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

Rikki Malik

Equity Bottom-Up

<ul>
<li>Core business well positioned to benefit from the growth in the Japanese VC industry</li>
<li>A good Partner for international firms looking to invest in Japan</li>
<li>New direction on Capital Allocation is underappreciated by the market</li>
</ul>


Core business well positioned to benefit from the growth in the Japanese VC industry
A good Partner for international firms looking to invest in Japan
New direction on Capital Allocation is underappreciated by the market


JAFCO (8595) In the Right Place at the Right Time

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Nippon Express Holdings / Equity Capital Markets

<ul>
<li>Since the US$260 million secondary placement announcement, <a href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" target="_blank" data-smartkarma-citation="entities:18582:1" rel="noopener">Nippon Express Holdings (9147 JP)</a> shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$260 million secondary placement announcement, Nippon Express Holdings (9147 JP) shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.
The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.


Nippon Express (9147 JP): The Current Playbook

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" target="_blank" data-smartkarma-citation="entities:18582:1" rel="noopener">Nippon Express Holdings (9147 JP)</a> has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.</li>
<li>The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).</li>
</ul>



Nippon Express Holdings (9147 JP) has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.
The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).


Nippon Express (9147 JP): A US$260 Million Secondary Offering

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday after the close, well-known Japanese activist Murakami-san's preferred entity City Index Eleventh filed a Large Shareholder Report. </li>
<li>The blast across Bloomberg was "<strong>*AOZORA 5.4% STAKE REPORTED BY CITY INDEX ELEVENTH.</strong>" Sounds exciting after the shares dropped 34% in two days earlier this month after reporting big writedowns. </li>
<li>But there has to be a question here. Why? And Why this way? And what kind of activism would be possible? </li>
</ul>


Yesterday after the close, well-known Japanese activist Murakami-san's preferred entity City Index Eleventh filed a Large Shareholder Report. 
The blast across Bloomberg was "*AOZORA 5.4% STAKE REPORTED BY CITY INDEX ELEVENTH." Sounds exciting after the shares dropped 34% in two days earlier this month after reporting big writedowns. 
But there has to be a question here. Why? And Why this way? And what kind of activism would be possible? 


JAPAN ACTIVISM:  Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real?

<ul>
<li>Since the US$550 million secondary placement announcement, <a href="https://www.smartkarma.com/entities/toei-animation-co-ltd" target="_blank" data-smartkarma-citation="entities:18641:1" rel="noopener">Toei Animation (4816 JP)</a>’s shares are down 7.0% from the undisturbed price of JPY18,560 per share (14 February).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Toei Animation’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$550 million secondary placement announcement, Toei Animation (4816 JP)’s shares are down 7.0% from the undisturbed price of JPY18,560 per share (14 February).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Toei Animation’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.


Toei Animation (4816 JP): The Current Playbook

Japan

Nomura Research Institute, Ltd. provides information technology, research, consulting, and analyzing for business strategy decision-making.  The Company also provides application software for system operation services.

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Nomura Research Institute (4307 JP)

JAFCO (8595) In the Right Place at the Right Time

Japanese VC industry growth presents an opportunity for core business; an ideal partner for foreign investors in Japan; and the market undervalues...

Rikki Malik

Nippon Express (9147 JP): The Current Playbook

The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

JAPAN ACTIVISM: Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real?

Murakami-san's daughter bought 5.4% of Aozora Bank. It could be activism or it could be another pump'n'dump like Pacific Metals. It is tough to...

Travis Lundy

Toei Animation (4816 JP): The Current Playbook

The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JAFCO (8595) In the Right Place at the Right Time

​Japanese VC industry growth presents an opportunity for core business; an ideal partner for foreign investors in Japan; and the market undervalues...

Rikki Malik

Nippon Express (9147 JP): The Current Playbook

The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Nippon Express (9147 JP): A US$260 Million Secondary Offering

Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between...

Arun George

JAPAN ACTIVISM: Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real?

Murakami-san's daughter bought 5.4% of Aozora Bank. It could be activism or it could be another pump'n'dump like Pacific Metals. It is tough to...

Travis Lundy

Toei Animation (4816 JP): The Current Playbook

The offering will likely be priced on 27 February. Investors participating in previous large Japanese placements tend to secure positive returns.

Arun George

Japanese VC industry growth presents an opportunity for core business; an ideal partner for foreign investors in Japan; and the market undervalues...