Quality-first, Business-perspective Strategy, Urbem (HK) Limited

Steven Chen

Quality-first, Business-perspective Strategy

Equity Bottom-Up

<ul class="">
<li>We view Warren Buffett's move to invest in Japan's largest trading companies as being indicative of the lack of reasonably-valued opportunities in the US as well as the size disadvantage of Berkshire Hathaway;</li>
<li>While being in no place to judge the superinvestor's investment decision, we find better investment targets to "participate in the future of Japan," especially for those who manage a smaller AUM than Berkshire;</li>
<li>In this article, we list one superior-quality business that serves the backbone of Japan's economy (i.e., the SMEs);</li>
<li>Our investment strategy concentrates on quality from a business perspective and seeks long-term opportunities with a 10%-15% hurdle rate.</li>
</ul>


We view Warren Buffett's move to invest in Japan's largest trading companies as being indicative of the lack of reasonably-valued opportunities in the US as well as the size disadvantage of Berkshire Hathaway;
While being in no place to judge the superinvestor's investment decision, we find better investment targets to "participate in the future of Japan," especially for those who manage a smaller AUM than Berkshire;
In this article, we list one superior-quality business that serves the backbone of Japan's economy (i.e., the SMEs);
Our investment strategy concentrates on quality from a business perspective and seeks long-term opportunities with a 10%-15% hurdle rate.


One "Better" Quality Pick to Consider to Participate in the Future of Japan

'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)

<p><strong>FROM OPERATING TO FINANCING CASH FLOWS</strong> -  Having examined Operating Cash Flow in our previous <a href="https://www.smartkarma.com/insights/japan-stress-tests-part-2-operating-cash-flow-accruals" target="_blank" data-smartkarma-citation="insights:40321" rel="noopener">Insight</a>, we shall look into the 'stressors' between Operating Cash Flow and Financing Cash Flow. In our reformulated Cash Flow Statements, cash flows relating to operating activities are divided into Operating Cash Flows and Investing Cash Flows, which comprise Fixed Asset and Inventory Cash Flows.  Free Cash Flow is the sum of Operating Cash Flow, Fixed Asset Cash Flow and Inventory Cash Flow. Inventories are not included in Operating Cash Flow as they are considered discretionary, are often related to Fixed asset Cash Flows, and can be highly seasonal.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/141/225/original/2020-06-21_08-34-07.png?1592698079" class="editor-image img-responsive" data-smartkarma-image-id="141225"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>JAPAN WAS FCF POSITIVE IN Q4..</strong> - Despite the decline in Operating Cash Flow in the last quarter (the final quarter of the Fiscal Year for most Japanese companies), Investing Cash Flow was more positive than in any quarter since FY2016-Q4, which also coincided with the last business cycle low. As a result, the aggregate Free Cash Flow for the 3,639 listed non-financial companies (excluding<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/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/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post (6178 JP)</a>, <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony (6758 JP)</a>) was an impressive ¥8.4 trillion or an annualised yield of 6.4%.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/141/223/original/2020-06-21_08-51-12.png?1592697088" class="editor-image img-responsive" data-smartkarma-image-id="141223"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>..AS CAPEX WAS PUT ON HOLD</strong> - Seasonally Japanese companies capital expenditures are higher in the second half of the fiscal year- in FY2019, ¥21trillion was added to Operating Assets. In contrast, FY2020 saw a 79% decline in capex to ¥4.4 trillion, all of which was spent in the third quarter. This decline is the most substantial second-half quarter-on-quarter contraction in fixed asset outflows since 2009.   </p><p>In the <strong>DETAIL</strong> below, we shall highlight those 'outlier' large-cap companies which are either end of the capex, inventory and Free Cash Flow tables, and focus on those with the greatest intimations of business 'stress'. We have excluded the Real Estate Sector from this analysis due to the inherent volatility of fixed assets and inventory cash flows fo these companies.</p>

FROM OPERATING TO FINANCING CASH FLOWS -  Having examined Operating Cash Flow in our previous Insight, we shall look into the 'stressors' between Operating Cash Flow and Financing Cash Flow. In our reformulated Cash Flow Statements, cash flows relating to operating activities are divided into Operating Cash Flows and Investing Cash Flows, which comprise Fixed Asset and Inventory Cash Flows.  Free Cash Flow is the sum of Operating Cash Flow, Fixed Asset Cash Flow and Inventory Cash Flow. Inventories are not included in Operating Cash Flow as they are considered discretionary, are often related to Fixed asset Cash Flows, and can be highly seasonal.Source: Japan AnalyticsJAPAN WAS FCF POSITIVE IN Q4.. - Despite the decline in Operating Cash Flow in the last quarter (the final quarter of the Fiscal Year for most Japanese companies), Investing Cash Flow was more positive than in any quarter since FY2016-Q4, which also coincided with the last business cycle low. As a result, the aggregate Free Cash Flow for the 3,639 listed non-financial companies (excluding Rakuten (4755 JP), Z Holdings (4689 JP), Japan Post (6178 JP), Softbank Group (9984 JP) and Sony (6758 JP)) was an impressive ¥8.4 trillion or an annualised yield of 6.4%.Source: Japan Analytics..AS CAPEX WAS PUT ON HOLD - Seasonally Japanese companies capital expenditures are higher in the second half of the fiscal year- in FY2019, ¥21trillion was added to Operating Assets. In contrast, FY2020 saw a 79% decline in capex to ¥4.4 trillion, all of which was spent in the third quarter. This decline is the most substantial second-half quarter-on-quarter contraction in fixed asset outflows since 2009.   In the DETAIL below, we shall highlight those 'outlier' large-cap companies which are either end of the capex, inventory and Free Cash Flow tables, and focus on those with the greatest intimations of business 'stress'. We have excluded the Real Estate Sector from this analysis due to the inherent volatility of fixed assets and inventory cash flows fo these companies.

🇯🇵 JAPAN - Stress Tests Part 3 - Inventory, Fixed Asset & Free Cash Flows

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. 

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/124/787/original/2020-03-26_05-50-57.png?1585169482" class="editor-image img-responsive" data-smartkarma-image-id="124787"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>EARLY WARNINGS</strong> - This Insight is the second is a series of posts that will provide a 'real-time' update of the damage to corporate Japan's revenues and profits from the unfolding Covid-19 recession. Tuesday saw twenty-one forecast revisions by twenty companies and one withdrawal of forecasts and dividend cancellation by noodle restaurant <a href="https://www.smartkarma.com/entities/gourmet-kineya-co-ltd" target="_blank" data-smartkarma-citation="entities:11937:1" rel="noopener">Gourmet Kineya (9850 JP)</a>. Jewellery retailer <a href="https://www.smartkarma.com/entities/happiness-and-d-co-ltd" target="_blank" data-smartkarma-citation="entities:1246:1" rel="noopener">Happiness and D (3174 JP)</a> also reported interim results. The most significant revision was from <a href="https://www.smartkarma.com/entities/tdk-corp" target="_blank" data-smartkarma-citation="entities:18847:1" rel="noopener">TDK (6762 JP)</a> shown above.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/124/792/original/File%202020-03-26%204%2009%2018.jpeg?1585171207" class="editor-image img-responsive" data-smartkarma-image-id="124792"></figure><div class="content-caption">Source • covid19japan.com</div><p><strong>COVID-19</strong> - As we discussed in an earlier <a href="https://www.smartkarma.com/insights/japan-market-update-hit-the-boj-bid-and-wait-for-the-absolute-value-opportunity" target="_blank" data-smartkarma-citation="insights:37670" rel="noopener">Insight</a>, Japan's 'softly-softly' approach to the virus was likely to be 'tested' as the country was being encouraged to operate as close to normal last weekend. Yesterday saw the largest jump in new cases in one day since the outbreak Japan - 97 and 2 more deaths bringing the totals to 1,299 confirmed cases and 44 deaths from 23,521 people tested. Tokyo is now the epicentre with 220 cases which has prompted Governor Koike to recommend that people work from home as much as possible and avoid leaving home at this weekend as well as eating and drinking in groups - so no <em>hanami</em> parties! Despite the Governor's preference for cancellation and her scathing comments about an event in Saitama last weekend, another K-1 event to be held at Korakuen will go ahead behind closed doors. The Olympic torch relays have been cancelled. It remains to be seen if these persuasive measures will slow the spread. <strong>The rational assumption would be that Tokyo is now on the same path as London and New York.</strong></p>

Source • Japan AnalyticsEARLY WARNINGS - This Insight is the second is a series of posts that will provide a 'real-time' update of the damage to corporate Japan's revenues and profits from the unfolding Covid-19 recession. Tuesday saw twenty-one forecast revisions by twenty companies and one withdrawal of forecasts and dividend cancellation by noodle restaurant Gourmet Kineya (9850 JP). Jewellery retailer Happiness and D (3174 JP) also reported interim results. The most significant revision was from TDK (6762 JP) shown above.Source • covid19japan.comCOVID-19 - As we discussed in an earlier Insight, Japan's 'softly-softly' approach to the virus was likely to be 'tested' as the country was being encouraged to operate as close to normal last weekend. Yesterday saw the largest jump in new cases in one day since the outbreak Japan - 97 and 2 more deaths bringing the totals to 1,299 confirmed cases and 44 deaths from 23,521 people tested. Tokyo is now the epicentre with 220 cases which has prompted Governor Koike to recommend that people work from home as much as possible and avoid leaving home at this weekend as well as eating and drinking in groups - so no hanami parties! Despite the Governor's preference for cancellation and her scathing comments about an event in Saitama last weekend, another K-1 event to be held at Korakuen will go ahead behind closed doors. The Olympic torch relays have been cancelled. It remains to be seen if these persuasive measures will slow the spread. The rational assumption would be that Tokyo is now on the same path as London and New York.

🇯🇵 JAPAN • Revisions Early Warning System (EWS) 25th March

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/531/original/2020-02-06_03-39-10.png?1580933731" class="editor-image img-responsive" data-smartkarma-image-id="116531"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>5TH FEBRUARY ROUNDUP</strong> - Wednesday saw 171 Results and 65 Forecast/Revision announcements. The Results Score set another new three-year low losing 16bps to reach 0.35, while the Forecast/Revision Score shed 7bps to reach 0.08. The sogo shosha trading company results were weak, with the exception of <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" data-smartkarma-citation="entities:18448:1" rel="noopener">Itochu (8001 JP)</a>. Amongst large caps, <a href="https://www.smartkarma.com/entities/marubeni-corp" target="_blank" data-smartkarma-citation="entities:7463:1" rel="noopener">Marubeni (8002 JP)</a> and <a href="https://www.smartkarma.com/entities/dena-co-ltd" target="_blank" data-smartkarma-citation="entities:747:1" rel="noopener">DeNA(2432 JP)</a> had Operating Losses, while <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>, <a href="https://www.smartkarma.com/entities/fujikura-ltd" target="_blank" data-smartkarma-citation="entities:10768:1" rel="noopener">Fujikura (5803 JP)</a>, <a href="https://www.smartkarma.com/entities/daicel-corp" target="_blank" data-smartkarma-citation="entities:10533:1" rel="noopener">Daicel (4202 JP)</a>, and <a href="https://www.smartkarma.com/entities/furukawa-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:5193:1" rel="noopener">Furukawa Electric (5801 JP)</a> saw steep quarterly year-on-year OP declines. Amongst the 'winners' were <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:15003:1" rel="noopener">Square Enix (9684 JP)</a>, and <a href="https://www.smartkarma.com/entities/rengo-co-ltd" target="_blank" data-smartkarma-citation="entities:20278:1" rel="noopener">Rengo (3941 JP)</a>.</p><hr><p style="text-align: center;"><strong>• SECTOR TIMELINE •</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/532/original/2020-02-06_03-42-28.png?1580934310" class="editor-image img-responsive" data-smartkarma-image-id="116532"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>SECTOR TIMELINE</strong> - The <strong>Wholesale</strong> Sector was the largest loser yesterday with <a href="https://www.smartkarma.com/entities/mitsubishi-corp" target="_blank" data-smartkarma-citation="entities:20668:1" rel="noopener">Mitsubishi (8058 JP)</a> and <a href="https://www.smartkarma.com/entities/kanematsu-corp" target="_blank" data-smartkarma-citation="entities:5810:1" rel="noopener">Kanematsu (8020 JP)</a> joining Marubeni in posting poor results. <a href="https://www.smartkarma.com/entities/taiyo-nippon-sanso-corp" target="_blank" data-smartkarma-citation="entities:15756:1" rel="noopener">Taiyo Nippon Sanso (4091 JP)</a> slowing momentum and downward revision saw the <strong>Chemical</strong> Sector move lower again. <a href="https://www.smartkarma.com/entities/agc-inc" target="_blank" data-smartkarma-citation="entities:2167:1" rel="noopener">AGC (5201 JP)</a> initial forecast for FY2020 helped the <strong>Other Materials</strong> Sector recover some ground. </p>

Source • Japan Analytics5TH FEBRUARY ROUNDUP - Wednesday saw 171 Results and 65 Forecast/Revision announcements. The Results Score set another new three-year low losing 16bps to reach 0.35, while the Forecast/Revision Score shed 7bps to reach 0.08. The sogo shosha trading company results were weak, with the exception of Itochu (8001 JP). Amongst large caps, Marubeni (8002 JP) and DeNA(2432 JP) had Operating Losses, while Mazda Motor (7261 JP), Fujikura (5803 JP), Daicel (4202 JP), and Furukawa Electric (5801 JP) saw steep quarterly year-on-year OP declines. Amongst the 'winners' were Square Enix (9684 JP), and Rengo (3941 JP).• SECTOR TIMELINE •Source • Japan AnalyticsSECTOR TIMELINE - The Wholesale Sector was the largest loser yesterday with Mitsubishi (8058 JP) and Kanematsu (8020 JP) joining Marubeni in posting poor results. Taiyo Nippon Sanso (4091 JP) slowing momentum and downward revision saw the Chemical Sector move lower again. AGC (5201 JP) initial forecast for FY2020 helped the Other Materials Sector recover some ground. 

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 5th February ▲5201 4202 6269 ▼4091 9987 6869

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>On October 24th, US-based aircraft leasing company <a href="https://www.smartkarma.com/entities/aircastle-ltd" target="_blank" data-smartkarma-citation="entities:1642:1" rel="noopener">Aircastle Ltd (AYR US)</a><a href="https://investors.aircastle.com/news-releases/news-release-details/aircastle-announces-review-strategic-alternatives" target="_blank" rel="noopener">announced</a> a review of strategic alternatives stating that they had received "<em>non-binding expressions of interest from multiple third parties</em>" and that they were in preliminary discussion regarding a sale of the company. </p><p>Aircastle <a href="https://sec.report/Document/0001104659-19-061158/" target="_blank" rel="noopener">announced on 6th November</a> that they had reached an agreement with 28.8%-shareholder <a href="https://www.smartkarma.com/entities/marubeni-corp" target="_blank" data-smartkarma-citation="entities:7463:1" rel="noopener">Marubeni Corp (8002 JP)</a> to acquire the remaining 71.2% of Aircastle shares in an all-cash deal valuing the company at a market cap of US$2.4bn.</p><p>The Deal, which is expected close in the first half of 2020, is conditional on receiving approval from Aircastle's Shareholders and approval from the regulatory authorities. Marubeni will vote its 28.8% in favor of the Deal. </p><p>The Offer Price of US$32.00 per share comes at a healthy premium of 34.1% to the undisturbed closing price on October 23rd, the day before Aircastle's announcement of the strategic review. </p><p>Although Aircastle's shares are currently trading above the Offer Price, Aircastle is expected to continue paying its quarterly dividends until the deal closes.</p>

On October 24th, US-based aircraft leasing company Aircastle Ltd (AYR US)announced a review of strategic alternatives stating that they had received "non-binding expressions of interest from multiple third parties" and that they were in preliminary discussion regarding a sale of the company. Aircastle announced on 6th November that they had reached an agreement with 28.8%-shareholder Marubeni Corp (8002 JP) to acquire the remaining 71.2% of Aircastle shares in an all-cash deal valuing the company at a market cap of US$2.4bn.The Deal, which is expected close in the first half of 2020, is conditional on receiving approval from Aircastle's Shareholders and approval from the regulatory authorities. Marubeni will vote its 28.8% in favor of the Deal. The Offer Price of US$32.00 per share comes at a healthy premium of 34.1% to the undisturbed closing price on October 23rd, the day before Aircastle's announcement of the strategic review. Although Aircastle's shares are currently trading above the Offer Price, Aircastle is expected to continue paying its quarterly dividends until the deal closes.

Aircastle Takeover - Still Trading at a Premium But Good To Go At Terms

Japan

Sumitomo Corp is a general trading company.  The Company imports and exports a wide variety of goods such as metals, machinery, chemicals, fuel,food products, and textiles.  Sumitomo also operates real estate, construction, shipping, insurance, finance, and leasing businesses.

TOYOTA TSUSHO CORPORATION, a member of the Toyota Group, is a trading company. The Company markets automobiles, trucks, steel products, industrial machinery, chemical products, and energy in both domestic and overseas markets.  Toyota Tsusho primarily exports Toyota cars to Southeast Asia, China, the Middle East, and Latin America.

MonotaRO Co., Ltd. mainly sells machine tools, engine parts, and factory consumable goods on the web site.

Sojitz Corporation is a general trading company.  The Company has business divisions such as Machinery & Aerospace, Energy & Mineral Resources, Chemicals & Plastics, Real Estate Development & Forest Products, Consumer Lifestyle Business, and New Business Development Group.  Sojitz was formed through the business integration between Nichimen and Nissho Iwai.

MISUMI Group Inc. distributes precision machinery parts by mail order. The products include a variety of components such as press die, plastic mold, automated machinery, pc & network, and wiring.  The Company also sells supplies for factories, hospitals, and restaurants and semi-conductors by mail order.

IWATANI CORPORATION is a trading company supplying gases for industrial and household use.  The Company also handles fuel, consumer products, industrial materials, minerals, construction, agriculture, and medical products.  Iwatani produces liquid hydrogen with Mitsubishi Heavy Industries.

NAGASE & COMPANY, LTD. is a trading firm specializing in chemical products such as dyestuff, synthetic resins and rubber, and inorganic and organic chemicals.  The Company also handles electronics such as semiconductor manufacturing equipment and liquid crystal display (LCD) materials, as well as health care products such as cosmetics and medical equipment.

HANWA CO., LTD. wholesales, imports, and exports steel products, nonferrous metals, industrial machines, and food products.  The Company also handles chemical products, construction materials, and information equipment.  Hanwa has several subsidiaries and sales bases in the U.S. and around Asia.

INABA DENKI SANGYO CO., LTD. sells electric cables, plumbing products, and electronic equipment.  The Company's products include cables, electric switchboards, lighting equipment, sensors, and ducts.  Inaba Denki Sangyo also provides real estate management and data processing services.

KANEMATSU CORPORATION is a trading company handling textiles, fuel, chemicals, steel and housing construction materials, foodstuffs, and electronic equipment. The Company diversifies by operating a semiconductor-related IT (Information Technology) business.

Adani Enterprises Limited is an international trading house that operates from offices in India as well as other countries. The Company is involved in coal mining, cargo handling and power generation.  Adani also trades in a large number of products including textiles, energy, metals and agricultural products.

Reece Limited operates as a plumbing, building and hardware merchant throughout Australia.  The Company offers a variety of bathroom, kitchen and laundry products through its national stores and showrooms.  Reece's products are utilized by plumbers, consumers, architects, builders and interior designers.

United Rentals, Inc., through its subsidiary, is an equipment rental company operating a network of locations in the United States and Canada.  The Company serves the construction industry, industrial and commercial concerns, homeowners, and other individuals.

Fastenal Company sell industrial and construction supplies in a wholesale and retail fashion.  The Company markets its products and services throughout the United States, Canada, Mexico, Puerto Rico, Singapore, China, and The Netherlands.

Watsco, Inc. distributes air conditioning, heating, and refrigeration equipment, as well as related parts and supplies.  The Company operates various locations in the United States, with primary markets in the Sunbelt.

W.W. Grainger, Inc. distributes maintenance, repair and operating supplies, and related information to the commercial, industrial, contractor, and institutional markets in North America.  The Company's products include motors, HVAC equipment, lighting, hand and power tools, pumps, and electrical equipment.

Ashtead Group Plc is an international equipment rental company servicing customers nationwide in the US and the UK. The Company rents construction and industrial equipment. Ashtead generates approximately 85% of its revenue in the US through its subsidiary, Sunbelt Rentals with 388 locations across the US. The Group's UK business, A-Plant, has 106 locations nationwide.

Bunzl plc is a distribution group supplying a range of non-food consumable products for customers to operate their businesses but which they do not actually sell. The Company partners with both suppliers and customers in providing outsourcing solutions and service oriented distribution. Bunzl's main customer markets include grocery, foodservice, cleaning and safety.

Indutrade AB provides engineering and equipment, flow technology, industrial components, and special products.  The Company sells its products to industrial companies primarily in Northern Europe.

AerCap Holdings NV is the world's largest aircraft leasing firm by fleet value, and is listed on the New York Stock Exchange (AER). It has its headquarters in Dublin with offices in Amsterdam, Los Angeles, Shannon, Fort Lauderdale, Singapore, Shanghai, Abu Dhabi, Seattle and Toulouse.

Marubeni Corporation is a trading company with business divisions in iron & steel, information technology, utility & infrastructure, energy, food, metals & mineral resources, development & construction, and chemicals.  The Company markets its products globally through a network of sales offices and representative firms.

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Marubeni Corp (8002 JP)

One "Better" Quality Pick to Consider to Participate in the Future of Japan

Warren Buffett's Berkshire Hathaway

Steven Chen

🇯🇵 JAPAN - Stress Tests Part 3 - Inventory, Fixed Asset & Free Cash Flows

FROM OPERATING TO FINANCING CASH FLOWS - Having examined Operating Cash Flow in our previous Insight, we shall look into the 'stressors' between...

Campbell Gunn

🇯🇵 JAPAN • Revisions Early Warning System (EWS) 25th March

EARLY WARNINGS - This Insight is the second is a series of posts that will provide a 'real-time' update of the damage to corporate Japan's revenues...

Campbell Gunn

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 5th February ▲5201 4202 6269 ▼4091 9987 6869

5TH FEBRUARY ROUNDUP - Wednesday saw 171 Results and 65 Forecast/Revision announcements. The Results Score set another new three-year low losing...

Campbell Gunn

Aircastle Takeover - Still Trading at a Premium But Good To Go At Terms

On October 24th, US-based aircraft leasing company Aircastle Ltd (AYR US)announced a review of strategic alternatives stating that they had...

Travis Lundy

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