Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei 225 ended the week down 1.9% at 38,701, with investors cautious ahead of key central bank decisions</li>
<li>The Bank of Japan kept interest rates steady at 0.25% on Thursday, deferring potential rate hikes amidst global economic uncertainty</li>
<li>Nissan's stock surged +24% this week following reports of potential merger talks with Honda and Mitsubishi Motors.</li>
</ul>


The Nikkei 225 ended the week down 1.9% at 38,701, with investors cautious ahead of key central bank decisions
The Bank of Japan kept interest rates steady at 0.25% on Thursday, deferring potential rate hikes amidst global economic uncertainty
Nissan's stock surged +24% this week following reports of potential merger talks with Honda and Mitsubishi Motors.


Japan Weekly | Nikkei Slides Amid Cautious Sentiment; Nissan, Park24, Kadokawa

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>XPeng and Nio abandon Nvidia Thor chip over delays, impacting production schedules and development timelines.</li><li>Wistron set to establish new plant in Vietnam in 2025, with potential expansion of current facilities, boosting local economy.</li><li>MSI launches made-in-India notebooks as part of market expansion strategy, tapping into growing demand for tech products in the region.</li></ul>

XPeng and Nio abandon Nvidia Thor chip over delays, impacting production schedules and development timelines.Wistron set to establish new plant in Vietnam in 2025, with potential expansion of current facilities, boosting local economy.MSI launches made-in-India notebooks as part of market expansion strategy, tapping into growing demand for tech products in the region.

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

<ul>
<li>The Dow Jones Industrial Average extended its historic losing streak to nine sessions on Tuesday, falling 267 points (-0.61%) to 43,449, marking its longest skid since 1978</li>
<li>
<a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan Motor (7201 JP)</a> and <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> are reportedly in talks for a merger. NIssan ADR up 11% overnight.</li>
<li>Oasis has emerged as a significant shareholder of <a href="https://www.smartkarma.com/entities/macromill-inc" target="_blank" data-smartkarma-citation="entities:24026:1" rel="noopener">Macromill, Inc (3978 JP)</a> . The company is currently subject to a TOB from CVC Capital Partners. </li>
</ul>


The Dow Jones Industrial Average extended its historic losing streak to nine sessions on Tuesday, falling 267 points (-0.61%) to 43,449, marking its longest skid since 1978

Nissan Motor (7201 JP) and Honda Motor (7267 JP) are reportedly in talks for a merger. NIssan ADR up 11% overnight.
Oasis has emerged as a significant shareholder of Macromill, Inc (3978 JP) . The company is currently subject to a TOB from CVC Capital Partners. 


Ohayo Japan | Nissan and Honda in Merger Talks

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.</li>
<li>Low Positioning coupled with Negative Momentum: Nissan Motor Corp and Misumi Group</li>
<li>High Positioning coupled with High Momentum: ASICS Corp and Kyushu Railway</li>
</ul>


We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.
Low Positioning coupled with Negative Momentum: Nissan Motor Corp and Misumi Group
High Positioning coupled with High Momentum: ASICS Corp and Kyushu Railway


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

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (6600 JP)</a> is aiming to raise around US$700m (including over-allocation) from its Japan IPO.</li>
<li>It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.</li>
<li>We have looked at the company's past performance in our earlier notes. In this note we undertake a peer comparison.</li>
</ul>



Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO.
It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
We have looked at the company's past performance in our earlier notes. In this note we undertake a peer comparison.


Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

Price Gauge
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Nissan Motor (ADR) (NSANY US)

Japan Weekly | Nikkei Slides Amid Cautious Sentiment; Nissan, Park24, Kadokawa

Investors cautious as Nikkei 225 drops 1.9% ahead of central bank decisions, while Nissan's stock surges 24% on merger talks with Honda and...

Mark Chadwick

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

XPeng and Nio switch from Nvidia Thor chip, Wistron to open new plant in Vietnam, MSI introduces Indian-made notebooks, Honda and Nissan mull...

Tech Supply Chain Tracker

Ohayo Japan | Nissan and Honda in Merger Talks

Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...

Mark Chadwick

Japan Funds: Extreme Stocks

We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.

Steven Holden

Kioxia Pre-IPO - Peer Comparison

Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO. In this note, we undertake a peer...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Weekly | Nikkei Slides Amid Cautious Sentiment; Nissan, Park24, Kadokawa

​Investors cautious as Nikkei 225 drops 1.9% ahead of central bank decisions, while Nissan's stock surges 24% on merger talks with Honda and...

Mark Chadwick

Tech Supply Chain Tracker (19-Dec-2024): XPeng, Nio drop Nvidia Thor chip due to delays.

XPeng and Nio switch from Nvidia Thor chip, Wistron to open new plant in Vietnam, MSI introduces Indian-made notebooks, Honda and Nissan mull...

Tech Supply Chain Tracker

Ohayo Japan | Nissan and Honda in Merger Talks

​Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...

Mark Chadwick

Japan Funds: Extreme Stocks

We screen for Japanese companies at the extreme ends of their positioning or momentum ranges among active Japan equity funds.

Steven Holden

Kioxia Pre-IPO - Peer Comparison

Kioxia Holdings (6600 JP) is aiming to raise around US$700m (including over-allocation) from its Japan IPO. In this note, we undertake a peer...

Sumeet Singh

Investors cautious as Nikkei 225 drops 1.9% ahead of central bank decisions, while Nissan's stock surges 24% on merger talks with Honda and...

Dow Jones falls for ninth consecutive session, marking longest losing streak since 1978. Nissan and Honda reportedly in talks for merger. Oasis...