Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
OVERSEAS:  WCUP: Argentina/Messi prevail; SPX -2.1%WoW on recession narrative; SPX option expiry exacerbates moves;  Calls for new TESLA CEO; GS to cut 8% of workforce;  Covid spreads in China</li>
<li>
JAPAN:  NKY Futs at -0.9% vs Cash;  Defense Bill Approved - no tax hike till 2024; Lawson's Seijo Ishii IPO postponed; Renesas suspends China ops on Covid; Decarbonization-related investments unabated</li>
<li>
DAILY NUGGET:  We look a the another attempt of the Japanese government at regional revitalization. Smells of pork barrel spending to us. </li>
</ul>



OVERSEAS:  WCUP: Argentina/Messi prevail; SPX -2.1%WoW on recession narrative; SPX option expiry exacerbates moves;  Calls for new TESLA CEO; GS to cut 8% of workforce;  Covid spreads in China

JAPAN:  NKY Futs at -0.9% vs Cash;  Defense Bill Approved - no tax hike till 2024; Lawson's Seijo Ishii IPO postponed; Renesas suspends China ops on Covid; Decarbonization-related investments unabated

DAILY NUGGET:  We look a the another attempt of the Japanese government at regional revitalization. Smells of pork barrel spending to us. 


Good Morning Japan |Argentina and Messi Triumph! Recession Fears Persist - No Break for Equities

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>We discuss a pair trade among the major Japanese trading companies. We propose going long on Marubeni Corp and going short on Itochu. </li>
<li>We believe Marubeni has one of the most attractive valuations among the five major Japanese trading companies in terms of ROE vs. P/B and Itochu is the least attractive.</li>
<li>We like Marubeni's strength in food and agri businesses. Itochu is more dependent on metals, minerals and energy sectors which tend to be more volatile. </li>
</ul>


We discuss a pair trade among the major Japanese trading companies. We propose going long on Marubeni Corp and going short on Itochu. 
We believe Marubeni has one of the most attractive valuations among the five major Japanese trading companies in terms of ROE vs. P/B and Itochu is the least attractive.
We like Marubeni's strength in food and agri businesses. Itochu is more dependent on metals, minerals and energy sectors which tend to be more volatile. 


A Pair Trade of Japanese General Trading Companies: Long Marubeni & Short Itochu

Japan

Mitsubishi Corporation is a general trading company.  The Company has business groups such as New Business Initiatives, IT & Electronics, Fuels, Metals, Machinery, Chemicals, Living Essentials, and Professional Services.  Mitsubishi diversifies by satellite communications through a joint venture.

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Mitsubishi Corp (8058 JP)

Good Morning Japan |Argentina and Messi Triumph! Recession Fears Persist - No Break for Equities

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

A Pair Trade of Japanese General Trading Companies: Long Marubeni & Short Itochu

We discuss a pair trade among the major Japanese trading companies. We propose going long on Marubeni Corp and going short on Itochu.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)