Equity Analyst, LightStream Research

Nuzran Sahib

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

The government of Japan, together with four major companies, plan to demonstrate the first major hydrogen supply-chain in the run-up to the 2020 Olympics in Tokyo. Hydrogen has been long considered as a rich and clean source of energy despite current high costs making it less-practical for mass scale power generation. As the government and the automakers of Japan prepare themselves for the changing landscape by building Fuel-cell vehicles and Hydrogen power stations, Chiyoda has developed SPERA Hydrogen® technology which has enabled Hydrogen to be handled like other fossil fuels.

The government of Japan, together with four major companies, plan to demonstrate the first major hydrogen supply-chain in the run-up to the 2020 Olympics in Tokyo. Hydrogen has been long considered as a rich and clean source of energy despite current high costs making it less-practical for mass scale power generation. As the government and the automakers of Japan prepare themselves for the changing landscape by building Fuel-cell vehicles and Hydrogen power stations, Chiyoda has developed SPERA Hydrogen® technology which has enabled Hydrogen to be handled like other fossil fuels.

Chiyoda's Ground-Breaking Technology with Hydrogen Leads to New Demo Project in the Energy Sector

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

In late December I wrote that the Idemitsu family had started buying shares in <a href="https://www.smartkarma.com/entities/109" target="_blank" data-smartkarma-citation="entities:109:1">Idemitsu Kosan Co Ltd (5019 JP)</a> to increase its stake. The issuance of new shares by the company last summer had lowered the family's combined stake from 33.92% to about 26%. In November, the family started buying more shares and brought their stake up to 28.0% declared officially on December 18th.As discussed in <a href="https://www.smartkarma.com/insights/idemitsu-family-upping-stake-still-doesn-t-like-a-showa-shell-deal" target="_blank" data-smartkarma-citation="insights:16290">Idemitsu Family Upping Stake (Still Doesn’t Like a Showa Shell Deal)</a>, both Idemitsu and <a href="https://www.smartkarma.com/entities/108" target="_blank" data-smartkarma-citation="entities:108:1">Showa Shell Sekiyu</a>…

In late December I wrote that the Idemitsu family had started buying shares in Idemitsu Kosan Co Ltd (5019 JP) to increase its stake. The issuance of new shares by the company last summer had lowered the family's combined stake from 33.92% to about 26%. In November, the family started buying more shares and brought their stake up to 28.0% declared officially on December 18th.As discussed in Idemitsu Family Upping Stake (Still Doesn’t Like a Showa Shell Deal), both Idemitsu and Showa Shell Sekiyu…

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:<ul><li>Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5</li><li>Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9</li></ul>

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit lagging relative strength trends. Combined, this relationship is visible in the consumer discretionary/staples ratio, which is breaking out to multi-year highs. In today’s report we highlight the following themes:Auto stocks are breaking out -- buy. Highlighted charts include: Daimler (DAI-DE), Ford (F), Hyundai Motor (005380-KR), Peugeot (UG-FR), Renault (RNO-FR), and Volkswagen (VOW-DE). Increase exposure... see page 4-5Energy is bottoming -- buy (reiteration). We highlight a wide selection of actionable names, both small- and large-caps, developed and emerging... see page 6-9

Int'l Equity Strategy: Buy Energy, Global Autos

MSCI AC Asia Pacific Excluding Japan Index / Technical Analysis

MSCI AC Asia Pacific Excluding Japan Index

As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is breaking out from a two-year base. Relative strength (vs. MSCI ACWI ex-US) depicts a similar pattern; after lagging since mid-2015, its RS trend has slowly rounded higher, resulting in the recent breakout. Combined, this warrants an overweight.Today’s report is a country by country review of leadership and actionable themes within the region, including stock recommendations.

As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is breaking out from a two-year base. Relative strength (vs. MSCI ACWI ex-US) depicts a similar pattern; after lagging since mid-2015, its RS trend has slowly rounded higher, resulting in the recent breakout. Combined, this warrants an overweight.Today’s report is a country by country review of leadership and actionable themes within the region, including stock recommendations.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/109" target="_blank" data-smartkarma-citation="entities:109:1">Idemitsu Kosan Co Ltd (5019 JP)</a> plans to raise up to a US$1bn to cover investments and repay part of the debt used to fund the acquisition of its 31.3% stake in <a href="https://www.smartkarma.com/entities/108" target="_blank" data-smartkarma-citation="entities:108:1">Showa Shell Sekiyu Kk (5002 JP)</a>... or so it says. Anyone that has been following the stock for a while would be familiar with some other reasons as well. This is by no means a traditional placement per se. Our events team has been following the situation for a while and we undertake a scenario analysis of the possible outcome to weigh…

Idemitsu Kosan Co Ltd (5019 JP) plans to raise up to a US$1bn to cover investments and repay part of the debt used to fund the acquisition of its 31.3% stake in Showa Shell Sekiyu Kk (5002 JP)... or so it says. Anyone that has been following the stock for a while would be familiar with some other reasons as well. This is by no means a traditional placement per se. Our events team has been following the situation for a while and we undertake a scenario analysis of the possible outcome to weigh…

Idemitsu Placement - Damned if You Don't, Sued if You Do

Japan

Showa Shell Sekiyu K.K. imports, refines, and distributes petroleum and petroleum products.

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Showa Shell Sekiyu Kk (5002 JP)

Chiyoda's Ground-Breaking Technology with Hydrogen Leads to New Demo Project in the Energy Sector

The government of Japan, together with four major companies, plan to demonstrate the first major hydrogen supply-chain in the run-up to the 2020...

Nuzran Sahib

Idemitsu Not Willing To Take On Family?

In late December I wrote that the Idemitsu family had started buying shares in Idemitsu Kosan Co Ltd (5019 JP) to increase its stake. The issuance...

Travis Lundy

Int'l Equity Strategy: Buy Energy, Global Autos

Sector trends are telling a bullish narrative. Cyclical sectors continue to lead, with tech at the helm, and defensive segments still exhibit...

Vermilion Research

Asia: Developing Leadership

As all eyes are focused on Europe—the current darling trade—Asia is emerging as a technical leader. The MSCI All-Country Asia Index (below) is...

Vermilion Research

Idemitsu Placement - Damned if You Don't, Sued if You Do

Idemitsu Kosan Co Ltd (5019 JP) plans to raise up to a US$1bn to cover investments and repay part of the debt used to fund the acquisition of its...

Sumeet Singh

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