Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

Equity Bottom-Up

These shares have done well since our June 2017 buy note, outperforming TOPIX by 25% and rising by 50%. We now feel that all is priced in the share price. There are some very bullish sales forecasts out there for 3/19 (some calling for another 10% sales growth after a very good 3/18). Assuming overall auto capex and semiconductor capex remains buoyant, we feel that sales more realistically will come in at about Y900bn (+5%), also assuming a flat forex. The company has only one month visibility…

These shares have done well since our June 2017 buy note, outperforming TOPIX by 25% and rising by 50%. We now feel that all is priced in the share price. There are some very bullish sales forecasts out there for 3/19 (some calling for another 10% sales growth after a very good 3/18). Assuming overall auto capex and semiconductor capex remains buoyant, we feel that sales more realistically will come in at about Y900bn (+5%), also assuming a flat forex. The company has only one month visibility…

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The huge investment being made in autonomous vehicles will dramatically boost the use of robots in new sectors, as sensors such as Lidar give them real-time awareness of their environment.</li>
<li>Japan still dominates the industry and even as local Chinese brands benefit from state support, most value add in the form of actuators, servos and other key components will have to imported.</li>
<li>Amazon which has integrated Kiva, Midea which now owns Kuka, Honda which has teamed with SenseTime and UK online…</li>
</ul>


The huge investment being made in autonomous vehicles will dramatically boost the use of robots in new sectors, as sensors such as Lidar give them real-time awareness of their environment.
Japan still dominates the industry and even as local Chinese brands benefit from state support, most value add in the form of actuators, servos and other key components will have to imported.
Amazon which has integrated Kiva, Midea which now owns Kuka, Honda which has teamed with SenseTime and UK online…


Online Retail Boom and Autonomous Car Sensors Transforming Robotics…

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

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

Research Reinvented

Equity Capital Markets

MUFG is selling 3.3m shares of <a href="https://www.smartkarma.com/entities/15904" target="_blank" data-smartkarma-citation="entities:15904:1">Omron Corp (6645 JP)</a>, worth approximately, US$184m. Post-sale, MUFG will still hold 2.5% of the company's total outstanding shares.The deal scores very well on our framework owing to the strong earnings momentum and better balance sheet compared to peers. However, it was partially offset by its expensive valuation relative to peers. The company recently announced a strong Q2 result. The extended trading should also allow the selldown to be priced in and the…

MUFG is selling 3.3m shares of Omron Corp (6645 JP), worth approximately, US$184m. Post-sale, MUFG will still hold 2.5% of the company's total outstanding shares.The deal scores very well on our framework owing to the strong earnings momentum and better balance sheet compared to peers. However, it was partially offset by its expensive valuation relative to peers. The company recently announced a strong Q2 result. The extended trading should also allow the selldown to be priced in and the…

Omron Placement - Everything You Need to Pocket the Placement Discount

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This is a short, short quicknote on what is a tiny offering.Today, <a href="https://www.smartkarma.com/entities/15904" target="_blank" data-smartkarma-citation="entities:15904:1">Omron Corp (6645 JP)</a> announced a Secondary Offering by Bank of Tokyo Mitsubishi UFJ and Mitsubishi UFJ Trust Bank - both subsidiaries of <a href="https://www.smartkarma.com/entities/218" target="_blank" data-smartkarma-citation="entities:218:1">Mitsubishi UFJ Financial Group (8306 JP)</a>. The total size of the offering is 2.875mm shares or 1.34% of shares outstanding. It is worth about JPY 20bn as of last traded price to the purchasing public. This is, at first glance, smaller than Omron's own buyback program announced back in July, for…

This is a short, short quicknote on what is a tiny offering.Today, Omron Corp (6645 JP) announced a Secondary Offering by Bank of Tokyo Mitsubishi UFJ and Mitsubishi UFJ Trust Bank - both subsidiaries of Mitsubishi UFJ Financial Group (8306 JP). The total size of the offering is 2.875mm shares or 1.34% of shares outstanding. It is worth about JPY 20bn as of last traded price to the purchasing public. This is, at first glance, smaller than Omron's own buyback program announced back in July, for…

A Tiny Omron (6645 JP) Offering - What's Behind It?

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

In the attached strategy document we expand upon themes and opportunities in materials, technology and financials as well as an overview of opportunities in EM, Europe, and Japan.Emerging Markets: Breaking out to all-time highs, EM is unfolding as global leadership. Take advantage of pullbacks.Europe: Two words: pullback opportunity. For the past three months, Europe peeled back from the global advance, as prices diverged from bullish headlines. We view this as a welcomed event. Long-term technicals do confirm the improving headlines, but timing matters. And the STOXX 600’s test of the 200-day MA represents a timely entry point.  Just note, Europe is not a relative leader. That status belongs to EM (above).Japan: Japan represents an overlooked opportunity. With EM leading, and Europe crowding headlines, Japan is steadily emerging from a two-year base pattern, setting the stage for another leg higher

In the attached strategy document we expand upon themes and opportunities in materials, technology and financials as well as an overview of opportunities in EM, Europe, and Japan.Emerging Markets: Breaking out to all-time highs, EM is unfolding as global leadership. Take advantage of pullbacks.Europe: Two words: pullback opportunity. For the past three months, Europe peeled back from the global advance, as prices diverged from bullish headlines. We view this as a welcomed event. Long-term technicals do confirm the improving headlines, but timing matters. And the STOXX 600’s test of the 200-day MA represents a timely entry point.  Just note, Europe is not a relative leader. That status belongs to EM (above).Japan: Japan represents an overlooked opportunity. With EM leading, and Europe crowding headlines, Japan is steadily emerging from a two-year base pattern, setting the stage for another leg higher

Global Equity Strategy: Overweight EM, Pullback Opportunities in Europe, Japan Poised to Breakout

Japan

OMRON Corporation manufactures electronic components, equipment and systems used for factory automation. The Company provides products and services in a variety of fields including industrial automation, electronic components, automotive electronics, social systems such as ticket gate machines and traffic control, and healthcare.

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Omron Corp (6645 JP)

Omron (6645) Maybe Time to Let This Go

These shares have done well since our June 2017 buy note, outperforming TOPIX by 25% and rising by 50%. We now feel that all is priced in the share...

Pearl Hill Advisors

Online Retail Boom and Autonomous Car Sensors Transforming Robotics…

The huge investment being made in autonomous vehicles will dramatically boost the use of robots in new sectors, as sensors such as Lidar give them...

Sean Maher

Omron Placement - Everything You Need to Pocket the Placement Discount

MUFG is selling 3.3m shares of Omron Corp (6645 JP), worth approximately, US$184m. Post-sale, MUFG will still hold 2.5% of the company's total...

Zhen Zhou, Toh

A Tiny Omron (6645 JP) Offering - What's Behind It?

This is a short, short quicknote on what is a tiny offering.Today, Omron Corp (6645 JP) announced a Secondary Offering by Bank of Tokyo Mitsubishi...

Travis Lundy

Global Equity Strategy: Overweight EM, Pullback Opportunities in Europe, Japan Poised to Breakout

In the attached strategy document we expand upon themes and opportunities in materials, technology and financials as well as an overview of...

Vermilion Research

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