Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX -1.1% as Fed Hawks rhetoric ratches up; All 11 Sectors -ve as Beta Sold; ALPHABET-7.7% AI fails to impress; Disney +8% after-hours with earnings beat/job cuts. </li>
<li>JAPAN.  NKY Futs -0.8% vs Cash; USDJPY 131.41; Japan looking to ease restrictions for China Inbound;  EARNINGS: Pan Pac/SMM Strong vs weak Subaru which -ve production cut; Toyota out today. </li>
<li>DAILY NUGGETS. EPIC fail from Alphabet's "BARD". Aren't these events supposed to  be choreographed ????</li>
</ul>


OVERSEAS. SPX -1.1% as Fed Hawks rhetoric ratches up; All 11 Sectors -ve as Beta Sold; ALPHABET-7.7% AI fails to impress; Disney +8% after-hours with earnings beat/job cuts. 
JAPAN.  NKY Futs -0.8% vs Cash; USDJPY 131.41; Japan looking to ease restrictions for China Inbound;  EARNINGS: Pan Pac/SMM Strong vs weak Subaru which -ve production cut; Toyota out today. 
DAILY NUGGETS. EPIC fail from Alphabet's "BARD". Aren't these events supposed to  be choreographed ????


Good Morning Japan |Hawks Re-Emerge + Epic "BARD" Fail Sinks Google; Pan Pac Beat/Subaru Miss

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nihon-m-a-center-inc" target="_blank" data-smartkarma-citation="entities:17616:1" rel="noopener">Nihon M&amp;A Center (2127 JP)</a> reported 3QFY03/2022 results. Revenue declined 9.9% YoY to JPY9.8bn (vs consensus JPY13.6bn) while OP dropped 21.9% YoY to JPY3.2bn (vs consensus JPY6.1bn).</li>
<li>Though there had been an increase in the no. of transactions completed during the quarter, revenue declined due to price pressures.</li>
<li>Share price has declined 22.8% during today’s trade due to weaker-than-expected earnings and we think full-year FY03/2022E guidance is too hard to achieve.</li>
</ul>



Nihon M&amp;A Center (2127 JP) reported 3QFY03/2022 results. Revenue declined 9.9% YoY to JPY9.8bn (vs consensus JPY13.6bn) while OP dropped 21.9% YoY to JPY3.2bn (vs consensus JPY6.1bn).
Though there had been an increase in the no. of transactions completed during the quarter, revenue declined due to price pressures.
Share price has declined 22.8% during today’s trade due to weaker-than-expected earnings and we think full-year FY03/2022E guidance is too hard to achieve.


Nihon M&A: Weak Earnings and Guidance for Full-Year Seems Too Optimistic

BayCurrent Consulting  / Equity Bottom-Up

<ul>
<li>Baycurrent’s share price has moved up 41.3% YTD with the company reporting strong earnings for 3QFY02/2023 which beat consensus estimates by a huge margin.</li>
<li>With pandemic conditions fading off, share price began to fall with top-line growth declining slightly. However, growth rates have bounced back, and margins have seen strong improvement reaching new highs.</li>
<li>Though share priced has rallied significantly over the last few months, we think there is further upside driven by value-added projects and expansion into new consulting areas.</li>
</ul>


Baycurrent’s share price has moved up 41.3% YTD with the company reporting strong earnings for 3QFY02/2023 which beat consensus estimates by a huge margin.
With pandemic conditions fading off, share price began to fall with top-line growth declining slightly. However, growth rates have bounced back, and margins have seen strong improvement reaching new highs.
Though share priced has rallied significantly over the last few months, we think there is further upside driven by value-added projects and expansion into new consulting areas.


Baycurrent Consulting: High Value-Added Projects and New Consulting Areas Drive New Phase of Growth

<ul>
<li>Japanese stocks shrugged off weakness in overseas markets to close up for the second week running</li>
<li>All eyes were on the BOJ, which did absolutely nothing.  The Yield Curve will be defended at all costs</li>
<li>Stocks on our watchlist returned about +1.5% this week. They have been consolidating for the past 6 months</li>
</ul>


Japanese stocks shrugged off weakness in overseas markets to close up for the second week running
All eyes were on the BOJ, which did absolutely nothing.  The Yield Curve will be defended at all costs
Stocks on our watchlist returned about +1.5% this week. They have been consolidating for the past 6 months


<ul>
<li>OVERSEAS: SPX +0.7%  SOX +1.35; Beta rally continues on lower CPI print expectations;  Cyclicals lead 10/11 SPX Sectors positive; MSFT considers $10bn OPEN AI investment; Record Boeing orders in 2022. </li>
<li>JAPAN: NKY Futs +0.3% premium to Cash; USDJPY steady ¥132.1; Hot Tokyo CPI print; Big wage hikes at Fast Retail;  Travel - China strikes back; +ve JP Boeing supply chain. </li>
<li>DAILY NUGGETS: Hydrogen - a clean alternative. Japan is set to lead as companies ramp up R&amp;D protection with a view to commercialisation.</li>
</ul>


OVERSEAS: SPX +0.7%  SOX +1.35; Beta rally continues on lower CPI print expectations;  Cyclicals lead 10/11 SPX Sectors positive; MSFT considers $10bn OPEN AI investment; Record Boeing orders in 2022. 
JAPAN: NKY Futs +0.3% premium to Cash; USDJPY steady ¥132.1; Hot Tokyo CPI print; Big wage hikes at Fast Retail;  Travel - China strikes back; +ve JP Boeing supply chain. 
DAILY NUGGETS: Hydrogen - a clean alternative. Japan is set to lead as companies ramp up R&amp;D protection with a view to commercialisation.


Good Morning Japan |Beta Rally Continues on Expectations of Tame CPI Print

Japan

Persol Holdings Co., Ltd. provides human resource solutions to a wide variety of customers worldwide. The Company's main operations include temporary staffing services, contract services, and employment services. Temp Holdings also provides outsourcing services and employment support services for job seekers.

MEITEC CORPORATION provides high-end engineering outsourcing services targeting the R&D sector in various industries such as automobile, telecommunication, semiconductors, consumer electronics, and industrial machinery.

TechnoPro Holdings, Inc. offers services and solutions in mechanical and electronic design, IT and software development, and wide range of technological fields through outsourcing. The Company also has presence in biological, chemical and construction management businesses.

OUTSOURCING Inc. provides outsourcing services for manufacturing companies. The Company mainly provides services for industries such as food, electric equipment, transport machine, chemical, and metal.  Outsourcing also provides worker dispatching service.

BeNext-Yumeshin Group Co. provides temporary help services. The Company provides personnel staffing services, technician staffing services, overseas staffing services, and other services. BeNext-Yumeshin Group also provides office building leasing, restaurants management, vocational training, and other services.

en-japan inc. provides Internet-based recruiting solutions. The Company provides recruitment information for job seekers. en-japan's web site allows member employers to access its database of job seekers. The Company also provides recruitment consulting services.

Funai Soken Holdings Inc. provides management and financial consulting services.  The Company, through its subsidiaries, also operates logistics information, publishing, and real estate businesses.

JAC Recruitment Co., Ltd. provides recruiting agency services. The Company focuses on international business area that includes job offers from foreign companies and overseas subsidiaries of Japanese companies.

NOMURA Co., Ltd. is a contractor of displays and interior designs.  The Company mainly plans and provides display services for commercial, cultural, and exhibition facilities.  Nomura produces displays, interior designs, and promotional and advertising materials.

Pasona Group Inc. manages companies that provide placement and staffing services for clients in the information technology sector.

Seek Limited operates an Internet website.  The Company offers online employment advertisements and online training in Australia and New Zealand, and offers online employment advertisements in the United Kingdom targeted at Australian and New Zealand job seekers.

Exponent, Inc. is a science and engineering consulting firm that provides solutions and information to complex problems. The Company performs scientific research and analysis, or evaluations, to solve complicated issues facing a range of industries and governments.

CBIZ, Inc. provides professional business services to companies throughout the United States.  The Company provides accounting and tax, employee benefits, wealth management, property and casualty insurance, payroll, and HR consulting services.  CBIZ also provides internal audit, litigation advisory, healthcare consulting, medical practice management, and other services.

Dun & Bradstreet Holdings, Inc. provides data and analytics solutions. The Company delivers workflows to inform commercial credit decisions and other related services. Dun & Bradstreet Holdings serves customers worldwide.

Manpowergroup Inc. provides non-governmental employment services through offices located around the world. The Company's principal operations include temporary staffing services, contract services, and training and testing of temporary and permanent workers. Manpower provides employment services to a wide variety of customers.

TriNet Group, Inc. provides human resource and consultancy services. The Company offers payroll, tax administration, risk protection, performance management, compensation consulting, and employee benefit plans. TriNet Group serves technology, advertising, banking, and government sectors in the United States.

Korn/Ferry International is a global provider of talent management solutions, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa. The firm delivers services and solutions that help clients cultivate greatness through the attraction, engagement, development and retention of their talent.

ALS Limited is a commercial services company with national and international operations. The Company's services include analytical and testing services, producing industrial and commercial chemical products, and hospitality, cleaning, and catering products.

Insperity, Inc. offers human resources and business optimization services.  The Company offers recruiting, employment screening, retirement, business insurance and technology services.  Insperity also offers performance management, expense management, time and attendance, and organizational planning software.

DKSH Holding AG offers international market expansion services with a focus in Asia. The Company provides an integrated portfolio of services, including sourcing, marketing, sales, distribution and after-sales services related to the Consumer Goods, Healthcare, Performance Materials and Technology markets.

Baycurrent Consulting , Inc. offers comprehensive consulting services in a wide variety of industries. The company's main focus areas are business strategy consulting, IT consulting, and IT integration.

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BayCurrent Consulting (6532 JP)

Good Morning Japan |Hawks Re-Emerge + Epic "BARD" Fail Sinks Google; Pan Pac Beat/Subaru Miss

Fed Hawks rhetoric ratches up; ALHABET-7.7% AI fails to impress; . Japan looking to ease restrictions for China Inbound; JAPAN EARNINGS: Pan Pac...

Mark Chadwick

Nihon M&A: Weak Earnings and Guidance for Full-Year Seems Too Optimistic

3Q earnings below consensus which has led to more than 20% fall in share price. Though the company hasn't changed previous guidance, 4Q is the...

Shifara Samsudeen, ACMA, CGMA

Baycurrent Consulting: High Value-Added Projects and New Consulting Areas Drive New Phase of Growth

Baycurrent’s share price has moved up 41.3% YTD. Though share price is close to all-time high, we think there is further upside driven by value...

Shifara Samsudeen, ACMA, CGMA

Japan Weekly | BayCurrent, Mercari

The Japan Weekly looks at the events that have been impacting the Japanese market over the past week and the stocks that have moved the markets.

Mark Chadwick

Good Morning Japan |Beta Rally Continues on Expectations of Tame CPI Print

JAPAN: NKY Futs +0.3% premium to Cash; USDJPY steady ¥132.1; Hot Tokyo CPI print; Big wage hikes at Fast Retail; Travel - China strikes back; +ve...

Mark Chadwick

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