Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Thematic (Sector/Industry)

<p>On the 4th of February the Nikkei <a href="http://asia.nikkei.com/Business/Deals/Toyota-near-tie-up-with-Suzuki-on-development-procurement" target="_blank">reported</a> that <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor Corp (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/732" target="_blank" data-smartkarma-citation="entities:732:1">Suzuki Motor Corp (7269 JP)</a> were in discussions regarding an alliance on development and procurement. This was confirmed by the companies today with the statement that the broad terms of the deal have been agreed upon. The move continues a series of tie-ups conducted by Toyota in recent years and could place pressure on other players to seek similar tie-ups. <a href="https://www.smartkarma.com/entities/20528" target="_blank" data-smartkarma-citation="entities:20528:1">Mazda Motor Corp (7261 JP)</a> may feel particularly pressured…</p>

On the 4th of February the Nikkei reported that Toyota Motor Corp (7203 JP) and Suzuki Motor Corp (7269 JP) were in discussions regarding an alliance on development and procurement. This was confirmed by the companies today with the statement that the broad terms of the deal have been agreed upon. The move continues a series of tie-ups conducted by Toyota in recent years and could place pressure on other players to seek similar tie-ups. Mazda Motor Corp (7261 JP) may feel particularly pressured…

Could Trump Add to Consolidation Pressure on Japan's Auto Industry

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<p><em>Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.</em></p><div><h2><em>Accuracy Rate:</em></h2></div><p>It's only the second week in the new year and we are already seeing an uptick in the number of IPOs and Placements. There are currently 3 IPOs and 2 Placements ongoing now.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/019/090/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1484295459" class="editor-image img-responsive" data-smartkarma-image-id="19090"></figure><h2>Placements:</h2><p><strong><a href="https://www.smartkarma.com/insights/japan-prime-realty-decent-property-strong-track-record" target="_blank" data-smartkarma-citation="insights:8168">Japan Prime Realty - Decent Property, Strong Track Record</a></strong></p><ul class="ember-tether-target ember-tether-enabled ember-tether-element-attached-top ember-tether-element-attached-left ember-tether-target-attached-top ember-tether-target-attached-right"><li>The company has a strong track record despite its high valuation relative to its 5-year average and large deal size (24 days…</li></ul>

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:It's only the second week in the new year and we are already seeing an uptick in the number of IPOs and Placements. There are currently 3 IPOs and 2 Placements ongoing now.Placements:Japan Prime Realty - Decent Property, Strong Track RecordThe company has a strong track record despite its high valuation relative to its 5-year average and large deal size (24 days…

Smartkarma - ECM Coverage Weekly Update (16 Jan 2017)

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

<p><a href="https://www.smartkarma.com/entities/458" target="_blank" data-smartkarma-citation="entities:458:1">Seibu Holdings Inc (9024 JP)</a>'s minority shareholder, Cerberus Capital, is placing 17m shares today after market close. In this insight, we will take a quick look at its fundamentals and score the deal in our Smartkarma ECM Framework. </p><h2>Placement specifics</h2><ul>
<li>Company Name: Seibu Holdings Inc</li>
<li>Ticker: 9024 JP</li>
<li>Primary placement </li>
<li>Indicative deal price -1,930.68-1,961.82</li>
<li>Last Traded Price: JPY2,076. </li>
<li>Implied placing discount: 5.5-7%</li>
<li>Offer Size (m): ~USD287/JPY32,822</li>
<li>ADV (m): ~USD20.47/JPY2,339.99</li>
<li>Current Shares…</li>
</ul>

Seibu Holdings Inc (9024 JP)'s minority shareholder, Cerberus Capital, is placing 17m shares today after market close. In this insight, we will take a quick look at its fundamentals and score the deal in our Smartkarma ECM Framework. Placement specifics
Company Name: Seibu Holdings Inc
Ticker: 9024 JP
Primary placement 
Indicative deal price -1,930.68-1,961.82
Last Traded Price: JPY2,076. 
Implied placing discount: 5.5-7%
Offer Size (m): ~USD287/JPY32,822
ADV (m): ~USD20.47/JPY2,339.99
Current Shares…


Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/810/original/ChartForeignInvestor.png?1478147665" class="editor-image img-responsive" data-smartkarma-image-id="15810"></figure><div class="content-caption">Foreign Investors are Top Shareholders (Source: JPX)</div><h2>Summary</h2><p>Foreign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data.  Yet given Japan's deflationary dynamic, Japanese equities have demonstrated a tendency to disappoint investors in terms of Return on Equity.  "Why Hold Japan?" is a question that recurs among investors - in particular during cyclical downturns. Although there remains a degree of confidence in "Abenomics", uncertainty in…</p>

Foreign Investors are Top Shareholders (Source: JPX)SummaryForeign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data.  Yet given Japan's deflationary dynamic, Japanese equities have demonstrated a tendency to disappoint investors in terms of Return on Equity.  "Why Hold Japan?" is a question that recurs among investors - in particular during cyclical downturns. Although there remains a degree of confidence in "Abenomics", uncertainty in…

Why Hold Japan, Part I: Relative Tax Regimes

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

<p><em><strong>We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth".</strong> </em></p><p><em>This morning from Japan, </em></p><blockquote><p><em>Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal</em>…</p></blockquote>

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

Japan

Seibu Holdings Inc. offers diversified operation. The Company through its subsidiary companies operates transportation, construction, hotel, leisure facilities, and real estate business. Seibu Holdings provides group enterprises strategy planning, operation management, asset management and supply, and business promotions.

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Seibu Holdings (9024 JP)

Could Trump Add to Consolidation Pressure on Japan's Auto Industry

On the 4th of February the Nikkei reported that Toyota Motor Corp (7203 JP) and Suzuki Motor Corp (7269 JP) were in discussions regarding an...

Mio Kato

Smartkarma - ECM Coverage Weekly Update (16 Jan 2017)

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:It's only...

Zhen Zhou, Toh

Seibu Holdings: Placement Not Unexpected

Seibu Holdings Inc (9024 JP)'s minority shareholder, Cerberus Capital, is placing 17m shares today after market close. In this insight, we will...

Ke Yan, CFA, FRM

Why Hold Japan, Part I: Relative Tax Regimes

SummaryForeign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data. Yet given Japan's...

Naomi Fink

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

We have earlier argued that the current M&A in the container shipping industry is about "Survival" and not "Growth". This morning from...

Drewry Maritime Financial Research

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