Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>ANA announced their FY23-25 Mid-Term Corporate Strategy last month. In it, a plan to increase cargo. </li>
<li>Today, <a href="https://www.smartkarma.com/entities/ana-holdings-inc" target="_blank" data-smartkarma-citation="entities:5308:1" rel="noopener">Ana Holdings (9202 JP)</a> and <a href="https://www.smartkarma.com/entities/nippon-yusen-kk" target="_blank" data-smartkarma-citation="entities:12285:1" rel="noopener">Nippon Yusen Kk (9101 JP)</a> announced ANA would take over NYK sub Nippon Cargo Airlines 1 October 2023 - price and method TBD.</li>
<li>This would add ~45-50% to ANA's cargo volume, and more to its capacity. But it means NYK sells cheap OR it means a chunk of ANA cash/stock. Overhang.</li>
</ul>


ANA announced their FY23-25 Mid-Term Corporate Strategy last month. In it, a plan to increase cargo. 
Today, Ana Holdings (9202 JP) and Nippon Yusen Kk (9101 JP) announced ANA would take over NYK sub Nippon Cargo Airlines 1 October 2023 - price and method TBD.
This would add ~45-50% to ANA's cargo volume, and more to its capacity. But it means NYK sells cheap OR it means a chunk of ANA cash/stock. Overhang.


Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX -1.2% ahead of Fed; Tech pulls back after torrid MTD; Eyes on Fed as Consensus converges on 25bp hike; More earnings ahead as FAANG(you get it) this week</li>
<li>JAPAN. NKY Futs  vs CASh -0.1%; USDJPY 130.44. ; Calls for more Activists?! Foreign Tourist Spend normalizes; KEPCO Nuclear plant powers down; Notable Earnings beats:  OLC, Omron; NEC; Misses: Canon </li>
<li>DAILY NUGGETS. Suzuki embraces carbon neutrality in a different form - yes a very different form...see below !</li>
</ul>


OVERSEAS. SPX -1.2% ahead of Fed; Tech pulls back after torrid MTD; Eyes on Fed as Consensus converges on 25bp hike; More earnings ahead as FAANG(you get it) this week
JAPAN. NKY Futs  vs CASh -0.1%; USDJPY 130.44. ; Calls for more Activists?! Foreign Tourist Spend normalizes; KEPCO Nuclear plant powers down; Notable Earnings beats:  OLC, Omron; NEC; Misses: Canon 
DAILY NUGGETS. Suzuki embraces carbon neutrality in a different form - yes a very different form...see below !


Good Morning Japan |RETREAT ! SPX Fails at 4100 (Again) Ahead of Fed; Calls for More Activists in JP

<ul>
<li>OVERSEAS.  Bull vs Bears swings as SPX closes flat; TSLA back on track with beat; ASML comforts Semi bulls; Global Shipping Alliance Crumbles, Negative Containers. </li>
<li>JAPAN.  NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP Shippers ? Cyberagent - better future?</li>
<li>DAILY NUGGET. We look at the big decarbonization push via carbon capture, and see MHI (7011) as the biggest Japan beneficiary. </li>
</ul>


OVERSEAS.  Bull vs Bears swings as SPX closes flat; TSLA back on track with beat; ASML comforts Semi bulls; Global Shipping Alliance Crumbles, Negative Containers. 
JAPAN.  NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP Shippers ? Cyberagent - better future?
DAILY NUGGET. We look at the big decarbonization push via carbon capture, and see MHI (7011) as the biggest Japan beneficiary. 


Good Morning Japan |Off the Lows to Flat as ASML, TSLA Beats; Global Shipping Alliance Crumbles

<ul>
<li>KLine is the cheapest of the three Japan majors in terms of forward consensus PER. And forward EPS ratios are improving as the company buys back shares. </li>
<li>The CEO mentioned in December the possibility of additional shareholder return this fiscal year based on cashflow. </li>
<li>In this insight, we look at what he knew then, and what he might know now, and the chances for an additional buyback (and how it might work).</li>
</ul>


KLine is the cheapest of the three Japan majors in terms of forward consensus PER. And forward EPS ratios are improving as the company buys back shares. 
The CEO mentioned in December the possibility of additional shareholder return this fiscal year based on cashflow. 
In this insight, we look at what he knew then, and what he might know now, and the chances for an additional buyback (and how it might work).


KLINE (9107) - Chances for an Additional Buyback At Q3 Earnings?

<ul>
<li>Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan.<strong> FOLLOW US to keep abreast</strong>
</li>
<li>OVERSEAS: Holidays last week - low liquidity, stocks+bonds higher, USD lower; This week: deluge of data with Employment key; MSFT-Activision deal in doubt; Apple production headwinds; China COVID unrest spreads </li>
<li>JAPAN: SHOCK !  Samurai Blues lost 0-1 to Costa Rica - A nation in pain;   Kishida support continues to wane; EPCO collusion fines;  Earnings pressure ahead for Shippers.</li>
</ul>


Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast

OVERSEAS: Holidays last week - low liquidity, stocks+bonds higher, USD lower; This week: deluge of data with Employment key; MSFT-Activision deal in doubt; Apple production headwinds; China COVID unrest spreads 
JAPAN: SHOCK !  Samurai Blues lost 0-1 to Costa Rica - A nation in pain;   Kishida support continues to wane; EPCO collusion fines;  Earnings pressure ahead for Shippers.


Japan

Kawasaki Kisen Kaisha, Ltd. operates marine cargo and passenger transportation around the world.  The Company provides ocean liner, bulk carrier, car carrier, unscheduled specialized carrier, and energy transportation services. The Company also offers insurance, warehousing, and land transportation services.  Items transported include automobile, grain, petroleum, coal, iron ore, and wood chip.

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.

IINO KAIUN KAISHA, LTD. owns and operates specialized tankers such as oil, chemical, and LPG carriers.  The Company transports crude oil, petroleum gasoline, and various dry consumer and agricultural goods.  Iino Kaiun Kaisha also leases and sells real estate.

NS United Kaiun Kaisha, Ltd. operates specialized carriers and tramps to ship iron ore, steel, coal, crude oil, and gas. The Company is affiliated with Nippon Yusen. The Company also has close ties with Nippon Steel.

Japan Transcity Corporation provides warehousing and transportation services. The Company handles marine cargo mainly around port of Yokkaichi City, and transports a variety of products such as automobiles, coal, and chemicals. Japan Transcity specializes in international intermodal transportation.

NAIGAI TRANS LINE LTD is a marine transportation company. The Company mainly offers international and domestic container marine transportation services. NAIGAI TRANS LINE LTD also operates warehousing and cargo handling services.

Nippon Concept Corporation is mainly engaged in providing ISO tank container transportation service.  The Company also offers container cleaning services, logistic solutions, and maintenance services.

Meiji Shipping Co., Ltd. provides marine transportation services. The Company also provides technical management, marine staffing, supplies Italian kitchen fixtures, and supplies nautical equipment. Meiji, also in involved in real estate and operates hotels and restaurants.

ANA Holdings Inc provides a variety of air transportation-related services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well.

West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka.  The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services.  The Company also develops and invests in properties, leases equipment, and invests in securities.

MISC Berhad owns ships and operates shipping and related services. Through its subsidiaries, the Company provides trucking, warehousing and forwarding service, containers and prime movers repair, and container haulage. MISC Berhad also has operation in trucking and launch operator.

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

Evergreen Marine Corp. (Taiwan) Ltd. transports freight by ships. The Company operates container ships to move freight throughout the world. Evergreen Marine has interests in terminals, airline operations and motor freight transportation, as well as container manufacturing.

COSCO SHIPPING Holdings Co., Ltd offers marine freight transportation services.  The Company offers container shipping, dry bulk shipping, logistics services, freight forwarding, and terminal and container leasing services internationally.  COSCO SHIPPING Holdings Co., Ltd operates container ships and terminals, and manufactures shipping containers.

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

Kirby Corporation operates a fleet of inland tank barges.  The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals.  Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

Matson Inc., is involved in transportation and logistics.  The Company offers provides  multimodal transportation services to the North American market, including domestic and international rail intermodal service, long haul and regional highway brokerage, supply chain services and LTL transportation services, as well as third-party logistics services.

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

Nippon Yusen Kabushiki Kaisha mainly provides marine transportation services and transportation management solution from international hub ports to both domestic and international ports. The Company operates container transportation, tramp and specialized carriers, and logistics and cruise lines. Nippon Yusen offers scheduled and unscheduled transportation services around the world.

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Nippon Yusen Kk (9101 JP)

ANA and NYK to Trade NCA, So JAL/ANA GTG

ANA and Nippon Yusen today announced that ANA would buy NYK unit Nippon Cargo Airlines on 1 Oct 2023. Price and method TBD. This likely creates...

Travis Lundy

Good Morning Japan |RETREAT ! SPX Fails at 4100 (Again) Ahead of Fed; Calls for More Activists in JP

JAPAN. NKY Futs vs CASh -0.1%; USDJPY 130.44. ; Calls for more Activists?! Foreign Tourist Spend normalizes; KEPCO Nuclear plant powers down;...

Mark Chadwick

Good Morning Japan |Off the Lows to Flat as ASML, TSLA Beats; Global Shipping Alliance Crumbles

JAPAN. NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP...

Mark Chadwick

KLINE (9107) - Chances for an Additional Buyback At Q3 Earnings?

KLine (9107) will report earnings on 3 Feb at lunchtime. By that time, Q3 results for ONE should be known and the existing ¥100bn buyback should be...

Travis Lundy

Good Morning Japan | Samurai Blues

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in...

Mark Chadwick

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