Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a>, <a href="https://www.smartkarma.com/entities/china-merchants-bank-co-ltd-3388a037-4214-4997-b45d-520518cfdb57" target="_blank" data-smartkarma-citation="entities:10987:1" rel="noopener">China Merchants Bank H (3968 HK)</a> and <a href="https://www.smartkarma.com/entities/lenovo-group-ltd" target="_blank" data-smartkarma-citation="entities:13359:1" rel="noopener">Lenovo (992 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent Holdings (700 HK)</a>, <a href="https://www.smartkarma.com/entities/netease" target="_blank" data-smartkarma-citation="entities:29030:1" rel="noopener">NetEase (9999 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group Ltd (1299 HK)</a> and <a href="https://www.smartkarma.com/entities/galaxy-entertainment-group-limited" target="_blank" data-smartkarma-citation="entities:806:1" rel="noopener">Galaxy Entertainment Group (27 HK)</a>. Shorts increased on Financials, Information Technology and Real Estate, while decreasing on Communication Services, Consumer Discretionary and Health Care.</p></div><div><p>In Japan, stocks that saw the most shorts were <a href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" target="_blank" data-smartkarma-citation="entities:13475:1" rel="noopener">Pan Pacific International Holdings (7532 JP)</a>, <a href="https://www.smartkarma.com/entities/sharp-corp" target="_blank" data-smartkarma-citation="entities:391:1" rel="noopener">Sharp Corp (6753 JP)</a>, <a href="https://www.smartkarma.com/entities/resona-holdings-inc" target="_blank" data-smartkarma-citation="entities:6841:1" rel="noopener">Resona Holdings (8308 JP)</a> and <a href="https://www.smartkarma.com/entities/toyo-tire-corporation" target="_blank" data-smartkarma-citation="entities:15064:1" rel="noopener">Toyo Tire Corporation (5105 JP)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" data-smartkarma-citation="entities:18338:1" rel="noopener">Casio Computer (6952 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> and <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a>. Sectorally, shorts increased marginally in Consumer Discretionary, Financials and Materials, and decreased in Industrials.</p></div><div><p>In Korea, short increased on <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> while shorts decreased on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp (035420 KS)</a> and <a href="https://www.smartkarma.com/entities/hana-tour-service-inc" target="_blank" data-smartkarma-citation="entities:4852:1" rel="noopener">Hana Tour Service (039130 KS)</a>. </p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/pegatron-corp" target="_blank" data-smartkarma-citation="entities:12852:1" rel="noopener">Pegatron Corp (4938 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a> and <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/unimicron-technology-corp" target="_blank" data-smartkarma-citation="entities:18778:1" rel="noopener">Unimicron Technology (3037 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/alchip-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20219:1" rel="noopener">Alchip Technologies (3661 TT)</a> and <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Ping An Insurance (H) (2318 HK), Kuaishou Technology (1024 HK), BYD (1211 HK), China Merchants Bank H (3968 HK) and Lenovo (992 HK) while there was short covering on Tencent Holdings (700 HK), NetEase (9999 HK), Meituan (3690 HK), AIA Group Ltd (1299 HK) and Galaxy Entertainment Group (27 HK). Shorts increased on Financials, Information Technology and Real Estate, while decreasing on Communication Services, Consumer Discretionary and Health Care.In Japan, stocks that saw the most shorts were Pan Pacific International Holdings (7532 JP), Sharp Corp (6753 JP), Resona Holdings (8308 JP) and Toyo Tire Corporation (5105 JP) while shorts decreased on Itochu Corp (8001 JP), Casio Computer (6952 JP), Toshiba Corp (6502 JP) and Monex Group Inc (8698 JP). Sectorally, shorts increased marginally in Consumer Discretionary, Financials and Materials, and decreased in Industrials.In Korea, short increased on Hyundai Motor Co (005380 KS), Celltrion Inc (068270 KS) and Hanmi Pharm (128940 KS) while shorts decreased on Samsung Electronics (005930 KS), SK Hynix (000660 KS), Naver Corp (035420 KS) and Hana Tour Service (039130 KS). Stocks in Taiwan that saw the highest increase in shorts were Pegatron Corp (4938 TT), Yageo Corporation (2327 TT), Largan Precision (3008 TT) and United Microelectronics Corp (2303 TT) while shorts were covered on Unimicron Technology (3037 TT), TSMC (2330 TT), Alchip Technologies (3661 TT) and Winbond Electronics (2344 TT).

Asia Short Interest: Kuaishou, BYD, Galaxy, Sharp, Resona, Toshiba, Celltrion, Naver, Pegatron, TSMC

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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)

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><p>Our best and worst pair from yesterday's announcements is <a href="https://www.smartkarma.com/entities/shimano-inc" target="_blank" data-smartkarma-citation="entities:3777:1" rel="noopener">Shimano (7309 JP)</a> and <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu (6702 JP)</a>.</p><div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/904/original/2020-10-28_05-35-42.png?1603830956" class="editor-image img-responsive" data-smartkarma-image-id="167904"></figure></div><div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/167/905/original/2020-10-28_05-36-25.png?1603831001" class="editor-image img-responsive" data-smartkarma-image-id="167905"></figure></div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div><hr><div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div><hr><div><p style="text-align: center;"><strong>57 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 49% Positive / 9% Neutral / 42% Negative</p></li>
<li><p><strong>Average Results Score Change</strong>: -1.7 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -6.4% Quarter YoY / -5.9% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -1.4ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 12%</p></li>
</ul></div><hr><div><p style="text-align: center;"><strong>39 Annual • 36 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 36% Positive / 8% Neutral / 56% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 53% Positive / 6% Neutral / 42% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -1.1 points</p></li>
</ul></div>

• BEST &amp; WORST •Our best and worst pair from yesterday's announcements is Shimano (7309 JP) and Fujitsu (6702 JP).Source for all charts &amp; tables: Japan AnalyticsDAILY STATS57 Quarterly Results
Results Score: 49% Positive / 9% Neutral / 42% Negative
Average Results Score Change: -1.7 points
Average % Change in Revenue: -6.4% Quarter YoY / -5.9% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.4ppt
Percentage Making Quarterly Losses: 12%
39 Annual • 36 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 36% Positive / 8% Neutral / 56% Negative
Interim Forecast/Revision Score Change: 53% Positive / 6% Neutral / 42% Negative
Average Forecast/Revision Score Change: -1.1 points


🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​​​​​​​27 Online Brokers, Hoya, Shin-Etsu, Fujitsu..

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>Today after the close the Nikkei Inc <a href="https://indexes.nikkei.co.jp/en/nkave/archives/news/20200715E_1.pdf" target="_blank" rel="noopener">announced</a> that it would delete <a href="https://www.smartkarma.com/entities/sony-financial-holdings-inc" target="_blank" data-smartkarma-citation="entities:564:1" rel="noopener">Sony Financial Holdings (8729 JP)</a> from a few of its indices and in the case of the Nikkei 225, would replace it with <a href="https://www.smartkarma.com/entities/japan-exchange-group-inc" target="_blank" data-smartkarma-citation="entities:11266:1" rel="noopener">Japan Exchange Group (8697 JP)</a>. </p><p>Changes will be made so that the calculation changes as of the opening price of 29 July, meaning the inclusion event takes place at the close of trading on 28 July. </p><p>This is a new way of dealing with Securities which will likely be delisted, following the <a href="https://indexes.nikkei.co.jp/en/nkave/archives/news/20200615E_1.pdf" target="_blank" rel="noopener">announcement</a> of a slight change in policy made on 15 June, titled <em>Changes to the Constituents Selection Rules of the Nikkei Stock Average </em>which followed a <a href="https://indexes.nikkei.co.jp/en/nkave/archives/news/20200511E_2.pdf" target="_blank" rel="noopener">consultation</a> starting in early May.</p><p>This was not that much of a surprise. There were several "top picks" out there, including <a href="https://www.smartkarma.com/entities/seven-bank-ltd" target="_blank" data-smartkarma-citation="entities:16063:1" rel="noopener">Seven Bank Ltd (8410 JP)</a>, the Japan Post names not in already, <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix Corp (8591 JP)</a>, <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">Sbi Holdings (8473 JP)</a> and <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex Group Inc (8698 JP)</a>. The fact that there were so many top picks indicates three things at the outset.</p><ol>
<li>Not everyone is in the successful inclusion,</li>
<li>People are in names which were not successful inclusions and will want to exit,</li>
<li>The Nikkei has rules or habits which are vague enough to be considered unreliable. That creates for more surprise when inclusions come, but it also creates for unreliable index construction, which remains a problem. </li>
</ol><p>However, Japan Exchange Group saw a decent run on excess volume, perhaps partially helped by rising forward Street consensus EBIT. The trade is partially "done" already.</p><p><em>The details of the inclusion and exclusion trades, flows, etc are, of course, below.</em></p>

Today after the close the Nikkei Inc announced that it would delete Sony Financial Holdings (8729 JP) from a few of its indices and in the case of the Nikkei 225, would replace it with Japan Exchange Group (8697 JP). Changes will be made so that the calculation changes as of the opening price of 29 July, meaning the inclusion event takes place at the close of trading on 28 July. This is a new way of dealing with Securities which will likely be delisted, following the announcement of a slight change in policy made on 15 June, titled Changes to the Constituents Selection Rules of the Nikkei Stock Average which followed a consultation starting in early May.This was not that much of a surprise. There were several "top picks" out there, including Seven Bank Ltd (8410 JP), the Japan Post names not in already, Orix Corp (8591 JP), Sbi Holdings (8473 JP) and Monex Group Inc (8698 JP). The fact that there were so many top picks indicates three things at the outset.
Not everyone is in the successful inclusion,
People are in names which were not successful inclusions and will want to exit,
The Nikkei has rules or habits which are vague enough to be considered unreliable. That creates for more surprise when inclusions come, but it also creates for unreliable index construction, which remains a problem. 
However, Japan Exchange Group saw a decent run on excess volume, perhaps partially helped by rising forward Street consensus EBIT. The trade is partially "done" already.The details of the inclusion and exclusion trades, flows, etc are, of course, below.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div class="content-highlight">
<p><strong>Both Bitcoin and gold prices are rallying this year and this is probably a sign of a HEDGE against political instability in China, in our view. </strong>Bitcoin and gold are two of the best-performing assets this year, with many stock markets around the world hammered by the concerns from the Wuhan virus. </p>
</div>
<p>The following were the main headlines impacting the blockchain and cryptocurrencies sectors in South Korea, Japan, and globally in the past few weeks. </p>
<ul>
<li><strong>BITCOIN PRICE RALLY IN 2020</strong></li>
<li><strong>SOUTH KOREA (TAXES ON CRYPTOS) </strong></li>
<li><strong>CME GROUP</strong></li>
<li><strong>XRP DELISTED FROM JAPAN'S BITBOX </strong></li>
<li><strong>FIRST SWISS COMPLIANT DIGITAL IPO </strong></li>
<li><strong>SAUDI ARAMCO INVESTS IN VAKT </strong></li>
<li><strong>NOMURA RESEARCH INSTITUTE (NRI) LAUNCHES A NEW CRYPTOCURRENCY INDEX </strong></li>
<li><strong>FORMATION OF NATIONAL DIGITAL CURRENCIES IN 2020</strong></li>
<li>
<p><strong>BITCOIN BLOCK REWARD HALVING</strong></p>
</li>
<li>
<p><strong>EXPERTISE IN BLOCKCHAIN</strong></p>
</li>
</ul>
<ul>
<li>
<p><strong>GMO INTERNET</strong></p>
</li>
<li>
<p><span data-preserver-spaces="true"><strong>TOYOTA LEASING (THAILAND)</strong></span></p>
</li>
</ul>
<ul>
<li><span data-preserver-spaces="true"><strong>SQUARE CRYPTO</strong></span></li>
</ul>
<ul>
<li>
<p><span data-preserver-spaces="true"><strong>BITCOIN DOMINANCE</strong></span></p>
</li>
</ul>


Both Bitcoin and gold prices are rallying this year and this is probably a sign of a HEDGE against political instability in China, in our view. Bitcoin and gold are two of the best-performing assets this year, with many stock markets around the world hammered by the concerns from the Wuhan virus. 

The following were the main headlines impacting the blockchain and cryptocurrencies sectors in South Korea, Japan, and globally in the past few weeks. 

BITCOIN PRICE RALLY IN 2020
SOUTH KOREA (TAXES ON CRYPTOS) 
CME GROUP
XRP DELISTED FROM JAPAN'S BITBOX 
FIRST SWISS COMPLIANT DIGITAL IPO 
SAUDI ARAMCO INVESTS IN VAKT 
NOMURA RESEARCH INSTITUTE (NRI) LAUNCHES A NEW CRYPTOCURRENCY INDEX 
FORMATION OF NATIONAL DIGITAL CURRENCIES IN 2020

BITCOIN BLOCK REWARD HALVING


EXPERTISE IN BLOCKCHAIN




GMO INTERNET


TOYOTA LEASING (THAILAND)



SQUARE CRYPTO



BITCOIN DOMINANCE



This Month in Blockchain & Cryptos: Bitcoin Price Rally in 2020, OverFuture's Digital IPO, & Vakt

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/104/205/original/2019-11-03_13-09-55.png?1572754223" class="editor-image img-responsive" data-smartkarma-image-id="104205"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>FIRST WAVE</strong> - 42% of Japanese companies have now reported quarterly earnings, with the balance due to announce over the next eight trading days. In the last two weeks, there have been 967 results announcements, 426 annual forecasts or revisions and 263 interim forecasts or revisions. This Insight will review the Market Aggregate, Sector and Peer Group results and revisions using actual data and our earnings momentum-based scoring methodology as well as looking at individual company 'winners' and 'losers' and those with the most significant discrepancies between Relative Price and Results &amp; Revision Score. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/104/206/original/2019-11-03_13-33-51.png?1572755646" class="editor-image img-responsive" data-smartkarma-image-id="104206"></figure><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/104/207/original/2019-11-03_13-44-57.png?1572756308" class="editor-image img-responsive" data-smartkarma-image-id="104207"></figure><p>Source: Japan Analytics</p>
</div><p><strong>CALLING A BOTTOM?</strong> - The market aggregate (excluding REITs) capitalisation is at a new one-year high, despite the continuing downward drift in actual and forecast earnings, resulting in new eighteen-month high price-earnings ratios of 16.0 (TTM) and 15.5 (Forecast). Operating Profits are 5.3% below the peak of December 2018, while Net Income has declined by 15.5% Forecasts for both are falling sharply, but are still 1.1% and 3.4% above TTM, respectively. Operating and Net margins have declined 64 bps and 102 bps - both new two-year lows. The 11% rally in the aggregate market capitalisation since 29th August suggests that 'Mr Market' believes the low-point in the earnings cycle could be reached in the current or next quarter.  With only 8.6% and 13.1% upside to the 2018 and 2017 'highs', this is a bold call.  In the <strong>DETAIL</strong> section below, we shall examine just how bold a call this is and the potential for further upside.</p><p><strong>Among the stocks mentioned below are <a href="https://www.smartkarma.com/entities/autobacs-seven-co-ltd" target="_blank" data-smartkarma-citation="entities:2142:1" rel="noopener">Autobacs Seven (9832 JP)</a>, <a href="https://www.smartkarma.com/entities/nomura-holdings-inc" target="_blank" data-smartkarma-citation="entities:742:1" rel="noopener">Nomura Holdings (8604 JP)</a>, <a href="https://www.smartkarma.com/entities/monex-group-inc" target="_blank" data-smartkarma-citation="entities:14211:1" rel="noopener">Monex (8698 JP)</a>, <a href="https://www.smartkarma.com/entities/keyence-corp" target="_blank" data-smartkarma-citation="entities:3077:1" rel="noopener">Keyence (6861 JP)</a>, <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu (6702 JP)</a>, <a href="https://www.smartkarma.com/entities/toshiba-tec-corp" target="_blank" data-smartkarma-citation="entities:17697:1" rel="noopener">Toshiba Tec (6588 JP)</a>, and <a href="https://www.smartkarma.com/entities/m-a-capital-partners-co-ltd" target="_blank" data-smartkarma-citation="entities:10401:1" rel="noopener">M&amp;A Capital Partners (6080 JP)</a>. </strong></p>

Source: Japan AnalyticsFIRST WAVE - 42% of Japanese companies have now reported quarterly earnings, with the balance due to announce over the next eight trading days. In the last two weeks, there have been 967 results announcements, 426 annual forecasts or revisions and 263 interim forecasts or revisions. This Insight will review the Market Aggregate, Sector and Peer Group results and revisions using actual data and our earnings momentum-based scoring methodology as well as looking at individual company 'winners' and 'losers' and those with the most significant discrepancies between Relative Price and Results &amp; Revision Score. 
Source: Japan Analytics
CALLING A BOTTOM? - The market aggregate (excluding REITs) capitalisation is at a new one-year high, despite the continuing downward drift in actual and forecast earnings, resulting in new eighteen-month high price-earnings ratios of 16.0 (TTM) and 15.5 (Forecast). Operating Profits are 5.3% below the peak of December 2018, while Net Income has declined by 15.5% Forecasts for both are falling sharply, but are still 1.1% and 3.4% above TTM, respectively. Operating and Net margins have declined 64 bps and 102 bps - both new two-year lows. The 11% rally in the aggregate market capitalisation since 29th August suggests that 'Mr Market' believes the low-point in the earnings cycle could be reached in the current or next quarter.  With only 8.6% and 13.1% upside to the 2018 and 2017 'highs', this is a bold call.  In the DETAIL section below, we shall examine just how bold a call this is and the potential for further upside.Among the stocks mentioned below are Autobacs Seven (9832 JP), Nomura Holdings (8604 JP), Monex (8698 JP), Keyence (6861 JP), Fujitsu (6702 JP), Toshiba Tec (6588 JP), and M&amp;A Capital Partners (6080 JP). 

🇯🇵 Japan • Results & Revisions Roundup Part 1 - Mr Market Calls a Bottom

Japan

Monex Group, Inc. is a holding company, which was established through merger between Monex and Nikko Beans. The Company manages its subsidiaries that provides investing services for self-directed investors through Internet and telephone.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Monex Group Inc (8698 JP)

Asia Short Interest: Kuaishou, BYD, Galaxy, Sharp, Resona, Toshiba, Celltrion, Naver, Pegatron, TSMC

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

🇯🇵 JAPAN • Results & Revisions 10/27 Online Brokers, Hoya, Shin-Etsu, Fujitsu..

• BEST & WORST • Our best and worst pair from yesterday's announcements is Shimano (7309 JP) and Fujitsu (6702 JP).____________

Campbell Gunn

Nikkei 225 - JPX IN, Sony Financial OUT

Today after the close the Nikkei Inc announced that it would delete Sony Financial Holdings (8729 JP) from a few of its indices and in the case of...

Travis Lundy

This Month in Blockchain & Cryptos: Bitcoin Price Rally in 2020, OverFuture's Digital IPO, & Vakt

Both Bitcoin and gold prices are rallying this year and this is probably a sign of a HEDGE against political instability in China, in our view....

Douglas Kim

🇯🇵 Japan • Results & Revisions Roundup Part 1 - Mr Market Calls a Bottom

FIRST WAVE - 42% of Japanese companies have now reported quarterly earnings, with the balance due to announce over the next eight trading days. In...

Campbell Gunn

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Asia Short Interest: Kuaishou, BYD, Galaxy, Sharp, Resona, Toshiba, Celltrion, Naver, Pegatron, TSMC

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​​​​​​​​27 Online Brokers, Hoya, Shin-Etsu, Fujitsu..

• BEST & WORST • Our best and worst pair from yesterday's announcements is Shimano (7309 JP) and Fujitsu (6702 JP).____________

Campbell Gunn

Nikkei 225 - JPX IN, Sony Financial OUT

Today after the close the Nikkei Inc announced that it would delete Sony Financial Holdings (8729 JP) from a few of its indices and in the case of...

Travis Lundy

This Month in Blockchain & Cryptos: Bitcoin Price Rally in 2020, OverFuture's Digital IPO, & Vakt

Both Bitcoin and gold prices are rallying this year and this is probably a sign of a HEDGE against political instability in China, in our view....

Douglas Kim

🇯🇵 Japan • Results & Revisions Roundup Part 1 - Mr Market Calls a Bottom

FIRST WAVE - 42% of Japanese companies have now reported quarterly earnings, with the balance due to announce over the next eight trading days. In...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions 10/27 Online Brokers, Hoya, Shin-Etsu, Fujitsu..