Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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>Japan’s largest snacks maker, <a href="https://www.smartkarma.com/entities/calbee-inc" target="_blank" data-smartkarma-citation="entities:17054:1" rel="noopener">Calbee Inc (2229 JP)</a> is raising prices by 10-20% for almost 75% of its product range.</li>
<li>These price hikes have boded well with institutional investors with a vast most of them deciding to up their stake in the company following the first price hike announcement.</li>
<li>While institutional-investors bet on earnings growth over long-term through regular price revisions, we think there could also be short and medium-term gains as OP growth turns positive after many years.</li>
</ul>


Japan’s largest snacks maker, Calbee Inc (2229 JP) is raising prices by 10-20% for almost 75% of its product range.
These price hikes have boded well with institutional investors with a vast most of them deciding to up their stake in the company following the first price hike announcement.
While institutional-investors bet on earnings growth over long-term through regular price revisions, we think there could also be short and medium-term gains as OP growth turns positive after many years.


Calbee – Price Hikes Are Appealing to Institutional Investors

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Thematic (Sector/Industry)

<ul>
<li>April, which along with October is the month when many Japanese FMCG brands adjust prices, saw far fewer price hikes this year compared to 2023. </li>
<li>Even so, numerous major brands still announced hefty price increases for later in the year.</li>
<li>Meanwhile, government subsidies for utility costs are ending and the weak Yen is an increasing concern for many consumer-facing companies. </li>
</ul>


April, which along with October is the month when many Japanese FMCG brands adjust prices, saw far fewer price hikes this year compared to 2023. 
Even so, numerous major brands still announced hefty price increases for later in the year.
Meanwhile, government subsidies for utility costs are ending and the weak Yen is an increasing concern for many consumer-facing companies. 


Fewer Price Hikes in Spring, but Prices Still Rising

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

REPT BATTERO Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rept-battero-energy" target="_blank" data-smartkarma-citation="entities:36626:1" rel="noopener">REPT BATTERO Energy </a>(REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.</li>
<li>REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.</li>
</ul>



REPT BATTERO Energy (REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.
REPT BATTERO Energy (REPT) is a lithium-ion battery manufacturer in China, focusing on R&amp;D, production, and sales of EV/ESS lithium-ion battery products such as battery cells, modules and packs.
We have looked at the company’s past performance in our previous note. In this note, we talk about its PHIP updates.


REPT BATTERO Energy Pre-IPO - PHIP Updates - Leaning on ESS

<ul>
<li>After failing to take <a href="https://www.smartkarma.com/entities/calbee-inc" target="_blank" data-smartkarma-citation="entities:17054:1" rel="noopener">Calbee Inc (2229 JP)</a> forward for 4+ years, CEO Mr. Shuji Ito is retiring at the end of the next quarter.</li>
<li>He is being replaced by the current COO and the former EVP of Calbee’s Overseas business Mr. Makoto Ehara.</li>
<li>From what he has done since he was appointed the COO and in the Overseas business, we are hopeful that he will turn Calbee’s fortunes around in the medium term.</li>
</ul>


After failing to take Calbee Inc (2229 JP) forward for 4+ years, CEO Mr. Shuji Ito is retiring at the end of the next quarter.
He is being replaced by the current COO and the former EVP of Calbee’s Overseas business Mr. Makoto Ehara.
From what he has done since he was appointed the COO and in the Overseas business, we are hopeful that he will turn Calbee’s fortunes around in the medium term.


Calbee: New CEO Seems Ready To Make Necessary Action

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY</li>
<li>JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel</li>
<li>NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.</li>
</ul>


OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY
JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel
NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.


Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; US2YR@4.82 ; JP Baby Crisis; Nugget: CyberAgent

Japan

CALBEE, Inc. manufactures a wide range of snack foods using potato, wheat, and corn as a main ingredient. The company also manufactures bakery products and cereals.

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Calbee Inc (2229 JP)

Calbee – Price Hikes Are Appealing to Institutional Investors

Japan’s largest snacks maker, Calbee is raising prices by 10-20% for almost 75% of its product range. These price hikes have boded well with...

Oshadhi Kumarasiri

Fewer Price Hikes in Spring, but Prices Still Rising

April saw fewer price hikes on the year, but major brands are still planning hefty increases soon. Government subsidies for utilities are ending...

Michael Causton

REPT BATTERO Energy Pre-IPO - PHIP Updates - Leaning on ESS

REPT BATTERO Energy (REPT HK) is now looking to raise around US$300m in its upcoming Hong Kong IPO, down from the US$1bn it was aiming for earlier.

Sumeet Singh

Calbee: New CEO Seems Ready To Make Necessary Action

From what he has done since he was appointed the COO and in the Overseas business, we are hopeful that the new CEO will turn Calbee’s fortunes...

Oshadhi Kumarasiri

Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; [email protected] ; JP Baby Crisis; Nugget: CyberAgent

SPX closes Feb on the lows; Baby Crisis in Japan. Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: +...

Mark Chadwick

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