In today’s briefing:
- EQD | Nikkei Index Options Weekly – December 09 – 13
- INTLOOP (9556 JP) – Growth Acceleration
- Yahoo Shopping up and Rakuten Ichiba Down
- Kioxia IPO Trading – Decent Demand for Decent Upside
- SanBio Co Ltd (4592 JP): Q3 FY01/25 flash update
- Lucror Analytics – Morning Views Asia
EQD | Nikkei Index Options Weekly – December 09 – 13
- A bid for out-of-the-money puts combined with positive change in Put open interest and Put volume totals argues that Puts and being bought.
- 70% of NKY open interest is below 38,000 with only 20% of the open interest above 40,000.
- NKY nearing top of range while registering quiet historic volatility levels 4-5 points below implied vols.
INTLOOP (9556 JP) – Growth Acceleration
- Exhibiting a robust growth profile – Solid topline growth and a marked improvement in profitability YoY were the key highlights of Q1 FY7/24 results, demonstrating that INTLOOP’s growth strategy encompassing M&A and business investment is beginning to yield positive outcomes.
- Sales growth of 63.3% YoY was driven primarily by the acquisitive impact of DICS Holdings, and margin enhancement YoY was said to be driven by obtaining high-margin projects, which we believe also stems from raised pricing and improving consultant productivity.
- Management continues to invest in the business primarily via recruitment and building business alliances that should strengthen its network and selling activities.
Yahoo Shopping up and Rakuten Ichiba Down
- There’s been something of a reversal of fortunes in online shopping malls, as Yahoo Shopping regains some of the losses of the past 18 months while Rakuten suffers a setback.
- Much of Yahoo Shopping’s bounce back has come on the back of marketing through loyalty point programmes.
- Both companies expect further gains going forward from more cross-use and expansion of categories, including a new tie-up between Rakuten and Nihon L’Oreal.
Kioxia IPO Trading – Decent Demand for Decent Upside
- Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range.
- It was the world’s largest pure-play NAND flash memory supplier, in terms of both revenue and unit shipments in 2023, according to TechInsights.
- We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.
SanBio Co Ltd (4592 JP): Q3 FY01/25 flash update
- In cumulative Q3 FY01/25, SanBio reported no operating revenue, with an operating loss of JPY2.5bn, narrowing YoY.
- Non-operating income was JPY504mn, primarily from foreign-exchange gains; recurring loss was JPY2.0bn, increasing YoY.
- Net loss attributable to owners was JPY2.2bn; deferred tax liabilities and extraordinary gains impacted financial results.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Softbank Group
- On Friday, US Treasuries concluded the week with another sell-off, marking the worst week in months. US equities were flat.
- In the US, the import price index unexpectedly rose 0.1% m-o-m in November (-0.2% e / +0.1% p).
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