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Smartkarma Daily Briefs

May 12
0

Daily Brief Financials: OCBC, China Citic Bank Corp Ltd H, SBI Cards & Payment Services, China International Capital Corporation and more

By | Daily Briefs, Financials

In today’s briefing:

  • (Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric
  • HK Connect SOUTHBOUND Flows (To 10 May 2024); Banks, Coal, and High-Div Energy/Materials Names
  • Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial – SHORT SBI Cards
  • A/H Premium Tracker (To 10 May 2024):  Excellent Quiddity Portfolio Gains as Hs Rally Huge Vs As

(Mostly) Asia-Pac M&A: Namoi Cotton, Great Eastern, GAPack, Nihon, Chilled & Frozen, Shinko Electric

By David Blennerhassett

HK Connect SOUTHBOUND Flows (To 10 May 2024); Banks, Coal, and High-Div Energy/Materials Names

By Travis Lundy

  • A-Shares only two days of the week and were up small Monday and Tuesday. H-shares took a breather Wednesday after trailing A-shares, then rallied hard on Thursday and Friday.
  • Net SOUTHBOUND buying was +HK11.3bn. Thursday saw a break of the SOUTHBOUND buying streak. 
  • The big news in China markets this week was the idea that mainland investors through SOUTHBOUND would no longer be hit with a 20% w/h tax on dividends.

Quiddity Leaderboard NIFTY Sep 24: Strong Flow Rationale for LONG Jio Financial – SHORT SBI Cards

By Janaghan Jeyakumar, CFA

  • NIFTY 50 represents the 50 largest stocks listed in the National Stock Exchange (NSE) of India and the NIFTY Next 50 index tracks the next 50 largest names.
  • In this insight, we take a look at the names leading the race to become ADDs/DELs during the September 2024 index rebal event.
  • More than 50% of the 6-month reference period is now complete. There are a couple of changes to the expected ADDs/DELs list since my last insight.

A/H Premium Tracker (To 10 May 2024):  Excellent Quiddity Portfolio Gains as Hs Rally Huge Vs As

By Travis Lundy

  • The New/Better A-H Premium Tracker has tables, charts, measures galore to track A/H premium positioning, southbound and northbound positioning/volatility in pairs over time, etc.
  • SOUTHBOUND’s buy streak was interrupted again this past week, but they still net bought, as did NORTHBOUND. HK stocks continued bouncing VERY hard. Hs outperformed As very strongly.
  • As had a chance to catch up. Did not. Liquid Hs outperformed their As by 4.8% from 30-April through 10-May. Wide premia narrowed more than narrow premia.

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May 12
0

Daily Brief Health Care: Yichang HEC Changjiang Pharma, China Traditional Chinese Medicine, Eli Lilly & Co, Incyte Corp and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • HEC CJ Pharma (1558 HK): Pre-Conditional Share Exchange Offer from Largest Shareholder
  • Weekly Deals Digest (12 May) – China TCM, GA Pack, HEC CJ Pharma, CPMC, Alps Logistics, Infocom
  • Eli Lilly & Co: The Story Behind The Increasing Demand vs. Production of Orforglipron & Progress of Other Drugs! – Major Drivers
  • Incyte Corporation: Can It Capitalize On The Potential For Expansion Into Dermatology? – Major Drivers

HEC CJ Pharma (1558 HK): Pre-Conditional Share Exchange Offer from Largest Shareholder

By Arun George

  • Yichang HEC Changjiang Pharma (1558 HK)‘s pre-conditional privatisation from Sunshine Lake Pharma comprises scrip (0.263614 new offeror H Share per HEC CJ Pharma share) and cash (special dividend of HK$1.5).
  • The pre-condition is regulatory approvals from NDRC, MOFCOM, and SAFE. The key condition is approval by at least 75% of independent H Shareholders (<10% of all independent H Shareholders rejection). 
  • There is valuation uncertainty as the offeror is unlisted, and its valuation hinges on pipeline products. Nevertheless, with no shareholder close to a blocking stake, the deal should get up.   

Weekly Deals Digest (12 May) – China TCM, GA Pack, HEC CJ Pharma, CPMC, Alps Logistics, Infocom

By Arun George

Eli Lilly & Co: The Story Behind The Increasing Demand vs. Production of Orforglipron & Progress of Other Drugs! – Major Drivers

By Baptista Research

  • In Q1 2024, Eli Lilly and Company achieved strong growth and strategic milestones, with revenue growing by 26% and new products increasing by nearly $1.8 billion in comparison to the same period last year.
  • The company’s new products, primarily Mounjaro and Zepbound, primarily drove the growth.
  • Eli Lilly also accomplished various pipeline milestones during this period.

Incyte Corporation: Can It Capitalize On The Potential For Expansion Into Dermatology? – Major Drivers

By Baptista Research

  • Incyte Corp’s first quarter 2024 earnings pointed towards the company’s steady performance during the quarter and provided an update on its ongoing projects.
  • The company’s total revenue grew by 9% in Q1 as compared to the same period last year, with growth driven largely by the drugs Jakafi and Opzelura.
  • In particular, Jakafi’s net product revenue was $572 million, not fully reflecting its demand growth due to an increase in total patients, particularly those with PV and GVHD. Similarly, Opzelura’s net product revenues in the first quarter were $86 million, indicating a 52% growth when compared to the same period last year.

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May 12
0

Daily Brief Consumer: Cosmecca Korea , BYD , TSE Tokyo Price Index TOPIX, Lear Corp, Sirius Xm Holdings, Molson Coors Brewing Co B, Clorox Company, Sysco Corp, Archer Daniels Midland Co and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Cosmecca Korea Plans to Switch Listing from KOSDAQ to KOSPI
  • Mainland Connect NORTHBOUND Flows (To 10 May 2024): So-So Volumes, As Did Not Play Catchup
  • Since Cash on Hand Will Not Decrease in FY2024, Shareholder Returns Remain a Hot Topic
  • Lear Corporation: Industrial Automation
  • Sirius XM Holdings: Improving Conversion
  • Molson Coors Beverage Company: Recent Shelf Space Gains
  • The Clorox Company: A Story Of Innovation-Led Growth
  • Sysco Corporation: A Tale Of Improved Profitability Through Strategic Sourcing! – Major Drivers
  • Archer-Daniels-Midland Company: Strengthening Margins Through Operational Improvements & Renewable Production! – Major Drivers

Cosmecca Korea Plans to Switch Listing from KOSDAQ to KOSPI

By Douglas Kim

  • On 10 May, Cosmecca Korea (241710 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. 
  • The company plans to convene an extraordinary general meeting of shareholders on 29 August to finalize on the switching of Cosmecca Korea listing from KOSDAQ to KOSPI. 
  • Cosmecca Korea is one of the leading Korean ODM manufacturers of cosmetic products.

Mainland Connect NORTHBOUND Flows (To 10 May 2024): So-So Volumes, As Did Not Play Catchup

By Travis Lundy

  • The Quiddity Mainland Connect NORTHBOUND Monitor. Like the A/H Premium Monitor and HK Connect SOUTHBOUND Monitor. Lots of Flows/Position Tables and Charts with which to play.
  • Last week saw NORTHBOUND net BUY RMB 4.8bn of A-shares on high gross low net volume in the two days. NORTHBOUND bought Kweichow Moutai, banks, Haier Smarthome, etc.
  • HUGE week in H vs A (since the 30 April close). This may be colouring foreigner activity in As quite a bit. 

Since Cash on Hand Will Not Decrease in FY2024, Shareholder Returns Remain a Hot Topic

By Aki Matsumoto

  • Most large companies initially estimate sales and profits conservatively, and CapEx, which is often planned more than a year in advance, isn’t often above plan.
  • Companies have a cautious earnings outlook, but the market consensus still expects profit growth in FY2024. CapEx growth in the BOJ Tankan is expected to be slightly higher than profits.
  • Assuming an 8.5% increase in CapEx for large manufacturing companies and a low single-digit growth in the recurring profit outlook, the level of cash on hand is unlikely to decrease.

Lear Corporation: Industrial Automation

By Baptista Research

  • Lear Corporation’s record-setting first quarter revenues of $6 billion show an increase of 3%.
  • Core operating earnings were up 6% at $280 million, while adjusted earnings per share rose 14% to $3.18.
  • Operating cash flow matched that of the same period the previous year.

Sirius XM Holdings: Improving Conversion

By Baptista Research

  • SiriusXM Holdings Inc. delivered a strong financial performance for its first quarter of 2024, with an encouraging 7% year-over-year increase in advertising revenue to over $400 million.
  • This growth in ad revenue, driven by a growing addressable advertising audience and a strengthening ad market, helped offset a slight 1% drop in subscription revenue.
  • The firm’s adjusted EBITDA was up 4% year over-year and delivered a margin of 30%, up 1 percentage point from the previous year.

Molson Coors Beverage Company: Recent Shelf Space Gains

By Baptista Research

  • The latest earnings from Molson Coors Beverage Company indicates a strong performance in their first quarter, with substantial growth in top and bottom lines and consistent achievement of their acceleration plan.
  • The company’s net sales revenue surged by over 10%, while its underlying pretax income increased by nearly 69%, underpinned by significant margin improvement.
  • Additionally, the company reaffirmed its guidance for the full year.

The Clorox Company: A Story Of Innovation-Led Growth

By Baptista Research

  • The Clorox Company’s third-quarter financial results suggest a continuing recovery from the August cyberattack that affected its operations.
  • Despite lower sales and significant investments in its brands, the company’s adjusted earnings per share exceeded its own expectations in the said quarter.
  • Adjusting for the effects of the cyberattack, the company reported that Q3 sales performance was, for the most part, in line with the management’s expectations.

Sysco Corporation: A Tale Of Improved Profitability Through Strategic Sourcing! – Major Drivers

By Baptista Research

  • Sysco Corporation reported a sequential improvement in restaurant foot traffic over Q3 2024, starting with a tough January and improving throughout the quarter.
  • The company noted that traffic, not same-store sales, drives distributor case volume shipments, with Sysco’s 2.9% case growth enabling profitable market share increase for the quarter.
  • The company delivered strong earnings growth in a challenging volume environment, delivering adjusted operating income growth of 8.4% while anticipating future improvements in local case volume.

Archer-Daniels-Midland Company: Strengthening Margins Through Operational Improvements & Renewable Production! – Major Drivers

By Baptista Research

  • In its first quarter 2024, Archer-Daniels-Midland (ADM) reported adjusted earnings per share of USD1.46, and an adjusted segment operating profit of USD1.3bn, representing an on-year decrease of 24%.
  • ADM also achieved a trailing 4-quarter average of 11.2% for its adjusted Return on Invested Capital (ROIC) during the same quarter, while maintaining a strong balance sheet and healthy cash flows.
  • Although the global grain and oilseed supply is expected to increase throughout the year amid an anticipated improvement in weather conditions, ADM proactively managed the risk of falling margins by driving the structural earnings, ROIC, and cash flow generation, enabling the company to continue investing in its business and returning cash to its shareholders.

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May 11
0

Daily Brief South Korea: Eoflow, Woori Financial Group , Celltrion Inc, Korea Stock Exchange KOSPI 200 and more

By | Daily Briefs, South Korea

In today’s briefing:

  • Eoflow Announced that US Federal Court Has Decided to Suspend the Effect of 1st Injunction Decision
  • South Korean Banks; Stick with Woori (316140 KS) And KB Financial (105560 KS)
  • Celltrion (068270 KS): 1Q24 Result- Sales Hit Quarterly High; Profit Sinks on Merger Effect
  • EQD | KOSPI 200 Ready to Pullback

Eoflow Announced that US Federal Court Has Decided to Suspend the Effect of 1st Injunction Decision

By Douglas Kim

  • On 8 May, Eoflow announced that the U.S. federal court has decided to suspend the effect of the first injunction decision.
  • While the effect of the second preliminary injunction decision remains intact, Eoflow has requested a review of the suspension of the effect of the second revised injunction decision as well.
  • There has been a renewed optimism on Eoflow (294090 KS)’s share price in the past week which increased by 46% from 7 May to 10 May.

South Korean Banks; Stick with Woori (316140 KS) And KB Financial (105560 KS)

By Victor Galliano

  • In our latest South Korean banks screener, we keep Woori on the buy list along with KB Financial as our Korean banks picks
  • Delinquency ratios continued to worsen QoQ, yet Woori is the benchmark for NPL ratio; Woori had lagged in terms of returns, but these are holding at the pre-provision level
  • KB has a low PBV ratio relative to its ROE, it delivers rising post-provision returns, with cost of risk declining and it has a healthy CET1 ratio

Celltrion (068270 KS): 1Q24 Result- Sales Hit Quarterly High; Profit Sinks on Merger Effect

By Tina Banerjee

  • Celltrion Inc (068270 KS) posted revenue of KRW700B+ in 1Q24, thanks to increasing demand for Remsima in Europe. The market share of Remsima is approaching 80–90% in select European countries.
  • 1Q24 profit setback is temporary as COGS ratio is expected to improve rapidly starting from 2Q24 as the inventory is digested, leading to sequentially improved profit margins in coming quarters.
  • With the successful U.S. launch of Zymfentra and continued solid uptake of the existing products, the company is well-positioned to meet its 2024 revenue target of KRW3.5T (+60% YoY).

EQD | KOSPI 200 Ready to Pullback

By Nico Rosti

  • This is an update to our previous insight published on April 22nd: “EQD | KOSPI 200 WEEKLY Bounce: Rally or Not?“.
  • The KOSPI 200 INDEX  has performed a nearly +6% rally in the last 3 weeks, closing up 3 weeks in a row (CC=+3).
  • We have something to say about this pattern that was identified 3 weeks and ago and so we wanted to post this insight to explicit our view.

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May 11
0

Daily Brief Singapore: Great Eastern Holdings and more

By | Daily Briefs, Singapore

In today’s briefing:

  • Great Eastern (GE SP): OCBC’s S$25.60 Unconditional Offer

Great Eastern (GE SP): OCBC’s S$25.60 Unconditional Offer

By David Blennerhassett

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May 11
0

Daily Brief United States: ZEEKR, Paypal Holdings, Amazon.com Inc, Texas Pacific Land , CoreCivic , Starbucks Corp, Mondelez International, Ecolab Inc, Rayonier Advanced Materials, Stellantis NV and more

By | Daily Briefs, United States

In today’s briefing:

  • Zeekr IPO Trading – Not as Cheap as It Looks but Float Is Tiny
  • PayPal Holdings: Continued Focus On Its Omnichannel Strategy Increasing Innovation & Adoption! – Major Drivers
  • Amazon.com Inc.: Prime
  • TPL: Watering for the Next Phase
  • CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies
  • Starbucks Corporation: A Major Disappointment But These 6 Factors That Can Help Them Recover! – Major Drivers
  • Mondelez International: A Tale Of Preserving Critical Price Points and Investing in Supply Chain Reliability! – Major Drivers
  • Ecolab Inc.: Internal Innovation and Acquisition Potential Driving Ecolab’s Healthcare Business! – Major Drivers
  • Rayonier Advanced Materials, Inc. – Solid Start to the Year and Progress on Asset Transformation
  • Stellantis N.V: Will Their Ambitious Electrification Strategy Yield Dividends?

Zeekr IPO Trading – Not as Cheap as It Looks but Float Is Tiny

By Sumeet Singh

  • ZEEKR (ZK US), a premium EV brand by Geely, raised around US$440m in its US listing, after the deal was upsized and priced at the top.
  • Zeekr was formed in Mar 2021 as a JV between Geely and its founder. Its first model was launched in Apr 21 with deliveries starting in Oct 21.
  • We have looked at the company’s past performance and provided our thoughts on valuations in our earlier notes. In this note, we talk about the trading dynamics.

PayPal Holdings: Continued Focus On Its Omnichannel Strategy Increasing Innovation & Adoption! – Major Drivers

By Baptista Research

  • PayPal Holdings Inc.’s Q1 2024 earnings showcased a solid start for the year with substantial improvements across various sectors of the business, tempered by an understanding of the need for continued retooling and operational changes.
  • The company leadership is operating cohesively and the new strategies in place are evidently beginning to make a difference.
  • PayPal has maintained steady progress with their three customer groups; large enterprises, small businesses, and consumers, including their subsidiary, Venmo.

Amazon.com Inc.: Prime

By Baptista Research

  • Amazon.com reported robust first quarter financial results in 2024, with revenue of $143.3 billion, a 13% increase year-over-year.
  • However, the result excludes the impact of foreign exchange rates, which caused an unfavorable impact that reduced revenue by roughly $700 million.
  • The company delivered higher than expected operating income of $15.3 billion, which is a 221% increase from last year, driven primarily by efficiency improvements and better customer experiences.

TPL: Watering for the Next Phase

By Hamed Khorsand

  • TPL reported first quarter results with a higher than expected revenue figure from water sales to go along with the Company’s disclosure of a new desalination technology
  • TPL’s quarterly results were better than we had projected due to the performance in water sales. Unlike second quarter 2023 results, TPL’s management referred to a pipeline of sales
  • TPL used the first quarter results to disclose a new method of desalination of produced water

CXW: 1Q24 Beat Highlights Operating Leverage, Improving Occupancies

By Zacks Small Cap Research

  • Management has indicated that the pipeline for new leases, renewals is robust as ICE & multiple government entities seek capacity.
  • Company is engaged in multiple discussions.
  • In addition, the recent debt issuance extended maturities & CXW was able to maintain the cost of capital despite the uncertain rate, economic outlook.

Starbucks Corporation: A Major Disappointment But These 6 Factors That Can Help Them Recover! – Major Drivers

By Baptista Research

  • Starbucks’ second quarter fiscal year 2024 results reflect the challenges and opportunities the company faces in a changing marketplace.
  • While global comparable store sales declined by 4% year-over-year and the company’s total revenue dipped by 1% to $8.6 billion, a decline in foot traffic in North America and a hefty decline of 11% in China being a few of the contributing factors.
  • The company was also affected by severe weather conditions, causing a nearly 3% impact on both US and total company comp during the quarter.

Mondelez International: A Tale Of Preserving Critical Price Points and Investing in Supply Chain Reliability! – Major Drivers

By Baptista Research

  • Mondelez International had robust Q1 2024 with solid top line results, strong earnings, and free cash flow generation.
  • The performance was buoyed by momentum in emerging markets where consumer confidence is high and categories are resilient.
  • The company faced challenges such as disruption with European clients and boycott of Western products in the Middle East and Southeast Asia.

Ecolab Inc.: Internal Innovation and Acquisition Potential Driving Ecolab’s Healthcare Business! – Major Drivers

By Baptista Research

  • Ecolab Inc.’s first-quarter 2024 earnings showcased strong progress with adjusted earnings per share increasing by 52%.
  • This impressive outcome can be attributed to a 5% growth in organic sales and the expansion of organic operating income margin by 400 basis points.
  • The company is also expected to maintain its long-term earnings growth of 12% to 15%.The CEO, Christophe Beck, expressed satisfaction with the level of dedication and the results obtained from Ecolab’s workforce.

Rayonier Advanced Materials, Inc. – Solid Start to the Year and Progress on Asset Transformation

By Water Tower Research

  • 1Q24 performance ahead of expectations. RYAM reported 1Q24 results that included EPS of ($0.02) versus consensus of ($0.10) and our estimate of ($0.19).
  • While sales of $388 million fell short of our estimate of $402 million and consensus of $430 million, tight cost controls, lower raw material and transportation costs, and improved operating efficiencies drove EBITDA of $52 million versus our estimate of $39 million and consensus of $49 million.

  • EBITDA guidance maintained, FCF guidance increased. With market fundamentals stabilizing and most of customer inventory work-downs winding down, management reiterated its EBITDA guidance of $180-200 million and raised its FCF guidance for the year from $20- 40 million to $80-100 million on a higher working capital benefit and $39 million in cash to be realized from the sale of softwood duty refund rights to OCP Lumber LLC.

Stellantis N.V: Will Their Ambitious Electrification Strategy Yield Dividends?

By Baptista Research

  • Stellantis has reported strong results in its Full Year 2023 Results, demonstrating the company’s high resilience even amid challenges.
  • Stellantis’ CEO, Carlos Tavares reflected on the record net revenues, net profit, and free cash flow for the year, showing an increase of 6%, 11%, and 19% respectively.
  • The CEO noted that Stellantis’ strategy is all about profitable growth.

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May 11
0

Daily Brief Quantitative Analysis: Hong Kong Buybacks Weekly (May 10th): Meituan and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Hong Kong Buybacks Weekly (May 10th): Meituan, Hang Seng Bank, Swire Pacific
  • ASX Short Interest Weekly (May 3rd): Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol

Hong Kong Buybacks Weekly (May 10th): Meituan, Hang Seng Bank, Swire Pacific

By Ke Yan, CFA, FRM

  • We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on May 10th based on HKEx daily reports.
  • In the past 7 days, the top 3 companies that repurchased the most shares from the market were Meituan (3690 HK), Hang Seng Bank (11 HK), Swire Pacific (19 HK).
  • In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Meituan (3690 HK), Hang Seng Bank (11 HK).

ASX Short Interest Weekly (May 3rd): Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of ASX Stocks as of May 3rd (reported today) which has an aggregated short interest worth USD19.6bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Wesfarmers, Fortescue, BHP, Endeavour, Worley, Ampol.

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May 11
0

Daily Brief China: Greatview Aseptic Packaging and more

By | China, Daily Briefs

In today’s briefing:

  • GAPack (468 HK): Mengniu & Bi Weigh Options On Shandong Xinjufeng’s VGO

GAPack (468 HK): Mengniu & Bi Weigh Options On Shandong Xinjufeng’s VGO

By David Blennerhassett

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May 11
0

Daily Brief India: Aadhar Housing Finance Ltd, Indegene Limited and more

By | Daily Briefs, India

In today’s briefing:

  • Aadhar Housing Finance IPO | Takeaways from Branch Visits
  • Indegene IPO Trading – High Anchor Quality + Strong Demand, Expect a Pop on Debut

Aadhar Housing Finance IPO | Takeaways from Branch Visits

By Pranav Bhavsar

  • Branches visited – Ajmer, Bengaluru, Mandya, Mysuru, Jaipur, Solapur, Pimpri and Pune.
  • Business growth is driven by taking calls that peers are reluctant to take with regards to property and incomes.
  • Lack of team and increasing competition are primary concerns that also warrant attention. 

Indegene IPO Trading – High Anchor Quality + Strong Demand, Expect a Pop on Debut

By Clarence Chu

  • Indegene Limited (1864095D IN) raised around US$220m in its India IPO, via selling a mix of primary and secondary shares.
  • Indegene is a “digital-first” commercialisation firm with an exclusive focus on the global life sciences industry.
  • We had looked at the firm’s past performance and shared our thoughts on Indegene’s valuation in earlier notes. In this note, we will look at the trading dynamics.

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May 11
0

Daily Brief Japan: Nissin Corp, Nihon Housing and more

By | Daily Briefs, Japan

In today’s briefing:

  • Nissin (9066) – Super Big Buyback Race-Walks the Governance Walk – Super Cheap Logistics Biz
  • Nihon Housing (4781 JP) – A Very Tight Register Sees an MBO At All Time Highs

Nissin (9066) – Super Big Buyback Race-Walks the Governance Walk – Super Cheap Logistics Biz

By Travis Lundy

  • Yesterday after the close, Nissin Corp (9066 JP) announced earnings (down vs last year), guidance (back up partway to last year), and a sale of securities to raise ¥6+bn.
  • Nissin also announced an employee share incentive plan (¥900mm) and an adjustment to its MTMP from Apr24 to Mar27. Much lower revenues. Same OP. Higher net. Higher Div Payout ratio.
  • They also announced a really big buyback which should be done by the time people read this. It is really big.

Nihon Housing (4781 JP) – A Very Tight Register Sees an MBO At All Time Highs

By Travis Lundy

  • Nihon Housing (4781 JP) is a business which manages real estate for owners (office, apartment management, janitorial, cleaning, facilities management, security, agency, sub-leasing package systems, etc). 
  • The company has operated in Tokyo for 60+yrs, and they are finally just going to take what has always been a tight register private. Foreigners own 0.05%. Index owns nothing.
  • This is basically a completely done deal. It will trade tight, and illiquidly.

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