Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

Event-Driven

Given the reports of Fujitsu looking to clean up listed subsidiary stakes, we quickly examine Fujitsu’s longer-term strategy and where its listed subsidiaries could fit into that plan… or not. Details below.

Given the reports of Fujitsu looking to clean up listed subsidiary stakes, we quickly examine Fujitsu’s longer-term strategy and where its listed subsidiaries could fit into that plan… or not. Details below.

Fujitsu - Quick Thoughts on Scenarios for Listed Subsidiaries

Shortly after the morning close Bloomberg reported that Sentaku Magazine has published an article suggesting that Fujitsu would be looking to sell its stakes in its listed subsidiaries. This prompted sharp jumps in the prices of Fujitsu General, Fujitsu Frontech, FDK and Shinko Electric. We look at Fujitsu General in more detail below.

Shortly after the morning close Bloomberg reported that Sentaku Magazine has published an article suggesting that Fujitsu would be looking to sell its stakes in its listed subsidiaries. This prompted sharp jumps in the prices of Fujitsu General, Fujitsu Frontech, FDK and Shinko Electric. We look at Fujitsu General in more detail below.

Fujitsu General – If Parent Fujitsu Is Selling Its Stake a Strategic Buyer Could Raise Margins

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

Despite EAFE’s YTD outperformance relative to EM, EAFE and EM returns have generally been equal since August, shown by the stalemate in the EAFE vs. EM ratio. The U.S. dollar (DXY) is currently trading near support within the 16-17 month uptrend channel. Technicals suggest the most likely scenario is for the DXY uptrend to continue and for support to hold -- which would likely result in EAFE reasserting as leadership.  In this publication we highlight attractive investment themes and individual ideas across developed markets, with special attention given to Japan, Germany, Sweden, Italy, Spain, and Switzerland.

Despite EAFE’s YTD outperformance relative to EM, EAFE and EM returns have generally been equal since August, shown by the stalemate in the EAFE vs. EM ratio. The U.S. dollar (DXY) is currently trading near support within the 16-17 month uptrend channel. Technicals suggest the most likely scenario is for the DXY uptrend to continue and for support to hold -- which would likely result in EAFE reasserting as leadership.  In this publication we highlight attractive investment themes and individual ideas across developed markets, with special attention given to Japan, Germany, Sweden, Italy, Spain, and Switzerland.

Developed Markets Strategy: Stick with Japan

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities.

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe  developed international (EAFE) will remain in a leadership position relative to EM (MSCI EM). In this report we highlight actionable set ups within Japan, Switzerland and Australia. Within Japanese Sectors, we focus on opportunities within Technology, Financials, Health Care, and Staples. We also highlight attractive setups within European/UK Sectors, including Health Care, Industrials, Staples and Utilities.

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank Financials, Japanese Technology stocks, and within European Discretionary, Industrial, Health Care, and Staples sectors.

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank Financials, Japanese Technology stocks, and within European Discretionary, Industrial, Health Care, and Staples sectors.

Developed International Equity Strategy: Favor EAFE over EM

Japan

Fujitsu General Ltd. manufactures air-conditioning units, refrigerators, and information-communication equipment. The products include air conditioners, and purifiers. The Company also manufactures computer software and electronic devices.

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Fujitsu General (6755 JP)

Fujitsu - Quick Thoughts on Scenarios for Listed Subsidiaries

Given the reports of Fujitsu looking to clean up listed subsidiary stakes, we quickly examine Fujitsu’s longer-term strategy and where its listed...

Mio Kato

Fujitsu General – If Parent Fujitsu Is Selling Its Stake a Strategic Buyer Could Raise Margins

Shortly after the morning close Bloomberg reported that Sentaku Magazine has published an article suggesting that Fujitsu would be looking to sell...

Mio Kato

Developed Markets Strategy: Stick with Japan

Despite EAFE’s YTD outperformance relative to EM, EAFE and EM returns have generally been equal since August, shown by the stalemate in the EAFE...

Vermilion Research

Developed Markets Opportunities

Continue to favor EAFE over EM. As long as the U.S. dollar remains elevated, we believe developed international (EAFE) will remain in a leadership...

Vermilion Research

Developed International Equity Strategy: Favor EAFE over EM

We highlight attractive and actionable themes within developed international markets, including actionable set-ups across among: Non-bank...

Vermilion Research

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