Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Monex just <a href="https://www.monexgroup.jp/jp/news_release/irnews/auto_20211108426992/pdfFile.pdf" target="_blank" rel="noopener">announced</a> (Japanese only for now) that it has tied up with NTT to integrate its “Sharely” virtual AGM support service into NTT SmartConnect’s virtual AGM one stop package. While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and looking like a train you do not want to be standing in front of.

Monex just announced (Japanese only for now) that it has tied up with NTT to integrate its “Sharely” virtual AGM support service into NTT SmartConnect’s virtual AGM one stop package. While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and looking like a train you do not want to be standing in front of.

Monex – Garnish That Double Limit-Up with A Pinch of Virtual AGMs and a Dash of Crypto Breakout

Event-Driven

Monex is locked limit up after the company announced that it would list its US Tradestation unit through an SPAC with Mike Novogratz’s Galaxy Digital getting involved in a PIPE. They also released a rather punchy ¥650bn SOTP valuation vs. the current limit up market cap of ¥192bn. We likey.

Monex is locked limit up after the company announced that it would list its US Tradestation unit through an SPAC with Mike Novogratz’s Galaxy Digital getting involved in a PIPE. They also released a rather punchy ¥650bn SOTP valuation vs. the current limit up market cap of ¥192bn. We likey.

Monex delivered a reasonable 2Q though crypto revenue and PBT slightly undershot our estimates which were based on Coincheck trading volumes for Bitcoin. Nevertheless, with crypto threatening another breakout it is the future which matters and Monex’s shareholder return policy change is interesting.

Monex delivered a reasonable 2Q though crypto revenue and PBT slightly undershot our estimates which were based on Coincheck trading volumes for Bitcoin. Nevertheless, with crypto threatening another breakout it is the future which matters and Monex’s shareholder return policy change is interesting.

Monex – Shareholder Return Policy Change Signals Confidence

Monex is breaking out of its recent downtrend at a time when cryptocurrency prices are recovering. We have been consistently arguing that the name is cheap relative to peers and higher quality given proven management and shareholder friendliness.

Monex is breaking out of its recent downtrend at a time when cryptocurrency prices are recovering. We have been consistently arguing that the name is cheap relative to peers and higher quality given proven management and shareholder friendliness.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Nikkei Index Team has suggested a methodology change to the Nikkei 225 Average.</li>
<li>It involves capping stocks, creating a method for re-weighting once capped then stocks fall, and they recommend changing to a semi-annual Periodic Review - twice a year rather than once.</li>
<li>More interestingly, they also change the "High Liquidity" definition to be related to traded value not volume, which starts to favour higher-market cap stocks with more shares out.</li>
</ul>


The Nikkei Index Team has suggested a methodology change to the Nikkei 225 Average.
It involves capping stocks, creating a method for re-weighting once capped then stocks fall, and they recommend changing to a semi-annual Periodic Review - twice a year rather than once.
More interestingly, they also change the "High Liquidity" definition to be related to traded value not volume, which starts to favour higher-market cap stocks with more shares out.


Nikkei 225 Methodology Change. Again. This Time Better But Still Not Good Enough

Japan

Monex Group, Inc. is a holding company, which was established through merger between Monex and Nikko Beans. The Company manages its subsidiaries that provides investing services for self-directed investors through Internet and telephone.

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Monex Group Inc (8698 JP)

Monex – Garnish That Double Limit-Up with A Pinch of Virtual AGMs and a Dash of Crypto Breakout

While Monex has surged 80% since the beginning of October it is on the verge of breaking its recent highs and just announced a virtual AGM tie-up...

Mio Kato

Monex - ¥650bn in Value You Say?

Monex is locked limit up after the company announced that it would list its US Tradestation unit through an SPAC also released a rather punchy...

Mio Kato

Monex – Shareholder Return Policy Change Signals Confidence

Monex delivered just an OK 2Q but with crypto threatening another breakout it is the future which matters and Monex’s shareholder return policy...

Mio Kato

Monex – Breaking Out of Downtrend

Monex is breaking out of its downtrend as cryptocurrency prices are recovering. We have argued that the name is cheap and high quality given proven...

Mio Kato

Nikkei 225 Methodology Change. Again. This Time Better But Still Not Good Enough

The Nikkei proposes changes to the Nikkei 225 methodology. There is a cap, a cap re-mark, and a move to twice-annual reviews. And there is also a...

Travis Lundy

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