Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>It was a relatively quiet week for the broader index. However, there was a big sector shift towards tech and AI winners.</li>
<li>Japanese Heavy Equipment makers have technologies that will be in demand for decades. KHI trades below book. </li>
<li>As we head into AGM season, we take a look at interesting activist campaigns. </li>
</ul>


It was a relatively quiet week for the broader index. However, there was a big sector shift towards tech and AI winners.
Japanese Heavy Equipment makers have technologies that will be in demand for decades. KHI trades below book. 
As we head into AGM season, we take a look at interesting activist campaigns. 


Japan Weekly | Advantest, Ibiden, Kawasaki Heavy, SK Kaken, NCHD

<ul>
<li>OVERSEAS.  SPX positive on day, +2.5%WoW; SOX +5.4%WoW;  PCE Inflation sets stage for benign Fed; INTEL, KLC puts damper on tech party; TELSA delivers again; AMEX not seeing consumer weakness; </li>
<li>JAPAN. NKY Futs vs Cash +0.1%; USDJPY 129.88; Tokyo Dec CPI highest since 1981; GS sees highest base pay hike in decades.;  Fanuc 3Q beats on Robots; Sagawa hikes prices</li>
<li>DAILY. NUGGETS. Stealth Immigration - Foreigner workers in Japan hit all time high 1.82 million/2.7% of labour force. Clear policy on Immigration needed to help secure Japan's  future. </li>
</ul>


OVERSEAS.  SPX positive on day, +2.5%WoW; SOX +5.4%WoW;  PCE Inflation sets stage for benign Fed; INTEL, KLC puts damper on tech party; TELSA delivers again; AMEX not seeing consumer weakness; 
JAPAN. NKY Futs vs Cash +0.1%; USDJPY 129.88; Tokyo Dec CPI highest since 1981; GS sees highest base pay hike in decades.;  Fanuc 3Q beats on Robots; Sagawa hikes prices
DAILY. NUGGETS. Stealth Immigration - Foreigner workers in Japan hit all time high 1.82 million/2.7% of labour force. Clear policy on Immigration needed to help secure Japan's  future. 


Good Morning Japan |SPX Break Out In Sight ! ; PCE Inflation Delivers; Fed +25bps ? ; Awful INTEL

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Shinko Electric Industries / Event-Driven

<ul>
<li>Three years ago I wrote <a href="https://www.smartkarma.com/insights/fujitsu-subsidiary-selldowns-or-buy-ins" target="_blank" data-smartkarma-citation="insights:35032" rel="noopener">Fujitsu Subsidiary Selldowns or Buy-Ins?</a> My choice then was Fujitsu Frontech which was bought out 8 months later. </li>
<li>A Bloomberg article today with quotes from an interview with the CEO of Fujitsu fuelled some movement today. </li>
<li>The "obvious" trade is <a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a> but you have to buy the new dream.</li>
</ul>


Three years ago I wrote Fujitsu Subsidiary Selldowns or Buy-Ins? My choice then was Fujitsu Frontech which was bought out 8 months later. 
A Bloomberg article today with quotes from an interview with the CEO of Fujitsu fuelled some movement today. 
The "obvious" trade is Shinko Electric Industries (6967 JP) but you have to buy the new dream.


Fujitsu (6702) Subsidiary Selldowns To Come

Independent Insight Provider, Japanese equities, LightStream Research

Scott Foster

Independent Insight Provider, Japanese equities

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.

Equity Bottom-Up

<ul>
<li>Operating profit hit a 15-year high in the six months to September. That appears to have been the cyclical peak. </li>
<li>Guidance for 2H of FY Mar-23 is probably conservative, but year-on-year profit comparisons will probably be negative for at least a year. </li>
<li>After rising by 44% from mid-October to mid-November, Ibiden's share price has given up more than half that gain. Long term investors may again look for an entry point.</li>
</ul>


Operating profit hit a 15-year high in the six months to September. That appears to have been the cyclical peak. 
Guidance for 2H of FY Mar-23 is probably conservative, but year-on-year profit comparisons will probably be negative for at least a year. 
After rising by 44% from mid-October to mid-November, Ibiden's share price has given up more than half that gain. Long term investors may again look for an entry point.


Ibiden (4062 JP): Another Chance for Long-Term Investors

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

Taiwan Stock Exchange Weighted Index / Technical Analysis

<ul>
<li>The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.</li>
<li>As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.</li>
<li>Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services</li>
</ul>


The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.
Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services


Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Japan

IBIDEN CO, LTD. develops, produces, and markets ceramics, housing materials, and electronics.  The Company's products include printed circuit boards (PCB), graphite specialties, integrated circuit (IC) packages, ceramic fibers, melamine decorative high-pressure laminates, and pre-cut structural materials.

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Ibiden Co Ltd (4062 JP)

Japan Weekly | Advantest, Ibiden, Kawasaki Heavy, SK Kaken, NCHD

Foreign investors continue to flood into the Japanese market. There are plenty of AI beneficiaries and plenty of old economy companies that have in...

Mark Chadwick

Good Morning Japan |SPX Break Out In Sight ! ; PCE Inflation Delivers; Fed +25bps ? ; Awful INTEL

NKY Futs vs Cash +0.1%; Tokyo Dec CPI highest since 1981; GS sees highest base pay hike in decades.; Fanuc 3Q beats on Robots; Sagawa hikes...

Mark Chadwick

Fujitsu (6702) Subsidiary Selldowns To Come

A Bloomberg article on Fujitsu selling non-core subs was out today. Nothing new, but there is some nuance. I present a small review, and conclude...

Travis Lundy

Ibiden (4062 JP): Another Chance for Long-Term Investors

The shares have given up more than half of their recent gain. Profits have turned down, but that is well known. On a 5-year view, if you like...

Scott Foster

Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Bullish reversals: Taiwan $TAIEX, Korea $KOSPI, Netherlands' $AEX reversing YTD downtrends, while Hang Seng $HSI and China's CSI 300 are reversing...

Vermilion Research

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