Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX carve out gains on relief Bank rally; Energy leads on Oil supply distruptions; Tech lags on profit taking; Crypto in spotlight as US cracks down on Binance/CEO CZ</li>
<li>JAPAN. Nikkei Futs -0.5% vs Cash; USDJPY 131.6;  Diplomatic Row btw Japan-China brewing on arrest of Japanese national for spying; SMFG expands in Vietnam; Bullish Toray MTP</li>
<li>NUGGET. Softbank just cannot catch a break. Son-san ARM IPO to be wildly successful. $70bn IPO Valuation seem a tall ask. Can Son-san pull this one off ?</li>
</ul>


OVERSEAS. SPX carve out gains on relief Bank rally; Energy leads on Oil supply distruptions; Tech lags on profit taking; Crypto in spotlight as US cracks down on Binance/CEO CZ
JAPAN. Nikkei Futs -0.5% vs Cash; USDJPY 131.6;  Diplomatic Row btw Japan-China brewing on arrest of Japanese national for spying; SMFG expands in Vietnam; Bullish Toray MTP
NUGGET. Softbank just cannot catch a break. Son-san ARM IPO to be wildly successful. $70bn IPO Valuation seem a tall ask. Can Son-san pull this one off ?


Good Morning Japan |More Bank Relief as SPX Gains 0.2%; NUGGET: Softbank- Just Can't Catch a Break

<ul>
<li>OVERSEAS. Crisis Over !Bailouts from US to Europe, Stocks rally as Contagion fears wane; Major Banks rescue First Republic Bank; Swiss Central Bank protects Credit Suisse; ECB raises by 50bps</li>
<li>JAPAN. NKY Futs flat vs Cash; USDJPY 133.8; Expect Japan Equities to start the road to recovery with macro fears subsiding;  Japan-Korea move fwd on trade/security. </li>
<li>NUGGET. Orix - one of the Biggest Renewables Plays in Japan. Riding the Decarbonization MegaTrend</li>
</ul>


OVERSEAS. Crisis Over !Bailouts from US to Europe, Stocks rally as Contagion fears wane; Major Banks rescue First Republic Bank; Swiss Central Bank protects Credit Suisse; ECB raises by 50bps
JAPAN. NKY Futs flat vs Cash; USDJPY 133.8; Expect Japan Equities to start the road to recovery with macro fears subsiding;  Japan-Korea move fwd on trade/security. 
NUGGET. Orix - one of the Biggest Renewables Plays in Japan. Riding the Decarbonization MegaTrend


Good Morning Japan |VICTORY Declared as Bailouts Rule; NUGGET: ORIX-Riding the Zero-Carbon MegaTrend

<ul>
<li>OVERSEAS: SPX +0.4%DoD +2.7%WoW; Semi run continues with SOX +0.4%DoD +6.2%WoW; Beta and Growth the big WoW winners;  Fed's Bostic leans to 25bp hike; Tesla cuts prices</li>
<li>JAPAN:  NKY Futs -1.3% vs Cash;  JGB 10Yr Yld hits 0.512% despite BOJ 10trn yen buying; USDJPY up to127.87;  DECARBONIZATION: Resonac (Showa Denko) expansion; Toray  expansion; METI CCS roadmap</li>
<li>DAILY NUGGET: Slowing EV sales in China ? Maybe, but its still the largest EV market in the world. We see Nidec as the best way to play.</li>
</ul>


OVERSEAS: SPX +0.4%DoD +2.7%WoW; Semi run continues with SOX +0.4%DoD +6.2%WoW; Beta and Growth the big WoW winners;  Fed's Bostic leans to 25bp hike; Tesla cuts prices
JAPAN:  NKY Futs -1.3% vs Cash;  JGB 10Yr Yld hits 0.512% despite BOJ 10trn yen buying; USDJPY up to127.87;  DECARBONIZATION: Resonac (Showa Denko) expansion; Toray  expansion; METI CCS roadmap
DAILY NUGGET: Slowing EV sales in China ? Maybe, but its still the largest EV market in the world. We see Nidec as the best way to play.


Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

Hyosung Advanced Materials / Equity Bottom-Up

<ul>
<li>We have a positive rating on Hyosung Advanced Materials. We believe the stock has a 25%+ upside over the next 12 months.</li>
<li>The company recently announced that it has succeeded in developing an ultra-high-strength carbon fiber which is 14 times stronger than steel.</li>
<li>There is an opportunity for the share price to be re-rated going forward if the company succeeds in grabbing higher share in the global carbon fiber market segment.</li>
</ul>


We have a positive rating on Hyosung Advanced Materials. We believe the stock has a 25%+ upside over the next 12 months.
The company recently announced that it has succeeded in developing an ultra-high-strength carbon fiber which is 14 times stronger than steel.
There is an opportunity for the share price to be re-rated going forward if the company succeeds in grabbing higher share in the global carbon fiber market segment.


Hyosung Advanced Materials: Market Share Gains in Global Carbon Fiber Could Result in a Re-Rating

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wcp-co-ltd" target="_blank" data-smartkarma-citation="entities:36076:1" rel="noopener">WCP (WCP KS)</a>, a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. </li>
<li>The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.</li>
<li>While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.</li>
</ul>



WCP (WCP KS), a lithium-ion batteries separator company, has set its IPO price at KRW60,000 per share, a hefty 25-40% discount on the "desired" IPO price range of KRW80,000-100,000. 
The target raise has declined from KRW720-900 billion (US$517-646 million) to KRW432 billion (US$310 million) due to the lower IPO price and offer shares.
While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts. This is still an avoid.


WCP IPO: Final IPO Price Set, Still an Avoid

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)

Good Morning Japan |More Bank Relief as SPX Gains 0.2%; NUGGET: Softbank- Just Can't Catch a Break

SPX carve out gains on relief Bank rally; Tech lags on profit taking; Crypto in spotlight as US cracks down on Binance/CEO CZ. Japan to follow. ...

Mark Chadwick

Good Morning Japan |VICTORY Declared as Bailouts Rule; NUGGET: ORIX-Riding the Zero-Carbon MegaTrend

Expect Japan Equities to start the road to recovery with macro fears subsiding; Japan-Korea move fwd on trade/security. NUGGET: Orix - as a...

Mark Chadwick

Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus

Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px (positive Panasonic); BOJ in Focus. Expect the BOJ to lift JGB buying and do what...

Mark Chadwick

WCP IPO: Final IPO Price Set, Still an Avoid

While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts....

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

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Good Morning Japan |More Bank Relief as SPX Gains 0.2%; NUGGET: Softbank- Just Can't Catch a Break

SPX carve out gains on relief Bank rally; Tech lags on profit taking; Crypto in spotlight as US cracks down on Binance/CEO CZ. Japan to follow. ...

Mark Chadwick

Good Morning Japan |VICTORY Declared as Bailouts Rule; NUGGET: ORIX-Riding the Zero-Carbon MegaTrend

Expect Japan Equities to start the road to recovery with macro fears subsiding; Japan-Korea move fwd on trade/security. NUGGET: Orix - as a...

Mark Chadwick

Good Morning Japan |Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px; BOJ in Focus

Fed 1 Inflation 0, Fed Wins; Equity Bid Continues; Telsa Cuts Px (positive Panasonic); BOJ in Focus. Expect the BOJ to lift JGB buying and do what...

Mark Chadwick

Hyosung Advanced Materials: Market Share Gains in Global Carbon Fiber Could Result in a Re-Rating

There is an opportunity for Hyosung Advanced Materials to be re-rated going forward if the company succeeds in grabbing higher share in the global...

Douglas Kim

WCP IPO: Final IPO Price Set, Still an Avoid

While the final IPO price is now reasonable, the process smacks desperation and calls into question the credibility of the syndicate's forecasts....

Arun George