In today’s briefing:
- Weekly Deals Digest (10 Sep) – JMDC, Intage, Mason, Liontown, Newcrest, ARM, Integral, Doosan, VNG
- Shin-Etsu Polymer (7970) | Pipe Dreams or Parent-Child Break-Up
- Shimadzu (7701): Planing to Make High-End Products in China
- EQD | Nikkei 225 (NKY) MONTHLY Trajectories Analysis
Weekly Deals Digest (10 Sep) – JMDC, Intage, Mason, Liontown, Newcrest, ARM, Integral, Doosan, VNG
- 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), ARM Holdings (1822695D US), VNG (VinaGame) (VNG US), Integral Corporation (5842 JP) IPOs and Aquila Acquisition Corporation (7836 HK) de-SPAC.
- Event-Driven developments – JMDC (4483 JP), Intage Holdings (4326 JP), Mason Group Holdings (273 HK), Liontown Resources (LTR AU), Newcrest Mining (NCM AU), Orecorp Ltd (ORR AU).
Shin-Etsu Polymer (7970) | Pipe Dreams or Parent-Child Break-Up
- Shin-Etsu Polymer Co., Ltd. has entered into a contract to transfer its PVC pipe manufacturing business to Sekisui Chemical Co
- Asset Value, a vocal activist shareholder, has likely had some strong words about better capital allocation.
- The unwinding of the parent-child relationship (one way or the other) is where the real value creation lies
Shimadzu (7701): Planing to Make High-End Products in China
- Starting in 2024, Shimadzu plans to produce high-end analytical instruments and medical systems in China. It must do this in order to maintain market access.
- China is the company’s largest and fastest growing market outside Japan. Concerns about IP protection notwithstanding, we regard this as a positive development.
- The shares are down 10% from its 52-week high and selling at 23x this fiscal year’s EPS guidance, which looks conservative. Buy for the long term.
EQD | Nikkei 225 (NKY) MONTHLY Trajectories Analysis
- The Nikkei 225 INDEX fell -5.77% during July and August (CC=-2). Currently the index is down for September: this month’s negative Close would be = CC=-3, a strong LONG signal.
- The index reached a low = 31275.25 in August, right in the middle of the 32391-30600 support price band indicated in our previous MONTHLY Trajectories Analysis, 50%-75% reversal probability.
- LONG Support levels are confirmed, in this insight we will analyze the new, re-calculated Resistance levels, to evaluate how far/how long the index could rise, if it rallies.
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