In today’s briefing:
- Dai-Nippon Printing (7912) – Whoomp There It Is! Part Deux
- Merger Arb Mondays (11 Mar) – Shinko, JSR, Azure, Genex, OreCorp, Hollysys, CPMC, Vinda
- EQD | A Systematic Look at the Post Earnings Announcement Drift Across Asia
- ECM Weekly (11th Mar 2024) – Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding
- Weekly Deals Digest (10 Mar) – Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda
- JAL Mall: Gold from 30m Mileage Members
- Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast
Dai-Nippon Printing (7912) – Whoomp There It Is! Part Deux
- At end-January 2023 it became clear activist Elliott Management had set its sights on Dai Nippon Printing (7912 JP). The stock popped and people got bullish.
- I warned about the “complicated” nature of gains going forward here. Three weeks later they announced details of including ¥100bn of buybacks per year for 3yrs. That’s discussed here.
- I rarely write bearishly about a huge buyback program but from next day open, over 1yr, total return has been 4.9%. Stage 2 starts 11 March with ¥50bn through end-Sep24.
Merger Arb Mondays (11 Mar) – Shinko, JSR, Azure, Genex, OreCorp, Hollysys, CPMC, Vinda
- We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: APM Human Services Internation (APM AU), Probiotec Ltd (PBP AU), Genex Power Ltd (GNX AU), China Traditional Chinese Medicine (570 HK), Genetron Holdings Ltd (GTH US).
- Lowest spreads: Tietto Minerals Ltd (TIE AU), CIMC Vehicle Group Co Ltd (1839 HK), Pact Group Holdings (PGH AU), CPMC Holdings (906 HK), Payroll (4489 JP), Welbe Inc (6556 JP).
EQD | A Systematic Look at the Post Earnings Announcement Drift Across Asia
- A cross-country study on the post earning announcement drift effect.
- We explore the use of various options-implied analytics to systematically view returns around earnings announcements.
- Options-Implied Analytics can provide empowering information to better inform investment decisions.
ECM Weekly (11th Mar 2024) – Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- On the IPO front, Trial Holdings (5882 JP) was hoping for better luck with its listing this time around.
- For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.
Weekly Deals Digest (10 Mar) – Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Trial Holdings (5882 JP) IPO, Nippon Express Holdings (9147 JP) placement and ARM Holdings (ARM US) lock-up expiry.
- Event-Driven developments: JSR Corp (4185 JP), Alumina Ltd (AWC AU), Azure Minerals (AZS AU), Genex Power Ltd (GNX AU), Vinda International (3331 HK).
JAL Mall: Gold from 30m Mileage Members
- Amidst intense competition in online mall retailing, JAL and ANA both launched their own e-commerce malls last year to replace once popular catalogues.
- Although a tough market to enter given the competition from the big 3 (Amazon, Rakuten and Yahoo), airlines have distinct advantages over other small malls.
- In particular, they have data on millions of consumers and access to premium customers willing to spend ¥1 million on a case of wine.
Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast
- Pan Pacific International Holdings (7532 JP) is one of Japan’s top retailers whose core business is the Don Quijote discount store chain.
- The company recorded FY06/23 sales of JPY1,936.8bn, operating profit of JPY105.3bn, recurring profit of JPY111.0bn, and net income attributable to owners of the parent of JPY66.2bn.
- Pan Pacific International Holdings Corporation has announced a revision to its full-year earnings forecast for FY06/24, which was announced on August 16, 2023.
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