Analyst - Japan Autos, Hirakata Office

Noriaki Hirakata, CFA

Analyst - Japan Autos

Hirakata Office

Thematic (Sector/Industry)

<div class="content-highlight"><p>Some media outlets reported that the White House considers introducing a 25% tariff on vehicles imported to the US. The sudden appearance of a Damocles sword hanging over their heads hit the Japanese automotive names hard today.<br><br>We were worried about a “rearrangement” of the competitive landscape in what such a tariff would likely result when we published the insight <a href="https://www.smartkarma.com/insights/does-the-japanese-auto-industry-has-a-home-market-or-is-it-homeless" target="_blank">Does the Japanese Auto Industry Have a Home Market or Is It Homeless?</a></p></div><p>Albeit being a substantive threat to margins and profitability…</p>

Some media outlets reported that the White House considers introducing a 25% tariff on vehicles imported to the US. The sudden appearance of a Damocles sword hanging over their heads hit the Japanese automotive names hard today.  We were worried about a “rearrangement” of the competitive landscape in what such a tariff would likely result when we published the insight Does the Japanese Auto Industry Have a Home Market or Is It Homeless?Albeit being a substantive threat to margins and profitability…

Handicap Japan: The Cost of Being the Road Team

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

<p>Trump is a bit of a conundrum. With his propensity to take to twitter to respond to minor slights it might be tempting to consider him a person who is concerned with appearances but almost everything he says invites criticism. What seems to get lost in the muddle and what people seem reluctant to give him credit for is something very simple. <strong>He makes things happen.</strong> And that is often better than stagnation in an undesirable, though tolerable state. The North Korea situation is an example and…</p>

Trump is a bit of a conundrum. With his propensity to take to twitter to respond to minor slights it might be tempting to consider him a person who is concerned with appearances but almost everything he says invites criticism. What seems to get lost in the muddle and what people seem reluctant to give him credit for is something very simple. He makes things happen. And that is often better than stagnation in an undesirable, though tolerable state. The North Korea situation is an example and…

What the Market May Be Missing About Trump's Trade "Strategy" With China

Equity Bottom-Up

<h2>The insight providers on Smartkarma proved their competitiveness with SUBARU call</h2><div class="content-highlight">
<p>SUBARU is an interesting stock. </p>
<p>Authentic, prominent and famous sell-side analysts from investment banks generally favor this name while the insight providers at Smartkarma have been skeptical.</p>
<p>One could call it a “battle of the platforms” between investment banking research and independent research.<br><br>SUBARU announced today that it failed to achieve FY17 guidance and gave a disappointing FY18 guidance. Perhaps it is…</p>
</div>

The insight providers on Smartkarma proved their competitiveness with SUBARU call
SUBARU is an interesting stock. 
Authentic, prominent and famous sell-side analysts from investment banks generally favor this name while the insight providers at Smartkarma have been skeptical.
One could call it a “battle of the platforms” between investment banking research and independent research.  SUBARU announced today that it failed to achieve FY17 guidance and gave a disappointing FY18 guidance. Perhaps it is…


SUBARU: Battle of the Research Platforms and FY17 Analyst Meeting Takeaways

Global Automotive Stocks/EV Focus/Event Driven, SC Capital

SC Capital

Global Automotive Stocks/EV Focus/Event Driven

Over 22 years covering Japanese equities on both the sell side and the buy side. 

Bottom-up Japan Equities Research

<ul>
<li>Subaru announced FY3/18 results and FY3/19 guidance at 13:00 Japan time. Results were slightly below the company's target and consensus estimates, but FY3/19 OP guidance of Y300bn is -24% below consensus estimates of Y394bn. <br><br>The stock is only down around -2% since the numbers came out, which appears strange given the huge gap between FY3/19 guidance and consensus. </li>
<li>The stock could be falling much less than one would expect in light of the weak guidance due to the fact that Subaru is basing its…</li>
</ul>


Subaru announced FY3/18 results and FY3/19 guidance at 13:00 Japan time. Results were slightly below the company's target and consensus estimates, but FY3/19 OP guidance of Y300bn is -24% below consensus estimates of Y394bn.   The stock is only down around -2% since the numbers came out, which appears strange given the huge gap between FY3/19 guidance and consensus. 
The stock could be falling much less than one would expect in light of the weak guidance due to the fact that Subaru is basing its…


Subaru's Bearish FY3/19 Guidance--Quick Look

<h2>FY17 full-year results were better than expected and FY18 guidance beat consensus.</h2><p>This is the first time ever in our career that Toyota delivered a significant positive surprise of this size. <br>FY17 actual result exceeded 3QFY17 guidance via better Volume/Mix and higher Expense reduction.</p><p>Unit sales for FY17 came in at 8,964K units, which is a slight decline from 8,971K units in FY16.<br><br>Operating profit for FY17 came in at 2,340 billion yen, a 20.3% increase YoY with an OP margin of 8.2%, up from 7.2%…</p>

FY17 full-year results were better than expected and FY18 guidance beat consensus.This is the first time ever in our career that Toyota delivered a significant positive surprise of this size.  FY17 actual result exceeded 3QFY17 guidance via better Volume/Mix and higher Expense reduction.Unit sales for FY17 came in at 8,964K units, which is a slight decline from 8,971K units in FY16.  Operating profit for FY17 came in at 2,340 billion yen, a 20.3% increase YoY with an OP margin of 8.2%, up from 7.2%…

Toyota Motors: FY17 Earnings Call: Cost Reduction Drive Brought Positive Surprise

Japan

Subaru Corp manufactures passenger cars, buses, motor vehicle parts, and industrial machinery.  The Company also produces aircraft parts and supplies it to defense agency and Boeing Co.  The Company sells its passenger cars under the Subaru brand name.

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Subaru Corp (7270 JP)

Handicap Japan: The Cost of Being the Road Team

Some media outlets reported that the White House considers introducing a 25% tariff on vehicles imported to the US. The sudden appearance of a...

Noriaki Hirakata, CFA

What the Market May Be Missing About Trump's Trade "Strategy" With China

Trump is a bit of a conundrum. With his propensity to take to twitter to respond to minor slights it might be tempting to consider him a person who...

Mio Kato

SUBARU: Battle of the Research Platforms and FY17 Analyst Meeting Takeaways

The insight providers on Smartkarma proved their competitiveness with SUBARU call SUBARU is an interesting stock. Authentic, prominent and famous...

Noriaki Hirakata, CFA

Subaru's Bearish FY3/19 Guidance--Quick Look

Subaru announced FY3/18 results and FY3/19 guidance at 13:00 Japan time. Results were slightly below the company's target and consensus estimates,...

SC Capital

Toyota Motors: FY17 Earnings Call: Cost Reduction Drive Brought Positive Surprise

FY17 full-year results were better than expected and FY18 guidance beat consensus.This is the first time ever in our career that Toyota delivered a...

Noriaki Hirakata, CFA

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