Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<p><strong>Chartonics weekly condensed </strong>Saturday 27 February 2016</p><div>*Condensed repport due to travel this weekend</div><div><strong>Risk on caps</strong></div><div><strong>Oil, US and Europe equity webcast- To view click on this link or paste:</strong></div><div>http://www.screencast.com/t/gf21FaJdM</div><p>8:03 min.</p><div>We are watching the bull breakout attempt in oil with interest as energy shares lack the same upside bias and the AUD appears to be chiseling out a key reversal above 0.72 while copper backed off of the key 2.14 barrier. A number of counter balance assets are not…</div>

Chartonics weekly condensed Saturday 27 February 2016*Condensed repport due to travel this weekendRisk on capsOil, US and Europe equity webcast- To view click on this link or paste:http://www.screencast.com/t/gf21FaJdM8:03 min.We are watching the bull breakout attempt in oil with interest as energy shares lack the same upside bias and the AUD appears to be chiseling out a key reversal above 0.72 while copper backed off of the key 2.14 barrier. A number of counter balance assets are not…

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

<p>After the close today, Freudenberg SE (the world leader in the non-woven and related materials industry with 7bn euros in global sales in 2014 (1.65bn in nonwovens by themselves)) announced it would launch a tender offer for the shares it does not own in its long-time Japan partner, Japan Vilene (3514 JP) a.k.a. JVC. &nbsp;Freudenberg and Japan Vilene Corp originally formed their&nbsp;partnership in the 1980s&nbsp;and Freudenberg currently owns 33.4% of JVC. The tender is being launched in conjunction with Japan fiber/textile materials giant Toray Industries (3402 JP), which currently owns ~17.5% of Japan Vilene after a 3rd party allotment to Freudenberg and Toray last August &nbsp;(576 yen/share) got them over 50%.&nbsp;</p><p>The acquirer is FT Holdings KK - a company established last month&nbsp;and&nbsp;currently 100% held by Freudenberg SE. Toray is expected to hold 25% of FT Holdings (the F and T presumably stand&nbsp;for 'Freudenberg' and 'Toray')&nbsp;upon completion.&nbsp;</p><p>&nbsp;The deal is relatively straightforward. The TOB&nbsp;Price is 1200 yen a share, which is a 35% premium to the close (the classic 'Nikkei premium'), and the price is double where the stock spent the first 4 months of this year, and is 20% higher than the all-time high.</p><p>Together, Freudenberg and Toray currently own 50.89% of Japan Vilene. The success of the tender offer is contingent on FT Holdings being able to acquire a simple 'majority of the minority' or 12,963,174 shares <em>plus</em> 3.36mm shares owned by Toray for a total&nbsp;of 16,324,174 shares. There is no cap. Any and all shares tendered will be accepted if the minimum condition is met.&nbsp;</p><p>It should not be that difficult to get this deal across the line.&nbsp;</p><p><strong>CONCLUSIONS:</strong></p><ul><li>I expect the deal to trade reasonably tight to terms as soon as it is free to trade (it will go limit up a couple of days before that).&nbsp;</li><li>While the minimum is waivable, I would not expect FT Holdings to waive it such that their total holding would be less than 66.7% after the tender.&nbsp;</li></ul><p>More below the fold.</p>

After the close today, Freudenberg SE (the world leader in the non-woven and related materials industry with 7bn euros in global sales in 2014 (1.65bn in nonwovens by themselves)) announced it would launch a tender offer for the shares it does not own in its long-time Japan partner, Japan Vilene (3514 JP) a.k.a. JVC. &nbsp;Freudenberg and Japan Vilene Corp originally formed their&nbsp;partnership in the 1980s&nbsp;and Freudenberg currently owns 33.4% of JVC. The tender is being launched in conjunction with Japan fiber/textile materials giant Toray Industries (3402 JP), which currently owns ~17.5% of Japan Vilene after a 3rd party allotment to Freudenberg and Toray last August &nbsp;(576 yen/share) got them over 50%.&nbsp;The acquirer is FT Holdings KK - a company established last month&nbsp;and&nbsp;currently 100% held by Freudenberg SE. Toray is expected to hold 25% of FT Holdings (the F and T presumably stand&nbsp;for 'Freudenberg' and 'Toray')&nbsp;upon completion.&nbsp;&nbsp;The deal is relatively straightforward. The TOB&nbsp;Price is 1200 yen a share, which is a 35% premium to the close (the classic 'Nikkei premium'), and the price is double where the stock spent the first 4 months of this year, and is 20% higher than the all-time high.Together, Freudenberg and Toray currently own 50.89% of Japan Vilene. The success of the tender offer is contingent on FT Holdings being able to acquire a simple 'majority of the minority' or 12,963,174 shares plus 3.36mm shares owned by Toray for a total&nbsp;of 16,324,174 shares. There is no cap. Any and all shares tendered will be accepted if the minimum condition is met.&nbsp;It should not be that difficult to get this deal across the line.&nbsp;CONCLUSIONS:I expect the deal to trade reasonably tight to terms as soon as it is free to trade (it will go limit up a couple of days before that).&nbsp;While the minimum is waivable, I would not expect FT Holdings to waive it such that their total holding would be less than 66.7% after the tender.&nbsp;More below the fold.

QUICKNOTE | Japan Vilene TOB - Good Premium, Friendly, Pretty Straightforward

Japan

Mitsui Chemicals, Inc. manufactures and markets a variety of chemical products. The Company's products include ethylene, propylene and other petrochemicals, basic chemicals, synthetic resins, and fine chemicals.  The Company operates worldwide.

Mitsubishi Chemical Holdings Corporation is a holding company established through the merger of Mitsubishi Chemical and Mitsubishi Pharma.  The Company manages operation of its subsidiaries.

JSR Corporation manufactures synthetic rubber and synthetic resins.  The Company's rubber products are used mainly for auto tires.  JSR Corporation also manufactures LCD-related materials and photo-resists.

ASAHI KASEI CORPORATION produces synthetic fibers, industrial chemicals, petrochemicals, plastics (resins), and synthetic rubber.  The Company also operates and sells real estates, pharmaceuticals, medical equipments, electronics, construction materials, and consumer products.

Toray Industries, Inc. manufactures yarns, synthetic fibers, and man-made leather used as apparel and industrial materials. The Company also makes chemical products such as polyester films, engineering plastics, and resin materials. Toray develops information equipment such as electronic circuit and liquid crystal color filter.

MITSUBISHI GAS CHEMICAL COMPANY, INC. produces chemical products such as xylene and methanol.  The Company also manufactures engineering plastics and specialty chemicals.

NOF CORPORATION is a diversified chemical producer whose products include processed oil/fats, explosives and other chemical products. The Company has manufacturing/sales subsidiaries in US, Indonesia and China.

Resonac Holdings Corporation manufactures and distributes chemical products. The Company produces synthetic resins, petrochemical products, inorganics, and other related products. Resonac Holdings also produces ceramics, metals, carbon, electronic materials, and other products.

NITTO DENKO CORPORATION manufactures and markets a wide range of chemical products which are used as materials for industrial and electronic components. The Company's products include materials for sealants, semiconductors, and wrappings.  Nitto Denko has a network of sales/manufacturing subsidiaries worldwide.

Nissan Chemical Industries, Ltd. produces a variety of chemical products, ranging from basic chemicals to functional chemical products.  The Company also manufactures agrochemicals and pharmaceutical products.

Orica Limited is a diversified manufacturing company.  The Company produces industrial and specialty chemicals, polyethylene, surface coatings for vehicles, food and beverage flavoring and fragrances, packaging and appliances. The Company also supplies explosive and blasting services to the mining, quarrying and construction industries.

Zhejiang Huafeng Spandex Co., Ltd. manufactures and markets spandex products.

Formosa Chemicals & Fibre Corporation manufactures and markets petrochemical products, nylon fiber, and rayon staple fiber.  Formosa sells its products in Taiwan and exports to Asia.

Satelltte Chemical Co., Ltd. develops, manufactures and sells acrylic acid esters, methacrylic acids, pigment intermediates, acrylic emulsion polymers, super absorbent polymers, and other acrylic downstream products.

Balchem Corporation develops, manufactures, and markets specialty performance ingredients for the food, feed, and medical sterilization industries. The Company micro-encapsulates performance ingredients, and also repackages and markets specialty gases. Balchem sells its products through its own sales force, independent distributors, and sales agents.

TongKun Group Co., Ltd. develops, produces and sells polyester and Terylene filament.  The Company also invests in real estate, finance, business trade and education businesses.

Berger Paints India Limited manufactures and distributes paints, enamels, varnishes, and synthetic resins. The Company's products are used in home, office, factory, interiors, exteriors, metal, wood, plastic, and others.

Sichuan Tianqi Lithium Industries, Inc. develops, manufactures and sells lithium products.  The Company's products include industrial lithium carbonate, battery lithium carbonate, lithium chloride, and lithium hydroxide.

The Fertilisers and Chemicals Travancore Limited manufactures petrochemicals and fertilisers.  The Group's products include Ammonia, Sulphuric Acid, Phosphoric Acid, Ammonium, Urea, Caprolactam, Nitric Acid and Soda Ash.

PI Industries Limited manufactures agricultural and fine chemicals, and polymers. The Company produces fine chemicals; crop protection, plant nutrients, and seeds; and engineering plastics for use in the automobile, electrical, and home appliances industries.

TORAY INDUSTRIES, INC. manufactures yarns, synthetic fibers, and man-made leather used as apparel and industrial materials.  The Company also makes chemical products such as polyester films, engineering plastics, and resin materials.  Toray develops information equipment such as electronic circuit and liquid crystal color filter.

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Toray Industries (3402 JP)

Risk on Caps

Chartonics weekly condensed Saturday 27 February 2016*Condensed repport due to travel this weekendRisk on capsOil, US and Europe equity webcast- To...

Thomas Schroeder

QUICKNOTE | Japan Vilene TOB - Good Premium, Friendly, Pretty Straightforward

After the close today, Freudenberg SE (the world leader in the non-woven and related materials industry with 7bn euros in global sales in 2014...

Travis Lundy

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