Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>Recent IPO exit multiples of invested capital above long-term averages</li>
<li>The domestic exits highlight the value in the domestic investment portfolio</li>
<li>Capital Management enhanced by the start of interim dividends and expanding stock compensation scheme</li>
</ul>


Recent IPO exit multiples of invested capital above long-term averages
The domestic exits highlight the value in the domestic investment portfolio
Capital Management enhanced by the start of interim dividends and expanding stock compensation scheme


Jafco- Recent Results Highlight the Upside Case Going Forward

Cross Asset Strategy

<ul>
<li>Act II  of the drama begins  and continues from where it left off in early August</li>
<li>Sentiment has changed - bad news really  is  bad news</li>
<li>With &gt;100 basis points of cuts already priced in before year end...</li>
</ul>


Act II  of the drama begins  and continues from where it left off in early August
Sentiment has changed - bad news really  is  bad news
With &gt;100 basis points of cuts already priced in before year end...


Tactical Trading – Time to Sell Japan Again

<ul>
<li>Its portfolio of Japanese investments should benefit from the change in investor focus to domestic names.</li>
<li>Has shown strong outperformance since the sell-off presaging future relative strength</li>
<li>The business itself progressing as planned for increased shareholder returns</li>
</ul>


Its portfolio of Japanese investments should benefit from the change in investor focus to domestic names.
Has shown strong outperformance since the sell-off presaging future relative strength
The business itself progressing as planned for increased shareholder returns


Back to Jafco- Continues to Be in the Right Place and at the Right Time

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.</li>
<li>After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.</li>
<li>Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.</li>
</ul>


Smoore International, China Communication Services and GDS have Bullish technical signals in a challenging market.
After a 3 year run from the COVID lows, Samsonite has confirmed a Bearish technical signal.
Hautai Securities hits an all time low and becomes a "Catch a Falling Knife" chart.


Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

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

<ul>
<li>A group of shareholders aims to raise up to US$3.2bn via selling around 5% of <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> .</li>
<li>The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP) .
The possibility of such a selldown was flagged earlier in the week by Reuters. Thus, the deal is well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.


Honda Motor Placement - Large in Size, Relatively Small in Other Terms

Japan

Nomura Holdings, Inc. is a holding company which manages financial operations for its subsidiaries.  As a group, the Company provides a variety of financial services such as dealing, brokerage, underwriting, and asset management. Nomura Securities Co., a registered member of the New York and London Stock Exchanges, has branches around the world.

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Nomura Holdings (8604 JP)

Jafco- Recent Results Highlight the Upside Case Going Forward

Recent IPO exits show strong returns , highlighting value in their portfolio. Capital management improved with interim dividends and stock...

Rikki Malik

Tactical Trading – Time to Sell Japan Again

Act II of the drama continues with a shift in sentiment towards bad news, as over 100 basis points of cuts are already priced in before year end.

Rikki Malik

Back to Jafco- Continues to Be in the Right Place and at the Right Time

Jafco's outperformance during the recent market turmoil bodes well for the future. Business performance and macro trends on track to boost...

Rikki Malik

Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

Share prices of Smoore International, China Communication Services and GDS had Bullish technical signals while Samsonite and Huatai Securities have...

David Mudd

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jafco- Recent Results Highlight the Upside Case Going Forward

​Recent IPO exits show strong returns , highlighting value in their portfolio. Capital management improved with interim dividends and stock...

Rikki Malik

Tactical Trading – Time to Sell Japan Again

​Act II of the drama continues with a shift in sentiment towards bad news, as over 100 basis points of cuts are already priced in before year end.

Rikki Malik

Back to Jafco- Continues to Be in the Right Place and at the Right Time

Jafco's outperformance during the recent market turmoil bodes well for the future. Business performance and macro trends on track to boost...

Rikki Malik

Technically Speaking: Breakouts and Breakdowns in HONG KONG (July 10)

Share prices of Smoore International, China Communication Services and GDS had Bullish technical signals while Samsonite and Huatai Securities have...

David Mudd

Honda Motor Placement - Large in Size, Relatively Small in Other Terms

A group of shareholders aims to raise up to US$3.2bn via selling around 5% of Honda Motor (7267 JP). In this note, we talk about the deal dynamics...

Sumeet Singh

Recent IPO exits show strong returns , highlighting value in their portfolio. Capital management improved with interim dividends and stock...

Act II of the drama continues with a shift in sentiment towards bad news, as over 100 basis points of cuts are already priced in before year end.