Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In March, NYK announced a new Mid-Term Management Plan discussed in <a href="https://www.smartkarma.com/insights/nippon-yusen-new-midtermplan-new-shareholder-return-policy" target="_blank" data-smartkarma-citation="insights:97501" rel="noopener">Nippon Yusen - New MidTermPlan = New Shareholder Return Policy</a>. They promised a full Shareholder Return Policy in May. </li>
<li>There was limited new SRP discussion in the 9 May earnings announcement. The MTMP suggested ¥200bn over 2yrs. The (Japanese) earnings announcement did too. Then May ended. </li>
<li>Now the Buyback Plan is out. ¥200bn over 9mos. That is different. This could move. </li>
</ul>


In March, NYK announced a new Mid-Term Management Plan discussed in Nippon Yusen - New MidTermPlan = New Shareholder Return Policy. They promised a full Shareholder Return Policy in May. 
There was limited new SRP discussion in the 9 May earnings announcement. The MTMP suggested ¥200bn over 2yrs. The (Japanese) earnings announcement did too. Then May ended. 
Now the Buyback Plan is out. ¥200bn over 9mos. That is different. This could move. 


Nippon Yusen (9101) BIG Buyback Announced

<ul>
<li>Today, YFO (WK1 Limited) filed an <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100QXII.pdf?sv=2020-08-04&amp;st=2023-06-13T12%3A26%3A16Z&amp;se=2028-06-13T15%3A00%3A00Z&amp;sr=b&amp;sp=rl&amp;sig=oUK2bOEu4Z3eq5k0U3V3UgPd%2FFhlZkvPaUiHl9LDMjc%3D" target="_blank" rel="noopener">amendment</a> to its Large Shareholder Filing saying it had increased its stake from 27.19% to 28.51%. GK Yamauchi No10 Family Office bought 1.32%.</li>
<li>Almost immediately, <a href="https://www.smartkarma.com/entities/toyo-construction-co-ltd" target="_blank" data-smartkarma-citation="entities:1176:1" rel="noopener">Toyo Construction (1890 JP)</a> said YFO<a href="https://www.toyo-const.co.jp/wp/wp-content/uploads/2023/06/20230613.pdf" target="_blank" rel="noopener"> had likely conducted an illegal act</a> according to US Securities Exchange Act of 1934, Rule 14e-5. This is likely hogwash.</li>
<li>YFO is upping its stake for a zero premium tender and Toyo is fighting old battles. And the stock chugs higher.</li>
</ul>


Today, YFO (WK1 Limited) filed an amendment to its Large Shareholder Filing saying it had increased its stake from 27.19% to 28.51%. GK Yamauchi No10 Family Office bought 1.32%.
Almost immediately, Toyo Construction (1890 JP) said YFO had likely conducted an illegal act according to US Securities Exchange Act of 1934, Rule 14e-5. This is likely hogwash.
YFO is upping its stake for a zero premium tender and Toyo is fighting old battles. And the stock chugs higher.


Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX declined by 0.2% on Friday and 0.3% for the week. VIX trading at 17%, near its one-year lows, despite the possibility of a US default. We are wary..</li>
<li>JAPAN. NKY futures are trading at a 0.6% premium vs Cash; Foreign investors continue to buy; Earnings season continues to see strong improvements to shareholder returns; Remain bullish JAPAN.</li>
<li>NUGGET.  Comprehrensive IEA report EV Outlook 2023.  EV Sales to reach 14 million,+35%YoY in 2023 - Japanese OEMs continue to lag</li>
</ul>


OVERSEAS. SPX declined by 0.2% on Friday and 0.3% for the week. VIX trading at 17%, near its one-year lows, despite the possibility of a US default. We are wary..
JAPAN. NKY futures are trading at a 0.6% premium vs Cash; Foreign investors continue to buy; Earnings season continues to see strong improvements to shareholder returns; Remain bullish JAPAN.
NUGGET.  Comprehrensive IEA report EV Outlook 2023.  EV Sales to reach 14 million,+35%YoY in 2023 - Japanese OEMs continue to lag


Ohayo Japan |US Stocks Tread Water Amid Debt Limit Talks; NUGGET:Bullish BEV Outlook-JP OEM's Absent

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kawasaki-kisen-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:3548:1" rel="noopener">Kawasaki Kisen Kaisha (9107 JP)</a> has been a high conviction long since early November when it reported Q2 earnings and a buyback. Buyback executed, they upped the dividend.</li>
<li>At Q3, earnings were downgraded from ¥700bn to ¥650bn on container biz weakness. FY22 ended at ¥695bn. March 2024 had been forecast at ¥106bn, the forecast is now ¥120bn.</li>
<li>The dividend has been "lowered" to ¥200/share, which is higher than expected. That's for this year.</li>
</ul>



Kawasaki Kisen Kaisha (9107 JP) has been a high conviction long since early November when it reported Q2 earnings and a buyback. Buyback executed, they upped the dividend.
At Q3, earnings were downgraded from ¥700bn to ¥650bn on container biz weakness. FY22 ended at ¥695bn. March 2024 had been forecast at ¥106bn, the forecast is now ¥120bn.
The dividend has been "lowered" to ¥200/share, which is higher than expected. That's for this year.


KLINE (9107) - Salutary Earnings, Decent Div, Strong Forecast, and Flow To Come

<ul>
<li>OVERSEAS. SPX  up +0.8%WoW but slipped -0.2% Friday as Hawkish Waller came out amid weak US March Retail Sales data;  Musk jump's into Generative AI; Boeing Production Woes</li>
<li>JAPAN.NKY Futs flat vs Cash USDJPY 133.8; Security Concerns ahead of by-elections as PM Kishida smoke Bombed;  Panasonic to build 3rd US batt plant; JT ramps up heated stick products</li>
<li>NUGGET. Elon Musk's aggressive push into Generative AI to rival/beat ChatGPT; A boon for NDVIDIA and by extension, Japan's Advantest(6857)</li>
</ul>


OVERSEAS. SPX  up +0.8%WoW but slipped -0.2% Friday as Hawkish Waller came out amid weak US March Retail Sales data;  Musk jump's into Generative AI; Boeing Production Woes
JAPAN.NKY Futs flat vs Cash USDJPY 133.8; Security Concerns ahead of by-elections as PM Kishida smoke Bombed;  Panasonic to build 3rd US batt plant; JT ramps up heated stick products
NUGGET. Elon Musk's aggressive push into Generative AI to rival/beat ChatGPT; A boon for NDVIDIA and by extension, Japan's Advantest(6857)


Good Morning Japan| Recession Fears Spook Equities;NUGGET- Musk Jumps in AI Race, Boon for Advantest

Japan

Mitsui O.S.K. Lines, Ltd. provides marine transportation, warehousing, and cargo handling services.  The Company operates container ship, specialized carrier, oil tankers, and ferry.  Items transported include coal, iron ore, grain, logs, aluminum, cement, industrial salt, copper ore, wood chips, paper products, chemical products, gasoline and other petroleum products, LPG, and other cargoes.

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

Mitsui O.S.K. Lines (9104 JP)

Nippon Yusen (9101) BIG Buyback Announced

NYK has surprised the market with a larger-than-expected buyback. It was supposed to be 200bn yen over 2yrs. It is now 200bn over 9mos. Real World...

Travis Lundy

Yamauchi Family Office Buys More Toyo; Toyo Claims More Malfeasance, ISS Supports YFO

Toyo rails against YFO. ISS recommends to mostly support YFO. YFO increases its stake in Toyo Construction, Toyo objects and calls it unfair...

Travis Lundy

Ohayo Japan |US Stocks Tread Water Amid Debt Limit Talks; NUGGET:Bullish BEV Outlook-JP OEM's Absent

We have Rebranded from "Good Morning Japan" to "Ohayo Japan" ! SPX largely unchanged last week amid debt limit talks; Japan equites near 52W highs...

Mark Chadwick

KLINE (9107) - Salutary Earnings, Decent Div, Strong Forecast, and Flow To Come

KLINE generated better-than-expected earnings, and a better-than-expected forecast, higher-than-expected div guidance, and an unexpected...

Travis Lundy

Good Morning Japan| Recession Fears Spook Equities;NUGGET- Musk Jumps in AI Race, Boon for Advantest

Expect a broadly quiet start in Japan. Panasonic plans to establish its third US battery plant;. JT increasing its focus on heated stick products;...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)