Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<table class="table table-striped"><tbody>
<tr>
<td style="text-align: left;">Stock</td>
<td style="text-align: left;">Business</td>
<td style="text-align: left;">Shr pr</td>
<td style="text-align: left;">Mkt cap (US$ bn)</td>
<td style="text-align: left;">PE (x)</td>
<td style="text-align: left;">Yield (%)</td>
<td style="text-align: left;">ROI (%)</td>
</tr>
<tr>
<td>Facebook (FB)</td>
<td>Social network</td>
<td>USD128</td>
<td>358</td>
<td>61.3</td>
<td>0</td>
<td>12.6</td>
</tr>
<tr>
<td>Softbank (9984)</td>
<td>Venture capital</td>
<td>6,691 Yen</td>
<td>78.5</td>
<td>17.7</td>
<td>0.6</td>
<td>3.4</td>
</tr>
<tr>
<td>Fanuc (6954)</td>
<td>Robotics</td>
<td>16,735 Yen</td>
<td>33.5</td>
<td>23.5</td>
<td>2.9</td>
<td>10.2</td>
</tr>
<tr>
<td>Intuch</td>
<td>Telecoms/venture cap</td>
<td>52.25 Baht</td>
<td>4.8</td>
<td>8.8</td>
<td>8.8</td>
<td> 54.8</td>
</tr>
</tbody></table>Two Old Men. As we highlighted earlier in <a href="https://www.smartkarma.com/insights/sathorn-series-1-the-case-against-rate-cuts" target="_blank" data-smartkarma-citation="insights:5359">Sathorn Series 1: The Case Against Rate Cuts</a> , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…



Stock
Business
Shr pr
Mkt cap (US$ bn)
PE (x)
Yield (%)
ROI (%)


Facebook (FB)
Social network
USD128
358
61.3
0
12.6


Softbank (9984)
Venture capital
6,691 Yen
78.5
17.7
0.6
3.4


Fanuc (6954)
Robotics
16,735 Yen
33.5
23.5
2.9
10.2


Intuch
Telecoms/venture cap
52.25 Baht
4.8
8.8
8.8
 54.8

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Thematic (Sector/Industry)

<a href="https://www.smartkarma.com/profiles/710" target="_blank" data-smartkarma-citation="accounts:710">Pelham Smithers</a> came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (<a href="https://www.smartkarma.com/insights/japan-flow-i-the-boj-s-new-etf-buying" target="_blank">I</a>, <a href="https://www.smartkarma.com/insights/japan-flow-ii-just-what-etfs-does-the-boj-buy-could-we-see-an-april2000-style-nikkei-225-rebal" target="_blank">II</a>, and <a href="https://www.smartkarma.com/insights/japan-flow-iii-the-mechanics-of-boj-buying" target="_blank">III</a>) and activity by foreigners on the TSE over time (<a href="https://www.smartkarma.com/insights/japan-flow-iv-foreign-flows-matter-they-have-clear-cycles" target="_blank">Japan Flow IV</a>). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (I, II, and III) and activity by foreigners on the TSE over time (Japan Flow IV). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

The under-performance of Japan's non-IT sector was our focus last time (see <a href="https://www.smartkarma.com/insights/japan-non-it-industries-overcoming-deflation-not-enough" target="_blank" data-smartkarma-citation="insights:4491">Japan Non-IT Industries: Overcoming Deflation Not Enough</a> ), where we demonstrated why overcoming deflation alone will not resolve Japan's economic problems.  We observed clear out-performance of the "deflationary" IT vs non-IT sector in terms of productivity.  We then examined the role of Investment-Specific Technology (relative capital vs consumer goods deflation) in productivity growth and found it responsible for…

The under-performance of Japan's non-IT sector was our focus last time (see Japan Non-IT Industries: Overcoming Deflation Not Enough ), where we demonstrated why overcoming deflation alone will not resolve Japan's economic problems.  We observed clear out-performance of the "deflationary" IT vs non-IT sector in terms of productivity.  We then examined the role of Investment-Specific Technology (relative capital vs consumer goods deflation) in productivity growth and found it responsible for…

Overcoming Deflation Is Not Enough Part II: Japanese Services

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( <a href="https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926" target="_blank">https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926</a> ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( <a href="http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/" target="_blank">http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/</a> ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926 ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/ ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Short Sell Research Vs The Japan Stock Market Blob

Event-Driven

Given that the iPhone 7 is expected to be pretty similar to the iPhone 6s, it is not surprising that the Japanese stock market has generally shown more interest in 2017's anticipated OLED / Glass offering. However, as more and more snippets about the iPhone 7 hit the rumour mills, the Japanese stock market is beginning to think that the iPhone 7 may prove to be rather more important for Japanese companies than originally thought.Perhaps the most important story circulating is that Apple is to…

Given that the iPhone 7 is expected to be pretty similar to the iPhone 6s, it is not surprising that the Japanese stock market has generally shown more interest in 2017's anticipated OLED / Glass offering. However, as more and more snippets about the iPhone 7 hit the rumour mills, the Japanese stock market is beginning to think that the iPhone 7 may prove to be rather more important for Japanese companies than originally thought.Perhaps the most important story circulating is that Apple is to…

IPhone 7 Implications for Japanese Stocks

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no...

Athaporn Arayasantiparb, CFA

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan...

Travis Lundy

Overcoming Deflation Is Not Enough Part II: Japanese Services

The under-performance of Japan's non-IT sector was our focus last time (see Japan Non-IT Industries: Overcoming Deflation Not Enough ), where we...

Naomi Fink

Short Sell Research Vs The Japan Stock Market Blob

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" (...

Pelham Smithers Associates

IPhone 7 Implications for Japanese Stocks

Given that the iPhone 7 is expected to be pretty similar to the iPhone 6s, it is not surprising that the Japanese stock market has generally shown...

Pelham Smithers Associates

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