Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chukyo-bank-ltd" target="_blank" data-smartkarma-citation="entities:20132:1" rel="noopener">Chukyo Bank (8530 JP)</a> and <a href="https://www.smartkarma.com/entities/aichi-bank-ltd" target="_blank" data-smartkarma-citation="entities:15259:1" rel="noopener">Aichi Bank (8527 JP)</a> have decided to join forces to become the largest regional lender in the Nagoya area. </li>
<li>This is <em>probably</em> driven by MUFJ's efforts to rid itself of non-core assets, but in doing so, it is allowing for an accretive structure for minorities.</li>
<li>This ends up being a cheap bank on a slightly complicated pro-forma basis.</li>
</ul>



Chukyo Bank (8530 JP) and Aichi Bank (8527 JP) have decided to join forces to become the largest regional lender in the Nagoya area. 
This is probably driven by MUFJ's efforts to rid itself of non-core assets, but in doing so, it is allowing for an accretive structure for minorities.
This ends up being a cheap bank on a slightly complicated pro-forma basis.


Chukyo (8530) + Aichi (8527) Bank to Create Aichi Fin'l Group - Interesting Structure Adds Value

<ul>
<li>The Nikkei 225 Rebalance to boot <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> and add <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a> occurs today at the close. </li>
<li>The announcement was not a surprise per se, but BOTH have outperformed their Peer Baskets since the announcement, ORIX by a long ways.</li>
<li>ORIX is a bigger deal, Shinsei is worth buying a dip.</li>
</ul>


The Nikkei 225 Rebalance to boot Shinsei Bank (8303 JP) and add Orix Corp (8591 JP) occurs today at the close. 
The announcement was not a surprise per se, but BOTH have outperformed their Peer Baskets since the announcement, ORIX by a long ways.
ORIX is a bigger deal, Shinsei is worth buying a dip.


Nikkei 225 Rebalance Day - Shinsei Dip Chance?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591)</a> replaces <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303)</a> in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225</a> at the close of trading on 1 April due to Shinsei Bank not trading on the Prime Market.</li>
<li>We estimate there will be passive buying of 27.5m shares on <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a> while there will be selling of 2.75m shares on <a href="https://www.smartkarma.com/entities/shinsei-bank-ltd" target="_blank" data-smartkarma-citation="entities:16897:1" rel="noopener">Shinsei Bank (8303 JP)</a> </li>
<li>There appears to be some pre-positioning on <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a> - the stock could outperform heading into index inclusion. </li>
</ul>



Orix Corp (8591) replaces Shinsei Bank (8303) in the Nikkei 225 at the close of trading on 1 April due to Shinsei Bank not trading on the Prime Market.
We estimate there will be passive buying of 27.5m shares on Orix Corp (8591 JP) while there will be selling of 2.75m shares on Shinsei Bank (8303 JP) 
There appears to be some pre-positioning on Orix Corp (8591 JP) - the stock could outperform heading into index inclusion. 


Nikkei 225 Index Rebalance: ORIX (8591) Replaces Shinsei Bank (8303)

<ul>
<li>The Nikkei Index team announced changes to the Nikkei 225 Average today after the close. </li>
<li>Shinsei Bank (8303) is OUT and ORIX (8591) is IN based on the new rule changes effective with the new market structure in place at the TSE on 4 April. </li>
<li>There is a special sit on Shinsei, and ORIX has several days to buy. It could be interesting.</li>
</ul>


The Nikkei Index team announced changes to the Nikkei 225 Average today after the close. 
Shinsei Bank (8303) is OUT and ORIX (8591) is IN based on the new rule changes effective with the new market structure in place at the TSE on 4 April. 
There is a special sit on Shinsei, and ORIX has several days to buy. It could be interesting.


Nikkei 225 Change - Shinsei (8303) OUT, ORIX (8591) IN

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

SBI Sumishin Net Bank  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sbi-sumishin-net-bank" target="_blank" data-smartkarma-citation="entities:34572:1" rel="noopener">SBI Sumishin Net Bank (7163 JP)</a> aims to be the first listed Japanese online bank. It is looking to raise about $1 billion. The listing is set for 24 March. </li>
<li>Founded in 2007, SBI Sumishin Net Bank is owned 50% by <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> and 50% by <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-trust-holdings-inc" target="_blank" data-smartkarma-citation="entities:19450:1" rel="noopener">Sumitomo Mitsui Trust Holdings (8309 JP)</a>.</li>
<li>On balance, the fundamentals look sound. The IPO is worth a look for investors willing to brave the weak IPO market conditions.       </li>
</ul>



SBI Sumishin Net Bank (7163 JP) aims to be the first listed Japanese online bank. It is looking to raise about $1 billion. The listing is set for 24 March. 
Founded in 2007, SBI Sumishin Net Bank is owned 50% by SBI Holdings (8473 JP) and 50% by Sumitomo Mitsui Trust Holdings (8309 JP).
On balance, the fundamentals look sound. The IPO is worth a look for investors willing to brave the weak IPO market conditions.       


SBI Sumishin Net Bank IPO: Bricks ‘n’ Clicks

Japan

SBI Shinsei Bank, Ltd. provides banking services including deposits, loans, and foreign exchange transaction, as well as investment trust service and issuance of long-term bonds.

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SBI Shinsei Bank (8303 JP)

Chukyo (8530) + Aichi (8527) Bank to Create Aichi Fin'l Group - Interesting Structure Adds Value

Aichi and Chukyo Banks will merge to become top lender in Nagoya ahead of current #1 and cheap good regional Bk of Nagoya. Transaction structure is...

Travis Lundy

Nikkei 225 Rebalance Day - Shinsei Dip Chance?

Nikkei 225 Rebalance Day. Shinsei Out. ORIX In. Shinsei hasn't fallen in preparation but Orix is up strongly vs Peers in the period. There are two...

Travis Lundy

Nikkei 225 Index Rebalance: ORIX (8591) Replaces Shinsei Bank (8303)

Orix Corp replaces Shinsei Bank in the Nikkei225 Index at the close on 1 April. Passive trackers will need to buy 27.5m shares of Orix and sell...

Brian Freitas

Nikkei 225 Change - Shinsei (8303) OUT, ORIX (8591) IN

The Nikkei 225 Change on 4 April 2022 is because there is a change in the rules with the adven of the new TSE market structure. This was known and...

Travis Lundy

SBI Sumishin Net Bank IPO: Bricks ‘n’ Clicks

SBI Sumishin is looking to raise about $1 billion. On balance, the fundamentals look sound. The IPO is worth a look for investors willing to brave...

Arun George

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