'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. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/034/original/2018-08-16_19-07-34.png?1534672507" class="editor-image img-responsive" data-smartkarma-image-id="61034"></figure><div class="content-caption">Source: Japan Analytics</div>A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our '<a href="https://www.smartkarma.com/insights/japan-most-overbought-most-oversold-the-relative-price-score" target="_blank" data-smartkarma-citation="insights:21149">Nifty 50</a>' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.<div class="content-highlight">MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.</div>SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post [6178 JP</a>]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.<div class="content-highlight">
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
</div>SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.<div class="content-highlight">
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
</div>TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/038/original/2018-08-19_19-33-03.png?1534674804" class="editor-image img-responsive" data-smartkarma-image-id="61038"></figure>

Source: Japan AnalyticsA GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our 'Nifty 50' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is Japan Post [6178 JP]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

DOMESTIC  DEFENSIVE SECTORS ▲ GLOBAL CYCLICAL SECTORS ▼ -  The Q1 trend shift away from global cyclical sectors accelerated in the second quarter and all of these sectors saw declines in weight over the last three months.SECTOR RECOMMENDATIONS - Our most preferred sectors are currently Healthcare, Energy, Other Commercial Products, Utilities and Information Technology and least preferred sectors are Multi-Industry, Metals, Chemicals, Autos, Machinery, Banks and Consumer Services.MARKET OUTLOOK MIXED - With manufacturing sectors comprising 60% of the market and with many domestic sectors now fully-valued, it is hard to see the market making much headway over the rest of the summer.

DOMESTIC  DEFENSIVE SECTORS ▲ GLOBAL CYCLICAL SECTORS ▼ -  The Q1 trend shift away from global cyclical sectors accelerated in the second quarter and all of these sectors saw declines in weight over the last three months.SECTOR RECOMMENDATIONS - Our most preferred sectors are currently Healthcare, Energy, Other Commercial Products, Utilities and Information Technology and least preferred sectors are Multi-Industry, Metals, Chemicals, Autos, Machinery, Banks and Consumer Services.MARKET OUTLOOK MIXED - With manufacturing sectors comprising 60% of the market and with many domestic sectors now fully-valued, it is hard to see the market making much headway over the rest of the summer.

Japan : Q2 Sector & Company Performance Review

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<ul><li>Off-trade sales of RTD tea increased by 3% in current value terms to reach JPY1,519.4 billion and increased by 4% in volume terms to reach 6,490 million litres in 2017.</li><li>RTD tea reached its largest size ever in 2017, supported by consumers’ growing health awareness.</li><li>On-trade sales of RTD tea declined by 1% in both volume and current value terms in 2017, to JPY77.1 billion and 131 million litres.</li><li>ITO EN maintained its lead in RTD tea in 2017, with a 28% retail volume share.</li><li>Over the forecast period RTD tea will record off-trade CAGRs of 3% in both volume terms and at constant 2017 prices to reach JPY1,743.4 billion and 7,531 million litres in 2022.</li></ul>

Off-trade sales of RTD tea increased by 3% in current value terms to reach JPY1,519.4 billion and increased by 4% in volume terms to reach 6,490 million litres in 2017.RTD tea reached its largest size ever in 2017, supported by consumers’ growing health awareness.On-trade sales of RTD tea declined by 1% in both volume and current value terms in 2017, to JPY77.1 billion and 131 million litres.ITO EN maintained its lead in RTD tea in 2017, with a 28% retail volume share.Over the forecast period RTD tea will record off-trade CAGRs of 3% in both volume terms and at constant 2017 prices to reach JPY1,743.4 billion and 7,531 million litres in 2022.

Sector Capsule: Rtd (Ready to Drink) Tea in Japan

<ul><li>Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0 billion in 2017.</li><li>Sports drinks suffers due to the perception of limited consumption occasions.</li><li>Sports drinks are not sold via the on-trade channel in Japan.</li><li>Coca-Cola (Japan) maintained its lead in sports drinks in 2017, with a 44% retail value share.</li><li>Sports drinks to record negative off-trade CAGRs of 3% (volume) and 4% (at constant 2017 prices) over the forecast period for sales of 1,139 million litres and JPY250.1 billion in 2022.</li></ul>

Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0 billion in 2017.Sports drinks suffers due to the perception of limited consumption occasions.Sports drinks are not sold via the on-trade channel in Japan.Coca-Cola (Japan) maintained its lead in sports drinks in 2017, with a 44% retail value share.Sports drinks to record negative off-trade CAGRs of 3% (volume) and 4% (at constant 2017 prices) over the forecast period for sales of 1,139 million litres and JPY250.1 billion in 2022.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

In mid-late December, I wrote that the <a href="https://www.smartkarma.com/entities/24022" target="_blank" data-smartkarma-citation="entities:24022:1">Ito En Ltd Preferred Shares (25935 JP)</a> were cheap in <a href="https://www.smartkarma.com/insights/ito-en-pref-shares-cheap-vs-common-again-but" target="_blank" data-smartkarma-citation="insights:16264">Ito-En Pref Shares - Cheap Vs Common, Again, But...</a>The history and the reasoning in the intro last time is repeated below.<div class="content-highlight"><div class="content-remarks"><h2>The History</h2>The stated concept was that the company wanted to attract more individual shareholders, but because most did not vote in shareholder meetings, the idea was to offer shares without votes but with higher dividends to attract long-term individual shareholders. The idea was, in all likelihood, not that. It was to create a different kind of permanent poison pill.The terms of the preferred shares were that they would receive a dividend which was 125% of the common share dividend, and would not have voting rights unless no dividends had been paid for two consecutive years. If the company ever went into liquidation, the pref shares would have identical rights to common shares, but they would not be convertible to common shares at the option of the holder. They would, instead, be mandatorily convertible if the company did not survive a merger, or if a Tender Offer resulted in the company having a new owner of common shares of a ratio greater than 50%.<h2>The Idea Now</h2>The prefs are cheap.The closing prices today indicated a discount of 52.57% which is the widest spread on record.  This insight is labelled BULLISH because I expect the prefs to outperform the commons over the next year (i.e. the spread to tighten from here). </div><div class="content-remarks"><h2>The Trading</h2>The first day of listing, September 3rd, 2007, the shares traded at a 5% discount to common shares while offering a dividend yield 0.4% higher. That was the tightest discount and dividend spread the pair would see. Three months later, the dividend spread was more than a percent wide because the prefs had fallen to a 30% discount, and another 3 months later the pref shares had reached a 40% discount to the commons.After a multi-year narrowing of the prefs discount to the 15-25% area in the 2010-mid-2015 time period, from mid-2015 until mid-2016 the spread widened significantly towards the 50% area. In the past 18 months, the spread has ranged from a low 50% number to a mid-40% area for most of the period, briefly dipping to about 40% in early September 2016. </div></div>As shown in the previous <a href="https://www.smartkarma.com/insights/ito-en-pref-shares-cheap-vs-common-again-but" target="_blank">piece</a>, the ratio/spread has largely been driven by the parent, not the pref. The spread is sticky to common share performance. At a historical low on the ratio, a very wide fundamental spread, Ito-En trading at the highest multiples it had seen in a long time and expensive to peers, and the possibility of a new buyback program, it seemed like a good idea at the time.Indeed, a month later the company <a href="http://www.itoen.co.jp/eng/pdf/2017/nr/20180126.pdf" target="_blank">announced</a> it would purchase up to 450,000 pref shares in February and March. In February it <a href="http://www.itoen.co.jp/eng/pdf/2017/nr/20180301.pdf" target="_blank">purchased</a> 177,000 shares and in March to date the company has purchased another 130,000 shares or so as can be gleaned from today's <a href="http://www.itoen.co.jp/eng/pdf/2017/nr/20180323.pdf" target="_blank">announcement</a> of a ToSTNeT-3 buyback next Monday. Furthermore on March 1st Ito-En reported 9mo yoy declines in OP and NP and lowered its full-year forecasts. Since the original insight from December 19th (which turned out to be the low), Ito-En common shares are down 12%, the prefs are up 6.3%, the ratio is up 20.6%. <h2>Long-Term Ratio of 25935 vs 2593</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/048/050/original/25935%2020180323%20Long%20Term.PNG?1521794359" class="editor-image img-responsive" data-smartkarma-image-id="48050"></figure><div style="text-align: left;" class="content-caption">source: Bloomberg</div>Looking at Ito En by itself is not terribly encouraging. The top chart shows Ito-En vs a basket of peers (<a href="https://www.smartkarma.com/entities/20051" target="_blank" data-smartkarma-citation="entities:20051:1">Coca Cola Japan Bottlers Holdings (2579 JP)</a>, <a href="https://www.smartkarma.com/entities/18479" target="_blank" data-smartkarma-citation="entities:18479:1">Dydo Drinco Inc (2590 JP)</a>, <a href="https://www.smartkarma.com/entities/8218" target="_blank" data-smartkarma-citation="entities:8218:1">Suntory Beverage &amp; Food Ltd (2587 JP)</a>, <a href="https://www.smartkarma.com/entities/17153" target="_blank" data-smartkarma-citation="entities:17153:1">Yakult Honsha Co Ltd (2267 JP)</a>) in the blue line, and shows the absolute consensus forecasts (as measured by capitalIQ) for 2018-2020 OP for Ito-En in the thicker lines.The lower chart shows the same price ratio, and then shows the ratio of Ito-En consensus vs peers.  <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/048/064/original/Screen%20Shot%202018-03-23%20at%2010.05.08%20PM.png?1521813948" class="editor-image img-responsive" data-smartkarma-image-id="48064"></figure><div style="text-align: left;" class="content-caption">data sources: Bloomberg, capitalIQ, Travis Lundy</div>Ito-En's share price may be falling vs peers and outright, but it is not falling as fast as their forecasts, or as fast as the forecast ratio vs peers. It appears Ito-En could have room to fall. That would suggest further upside for the Pref/Common Ratio. But there is a catch...

In mid-late December, I wrote that the Ito En Ltd Preferred Shares (25935 JP) were cheap in Ito-En Pref Shares - Cheap Vs Common, Again, But...The history and the reasoning in the intro last time is repeated below.The HistoryThe stated concept was that the company wanted to attract more individual shareholders, but because most did not vote in shareholder meetings, the idea was to offer shares without votes but with higher dividends to attract long-term individual shareholders. The idea was, in all likelihood, not that. It was to create a different kind of permanent poison pill.The terms of the preferred shares were that they would receive a dividend which was 125% of the common share dividend, and would not have voting rights unless no dividends had been paid for two consecutive years. If the company ever went into liquidation, the pref shares would have identical rights to common shares, but they would not be convertible to common shares at the option of the holder. They would, instead, be mandatorily convertible if the company did not survive a merger, or if a Tender Offer resulted in the company having a new owner of common shares of a ratio greater than 50%.The Idea NowThe prefs are cheap.The closing prices today indicated a discount of 52.57% which is the widest spread on record.  This insight is labelled BULLISH because I expect the prefs to outperform the commons over the next year (i.e. the spread to tighten from here). The TradingThe first day of listing, September 3rd, 2007, the shares traded at a 5% discount to common shares while offering a dividend yield 0.4% higher. That was the tightest discount and dividend spread the pair would see. Three months later, the dividend spread was more than a percent wide because the prefs had fallen to a 30% discount, and another 3 months later the pref shares had reached a 40% discount to the commons.After a multi-year narrowing of the prefs discount to the 15-25% area in the 2010-mid-2015 time period, from mid-2015 until mid-2016 the spread widened significantly towards the 50% area. In the past 18 months, the spread has ranged from a low 50% number to a mid-40% area for most of the period, briefly dipping to about 40% in early September 2016. As shown in the previous piece, the ratio/spread has largely been driven by the parent, not the pref. The spread is sticky to common share performance. At a historical low on the ratio, a very wide fundamental spread, Ito-En trading at the highest multiples it had seen in a long time and expensive to peers, and the possibility of a new buyback program, it seemed like a good idea at the time.Indeed, a month later the company announced it would purchase up to 450,000 pref shares in February and March. In February it purchased 177,000 shares and in March to date the company has purchased another 130,000 shares or so as can be gleaned from today's announcement of a ToSTNeT-3 buyback next Monday. Furthermore on March 1st Ito-En reported 9mo yoy declines in OP and NP and lowered its full-year forecasts. Since the original insight from December 19th (which turned out to be the low), Ito-En common shares are down 12%, the prefs are up 6.3%, the ratio is up 20.6%. Long-Term Ratio of 25935 vs 2593source: BloombergLooking at Ito En by itself is not terribly encouraging. The top chart shows Ito-En vs a basket of peers (Coca Cola Japan Bottlers Holdings (2579 JP), Dydo Drinco Inc (2590 JP), Suntory Beverage &amp; Food Ltd (2587 JP), Yakult Honsha Co Ltd (2267 JP)) in the blue line, and shows the absolute consensus forecasts (as measured by capitalIQ) for 2018-2020 OP for Ito-En in the thicker lines.The lower chart shows the same price ratio, and then shows the ratio of Ito-En consensus vs peers.  data sources: Bloomberg, capitalIQ, Travis LundyIto-En's share price may be falling vs peers and outright, but it is not falling as fast as their forecasts, or as fast as the forecast ratio vs peers. It appears Ito-En could have room to fall. That would suggest further upside for the Pref/Common Ratio. But there is a catch...

Japan

Suntory Beverage & Food Ltd manufacture and sells beverages and food products worldwide. The company is a part of Suntory Holdings ltd.

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Suntory Beverage & Food (2587 JP)

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in...

Campbell Gunn

Japan : Q2 Sector & Company Performance Review

DOMESTIC DEFENSIVE SECTORS ▲ GLOBAL CYCLICAL SECTORS ▼ - The Q1 trend shift away from global cyclical sectors accelerated in the second quarter...

Campbell Gunn

Sector Capsule: Rtd (Ready to Drink) Tea in Japan

Off-trade sales of RTD tea increased by 3% in current value terms to reach JPY1,519.4 billion and increased by 4% in volume terms to reach 6,490...

Euromonitor International Ltd.

Sector Capsule: Sports Drinks in Japan

Sports drinks declined by 5% in off-trade volume terms to 1,344 million litres and declined by 6% in off-trade current value terms to JPY301.0...

Euromonitor International Ltd.

Ito-En Prefs Buyback Ends Monday Morning

In mid-late December, I wrote that the Ito En Ltd Preferred Shares (25935 JP) were cheap in Ito-En Pref Shares - Cheap Vs Common, Again, But...The...

Travis Lundy

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