'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)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/130/058/original/2020-04-28_05-09-49.png?1588018213" class="editor-image img-responsive" data-smartkarma-image-id="130058"></figure><div class="content-caption">Source • Japan Analytics</div>THE 'UNLIMTED' BANK OF JAPAN - The Bank of Japan's well-telegraphed announcement that they will be free of any constraints in their purchases of fixed income securities had limited impact on the exchange rate and bond markets. In practice, the central bank is limited by the lack of availability of JGBs and yields already being current at their target rate of zero. However, the extension of the BoJ remit to cover corporate bonds and even 'household debt' did prompt short-covering of indebted deep cyclical sectors of the equity market. There were no new purchases of ETFs yesterday.FORECAST REVISION SCORE &lt; RESULTS SCORE - Our Forecast/Revision Score has been higher than our Results Score since February as companies with December year-ends released bullish forecasts for 2020. Many of these forecasts are now being revised down or, as in the case of <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon  (7751 JP)</a>, are being withdrawn.  This Score 'crossover' has been bearish for equities over the past decade, and we would require the reverse for a medium or long-term 'buy' signal for Japanese equities. One caveat is the large number of companies forgoing making initial forecasts for FY2021. Yesterday, only seventeen of the forty-four annual results declarations were accompanied by new forecasts. In the DETAIL below, we shall review Monday's large-cap results, revisions and initial forecast announcements.  The positive/neutral/negative balance for the 52 results was 23:5:24; and for the 50 revisions/initial forecasts, the split was 22:2:26. Four companies, including <a href="https://www.smartkarma.com/entities/stanley-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:1330:1" rel="noopener">Stanley Electric (6923 JP)</a>  cut their dividends; two increased.

Source • Japan AnalyticsTHE 'UNLIMTED' BANK OF JAPAN - The Bank of Japan's well-telegraphed announcement that they will be free of any constraints in their purchases of fixed income securities had limited impact on the exchange rate and bond markets. In practice, the central bank is limited by the lack of availability of JGBs and yields already being current at their target rate of zero. However, the extension of the BoJ remit to cover corporate bonds and even 'household debt' did prompt short-covering of indebted deep cyclical sectors of the equity market. There were no new purchases of ETFs yesterday.FORECAST REVISION SCORE &lt; RESULTS SCORE - Our Forecast/Revision Score has been higher than our Results Score since February as companies with December year-ends released bullish forecasts for 2020. Many of these forecasts are now being revised down or, as in the case of Canon  (7751 JP), are being withdrawn.  This Score 'crossover' has been bearish for equities over the past decade, and we would require the reverse for a medium or long-term 'buy' signal for Japanese equities. One caveat is the large number of companies forgoing making initial forecasts for FY2021. Yesterday, only seventeen of the forty-four annual results declarations were accompanied by new forecasts. In the DETAIL below, we shall review Monday's large-cap results, revisions and initial forecast announcements.  The positive/neutral/negative balance for the 52 results was 23:5:24; and for the 50 revisions/initial forecasts, the split was 22:2:26. Four companies, including Stanley Electric (6923 JP)  cut their dividends; two increased. 

🇯🇵 JAPAN • Results & Revisions 28th April - The 'Unlimited' BoJ + Panasonic, T.Yuden, Kao, Kyocera

Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

Equity Bottom-Up

Last week, it was reported that Toyota and <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> will spend around JPY 200 bn ($1.81 bn) on building a smart city, starting in 2021. Despite the ongoing pandemic, Toyota is continuing to work on its next-generation technology aims.NTT is one of the dominant telco providers in Japan, and Toyota already partnered with the carrier in 2017 for research and development on connectivity. Besides NTT, the company has also partnered with the other two dominant telecommunication operators: <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> and <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a>.Toyota had initially partnered with KDDI (in 2016) for its connectivity goal. The partnership was formed to develop a global connectivity platform. That said, it seems that Toyota has been working with both NTT and KDDI to exploit its connectivity plans. The recent partnership with NTT could suggest that the company is getting closer to NTT than KDDI for connectivity goals. However, we believe that Toyota has carefully planned how it could use each of the telco providers in pioneering CASE goals.The key focus behind this deal is the development of a smart city. Given Toyota’s investment in ‘Town Development Business’ (building smart homes with <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a>), its interest in building a smart city seems reasonable. Additionally, being a part of a smart city allows Toyota to expedite its CASE progress in the meantime, as the city is likely to deploy Toyota’s self-driving cars, and possibly its connectivity platform.We go through the details below.

Last week, it was reported that Toyota and NTT Data Corp (9613 JP) will spend around JPY 200 bn ($1.81 bn) on building a smart city, starting in 2021. Despite the ongoing pandemic, Toyota is continuing to work on its next-generation technology aims.NTT is one of the dominant telco providers in Japan, and Toyota already partnered with the carrier in 2017 for research and development on connectivity. Besides NTT, the company has also partnered with the other two dominant telecommunication operators: KDDI Corp (9433 JP) and Softbank Corp (9434 JP).Toyota had initially partnered with KDDI (in 2016) for its connectivity goal. The partnership was formed to develop a global connectivity platform. That said, it seems that Toyota has been working with both NTT and KDDI to exploit its connectivity plans. The recent partnership with NTT could suggest that the company is getting closer to NTT than KDDI for connectivity goals. However, we believe that Toyota has carefully planned how it could use each of the telco providers in pioneering CASE goals.The key focus behind this deal is the development of a smart city. Given Toyota’s investment in ‘Town Development Business’ (building smart homes with Panasonic Corp (6752 JP)), its interest in building a smart city seems reasonable. Additionally, being a part of a smart city allows Toyota to expedite its CASE progress in the meantime, as the city is likely to deploy Toyota’s self-driving cars, and possibly its connectivity platform.We go through the details below.

Toyota Partners with NTT for Smart City Development: Connection With Telco Providers Key for CASE

Last week it was reported that <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a> and <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a>’s Gigafactory 1 in Nevada, will close for 14 days after March 23. Tesla also announced that it will suspend its assembly plant for finished cars in California. Panasonic did not comment on the effect the production stoppage will have on its battery production levels.
During the 3Q earnings release, Panasonic reported that its Gigafactory with Tesla generated profits. It was expected that as Tesla’s production volume increases Panasonic should be able to stabilise profits from its battery business. While this is true to an extent, we have always considered Tesla’s volatility to be a risk for Panasonic (this time the volatility seems to have come from the virus outbreak).
Our key points:
<ul>
<li>Panasonic stops production at Gigafactory. This is likely to have short term impact on the company’s earnings.</li>
<li>However, Toyota, on the other hand, continues its investment plans in China for EVs.</li>
<li>Panasonic’s and Toyota’s factories in China are not affected by the COVID pandemic.</li>
<li>We believe that given Toyota’s partnership with Panasonic, the latter’s battery business in China is less likely to take a significant hit due to the ongoing virus outbreak.</li>
<li>Short term risks do exist, but we like the company for their strengthening ties with Toyota</li>
</ul>

Last week it was reported that Panasonic Corp (6752 JP) and Tesla Motors (TSLA US)’s Gigafactory 1 in Nevada, will close for 14 days after March 23. Tesla also announced that it will suspend its assembly plant for finished cars in California. Panasonic did not comment on the effect the production stoppage will have on its battery production levels.
During the 3Q earnings release, Panasonic reported that its Gigafactory with Tesla generated profits. It was expected that as Tesla’s production volume increases Panasonic should be able to stabilise profits from its battery business. While this is true to an extent, we have always considered Tesla’s volatility to be a risk for Panasonic (this time the volatility seems to have come from the virus outbreak).
Our key points:

Panasonic stops production at Gigafactory. This is likely to have short term impact on the company’s earnings.
However, Toyota, on the other hand, continues its investment plans in China for EVs.
Panasonic’s and Toyota’s factories in China are not affected by the COVID pandemic.
We believe that given Toyota’s partnership with Panasonic, the latter’s battery business in China is less likely to take a significant hit due to the ongoing virus outbreak.
Short term risks do exist, but we like the company for their strengthening ties with Toyota


Panasonic Suspends Production at Its Gigafactory: The Tesla-Effect on Panasonic Again?

The highlights since our last monthly, ‘<a href="https://www.smartkarma.com/insights/ev-batteries-monthly-covid-19-risks-panasonic-tesla-gigafactory-profits-catl-partners-with-tesla" target="_blank" data-smartkarma-citation="insights:36755" rel="noopener">EV Batteries Monthly: COVID 19 Risks; Panasonic-Tesla Gigafactory Profits &amp; CATL Partners with Tesla</a>’ are as follows:
<ul>
<li>The distance between <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a> and <a href="https://www.smartkarma.com/entities/panasonic-corp" target="_blank" data-smartkarma-citation="entities:222:1" rel="noopener">Panasonic Corp (6752 JP)</a> increases as the two end their joint solar cell production. Read <a href="https://www.smartkarma.com/insights/the-panasonic-tesla-split-continues-the-two-end-their-joint-solar-cell-production" target="_blank" data-smartkarma-citation="insights:37035" rel="noopener">The Panasonic &amp; Tesla Split Continues: The Two End Their Joint Solar Cell Production</a> for our detailed view on this.</li>
<li>Despite COVID19 risks, investments in China are continuing. We continue to believe that battery production in the country is less likely to be disrupted due to the virus outbreak ( <a href="https://www.smartkarma.com/insights/ev-batteries-monthly-covid-19-risks-panasonic-tesla-gigafactory-profits-catl-partners-with-tesla" target="_blank" data-smartkarma-citation="insights:36755" rel="noopener">EV Batteries Monthly: COVID 19 Risks; Panasonic-Tesla Gigafactory Profits &amp; CATL Partners with Tesla</a>):
<ul>
<li>
<a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> plans to build an EV plant in Tianjin partnering with local player- FAW. <a target="_blank"></a>Reuters also mentioned that Toyota is expanding its capacity in its Guangzhou-based venture with partner, GAC. If the news were true, it suggests the company’s continued confidence in the Chinese market despite COVID19 risks. We believe that given Toyota’s partnership with Panasonic, the latter’s battery business is less likely to take a significant hit due to the ongoing virus outbreak.</li>
<li>Chinese battery player- <a href="https://www.smartkarma.com/entities/contemporary-amperex-techn-a" target="_blank" data-smartkarma-citation="entities:24404:1" rel="noopener">CATL (A) (300750 CH)</a> is also continuing investment in the country to expand its battery manufacturing infrastructure to meet battery deals it has already signed.</li>
</ul>
</li>
<li>
<a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1" rel="noopener">General Motors Co (GM US)</a> is the latest addition to the EV race, with goals set for 2025. The company will partner with LG Chem and plans to build a $2.3 billion battery plant in Ohio.  The company expects its ‘Ultium’ battery technology, which uses 70% less cobalt and less nickel, in a pouch-style battery type, to reduce battery cost, allowing it to compete with Tesla on EV price.</li>
<li>The other battery makers did not report any interesting news during the period.</li>
<li>Following the COVID19 outbreak, the key battery players saw a decline in their stock prices. However, while the Chinese and Korean players outperformed the S&amp;P 500, Panasonic saw weaker performance than the market. We still believe that Panasonic is capable of hedging the possible COVID19 risks, especially in its battery business.</li>
</ul>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/123/157/original/image_68728465221584299424028.png?1584299425" class="editor-image img-responsive" data-smartkarma-image-id="123157"></figure>
<div class="content-remarks">
Source:CapIQ
</div>

The highlights since our last monthly, ‘EV Batteries Monthly: COVID 19 Risks; Panasonic-Tesla Gigafactory Profits &amp; CATL Partners with Tesla’ are as follows:

The distance between Tesla Motors (TSLA US) and Panasonic Corp (6752 JP) increases as the two end their joint solar cell production. Read The Panasonic &amp; Tesla Split Continues: The Two End Their Joint Solar Cell Production for our detailed view on this.
Despite COVID19 risks, investments in China are continuing. We continue to believe that battery production in the country is less likely to be disrupted due to the virus outbreak ( EV Batteries Monthly: COVID 19 Risks; Panasonic-Tesla Gigafactory Profits &amp; CATL Partners with Tesla):


Toyota Motor (7203 JP) plans to build an EV plant in Tianjin partnering with local player- FAW. Reuters also mentioned that Toyota is expanding its capacity in its Guangzhou-based venture with partner, GAC. If the news were true, it suggests the company’s continued confidence in the Chinese market despite COVID19 risks. We believe that given Toyota’s partnership with Panasonic, the latter’s battery business is less likely to take a significant hit due to the ongoing virus outbreak.
Chinese battery player- CATL (A) (300750 CH) is also continuing investment in the country to expand its battery manufacturing infrastructure to meet battery deals it has already signed.



General Motors Co (GM US) is the latest addition to the EV race, with goals set for 2025. The company will partner with LG Chem and plans to build a $2.3 billion battery plant in Ohio.  The company expects its ‘Ultium’ battery technology, which uses 70% less cobalt and less nickel, in a pouch-style battery type, to reduce battery cost, allowing it to compete with Tesla on EV price.
The other battery makers did not report any interesting news during the period.
Following the COVID19 outbreak, the key battery players saw a decline in their stock prices. However, while the Chinese and Korean players outperformed the S&amp;P 500, Panasonic saw weaker performance than the market. We still believe that Panasonic is capable of hedging the possible COVID19 risks, especially in its battery business.



Source:CapIQ


EV Batteries Monthly- Toyota To Invest In China Despite COVID Risks; GM's EV Plan Benefits LG Chem

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. 

Quantitative Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/122/342/original/2020-03-11_11-02-32.png?1583892183" class="editor-image img-responsive" data-smartkarma-image-id="122342"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/122/590/original/2020-03-12_07-42-03.png?1583966536" class="editor-image img-responsive" data-smartkarma-image-id="122590"></figure><div class="content-caption">Source • Japan Analytics</div>CUMULATIVE CASH FLOWS - In this third and final of our series on Japanese companies that might be compromised as the Covid-19 recession unfolds,  we shall look at Cumulative Cash Flows. Our cash flow model is derived from the disclosed Balance Sheets and Statements of Comprehensive Income and balances to zero for every company for every comparable period. Variations in disclosure between the audited annual yuho and unaudited quarterly kessan tanshin reports, notably when the company is reporting under the weaker IFRS standard can result in unavoidable quarter-to-quarter variations. Consequently, our analysis will focus on year-on-year changes as of the most recent quarterly disclosure irrespective of fiscal year-end.  Our review will cover six principal cash flow metrics:-<ul>
<li>
Operating Cash Flow - Operating Cash Flow comprises all cash flow items relating to transactions with customers and suppliers except inventory cash flows.</li>
<li>
Investing Cash Flow - Investing Cash Flow comprises cash flow to or from Fixed Assets and Inventories. Unlike GAAP Cash Flows Statements, It does not include investments in financial assets.</li>
<li>
Inventory Cash Flow - A sub-set of Investing Cash Flow, inventory Cash Flow is the change in Inventory on the Balance Sheet. </li>
<li>
Free Cash Flow - Free Cash Flow the sum of Operating Cash Flow, Fixed Asset Cash Flow and Inventory Cash Flow.</li>
<li>
Financing Cash Flow - Financing Cash Flow comprises Debt &amp; Lease Liabilities, Investments and the taxation that is allocated to Financing Cash Flow. Debt &amp; Lease Liabilities includes changes in Short and Long-Term Debt and Lease Liabilities and Interest and Bond Issuance Expenses.' Investments' includes Interest &amp; Dividend Income, Purchases and Sales of Securities, Loans, Gains and Losses on Marketable Securities and Equity Earnings.</li>
<li>Change in Cash - Change in Cash is the sum of Free Cash Flow, Financing Cash Flow and Shareholder Cash Flow after including Minorities &amp; Adjustments. </li>
</ul>EXCLUDED - Four companies have been excluded from our review as they have substantial financial subsidiaries - <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a>, <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony (6758 JP)</a>, <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post (6178 JP)</a> which distort their balance sheets. We have also excluded companies with a current market cap below ¥50b, although some exceptions have been made for abnormally large movements, such as those in <a href="https://www.smartkarma.com/entities/japan-display-inc" target="_blank" data-smartkarma-citation="entities:8280:1" rel="noopener">Japan Display (6740 JP).</a><a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>-  As an example of our analysis, Toshiba has seen the largest reduction in Cash as a percentage of market value over the last twelve months of any large-cap Japanese company. Toshiba's cash balance has declined by ¥1.4 trillion since peaking in 2019-Q2 - 114% of the current market cap. 70% of the cash generated between 2018-Q4 and 2019-Q2 has been allocated to share repurchases, dividends and cash reduction. The company's net cash remains at a healthy 51% of market value and 43% of Shareholders' Equity; however, Cumulative Operating Cash Flow will fall below zero in the current quarter. There are few additional reductions in Fixed Assets and Inventories that can be sustained without irreparable damage. The logic of buying back shares in an entity that has negative residual returns is not clear to us. Despite the potential for a TOPIX re-inclusion 'bounce', fundamentally the stock should be avoided.<div class="content-highlight">In the DETAIL Section below, we shall look at the top (or bottom) thirty large-cap companies on each of the metric above scaled by market capitalisation. </div>

Source • Japan AnalyticsCUMULATIVE CASH FLOWS - In this third and final of our series on Japanese companies that might be compromised as the Covid-19 recession unfolds,  we shall look at Cumulative Cash Flows. Our cash flow model is derived from the disclosed Balance Sheets and Statements of Comprehensive Income and balances to zero for every company for every comparable period. Variations in disclosure between the audited annual yuho and unaudited quarterly kessan tanshin reports, notably when the company is reporting under the weaker IFRS standard can result in unavoidable quarter-to-quarter variations. Consequently, our analysis will focus on year-on-year changes as of the most recent quarterly disclosure irrespective of fiscal year-end.  Our review will cover six principal cash flow metrics:-

Operating Cash Flow - Operating Cash Flow comprises all cash flow items relating to transactions with customers and suppliers except inventory cash flows.

Investing Cash Flow - Investing Cash Flow comprises cash flow to or from Fixed Assets and Inventories. Unlike GAAP Cash Flows Statements, It does not include investments in financial assets.

Inventory Cash Flow - A sub-set of Investing Cash Flow, inventory Cash Flow is the change in Inventory on the Balance Sheet. 

Free Cash Flow - Free Cash Flow the sum of Operating Cash Flow, Fixed Asset Cash Flow and Inventory Cash Flow.

Financing Cash Flow - Financing Cash Flow comprises Debt &amp; Lease Liabilities, Investments and the taxation that is allocated to Financing Cash Flow. Debt &amp; Lease Liabilities includes changes in Short and Long-Term Debt and Lease Liabilities and Interest and Bond Issuance Expenses.' Investments' includes Interest &amp; Dividend Income, Purchases and Sales of Securities, Loans, Gains and Losses on Marketable Securities and Equity Earnings.
Change in Cash - Change in Cash is the sum of Free Cash Flow, Financing Cash Flow and Shareholder Cash Flow after including Minorities &amp; Adjustments. 
EXCLUDED - Four companies have been excluded from our review as they have substantial financial subsidiaries - Z Holdings (4689 JP), Rakuten (4755 JP), Sony (6758 JP), Japan Post (6178 JP) which distort their balance sheets. We have also excluded companies with a current market cap below ¥50b, although some exceptions have been made for abnormally large movements, such as those in Japan Display (6740 JP).Toshiba (6502 JP)-  As an example of our analysis, Toshiba has seen the largest reduction in Cash as a percentage of market value over the last twelve months of any large-cap Japanese company. Toshiba's cash balance has declined by ¥1.4 trillion since peaking in 2019-Q2 - 114% of the current market cap. 70% of the cash generated between 2018-Q4 and 2019-Q2 has been allocated to share repurchases, dividends and cash reduction. The company's net cash remains at a healthy 51% of market value and 43% of Shareholders' Equity; however, Cumulative Operating Cash Flow will fall below zero in the current quarter. There are few additional reductions in Fixed Assets and Inventories that can be sustained without irreparable damage. The logic of buying back shares in an entity that has negative residual returns is not clear to us. Despite the potential for a TOPIX re-inclusion 'bounce', fundamentally the stock should be avoided.In the DETAIL Section below, we shall look at the top (or bottom) thirty large-cap companies on each of the metric above scaled by market capitalisation. 

🇯🇵 JAPAN • Who’s Swimming Naked? > Part 3: Cumulative Cash Flow

Japan

Panasonic Corporation manufactures electric and electronic products. The Company produces home appliances, car navigation systems, digital devices, computer peripherals, telecommunications, industrial equipment, and electronic parts. Panasonic has associated companies around the world.

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Panasonic Corp (6752 JP)

🇯🇵 JAPAN • Results & Revisions 28th April - The 'Unlimited' BoJ + Panasonic, T.Yuden, Kao, Kyocera

THE 'UNLIMTED' BANK OF JAPAN - The Bank of Japan's well-telegraphed announcement that they will be free of any constraints in their purchases of...

Campbell Gunn

Toyota Partners with NTT for Smart City Development: Connection With Telco Providers Key for CASE

Last week, it was reported that Toyota and NTT Data Corp (9613 JP) will spend around JPY 200 bn ($1.81 bn) on building a smart city, starting in...

Aqila Ali

Panasonic Suspends Production at Its Gigafactory: The Tesla-Effect on Panasonic Again?

Last week it was reported that Panasonic Corp (6752 JP) and Tesla Motors (TSLA US)’s Gigafactory 1 in Nevada, will close for 14 days after March...

Aqila Ali

EV Batteries Monthly- Toyota To Invest In China Despite COVID Risks; GM's EV Plan Benefits LG Chem

The highlights since our last monthly, ‘EV Batteries Monthly: COVID 19 Risks; Panasonic-Tesla Gigafactory Profits & CATL Partners with Tesla’...

Aqila Ali

🇯🇵 JAPAN • Who’s Swimming Naked? > Part 3: Cumulative Cash Flow

CUMULATIVE CASH FLOWS - In this third and final of our series on Japanese companies that might be compromised as the Covid-19 recession unfolds, ...

Campbell Gunn

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