Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last year <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> approached machine tool maker <a href="https://www.smartkarma.com/entities/takisawa-machine-tool-co-ltd" target="_blank" data-smartkarma-citation="entities:7344:1" rel="noopener">Takisawa Machine Tool (6121 JP)</a> interested in an integration with their sub. Takisawa said "Talk to the hand." </li>
<li>Now Nidec - a blue chip (from Kyoto no less, which traditionally abhors hostile activity) - has gone hostile on Takisawa bidding 65-100% depending how you see undisturbed.</li>
<li>Lots of moving parts on this one, but in the end, Retail probably decides this.</li>
</ul>


Last year Nidec Corp (6594 JP) approached machine tool maker Takisawa Machine Tool (6121 JP) interested in an integration with their sub. Takisawa said "Talk to the hand." 
Now Nidec - a blue chip (from Kyoto no less, which traditionally abhors hostile activity) - has gone hostile on Takisawa bidding 65-100% depending how you see undisturbed.
Lots of moving parts on this one, but in the end, Retail probably decides this.


Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) - I've Got 🍿🍿

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX -0.4%  1st down day  7 as Markets price in Peak rates/rate declines;  SPX Looks risky here(More BELOW); China revamps NEV subsidies; Putin places tactical Nukes in Belarus..mmm</li>
<li>JAPAN. NKY Futs flat vs Cash;  USDJPY 141.8 post-BOJ on Friday;  NKY wins for 10th week; Kishida survives no-confidence motion; TEPCO goes full into Renewables; Lawsons makes a China push</li>
<li>NUGGET. SBI HD(8473) - Carbon Trading, Jumping in Early in what sets up to be a major opportunity</li>
</ul>


OVERSEAS.  SPX -0.4%  1st down day  7 as Markets price in Peak rates/rate declines;  SPX Looks risky here(More BELOW); China revamps NEV subsidies; Putin places tactical Nukes in Belarus..mmm
JAPAN. NKY Futs flat vs Cash;  USDJPY 141.8 post-BOJ on Friday;  NKY wins for 10th week; Kishida survives no-confidence motion; TEPCO goes full into Renewables; Lawsons makes a China push
NUGGET. SBI HD(8473) - Carbon Trading, Jumping in Early in what sets up to be a major opportunity


Ohayo Japan | US Equities-Risks Elevated? ; NUGGET: SBI HD(8473)-Carbon Trading, Jumping in Early

<ul>
<li>OVERSEAS. NDX100 +1.8%  SOX +3.3% vs. SPX +0.9% DOW +0.6%; Tech back ahead of Fed; Energy a different story as Oil fell on D-S worries; All eyes remain on CPI/Fed</li>
<li>JAPAN. NKY Futs +0.7% premium vs Cash; Japan lead yesterday vs US..rarity; Expect continued Equity follow through; Seino HD(9076) -Massive Buyback, Div hike; TOYOTA-Path to Solid State Battery Commercialization?</li>
<li>NUGGET. Nidec Succession Resolution in Sight, but Nagamori Premium May Dissappear</li>
</ul>


OVERSEAS. NDX100 +1.8%  SOX +3.3% vs. SPX +0.9% DOW +0.6%; Tech back ahead of Fed; Energy a different story as Oil fell on D-S worries; All eyes remain on CPI/Fed
JAPAN. NKY Futs +0.7% premium vs Cash; Japan lead yesterday vs US..rarity; Expect continued Equity follow through; Seino HD(9076) -Massive Buyback, Div hike; TOYOTA-Path to Solid State Battery Commercialization?
NUGGET. Nidec Succession Resolution in Sight, but Nagamori Premium May Dissappear


Ohayo Japan |BIG TECH BACK ! NUGGET: Nidec Succession Headaches-Resolution in Sight But...

<ul>
<li>OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged</li>
<li>JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA</li>
<li>NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?</li>
</ul>


OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged
JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA
NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?


Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

Independent Insight Provider, Japanese equities, LightStream Research

Scott Foster

Independent Insight Provider, Japanese equities

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

<ul>
<li>FY Mar-23 results fell short of expectations and management is guiding for a weak 1H in the new fiscal year. This looks like a buying opportunity.</li>
<li>The E-Axle business should reach break-even this year. Rising EV demand in China, Europe and elsewhere, plus general electrification, should take the overall Automotive operating margin to 10%.</li>
<li>Projected valuations are attractive even if sales do not reach management's ambitious target.</li>
</ul>


FY Mar-23 results fell short of expectations and management is guiding for a weak 1H in the new fiscal year. This looks like a buying opportunity.
The E-Axle business should reach break-even this year. Rising EV demand in China, Europe and elsewhere, plus general electrification, should take the overall Automotive operating margin to 10%.
Projected valuations are attractive even if sales do not reach management's ambitious target.


Nidec (6594 JP): Buy into Current Weakness

Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

Nidec Corporation operates as a world's leading manufacturer of motors. The Company produces small precision motors, automotive motors, home appliance motors, commercial and industrial motors, machinery motors, electronic and optical components, and other related products. Nidec supplies its products in home appliances, automotive markets, and other fields.

Fujikura Ltd. manufactures and sells wires and cables such as optical fiber cables and coaxial cables. The Company's products include optical transmission system, electronic materials, and telecommunication cables.

FUJI ELECTRIC CO.,LTD manufactures electric machinery and electronic devices. The Company's products include automatic vending machines, factory automation equipment, and power supplies, as well as information and electronic components such as power semiconductors and integrated circuits (ICs).

MABUCHI MOTOR CO., LTD. manufactures and markets small digital camera motors. The Company markets its products to a wide range of users, from audio-visual makers, automobile parts makers, consumer electronics makers, office automation equipment makers, precision machine makers to radio controlled-model cars and video game makers.  Mabuchi's products are produced primarily in China.

Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. The Company holds patents in optical fiber coating technology and produces optical fiber cables in the United States.  Furukawa Electric's metal products include aluminum cans, air conditioner parts, and shape memory alloys.

USHIO INC. manufactures lamps and optical equipment including projectors for movie theaters.  The Company produces halogen and Houdentou lamps for semiconductor and office automation equipment.  Ushio has subsidiaries in the US, Canada, Germany, Hong Kong, Netherlands, Singapore, South Korea, and Taiwan.

GS Yuasa Corporation is a holding company established through the merger of Yuasa Corp. and Japan Storage Battery Co., Ltd.  The Company manages financial operations for its subsidiaries, which manufactures storage batteries used for automobiles, motorcycles, computers, and lighting equipment.

TOYO TANSO CO., LTD. mainly manufactures carbon and graphite products for industrial use.  The Company's main products include isotropic graphite, carbon products for mechanical and electrical applications.

DAIHEN Corporation manufactures and repairs a diverse line of transformers, power distribution equipment, welding machines, industrial robots, and semiconductor manufacturing equipment.  The Company also produces other energyrelated equipment such as generators and power monitoring and control systems.

Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

NARI Technology Co., Ltd. develops, manufactures and sells automation products for electricity distribution, converting stations, coal-fired power plants, and industrial process. The Company also provides services and system integration.

CG Power and Industrial Solutions Limited manufactures, distributes, installs and services electrical and allied equipment. The Company offers transformers, reactors, switchgear control equipment and accessories, industrial motors, pumps, and communication systems. CG Power and Industrial Solutions serves customers globally. 

Hubbell Incorporated manufactures electrical and electronic products for commercial, industrial, utility, and telecommunications markets.  The Company's products include plugs, receptacles, connectors, lighting fixtures, high voltage test and measurement equipment, and voice and data signal processing components. Hubbell operates in the United States and overseas.

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

Regal Rexnord Corporation designs, manufactures, and sells electric motors and controls. The Company offers gearboxes, automotive transmissions, rotary cutting tools, automatic transfer switches, and electric generators. Regal Beloit markets its products to distributors, original equipment manufacturers, and end users worldwide.

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

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Nidec Corp (6594 JP)

Nidec (6594) Goes Hostile On Takisawa Machine Tool (6121) - I've Got 🍿🍿

Japan Blue Chip Nidec has gone hostile on a smallcap who didn't entertain its takeover proposal a year ago. Not a done deal. Not a easy deal. But...

Travis Lundy

Ohayo Japan | US Equities-Risks Elevated? ; NUGGET: SBI HD(8473)-Carbon Trading, Jumping in Early

US Equities looks more RISK than reward to us; NKY Futs flat vs Cash; USDJPY 141.8 post-BOJ on Friday; NKY wins for 10th week; Kishida survives...

Mark Chadwick

Ohayo Japan |BIG TECH BACK ! NUGGET: Nidec Succession Headaches-Resolution in Sight But...

Tech Back as US Equities Well Bid; NKY Futs +0.7% premium vs Cash; ; Seino HD(9076) - Massive Buyback, Div hike; TOYOTA - Sees path to Solid State...

Mark Chadwick

Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen; MS Bullish Call on Japan; Panasonic expands...

Mark Chadwick

Nidec (6594 JP): Buy into Current Weakness

Restructuring and strong demand for EVs have set the stage for renewed profit growth. Projected valuations attractive even if management's...

Scott Foster

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