Diversified Industries

Avi Dalfen

Pennock Idea Hub

We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side. 

We offer the best research for institutional investors by:

-Only publishing research from veteran analysts
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Cross-Asset & Quantitative Research

Thematic (Sector/Industry)

Highlights of significant happenings this past week include:
<div>
<ol>
<li>
Feeding the Dragon -  <a href="https://www.smartkarma.com/entities/26044" target="_blank" data-smartkarma-citation="entities:26044:1">Weichai Power (000338 CH)</a> adds to its global stable of leading clean vehicle technologies; <a href="https://www.smartkarma.com/entities/2332" target="_blank" data-smartkarma-citation="entities:2332:1">Tokyo Gas (9531 JP)</a> and <a href="https://www.smartkarma.com/entities/12418" target="_blank" data-smartkarma-citation="entities:12418:1">Toho Gas Co Ltd (9533 JP)</a> are buying gas from <a href="https://www.smartkarma.com/entities/20668" target="_blank" data-smartkarma-citation="entities:20668:1">Mitsubishi Corp (8058 JP)</a>'s Canadian LNG project; and Korean fund managers are buying real estate accross the Pacific Ocean.</li>
<li>
Local News on Global Companies – <a href="https://www.smartkarma.com/entities/665" target="_blank" data-smartkarma-citation="entities:665:1">Facebook Inc A (FB US)</a> Dating making its debut; <a href="https://www.smartkarma.com/entities/20451" target="_blank" data-smartkarma-citation="entities:20451:1">Netflix Inc (NFLX US)</a>  is the latest technology company being accused of misusing private information; <a href="https://www.smartkarma.com/entities/20824" target="_blank" data-smartkarma-citation="entities:20824:1">Kroger Co (KR US)</a>, <a href="https://www.smartkarma.com/entities/11134" target="_blank" data-smartkarma-citation="entities:11134:1">Wal Mart Stores (WMT US)</a>, and Albertsons Cos. (ABS US), are each spending as much as is needed to stay "relevant"; <a href="https://www.smartkarma.com/entities/3593" target="_blank" data-smartkarma-citation="entities:3593:1">Prologis Inc (PLD US)</a> is starting to look for properties in Brazil; and <a href="https://www.smartkarma.com/entities/984" target="_blank" data-smartkarma-citation="entities:984:1">Yum! Brands Inc (YUM US)</a>'s Pizza Hut will bring a pizza oven to you.</li>
<li>
Trade Deals &amp; No Deals – <a href="https://www.smartkarma.com/entities/127" target="_blank" data-smartkarma-citation="entities:127:1">Geely Automobile Holdings (175 HK)</a>'s plans to export and import Swedish vehicles between the U.S. and China get knocked off the road; and America’s soybean farmers are taking a huge gamble.</li>
<li>
Outliers - What citizens of China, South Korea and Japan should not be photographed doing when they are in Canada.</li>
</ol>
</div>

Highlights of significant happenings this past week include:



Feeding the Dragon -  Weichai Power (000338 CH) adds to its global stable of leading clean vehicle technologies; Tokyo Gas (9531 JP) and Toho Gas Co Ltd (9533 JP) are buying gas from Mitsubishi Corp (8058 JP)'s Canadian LNG project; and Korean fund managers are buying real estate accross the Pacific Ocean.

Local News on Global Companies – Facebook Inc A (FB US) Dating making its debut; Netflix Inc (NFLX US)  is the latest technology company being accused of misusing private information; Kroger Co (KR US), Wal Mart Stores (WMT US), and Albertsons Cos. (ABS US), are each spending as much as is needed to stay "relevant"; Prologis Inc (PLD US) is starting to look for properties in Brazil; and Yum! Brands Inc (YUM US)'s Pizza Hut will bring a pizza oven to you.

Trade Deals &amp; No Deals – Geely Automobile Holdings (175 HK)'s plans to export and import Swedish vehicles between the U.S. and China get knocked off the road; and America’s soybean farmers are taking a huge gamble.

Outliers - What citizens of China, South Korea and Japan should not be photographed doing when they are in Canada.



Business Happenings in the Americas that May Be “Below the Radar” - Week Ending November 13, 2018

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Below is the list of the Japan/Korea related posts put on the Smartkarma platform during the week of Oct 29.




Date
Insight Provider
Insight
Country


Oct 26
Douglas Kim
Samsung SDI: Major Highlights of 3Q18 Earnings Conference Call
Korea


Oct 26
Sanghyun Park
Orion Holdings Stub Trade: Time Seems to Be Ripe for Both Clear &amp; Market Neutral Setups
Korea


Oct 27
David Rubenstein
The Hidden Gem Shines Bright, Hitachi High Technologies (8036) 1H Earnings
Japan


Oct 27
Douglas Kim
Neofect IPO Preview (Part 1): AI + Innovative Rehab Solutions = Kaching $$$
Korea


Oct 28
Travis Lundy
Faurecia to Buy Clarion at ¥2500/Share
Japan


Oct 28
Travis Lundy
ORIX Tender Offer for Daikyo (8840 JP)
Japan


Oct 28
David Blennerhassett
Last Week in Event SPACE: WorleyParsons, Clarion, Healthscope, Idemitsu/Showa, Intu, Mazda, Orion
Japan


Oct 28
Sanghyun Park
Hyosung Holdings Four Way Tender Offer: Last Major Arb Event in Korea This Year
Korea


Oct 28
J. Brian Waterhouse
Hachijuni Bank (8359 JP): Cheap with Good Reason
Japan


Oct 29
Mio Kato, CFA
Yaskawa Electric: Still Early to Buy but Still ST Oversold While Read-Through to Fanuc Is Negative
Japan


Oct 29
Sanghyun Park
Woongjin's Surprise Deal with MBK Partners on Coway: Deal Summary &amp; Short-Term Approach
Korea


Oct 29
Douglas Kim
Korea M&amp;A Spotlight: Woongjin Group &amp; STIC Consortium Agrees to Acquire Coway
Korea


Oct 29
Scott Foster
Nidec (6594): Slowing Growth Undermines Valuations
Japan


Oct 29
Mio Kato, CFA
Komatsu: Profitability Improvement at KCM Spurs Blowout Numbers, Continue to Favour Komatsu Over HCM
Japan


Oct 29
Zhen Zhou, Toh
Softbank Telecom Pre-IPO Review - Vision Is Needed to Arrive at US$90bn Valuation
Japan


Oct 29
Dion Stéfan Büchner M.D., FCAP
Taisho 1H FY18 (YE Mar'19) Results - First Glance
Japan


Oct 30
Farha Sabri
Shin-Etsu Revises FY03/19 Upwards Guidance Following Strong 1H Performance
Japan


Oct 30
Dion Stéfan Büchner M.D., FCAP
Shionogi 1H FY18 (YE Mar'19) Results - First Glance
Japan


Oct 30
Arun George
SoftBank KK IPO Preview: Paying Dividends at a Full Price
Japan


Oct 30
Travis Lundy
TerraSky (3915 JP) - Tachiaigai Bunbai Likely Leads to TOPIX Inclusion
Japan


Oct 30
SC Capital
Mazda (7261)--Things Are Likely Worse Than the Headlines
Japan


Oct 30
Scott Foster
Misumi Group (9962 JP): Expansion Plan Undercut by Weak Demand
Japan


Oct 30
Sanghyun Park
Hyosung's Surprise Gift Makes It More Tempting to Buy Heavy &amp; Chem Shares to Reap 10% Yield Now
Korea


Oct 30
Supun Walpola
CyberAgent Down 18% After FY09/18 Earnings; We Are Still Bullish
Japan


Oct 30
Douglas Kim
Major Highlights of SK Telecom's 3Q18 Earnings Conference Call
Korea


Oct 30
Dion Stéfan Büchner M.D., FCAP
Mitsubishi Tanabe 1H FY18 (YE Mar'19) Results - First Glance
Japan


Oct 30
Dion Stéfan Büchner M.D., FCAP
Kyowa Hakko Kirin 3Q FY18 (YE Dec'18) Results - First Glance
Japan


Oct 30
Dion Stéfan Büchner M.D., FCAP
Sumitomo Dainippon 1H FY18 (YE Mar'19) Results - First Glance
Japan


Oct 31
Douglas Kim
Shinsegae Group's SSG.com Receives 1 Trillion Won Investment: Trying to Create Korea's Amazon Fresh
Korea


Oct 31
Thomas Schroeder
SK Hynix Met Our Short to Long Reverse Target
Korea


Oct 31
Chacko Jacob
Don Quijote: Potential Earnings Impact from Conversion of UNY Stores
Japan


Oct 31
Mio Kato, CFA
Chiyoda: Massive Loss from Cameron Sends Stock Limit Down
Japan


Oct 31
Travis Lundy
Dentsu Buy of Septeni - Interesting SmallCap TOB
Japan


Oct 31
Dion Stéfan Büchner M.D., FCAP
Daiichi Sankyo 1H FY18 (YE Mar'19) Results - First Glance
Japan


Oct 31
Aqila Ali
Koito Downgrades Its OP Guidance While Stanley’s Guidance Remains Unchanged
Japan


Oct 31
Dion Stéfan Büchner M.D., FCAP
Takeda 1H FY18 (YE Mar'19) Results - First Glance
Japan


Oct 31
Dion Stéfan Büchner M.D., FCAP
Astellas 1H FY18 (YE Mar'19) Results - First Glance
Japan


Nov 01
Sanghyun Park
Hyosung Tender Offer: Holdings Dividend-Adjusted Spread Calculations, Heavy Is at a 13.47% Spread
Korea


Nov 01
Federico D'Inca
BBSP - Tactical Cross Asset Weekly Paper
Japan


Nov 01
New Street Research Insights
Korean Telcos: Revenue Pressure Is Hitting Earnings. Share Price Gains Are Starting to Fade.
Korea


Nov 01
Dion Stéfan Büchner M.D., FCAP
Eisai 1H FY18 (YE Mar'19) Results - First Glance
Japan


Nov 01
Dion Stéfan Büchner M.D., FCAP
Ono 1H FY18 (YE Mar'19) Results - First Glance
Japan


Nov 02
Sanghyun Park
Clarifications About Hyosung Arb Trade and Holdings Dividend-Adjusted Yield (Or Spread)
Korea


Nov 02
Mio Kato, CFA
Toyota Group: Mobility as a Service Strategy Takes Shape with a Dash of Mobile Robot Pizza
Japan




Smartkarma’s Week that Was in JP/​​KR: Softbank Telecom IPO & Shinsegae's Pursuit of Amazon Fresh

Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

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

On Wednesday, <a href="https://www.smartkarma.com/entities/18703" target="_blank" data-smartkarma-citation="entities:18703:1">Denso Corp (6902 JP)</a> reported 2QFY03/19 results posting revenue growth of 11.1% YoY falling below consensus estimates by 1.4% and our estimates by nearly 4%. Further, on profitability, Denso failed to meet market expectations again posting OP down by 25.5% YoY falling below market expectations by a significant 29.3%.
The company mentioned that the decline in OP was mainly due to transient profit in the last fiscal year and variance of periods in collecting expenses alongside its increase in investment for future growth towards becoming a leading mobility supplier. We consider the latter to be consistent with the company’s recent moves, having witnessed the company’s business restructuring and its recent announcement on changes to the business model, aiming to focus on software-based solutions in addition to its hardware expertise.  Despite experiencing a decline in OP this quarter, Denso optimistically revises its OP guidance upwards by 0.8%. Following the release, Denso closed 2.4% down on Thursday from Wednesday’s close.

On Wednesday, Denso Corp (6902 JP) reported 2QFY03/19 results posting revenue growth of 11.1% YoY falling below consensus estimates by 1.4% and our estimates by nearly 4%. Further, on profitability, Denso failed to meet market expectations again posting OP down by 25.5% YoY falling below market expectations by a significant 29.3%.
The company mentioned that the decline in OP was mainly due to transient profit in the last fiscal year and variance of periods in collecting expenses alongside its increase in investment for future growth towards becoming a leading mobility supplier. We consider the latter to be consistent with the company’s recent moves, having witnessed the company’s business restructuring and its recent announcement on changes to the business model, aiming to focus on software-based solutions in addition to its hardware expertise.  Despite experiencing a decline in OP this quarter, Denso optimistically revises its OP guidance upwards by 0.8%. Following the release, Denso closed 2.4% down on Thursday from Wednesday’s close.

Denso Upgrades Its OP Guidance Despite Failing to Meet Market Expectations in 2QFY03/19

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/068/507/original/2018-11-02_10-20-29.png?1541121653" class="editor-image img-responsive" data-smartkarma-image-id="68507"></figure>Source: Japan Analytics
NB: companies are colour-coded by sector
</div>28 YEARS OF NON-FINANCIAL MARKET LEADERSHIP - To offer some light relief from the current market, we have compiled a graphic illustrating the evolution in the ranking of the leading non-financial Japanese companies by market capitalisation measured at the end of each of the last 28 years.METHODOLOGY - Our comments follow in the detail below, but first a few notes:-<ul>
<li>In the interests of clarity (/sanity?), financials have been omitted. Twelve of the Top 20-ranked companies in 1990 were financials. However, only <a href="https://www.smartkarma.com/entities/742" target="_blank" data-smartkarma-citation="entities:742:1">Nomura (8604 JP)</a>, <a href="https://www.smartkarma.com/entities/6483" target="_blank" data-smartkarma-citation="entities:6483:1">Aozora (8304 JP)</a> and <a href="https://www.smartkarma.com/entities/16897" target="_blank" data-smartkarma-citation="entities:16897:1">Shinsei (8303 JP)</a> have survived in their original corporate structure and have the same ticker code. Our chart would have otherwise have included the now-merged IBJ, Fuji Bank, Dai-Ichi Kangyo Bank, Mitsubishi Bank, Sakura Bank, Sumitomo Bank, Tokai Bank, Sanwa Bank and Mitsubishi Trust Bank.  Excluded from the present-day Top 20 are <a href="https://www.smartkarma.com/entities/218" target="_blank" data-smartkarma-citation="entities:218:1">Mitsubishi UFJ (8306 JP)</a>, <a href="https://www.smartkarma.com/entities/217" target="_blank" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>, <a href="https://www.smartkarma.com/entities/838" target="_blank" data-smartkarma-citation="entities:838:1">Japan Post Bank (7182 JP)</a>, <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post Holdings (6178 JP)</a> and <a href="https://www.smartkarma.com/entities/219" target="_blank" data-smartkarma-citation="entities:219:1">Mizuho Financial (8411 JP)</a> from the present day.</li>
<li>Only companies that were in the Top 20 in 1990 or 2018, as well as those companies that have been in the Top 10 for at least three of the last 28 years, have been included. </li>
<li>Two companies from 1990's Top 20 - Seibu Railway and Japan Airlines - have since been delisted. Although they have relisted as <a href="https://www.smartkarma.com/entities/458" target="_blank" data-smartkarma-citation="entities:458:1">Seibu Holdings (9024 JP)</a> and <a href="https://www.smartkarma.com/entities/1184" target="_blank" data-smartkarma-citation="entities:1184:1">Japan Airlines (9201 JP)</a>, they are no longer highly-ranked.</li>
<li>Seven current Top 20 companies - (<a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank (9984 JP)</a>, <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo (9437 JP)</a>, <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a>, <a href="https://www.smartkarma.com/entities/13498" target="_blank" data-smartkarma-citation="entities:13498:1">Japan Tobacco (2914 JP)</a>, <a href="https://www.smartkarma.com/entities/13520" target="_blank" data-smartkarma-citation="entities:13520:1">Central Japan Railway (9022 JP)</a>, <a href="https://www.smartkarma.com/entities/751" target="_blank" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a> and <a href="https://www.smartkarma.com/entities/15070" target="_blank" data-smartkarma-citation="entities:15070:1">Recruit (6098 JP)</a>)  - have listed during the last 28 years. </li>
</ul>THE 2050 RANKING?- Which of the current market leaders will still be in the Top 20 in 2050 in their current guise? For those still around to read this in 32 year's time, we would wager on just three - <a href="https://www.smartkarma.com/entities/3077" target="_blank" data-smartkarma-citation="entities:3077:1">Keyence (6861 JP)</a>, <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/563" target="_blank" data-smartkarma-citation="entities:563:1">Sony (6758 JP)</a>.


Source: Japan Analytics
NB: companies are colour-coded by sector
28 YEARS OF NON-FINANCIAL MARKET LEADERSHIP - To offer some light relief from the current market, we have compiled a graphic illustrating the evolution in the ranking of the leading non-financial Japanese companies by market capitalisation measured at the end of each of the last 28 years.METHODOLOGY - Our comments follow in the detail below, but first a few notes:-
In the interests of clarity (/sanity?), financials have been omitted. Twelve of the Top 20-ranked companies in 1990 were financials. However, only Nomura (8604 JP), Aozora (8304 JP) and Shinsei (8303 JP) have survived in their original corporate structure and have the same ticker code. Our chart would have otherwise have included the now-merged IBJ, Fuji Bank, Dai-Ichi Kangyo Bank, Mitsubishi Bank, Sakura Bank, Sumitomo Bank, Tokai Bank, Sanwa Bank and Mitsubishi Trust Bank.  Excluded from the present-day Top 20 are Mitsubishi UFJ (8306 JP), Sumitomo Mitsui Financial (8316 JP), Japan Post Bank (7182 JP), Japan Post Holdings (6178 JP) and Mizuho Financial (8411 JP) from the present day.
Only companies that were in the Top 20 in 1990 or 2018, as well as those companies that have been in the Top 10 for at least three of the last 28 years, have been included. 
Two companies from 1990's Top 20 - Seibu Railway and Japan Airlines - have since been delisted. Although they have relisted as Seibu Holdings (9024 JP) and Japan Airlines (9201 JP), they are no longer highly-ranked.
Seven current Top 20 companies - (Softbank (9984 JP), NTT Docomo (9437 JP), KDDI (9433 JP), Japan Tobacco (2914 JP), Central Japan Railway (9022 JP), Fast Retailing (9983 JP) and Recruit (6098 JP))  - have listed during the last 28 years. 
THE 2050 RANKING?- Which of the current market leaders will still be in the Top 20 in 2050 in their current guise? For those still around to read this in 32 year's time, we would wager on just three - Keyence (6861 JP), Toyota Motor (7203 JP) and Sony (6758 JP). 

Japan: The Evolution Of (Non-Financial) Market Leadership

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Yesterday <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a> announced that they would be further reforming their domestic sales structure to emphasise regional focus while also positioning car-sharing as a key business to help maintain domestic sales at the 1.5m unit level.The Toyota group is going through a lot of changes and we analyse these moves in that context below.And a new take on Pizza delivery -<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/068/502/original/2018_SEMA_PIE_PRO_TUNDRA_01_1B7CFABF746E20852CB01A94D0574C4215047919.jpg?1541119297" class="editor-image img-responsive" data-smartkarma-image-id="68502"></figure><div style="text-align: left;" class="content-caption">Source: Toyota</div>

Yesterday Toyota Motor (7203 JP) announced that they would be further reforming their domestic sales structure to emphasise regional focus while also positioning car-sharing as a key business to help maintain domestic sales at the 1.5m unit level.The Toyota group is going through a lot of changes and we analyse these moves in that context below.And a new take on Pizza delivery -Source: Toyota

Toyota Group: Mobility as a Service Strategy Takes Shape with a Dash of Mobile Robot Pizza

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor (7203 JP)

Business Happenings in the Americas that May Be “Below the Radar” - Week Ending November 13, 2018

Highlights of significant happenings this past week include: Feeding the Dragon - Weichai Power (000338 CH) adds to its global stable of...

Avi Dalfen

Smartkarma’s Week that Was in JP/KR: Softbank Telecom IPO & Shinsegae's Pursuit of Amazon Fresh

Below is the list of the Japan/Korea related posts put on the Smartkarma platform during the week of Oct 29.

Sanghyun Park

Denso Upgrades Its OP Guidance Despite Failing to Meet Market Expectations in 2QFY03/19

On Wednesday, Denso Corp (6902 JP) reported 2QFY03/19 results posting revenue growth of 11.1% YoY falling below consensus estimates by 1.4% and our...

Aqila Ali

Japan: The Evolution Of (Non-Financial) Market Leadership

28 YEARS OF NON-FINANCIAL MARKET LEADERSHIP - To offer some light relief from the current market, we have compiled a graphic illustrating the...

Campbell Gunn

Toyota Group: Mobility as a Service Strategy Takes Shape with a Dash of Mobile Robot Pizza

Yesterday Toyota Motor (7203 JP) announced that they would be further reforming their domestic sales structure to emphasise regional focus while...

Mio Kato

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Business Happenings in the Americas that May Be “Below the Radar” - Week Ending November 13, 2018

Highlights of significant happenings this past week include: Feeding the Dragon - Weichai Power (000338 CH) adds to its global stable of...

Avi Dalfen

Smartkarma’s Week that Was in JP/​​KR: Softbank Telecom IPO & Shinsegae's Pursuit of Amazon Fresh

Below is the list of the Japan/Korea related posts put on the Smartkarma platform during the week of Oct 29.

Sanghyun Park

Denso Upgrades Its OP Guidance Despite Failing to Meet Market Expectations in 2QFY03/19

On Wednesday, Denso Corp (6902 JP) reported 2QFY03/19 results posting revenue growth of 11.1% YoY falling below consensus estimates by 1.4% and our...

Aqila Ali

Japan: The Evolution Of (Non-Financial) Market Leadership

28 YEARS OF NON-FINANCIAL MARKET LEADERSHIP - To offer some light relief from the current market, we have compiled a graphic illustrating the...

Campbell Gunn

Toyota Group: Mobility as a Service Strategy Takes Shape with a Dash of Mobile Robot Pizza

Yesterday Toyota Motor (7203 JP) announced that they would be further reforming their domestic sales structure to emphasise regional focus while...

Mio Kato

Smartkarma’s Week that Was in JP/KR: Softbank Telecom IPO & Shinsegae's Pursuit of Amazon Fresh