Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
Tax-Loss Selling's a subject of interest in Australia. Retail investors will take gains on stocks which run up in price, or get taken over, then look for losses to offset.</li>
<li>Investors are caught out as the Aussie government "approves" <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> buyng <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>. There is evidently a lot more going on in the background. </li>
<li>
<a href="https://www.smartkarma.com/entities/west-japan-railway-co" target="_blank" data-smartkarma-citation="entities:12077:1" rel="noopener">West Japan Railway Co (9021 JP)</a> announces a biggish buyback. One could buy dips, but one should probably not chase. For that, suggest this acts as a range trade.</li>
</ul>



Tax-Loss Selling's a subject of interest in Australia. Retail investors will take gains on stocks which run up in price, or get taken over, then look for losses to offset.
Investors are caught out as the Aussie government "approves" Hanwha Ocean (042660 KS) buyng Austal Ltd (ASB AU). There is evidently a lot more going on in the background. 

West Japan Railway Co (9021 JP) announces a biggish buyback. One could buy dips, but one should probably not chase. For that, suggest this acts as a range trade.


Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

Travis Lundy

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/west-japan-railway-co" target="_blank" data-smartkarma-citation="entities:12077:1" rel="noopener">West Japan Railway Co (9021 JP)</a> announced <a href="https://www.westjr.co.jp/global/en/ir/library/flash-report/pdf/fr202404.pdf" target="_blank" rel="noopener">FY23 earnings</a>, a <a href="https://www.westjr.co.jp/global/en/ir/news/2025/pdf/en_20240430_01.pdf" target="_blank" rel="noopener">higher dividend</a>, an <a href="https://www.westjr.co.jp/global/en/ir/library/meeting/pdf/presen20240430.pdf" target="_blank" rel="noopener">update to the Medium-Term Management Plan</a> (p10~), and a Buyback.</li>
<li>Short &amp; Sweet:  Revenues were +17.2%yoy, OP +114.1%, NP +1.6%. OPM was 11.0% and ROE 9.2% (both best since FY18). Guidance is Revenue up, OP down, NP tiny up.</li>
<li>The new FY25 (Mar26) OP guide in the MTMP is the old Mar28 target (mostly inbound tourism-driven). The Buyback is biggish. It is worth looking at the details. </li>
</ul>


Yesterday, West Japan Railway Co (9021 JP) announced FY23 earnings, a higher dividend, an update to the Medium-Term Management Plan (p10~), and a Buyback.
Short &amp; Sweet:  Revenues were +17.2%yoy, OP +114.1%, NP +1.6%. OPM was 11.0% and ROE 9.2% (both best since FY18). Guidance is Revenue up, OP down, NP tiny up.
The new FY25 (Mar26) OP guide in the MTMP is the old Mar28 target (mostly inbound tourism-driven). The Buyback is biggish. It is worth looking at the details. 


JR West (9021 JP) - Shareholder Structure Means Large-Ish Buyback Could Have Impact

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/tokyo-metro" target="_blank" data-smartkarma-citation="entities:40930:1" rel="noopener">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul>



Tokyo Metro (TKYMETRO JP)’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.
Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.
In this note, we take an early look at the possible listing.


Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

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.

<ul>
<li>Since the US$1.4 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.</li>
<li>The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$1.4 billion secondary placement announcement, ASICS Corp (7936 JP)’s shares are up 0.9% from the undisturbed price of JPY2,564 per share (12 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Asics’ shares have deviated from the pattern of previous large placements.
The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


Kokusai Electric  / Equity Capital Markets

<ul>
<li>Since the US$2.0 billion secondary placement announcement, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a>’s shares are down 5.6% from the undisturbed price of JPY5,520 per share (8 July).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Kokusai’s shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>


Since the US$2.0 billion secondary placement announcement, Kokusai Electric (6525 JP)’s shares are down 5.6% from the undisturbed price of JPY5,520 per share (8 July).
Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Kokusai’s shares have followed the pattern of previous large placements.
The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.


Kokusai Electric (6525 JP): The Current Playbook

Japan

West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka.  The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

West Japan Railway Co (9021 JP)

Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

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

JR West (9021 JP) - Shareholder Structure Means Large-Ish Buyback Could Have Impact

JR West announced b/t/e earnings, and a large-ish buyback. The stock popped. Shareholder structure is such that IF cross-holders do not start...

Travis Lundy

Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID

As per media reports, the Japanese and Tokyo governments are looking at a possible listing for Tokyo Metro by Oct 2024 at a valuation of around...

Sumeet Singh

ASICS (7936 JP): The Current Playbook

The offering will likely be priced on 23 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Kokusai Electric (6525 JP): The Current Playbook

The offering will likely be priced on 22 July. Investors who have participated in previous large Japanese placements tend to secure positive returns.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)