Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Good Friday holidays. US Economy proving to be pretty resilient. Non-farm payrolls showed hiring continued to be strong in March. NFP was 236k vs Cons 230k. Telsa cuts prices(again)</li>
<li>JAPAN. NKY Futs +0.5% vs Cash as US Equity(Cash) markets closed. USDJPY 132.2. Likely see some beta led reversals of losses seen in the latter half of last week.</li>
<li>NUGGET.  Kuroda bids Farewell after 10 years as BOJ Governor. He created a new playbook on monetary policy that will be studied for years. Net-net, positive outcome.</li>
</ul>


OVERSEAS. Good Friday holidays. US Economy proving to be pretty resilient. Non-farm payrolls showed hiring continued to be strong in March. NFP was 236k vs Cons 230k. Telsa cuts prices(again)
JAPAN. NKY Futs +0.5% vs Cash as US Equity(Cash) markets closed. USDJPY 132.2. Likely see some beta led reversals of losses seen in the latter half of last week.
NUGGET.  Kuroda bids Farewell after 10 years as BOJ Governor. He created a new playbook on monetary policy that will be studied for years. Net-net, positive outcome.


Good Morning Japan |Jobs Galore - Strong NFP; Watch for the Fed Hawks; NUGGET: Kuroda Exits..a Hero?

<ul>
<li>OVERSEAS.  Bullard Calms Recession fears; SPX stabilizes; 2Yr Yields Rise: Non Farm Payrolls in Focus ahead of Good Friday Holidays </li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY 131.7; ex-IMF Chief Economist Blanchard says BOJ to remain accomodative;  JP Corporates doubles buying of own stocks in 2022; Point 72 JP expansion</li>
<li>NUGGET.  KEPCO reconfirmed its plan to bring 2 addl Nuclear power plans online in a few months. The profit uptick will be considerable. We maintain KEPCO as a TOP PICK.</li>
</ul>


OVERSEAS.  Bullard Calms Recession fears; SPX stabilizes; 2Yr Yields Rise: Non Farm Payrolls in Focus ahead of Good Friday Holidays 
JAPAN. NKY Futs +0.5% vs Cash; USDJPY 131.7; ex-IMF Chief Economist Blanchard says BOJ to remain accomodative;  JP Corporates doubles buying of own stocks in 2022; Point 72 JP expansion
NUGGET.  KEPCO reconfirmed its plan to bring 2 addl Nuclear power plans online in a few months. The profit uptick will be considerable. We maintain KEPCO as a TOP PICK.


Good Morning Japan |Fed's Bullard Offers Comfort; NUGGET: Kansai Electric- Watch the Nuke Restarts !

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Last week, <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a> said <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group Ltd (BHP AU)</a> would <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02649202-6A1143054?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">not agree to amend off-take agreement specifications</a>, and therefore would no longer accept lower-quality ore.</li>
<li>Mincor subsequently withdrew its earnings guidance, and Wyloo Metals shortly followed by declaring its A$1.40/share unconditional on-market Offer <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02650576-6A1143658?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">best and final</a>.</li>
<li>This morning (4 April), Mincor released its <a href="https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02651163-6A1143881?access_token=83ff96335c2d45a094df02a206a39ff4" target="_blank" rel="noopener">Target Statement</a>, and recommends shareholders accept the Offer from Wyloo.</li>
</ul>


Last week, Mincor Resources NL (MCR AU) said BHP Group Ltd (BHP AU) would not agree to amend off-take agreement specifications, and therefore would no longer accept lower-quality ore.
Mincor subsequently withdrew its earnings guidance, and Wyloo Metals shortly followed by declaring its A$1.40/share unconditional on-market Offer best and final.
This morning (4 April), Mincor released its Target Statement, and recommends shareholders accept the Offer from Wyloo.


Mincor Backs Wyloo's Offer After BHP Offtake Uncertainties

<ul>
<li>Earlier today (30 March), <a href="https://www.smartkarma.com/entities/mincor-resources-nl" target="_blank" data-smartkarma-citation="entities:6731:1" rel="noopener">Mincor Resources NL (MCR AU)</a> said <a href="https://www.smartkarma.com/entities/bhp-group-ltd" target="_blank" data-smartkarma-citation="entities:147:1" rel="noopener">BHP Group (BHP AU)</a> would not agree to amend off-take agreement specifications, and will no longer accept lower-quality ore.</li>
<li>Mincor delivers 100% of its ore to BHP.  It will continue to deliver on-specification ore to BHP, but has withdrawn its forward guidance. </li>
<li>Shares rolled over 5.7% to close at A$1.42/share, above Wyloo's unconditional A$1.40/share. Offer.</li>
</ul>


Earlier today (30 March), Mincor Resources NL (MCR AU) said BHP Group (BHP AU) would not agree to amend off-take agreement specifications, and will no longer accept lower-quality ore.
Mincor delivers 100% of its ore to BHP.  It will continue to deliver on-specification ore to BHP, but has withdrawn its forward guidance. 
Shares rolled over 5.7% to close at A$1.42/share, above Wyloo's unconditional A$1.40/share. Offer.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, aims to raise up to around US$900m in its Japan listing in April 2023.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at the company’s past performance and undertook a peer comparison. In this note, we provide our thoughts on valuation.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance and undertook a peer comparison. In this note, we provide our thoughts on valuation.


Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor (7203 JP)

Good Morning Japan |Jobs Galore - Strong NFP; Watch for the Fed Hawks; NUGGET: Kuroda Exits..a Hero?

SDJPY 132.2, weaker post US Non Farm Payrolls. We are likely to see some beta-led reversals of losses observed in the latter half of last week....

Mark Chadwick

Good Morning Japan |Fed's Bullard Offers Comfort; NUGGET: Kansai Electric- Watch the Nuke Restarts !

Bullard Calms Markets; ex-IMF Chief Economist Blanchard says BOJ to remain accomodative; Japanese Corporates doubles buying of own stocks

Mark Chadwick

Mincor Backs Wyloo's Offer After BHP Offtake Uncertainties

Wyloo's broker will be standing in the market at $1.40. Only buy above terms on the expectation of a competing Offer. Yet with Wyoloo holding 23%+,...

David Blennerhassett

Mincor: Did Twiggy Thwart BHP Offtake?

Mincor's inability to supply BHP with the inferior product will eat into costs. And sentiment. That probably plays into Wyloo's court. Your...

David Blennerhassett

Rakuten Bank IPO - Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023. In this...

Sumeet Singh

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