Daily Brief Japan: Japan Post Bank, Softbank Group, T&K Toka Co Ltd and more

In today’s briefing:

Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE
ECM Weekly (17th Sep 2023) – ARM, VNG, Doosan, Tuhu, IMotion, Seibu Giken, RR Kabel, Viva, Innovent
Weekly Deals Digest (17 Sep) – T&K Toka, IMAX, Poly Culture, Doosan Robotics, Integral, Tuhu

Last Week in Event SPACE: Japan Post, Sun Hung Kai, LVS/Sands China, Kenedix REIT Complex, JFE

The Japan Post Holdings (6178 JP)/ Japan Post Bank (7182 JP) ratio looks more attractive as JPB climbs with other banks as the possibility of Offering-induced retail overhang increases.
The ACCC has until 28 September 2023 to make its decision on Origin Energy (ORG AU). Expect ACCC to be supportive – they haven’t built a strong “against” case.
There should be more for the Kenedix REIT complex on a fundamental basis, a future equity capital raise accretion basis, and because of significant net buying for index purposes.

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, ARM’s IPO seems to have set the ball rolling for the traditionally busy year end across the region.
In the placement space, finally a Hong Kong placement mangaed to hold up, even as a large Aussie one gave way.

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 – Doosan Robotics (454910 KS), VNG (VinaGame) (VNG US), Integral Corporation (5842 JP), Tuhu Car (2007986D HK) and 4Paradigm (1764934D HK) IPOs.
Event-Driven developments – T&K Toka Co Ltd (4636 JP), IMAX China Holding (1970 HK), Poly Culture Group Corp H (3636 HK), Liontown Resources (LTR AU), Pact Group Holdings (PGH AU).

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