Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last Friday, the FFW changes for the TOPIX July Free Float Weight Review were announced. There have also been other recent announcements creating flows on 30 July.</li>
<li>Some of these other recent announcements represent a possible change in ad hoc methodology.</li>
<li>Total Flow for 30 July is ~$3.3bn a side driven by selling flows (3/4 of the buy flows are reverse funding). $2.1bn of selling is &gt; 3 days ADV.</li>
</ul>


Last Friday, the FFW changes for the TOPIX July Free Float Weight Review were announced. There have also been other recent announcements creating flows on 30 July.
Some of these other recent announcements represent a possible change in ad hoc methodology.
Total Flow for 30 July is ~$3.3bn a side driven by selling flows (3/4 of the buy flows are reverse funding). $2.1bn of selling is &gt; 3 days ADV.


July TOPIX FFW Rebal - Bigger Than Expected

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure</li>
<li>And we continue to see a high probability of significant upside going into year-end and the early part of 2025.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
We've discussed since mid-October how we would use any pre-election pullback in the MSCI ACWI or the SPX (U.S. remains our only country overweight) as an opportunity to add exposure
And we continue to see a high probability of significant upside going into year-end and the early part of 2025.


Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

David Blennerhassett

Keisei Electric Railway Co / Event-Driven

<ul>
<li>Activist investor influence in distributing <a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a>'s ¥1,980bn Oriental Land (4661 JP) stake to existing shareholders could unleash over 150% potential upside</li>
<li>
<a href="https://www.smartkarma.com/entities/intouch-holdings-pcl" target="_blank" data-smartkarma-citation="entities:17638:1" rel="noopener">Intouch Holdings (INTUCH TB)</a> is coming up cheap versus <a href="https://www.smartkarma.com/entities/advanced-info-service-pcl" target="_blank" data-smartkarma-citation="entities:947:1" rel="noopener">Advanced Info Service (ADVANC TB)</a>. Yet the longer-term view suggests otherwise. </li>
<li>
<a href="https://www.smartkarma.com/entities/abacus-property-group" target="_blank" data-smartkarma-citation="entities:10566:1" rel="noopener">Abacus Property (ABP AU)</a> confirmed the spin-off of an ASX-listed self-storage REIT with A$3bn in total assets. There's a trade here. </li>
</ul>


Activist investor influence in distributing Keisei Electric Railway Co (9009 JP)'s ¥1,980bn Oriental Land (4661 JP) stake to existing shareholders could unleash over 150% potential upside

Intouch Holdings (INTUCH TB) is coming up cheap versus Advanced Info Service (ADVANC TB). Yet the longer-term view suggests otherwise. 

Abacus Property (ABP AU) confirmed the spin-off of an ASX-listed self-storage REIT with A$3bn in total assets. There's a trade here. 


Last Week in Event SPACE: Kesei/Oriental Land, Intouch, Abacus Property, Great Eagle, JS Global

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. NDX100 +1.8%  SOX +3.3% vs. SPX +0.9% DOW +0.6%; Tech back ahead of Fed; Energy a different story as Oil fell on D-S worries; All eyes remain on CPI/Fed</li>
<li>JAPAN. NKY Futs +0.7% premium vs Cash; Japan lead yesterday vs US..rarity; Expect continued Equity follow through; Seino HD(9076) -Massive Buyback, Div hike; TOYOTA-Path to Solid State Battery Commercialization?</li>
<li>NUGGET. Nidec Succession Resolution in Sight, but Nagamori Premium May Dissappear</li>
</ul>


OVERSEAS. NDX100 +1.8%  SOX +3.3% vs. SPX +0.9% DOW +0.6%; Tech back ahead of Fed; Energy a different story as Oil fell on D-S worries; All eyes remain on CPI/Fed
JAPAN. NKY Futs +0.7% premium vs Cash; Japan lead yesterday vs US..rarity; Expect continued Equity follow through; Seino HD(9076) -Massive Buyback, Div hike; TOYOTA-Path to Solid State Battery Commercialization?
NUGGET. Nidec Succession Resolution in Sight, but Nagamori Premium May Dissappear


Ohayo Japan |BIG TECH BACK ! NUGGET: Nidec Succession Headaches-Resolution in Sight But...

<ul>
<li>Three years ago, <a href="https://www.smartkarma.com/entities/seino-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:13248:1" rel="noopener">Seino Holdings (9076 JP)</a> delivered a lot of its cash back to shareholders in a big buyback. They bought back almost 15mm shares (7.5%).</li>
<li>Since then, they've bought another 2.5%. In February, they changed their Dividend Policy to max(2.4% DOE, 30% payout ratio). Then they set a cap and floor on the dividend.</li>
<li>Four months later they have a new MTMP, and a new Dividend Policy. Simple. 4.0%+ DOE. Div +70% vs last year. Oh... and there's an 11% buyback. 
</li>
</ul>


Three years ago, Seino Holdings (9076 JP) delivered a lot of its cash back to shareholders in a big buyback. They bought back almost 15mm shares (7.5%).
Since then, they've bought another 2.5%. In February, they changed their Dividend Policy to max(2.4% DOE, 30% payout ratio). Then they set a cap and floor on the dividend.
Four months later they have a new MTMP, and a new Dividend Policy. Simple. 4.0%+ DOE. Div +70% vs last year. Oh... and there's an 11% buyback. 



Seino (9076) - More Seino, Seino More. Know What I Mean? Eh Eh? Seino Goes Big on Capital Policy

Japan

SEINO HOLDINGS CO., LTD. comprises a family of companies offering comprehensive transportation and logistics solutions for customers.  The Companyprovides express transportation, door-to-door parcel delivery, moving, contract logistics, and international logistics services via its ground, air, and marine transportation network.  SEINO HOLDINGS also operates Toyota dealers.

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Seino Holdings (9076 JP)

July TOPIX FFW Rebal - Bigger Than Expected

The TOPIX July FFW Review is more interesting than it would appear at first glance. There are some trades to do too. Watch Rakuten, Nippon Paint,...

Travis Lundy

Buy the Pullback in MSCI ACWI and S&P 500; Buys in Uranium, Transports, Services, Technology, More

Buy the Pullback in MSCI $ACWI and $SPX; Still bullish on global equities with $ACWI and the SPX holding above their respective bases at $117 and...

Vermilion Research

Last Week in Event SPACE: Kesei/Oriental Land, Intouch, Abacus Property, Great Eagle, JS Global

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Ohayo Japan |BIG TECH BACK ! NUGGET: Nidec Succession Headaches-Resolution in Sight But...

Tech Back as US Equities Well Bid; NKY Futs +0.7% premium vs Cash; ; Seino HD(9076) - Massive Buyback, Div hike; TOYOTA - Sees path to Solid State...

Mark Chadwick

Seino (9076) - More Seino, Seino More. Know What I Mean? Eh Eh? Seino Goes Big on Capital Policy

Seino Holdings has long had a low ROE low OPM logistics business with hidden potential but a LOT of friendly crossholders. They changed div policy,...

Travis Lundy

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