</ul>


Interim results for Mitsubishi UFJ Financial (MUFG) (8306 JP) were little short of stellar: 92% of full-year guidance achieved in 1H FY3/2022.
NP rose ¥380.6 billion to ¥781.4 billion (+95.0% YoY) due to a ¥17.9 billion writeback, equity-related gains of ¥126.0 billion and ¥65.1 billion from investments, primarily Morgan Stanley (MS US).
MUFG has raised its dividend to ¥28/share, raised full-year guidance by ¥200 billion to ¥1.050 trillion, announced a ¥150 billion buyback and the cancellation this month of 300 million shares.


Mizuho Financial Group / Equity Bottom-Up

<ul>
<li>1H FY3/2022 consolidated net profits of ¥385.65 billion were not only +78.9% YoY but were also the highest 1st half consolidated net profits produced by the group in 7 years.</li>
<li>Key drivers of the much-improved results included better net interest and fee income, lower GAE expenses and much-reduced credit costs.</li>
<li>MHFG trails all six of its peers in terms of YoY price performance; MHFG remains mired in computer systems-related issues that do nothing to enhance its reputation for operational reliability.</li>
</ul>


1H FY3/2022 consolidated net profits of ¥385.65 billion were not only +78.9% YoY but were also the highest 1st half consolidated net profits produced by the group in 7 years.
Key drivers of the much-improved results included better net interest and fee income, lower GAE expenses and much-reduced credit costs.
MHFG trails all six of its peers in terms of YoY price performance; MHFG remains mired in computer systems-related issues that do nothing to enhance its reputation for operational reliability.


Mizuho Financial Group (8411 JP):  Defying the Skeptics

Japan

Mitsubishi UFJ Financial Group, Inc. (MUFG) is a holding company established through the merger of Mitsubishi Tokyo Financial Group and UFJ Holdings. As a financial group, the Company provides a variety of financial and investment services including commercial banking, trust banking, international finance, and assets management services.

Mitsubishi UFJ Financial (MUFG) (8306 JP)

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Mitsubishi UFJ Financial (MUFG) (8306 JP)

TSE Announces Market Structure Revisions: Still Much Ado About Nothing

The TSE today set the allocation of companies to the new TSE market structure segments. There are few surprises. Lots of noise, little change....

Travis Lundy

8 New $ Deals incl. MUFG, AgBank; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers a...

US equity markets mixed with the S&P down 0.1% and the Nasdaq flat. Healthcare led the gainers, up 1% while Industrials led the losers, down...

BondEvalue

Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares...

Sumeet Singh

MUFG (8306 JP): MUFG Way To Go

MUFG has raised its dividend to ¥28/share, raised full-year guidance by ¥200 billion to ¥1.050 trillion, announced a ¥150 billion buyback and the...

J. Brian Waterhouse

Mizuho Financial Group (8411 JP): Defying the Skeptics

1H FY3/2022 consolidated NP of ¥385.65 billion were not only an improvement of +78.9% YoY but were also the highest 1st half consolidated NP...

J. Brian Waterhouse

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52-week Range

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