'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

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/077/686/original/2019-02-02_09-34-42.png?1549067763" class="editor-image img-responsive" data-smartkarma-image-id="77686"></figure><div class="content-caption">Source: Japan Analytics</div><div style="text-align: left;" class="content-caption">
<strong>Note:</strong> The Results &amp; Revision Score is the average of our Results Score and Forecasts/Revision Score and is updated daily for each company and then cap-weighted-aggregated into Peer Groups, Sectors and the Market Composite. Both scores have a maximum of +30 and a minimum of -30 for each period. The Results Score is calculated quarterly, using the most recent eight quarters of company data for revenues, operating income and operating margin and measures the rate, degree and consistency of change for each metric. The Forecast/Revision Score is based on Annual and Interim period company forecasts and compares changes from previous forecasts as well as against the trailing twelve-month or previous first-half results, with annual forecasts being double-weighted.</div><p><strong>DRIP, DRIP, DRIP</strong> - We 'lead' this fortnight's update with our All-Market Composite Results &amp; Revision Score. Calculated daily, the score is a 'real-time' measure of the state of, and the outlook for, listed Japanese corporations. As the scoring methodology includes earnings momentum 'factors', the data series can be a useful leading indicator of forward earnings. The correlation with the market over the last four years is 0.578, with the indicator leading more often than lagging.   Since peaking on 16th November 2017, the Results &amp; Revisions Score has fallen by 62% and has now returned to the level of May 2017. In the last ten years, the score has only been lower than at present one-third of the time - mostly during the fiscal year ended March 2017 when the total market value averaged ¥550t, close to the December 2018 low. <strong>If we are to repeat the relatively-mild cyclical downturn of 2016, the Results &amp; Revision Score will turn negative in May of this year, and the 25th December 2018 low will be retested.</strong></p><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/077/701/original/2019-02-02_14-11-25.png?1549084295" class="editor-image img-responsive" data-smartkarma-image-id="77701"></figure><p>Source: Japan Analytics</p>
</div><p><strong>PAST THE PEAK</strong> - Our earnings indicator peaked 14 months ago, two months ahead of the market's high point on 26th January 2018. It now appears that aggregate reported earnings, as well as aggregate company forecasts for the current year, are now turning decisively lower after nine quarters of uninterrupted growth. Forecast Net Income for the current year is now 7% below the high point in trailing-twelve-month (TTM) Net Income from this cycle, which was reached two months ago. Operating Income is, as usual, 'lagging' and forecasts are still marginally ahead of TTM. The TTM all-market price-earnings ratio reached 11.5 times on Christmas Day, which will prove to be the cycle low point.<strong> We expect the return to median levels, to be achieved more through lower 'E' as opposed to a higher 'P'. </strong> <strong>Mr Market is currently implying that Japanese corporate profits are due to fall by 23% on average from the cycle peak, or by 30% if we are to revisit the December low-point. </strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/077/746/original/2019-02-03_07-23-31.png?1549146223" class="editor-image img-responsive" data-smartkarma-image-id="77746"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>THE FIRST CUT</strong> - 23% of listed companies reported their most recent quarterly earnings results in the last two weeks. For these companies, TTM revenues grew by 5.1% year-on-year, but only by 0.5% quarter-on-quarter, the lowest qoq growth rate in over a year. TTM Operating Income is now 0.8% lower than the TTM total of one year ago and declined by 4.4% qoq. Operating margins fell by 49bps year-on-year.  Current forecasts for this group of companies imply 3.1% yoy top line growth, but only 0.3% compared to the quarter just declared. For Operating Income, the rates are -2.0% and 0.6%, reflecting the normal TTM-to-forecast 'lag'. <strong>Corporate Japan's profits are now rolling over and will be in a 'recession' by the fiscal year-end.  </strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/077/722/original/2019-02-02_18-25-46.png?1549099572" class="editor-image img-responsive" data-smartkarma-image-id="77722"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>INTERREGNUM</strong> - Our bear market rally has paused to look at and digest the earnings-announcement news flow and will likely be trendless for the next few weeks as 'good' reactions offset 'bad'.<strong> In due course, we expect the preponderance of negative momentum to tip the scales.</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/077/724/original/2019-02-02_18-41-12.png?1549100508" class="editor-image img-responsive" data-smartkarma-image-id="77724"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>TORAKU @110</strong> - The <em>Toraku</em> advance-decline indicator has continued to recover and is within ten points of the overbought zone, which has only been breached once since the market peak of January 2018.<strong> This signal is 'amber' and could be 'red' by the end of next week. </strong></p><div class="content-highlight">
<p><strong>OUTLOOK &amp; RECOMMENDATIONS</strong></p>
<ul>
<li><strong>We continue to recommend an underweight position in Japan in global portfolios.</strong></li>
<li><strong>The equity market decline at the end of last year was well in advance of the underlying trends in the economy and corporate profits; the recent 10% rally has corrected that imbalance. Nevertheless, the global cycle has turned down sharply, and many economies will be in a recession by the end of this quarter. We expect Japanese corporate earnings to follow suit. <em> </em></strong></li>
<li><strong>Although some of the coming decline in aggregate earnings has been well-discounted, our Results &amp; Revision Score has yet to turn negative. Accordingly, we expect the market to retest the December 2018 low, probably in May when the FY2020 forecasts are announced and our score starts 'seeing red'.</strong></li>
<li><strong>In the near term and despite the rally in the more cyclical sectors, we continue to favour undervalued domestically-orientated companies in the Information Technology, Internet, Media, and Telecommunications sectors. We would avoid or short Banks and Non-Bank Finance.</strong></li>
</ul>
</div><p>In the <strong>DETAIL</strong> section below, we will review Sector performance over the last two weeks, and, in addition to our regular roundup of results, revisions and stock performance including brief comments on <a href="https://www.smartkarma.com/entities/3700" target="_blank" data-smartkarma-citation="entities:3700:1">Anritsu (6754 JP)</a>, <a href="https://www.smartkarma.com/entities/12001" target="_blank" data-smartkarma-citation="entities:12001:1">Alps Alpine (6770 JP)</a>, <a href="https://www.smartkarma.com/entities/24540" target="_blank" data-smartkarma-citation="entities:24540:1">SanBio (4592 JP)</a>, <a href="https://www.smartkarma.com/entities/454" target="_blank" data-smartkarma-citation="entities:454:1">Lixil (5938 JP)</a> (yes, again), <a href="https://www.smartkarma.com/entities/752" target="_blank" data-smartkarma-citation="entities:752:1">Fanuc (6954 JP)</a>, <a href="https://www.smartkarma.com/entities/219" target="_blank" data-smartkarma-citation="entities:219:1">Mizuho Financial Group (8411 JP)</a> , and <a href="https://www.smartkarma.com/entities/8197" target="_blank" data-smartkarma-citation="entities:8197:1">Cyberagent (4751 JP)</a>.</p>

Source: Japan Analytics
Note: The Results &amp; Revision Score is the average of our Results Score and Forecasts/Revision Score and is updated daily for each company and then cap-weighted-aggregated into Peer Groups, Sectors and the Market Composite. Both scores have a maximum of +30 and a minimum of -30 for each period. The Results Score is calculated quarterly, using the most recent eight quarters of company data for revenues, operating income and operating margin and measures the rate, degree and consistency of change for each metric. The Forecast/Revision Score is based on Annual and Interim period company forecasts and compares changes from previous forecasts as well as against the trailing twelve-month or previous first-half results, with annual forecasts being double-weighted.DRIP, DRIP, DRIP - We 'lead' this fortnight's update with our All-Market Composite Results &amp; Revision Score. Calculated daily, the score is a 'real-time' measure of the state of, and the outlook for, listed Japanese corporations. As the scoring methodology includes earnings momentum 'factors', the data series can be a useful leading indicator of forward earnings. The correlation with the market over the last four years is 0.578, with the indicator leading more often than lagging.   Since peaking on 16th November 2017, the Results &amp; Revisions Score has fallen by 62% and has now returned to the level of May 2017. In the last ten years, the score has only been lower than at present one-third of the time - mostly during the fiscal year ended March 2017 when the total market value averaged ¥550t, close to the December 2018 low. If we are to repeat the relatively-mild cyclical downturn of 2016, the Results &amp; Revision Score will turn negative in May of this year, and the 25th December 2018 low will be retested.
Source: Japan Analytics
PAST THE PEAK - Our earnings indicator peaked 14 months ago, two months ahead of the market's high point on 26th January 2018. It now appears that aggregate reported earnings, as well as aggregate company forecasts for the current year, are now turning decisively lower after nine quarters of uninterrupted growth. Forecast Net Income for the current year is now 7% below the high point in trailing-twelve-month (TTM) Net Income from this cycle, which was reached two months ago. Operating Income is, as usual, 'lagging' and forecasts are still marginally ahead of TTM. The TTM all-market price-earnings ratio reached 11.5 times on Christmas Day, which will prove to be the cycle low point. We expect the return to median levels, to be achieved more through lower 'E' as opposed to a higher 'P'.  Mr Market is currently implying that Japanese corporate profits are due to fall by 23% on average from the cycle peak, or by 30% if we are to revisit the December low-point. Source: Japan AnalyticsTHE FIRST CUT - 23% of listed companies reported their most recent quarterly earnings results in the last two weeks. For these companies, TTM revenues grew by 5.1% year-on-year, but only by 0.5% quarter-on-quarter, the lowest qoq growth rate in over a year. TTM Operating Income is now 0.8% lower than the TTM total of one year ago and declined by 4.4% qoq. Operating margins fell by 49bps year-on-year.  Current forecasts for this group of companies imply 3.1% yoy top line growth, but only 0.3% compared to the quarter just declared. For Operating Income, the rates are -2.0% and 0.6%, reflecting the normal TTM-to-forecast 'lag'. Corporate Japan's profits are now rolling over and will be in a 'recession' by the fiscal year-end.  Source: Japan AnalyticsINTERREGNUM - Our bear market rally has paused to look at and digest the earnings-announcement news flow and will likely be trendless for the next few weeks as 'good' reactions offset 'bad'. In due course, we expect the preponderance of negative momentum to tip the scales.Source: Japan AnalyticsTORAKU @110 - The Toraku advance-decline indicator has continued to recover and is within ten points of the overbought zone, which has only been breached once since the market peak of January 2018. This signal is 'amber' and could be 'red' by the end of next week. 
OUTLOOK &amp; RECOMMENDATIONS

We continue to recommend an underweight position in Japan in global portfolios.
The equity market decline at the end of last year was well in advance of the underlying trends in the economy and corporate profits; the recent 10% rally has corrected that imbalance. Nevertheless, the global cycle has turned down sharply, and many economies will be in a recession by the end of this quarter. We expect Japanese corporate earnings to follow suit.  
Although some of the coming decline in aggregate earnings has been well-discounted, our Results &amp; Revision Score has yet to turn negative. Accordingly, we expect the market to retest the December 2018 low, probably in May when the FY2020 forecasts are announced and our score starts 'seeing red'.
In the near term and despite the rally in the more cyclical sectors, we continue to favour undervalued domestically-orientated companies in the Information Technology, Internet, Media, and Telecommunications sectors. We would avoid or short Banks and Non-Bank Finance.

In the DETAIL section below, we will review Sector performance over the last two weeks, and, in addition to our regular roundup of results, revisions and stock performance including brief comments on Anritsu (6754 JP), Alps Alpine (6770 JP), SanBio (4592 JP), Lixil (5938 JP) (yes, again), Fanuc (6954 JP), Mizuho Financial Group (8411 JP) , and Cyberagent (4751 JP).

Japan Fortnightly Update: Drip, Drip, Drip...

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>On 26 October <a href="https://www.smartkarma.com/entities/7797" target="_blank" data-smartkarma-citation="entities:7797:1">Hitachi Ltd (6501 JP)</a> and  <a href="https://www.smartkarma.com/entities/21451" target="_blank" data-smartkarma-citation="entities:21451:1">Faurecia (EO FP)</a><a href="https://www.hitachi.com/New/cnews/month/2018/10/f_181026a.pdf" target="_blank">announced</a> that Faurecia would take over Hitachi car audio and infotainment equipment subsidiary <a href="https://www.smartkarma.com/entities/7888" target="_blank" data-smartkarma-citation="entities:7888:1">Clarion Co Ltd (6796 JP)</a> in a tender offer to be launched 3+ months hence. </p><p>This was discussed in <a href="https://www.smartkarma.com/insights/faurecia-to-buy-clarion-at-2500-share" target="_blank" data-smartkarma-citation="insights:25382">Faurecia to Buy Clarion at ¥2500/Share</a>. </p><p>At the time I had looked at the situation and the question about whether the price was fair and concluded that yes it was, and investors should take the money and run. The investors for whom the deal was most important on a forward-looking basis the day after that announcement were not Clarion investors but investors in Alpine (6816 JP). At that time, there was a question as to whether investors would look at the 10+x EV/EBITDA multiple being paid for Clarion against a multiple in the 2x EV/EBITDA range after cash and other financial assets were  accounted for to be paid for Alpine and suggest that Alpine management and directors had not done a good enough job getting an appropriate valuation (they did not). In addition, the buyer proposed a 5.7x multiple on a post-synergies basis 18-24 months out was a reasonable level to buy a company. I did not disagree, but that made Alpine investors' submission to <a href="https://www.smartkarma.com/entities/12001" target="_blank" data-smartkarma-citation="entities:12001:1">Alps Electric (6770 JP)</a> later in 2018 all the more disappointing. </p><h2>The New News</h2><p>As noted in the original announcement, Faurecia planned to commence their Tender Offer for Clarion shares in January 2019 and the Tender Offer would run for 20 days. </p><p>Clarion today announced a <a href="https://www.clarion.com/jp/ja/pdf/190129_02.pdf" target="_blank">forecast revision</a> for the fiscal year to 31 March 2019 which involves a shortfall in revenue of 9.1%, a 16.7% drop in forecast Operating Profit, and a drop in Net Profit from ¥1.7 billion to a loss of ¥500 million (a ¥2.2bn swing), but...</p><p>In a development which will cause Clarion investors to breathe a sigh of relief, Faurecia also announced will go through with the deal with no changes (other than to extend the Tender Offer to 21 business days). </p>

On 26 October Hitachi Ltd (6501 JP) and  Faurecia (EO FP)announced that Faurecia would take over Hitachi car audio and infotainment equipment subsidiary Clarion Co Ltd (6796 JP) in a tender offer to be launched 3+ months hence. This was discussed in Faurecia to Buy Clarion at ¥2500/Share. At the time I had looked at the situation and the question about whether the price was fair and concluded that yes it was, and investors should take the money and run. The investors for whom the deal was most important on a forward-looking basis the day after that announcement were not Clarion investors but investors in Alpine (6816 JP). At that time, there was a question as to whether investors would look at the 10+x EV/EBITDA multiple being paid for Clarion against a multiple in the 2x EV/EBITDA range after cash and other financial assets were  accounted for to be paid for Alpine and suggest that Alpine management and directors had not done a good enough job getting an appropriate valuation (they did not). In addition, the buyer proposed a 5.7x multiple on a post-synergies basis 18-24 months out was a reasonable level to buy a company. I did not disagree, but that made Alpine investors' submission to Alps Electric (6770 JP) later in 2018 all the more disappointing. The New NewsAs noted in the original announcement, Faurecia planned to commence their Tender Offer for Clarion shares in January 2019 and the Tender Offer would run for 20 days. Clarion today announced a forecast revision for the fiscal year to 31 March 2019 which involves a shortfall in revenue of 9.1%, a 16.7% drop in forecast Operating Profit, and a drop in Net Profit from ¥1.7 billion to a loss of ¥500 million (a ¥2.2bn swing), but...In a development which will cause Clarion investors to breathe a sigh of relief, Faurecia also announced will go through with the deal with no changes (other than to extend the Tender Offer to 21 business days). 

Faurecia Launches Tender Offer for Clarion

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

Equity Bottom-Up

<p>While the discussion over whether <strong><a href="https://www.smartkarma.com/entities/12001" target="_blank" data-smartkarma-citation="entities:12001:1">Alps Electric (6770 JP)</a></strong> acquired <strong><a href="https://www.smartkarma.com/entities/2704" target="_blank" data-smartkarma-citation="entities:2704:1">Alpine Electronics (6816 JP)</a> </strong> too cheaply may continue, now that the merger is going ahead, it is worthwhile reviewing the situation at the newly created organization Alps Alpine [AA].</p>

While the discussion over whether Alps Electric (6770 JP) acquired Alpine Electronics (6816 JP)  too cheaply may continue, now that the merger is going ahead, it is worthwhile reviewing the situation at the newly created organization Alps Alpine [AA].

Alps (6770 JT) - Positive Outlook Post Merger

<p><a href="https://www.smartkarma.com/entities/15895" target="_blank" data-smartkarma-citation="entities:15895:1">Pioneer Corp (6773 JP)</a> has been under the cosh for years, and multiple self-directed rescue efforts have been to no avail. In early September it was <a href="https://global.pioneer/en/news/press/2018/pdf/0907-1.pdf" target="_blank">revealed</a> that Pioneer had sold its Tohoku Pioneer subsidiary to <a href="https://www.smartkarma.com/entities/18703" target="_blank" data-smartkarma-citation="entities:18703:1">Denso Corp (6902 JP)</a> for ¥10.9bn, and less than a week later it was revealed in the Nikkei, then the Japan Times that Pioneer was going to get a short-term loan of ¥25bn from Baring Private Equity Asia leading to an equity injection of ¥50-60bn a few months later in December 2018. </p><p>The <a href="https://global.pioneer/en/news/press/2018/pdf/0912-1.pdf" target="_blank">announcement</a> of the MOU was effectively the commencement of the final death throes of Pioneer as a company. Pioneer set a record date at the time, then in November changed the record date to 7 December.</p><h2>The New News</h2><p>On Friday 7th December Pioneer announced a "<a href="https://global.pioneer/en/ir/announcements/" target="_blank">Partnership</a>" with Baring Private Equity Asia which is a revitalization plan of ¥102 billion. </p><p>The Partnership  announcement makes note of the Baring investment. It mentions that the deal will offer to offer minority shareholders an exit. There is a finalization of the 7 Dec record date and a call to an EGM to approve share issuance and debt/equity swap to Baring. The announcement does not mention investors are effectively being asked to approve their own squeezeout at 25% below the last price.</p>

Pioneer Corp (6773 JP) has been under the cosh for years, and multiple self-directed rescue efforts have been to no avail. In early September it was revealed that Pioneer had sold its Tohoku Pioneer subsidiary to Denso Corp (6902 JP) for ¥10.9bn, and less than a week later it was revealed in the Nikkei, then the Japan Times that Pioneer was going to get a short-term loan of ¥25bn from Baring Private Equity Asia leading to an equity injection of ¥50-60bn a few months later in December 2018. The announcement of the MOU was effectively the commencement of the final death throes of Pioneer as a company. Pioneer set a record date at the time, then in November changed the record date to 7 December.The New NewsOn Friday 7th December Pioneer announced a "Partnership" with Baring Private Equity Asia which is a revitalization plan of ¥102 billion. The Partnership  announcement makes note of the Baring investment. It mentions that the deal will offer to offer minority shareholders an exit. There is a finalization of the 7 Dec record date and a call to an EGM to approve share issuance and debt/equity swap to Baring. The announcement does not mention investors are effectively being asked to approve their own squeezeout at 25% below the last price.

Barring Beleaguered Booster Boldness, Baring Buys Pioneer (In a Takeunder)

David Blennerhassett

Last Week in Event SPACE: Takeda, Graincorp, Alps, Hopewell, Renesas, Toshiba, Red Hat, Renault

Japan

Nippon Electric Glass Co., Ltd. manufactures a wide range of glass related products.  The Company's products include fluorescent light tubes, lenses for light-emitting diodes (LEDs), ceramic integrated circuits (IC) packages, bulbs for cathode ray tube (CRT) displays, and precision sheet glass for liquid crystal displays (LCDs).

Amano Corporation manufactures electric time recorders and information systems. The Company also produces time stamps and parking lot traffic and fee collection management systems.  The Company produces environment related systems such as dust collectors, air filters, and gas/water cleaning equipment.

Citizen Watch Co., Ltd. operates watch production businesses. The Company produces electronic watches and other products. Citizen Watch conducts businesses in Japan.

Daiwabo Holdings Co., Ltd. manufactures and sells fabrics and garments.  The Company specializes in cotton wool, synthetic fibers, dryer fabrics, and non-woven textile.  Daiwabo produces electric parts assembly, information systems, and industrial machinery.

Macnica Holdings, Inc. operates as a holding company of Macnica Inc. and Fuji Electronics Co Ltd. The Company imports, exports, and distributes electronic components such as semiconductor devices and ICs. Macnica Holdings conducts businesses in Japan.

Topcorn Corporation manufactures and sells measuring equipment and medical equipment primarily for ophthalmologist use. The Company also manufactures industrial products including projectors and optical devices.

ANRITSU CORPORATION manufactures electronic systems and equipment for telecommunication equipment, measurement instruments, electronic devices, and industrial machinery.  The Company's products include communication network test equipment, and radio monitoring receivers.  Anritsu operates worldwide.

Japan Aviation Electronics Industry, Limited. manufactures and markets electronic devices and parts such as connectors, switches, system equipment, fiber optic devices, and aerospace electronic devices.  The Company's products include PC cards, sockets, fiber optic couplers, Liquid Crystal Displays (LCD), and acceleration sensors.

MARUWA CO., LTD. develops, manufactures, and sells electronic ceramic components, resistors, and hybrid integrated circuits (IC).  The Company operates production facilities in Malaysia.

RIKEN KEIKI CO., LTD. manufactures and markets industrial gas detectors and gas measuring equipment.  The Company also makes environmental pollution measuring equipment and radioactive rays detection equipment.

Cowell e Holdings Inc, is a holding company, which operates electronics and optical components manufacturing entities. The products include camera modules, optical lens and prisms.

CTS Corporation designs and manufactures electronic components and sensors to original equipment manufacturers in the automotive, communications, medical, defense and aerospace, industrial and computer markets.

OSI Systems, Inc. produces medical monitoring and anesthesia systems; security and inspection systems; and lasers, optics, and optoelectronic components.  The Company's products include blood pressure monitors, anesthesia machines and hemoglobin saturation monitors; systems for inspecting baggage, people, and vehicles; and lasers, lenses, prisms, and microelectronic components.

IsuPetasys Co., Ltd. manufactures printed circuit boards (PCBs) specializing in high multilayer PCBs.  The Company exports its products to Cisco Systems, Brocade Communications Systems, and Sun Microsystems in the United States.

PC Connection, Inc. is a direct marketer of personal computers and related peripherals, software, accessories, and networking products. The Company sells to small and medium-sized businesses. PC Connection carries high turnover products in inventory, and in addition provides customer service and technical support.

Sinbon Electronics Co., Ltd. markets cable, connectors, and modems.  The Company exports its products mainly to other Asian countries, America, and Europe.

Chengdu Santai Holding Group Co., Ltd. is a manufacturer and solutions provider in the security industry. The Company's products include QMS, note management systems, DVR, monitoring solutions, face identification, and fingerprint identification.

Guangdong Fenghua Advanced Technology (Holding) Co., Ltd. manufactures and markets electronic components and equipment.  The Company's products include capacitors, resistors, electronic materials, integrated circuits, and other related products.

Guangdong Fenghua Adv. Tech. (Hldg) Co (000636 CH)

TTM Technologies, Inc. is an independent provider of time-critical, one-stop manufacturing services for printed circuit boards.  The circuit boards serve as a foundation for electronic products such as routers, switches, servers, memory modules, and cellular base stations. The Company's customers include original equipment manufacturers and electronic manufacturing services companies.

Tianma Microelectronics Co., Ltd. manufactures and markets liquid crystal displays (LCDs) and liquid crystal display modules.

Alps Alpine Co., Ltd. manufactures and markets electronic parts used for car electronics, computer peripheral equipment, and communications and broadcasting related equipment. The Company's products include printers, switches, ceramic trimmer capacitors, sensors, transceiver units for cellular phones, drives, and magnetic heads. Alps Alpine also operates logistics businesses.

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Alps Alpine (6770 JP)

Japan Fortnightly Update: Drip, Drip, Drip...

DRIP, DRIP, DRIP - We 'lead' this fortnight's update with our All-Market Composite Results & Revision Score. Calculated daily, the score is a...

Campbell Gunn

Faurecia Launches Tender Offer for Clarion

On 26 October Hitachi Ltd (6501 JP) and Faurecia (EO FP)announced that Faurecia would take over Hitachi car audio and infotainment equipment...

Travis Lundy

Alps (6770 JT) - Positive Outlook Post Merger

While the discussion over whether Alps Electric (6770 JP) acquired Alpine Electronics (6816 JP) too cheaply may continue, now that the merger is...

Pelham Smithers Associates

Barring Beleaguered Booster Boldness, Baring Buys Pioneer (In a Takeunder)

Pioneer Corp (6773 JP) has been under the cosh for years, and multiple self-directed rescue efforts have been to no avail. In early September it...

Travis Lundy

Last Week in Event SPACE: Takeda, Graincorp, Alps, Hopewell, Renesas, Toshiba, Red Hat, Renault

Last Week in Event SPACE ... Takeda Pharmaceutical (4502 JP) is a significantly interesting trade still, but there are path, borrow, settlement,...

David Blennerhassett

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