Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Equity Bottom-Up

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

The previous Insight on <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (9432 JP)</a> approximately 6 weeks ago after Q1 earnings discussed the beat in expectations based on an acceleration of cost cuts at both parent and subs. That <a href="https://www.smartkarma.com/insights/ntt-costs-lower-earnings-better-nice-noises-no-buyback-yet-but-nice-noises-there-too" target="_blank">insight</a> discussed the in some small amount the noises around a possible buyback. This insight discusses the possibilities and parameters further. There is a Short &amp; Sweet Version and a Longer Gory Details Version below a thin red line.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/013/431/original/ShortSweetLogo.png?1474205845" class="editor-image img-responsive" data-smartkarma-image-id="13431"></figure>NTT has bought back 3 trillion yen of stock over the past 15+ years. The…

The previous Insight on NTT (9432 JP) approximately 6 weeks ago after Q1 earnings discussed the beat in expectations based on an acceleration of cost cuts at both parent and subs. That insight discussed the in some small amount the noises around a possible buyback. This insight discusses the possibilities and parameters further. There is a Short &amp; Sweet Version and a Longer Gory Details Version below a thin red line.NTT has bought back 3 trillion yen of stock over the past 15+ years. The…

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as well as launch of quantitative easing by the Bank of England following Britain’s vote to exit the EU. Excessive demand for sovereign debt sent yields to negative territory and Germany’s 10-year sovereign paper to -0.2% in July. Meanwhile, corporate shipping and energy issuers offer higher yields at greater risk because of the low oil price and weak…

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as well as launch of quantitative easing by the Bank of England following Britain’s vote to exit the EU. Excessive demand for sovereign debt sent yields to negative territory and Germany’s 10-year sovereign paper to -0.2% in July. Meanwhile, corporate shipping and energy issuers offer higher yields at greater risk because of the low oil price and weak…

DMER - Maritime Financial Insights - September 2016

<a href="https://www.smartkarma.com/profiles/710" target="_blank" data-smartkarma-citation="accounts:710">Pelham Smithers</a> came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (<a href="https://www.smartkarma.com/insights/japan-flow-i-the-boj-s-new-etf-buying" target="_blank">I</a>, <a href="https://www.smartkarma.com/insights/japan-flow-ii-just-what-etfs-does-the-boj-buy-could-we-see-an-april2000-style-nikkei-225-rebal" target="_blank">II</a>, and <a href="https://www.smartkarma.com/insights/japan-flow-iii-the-mechanics-of-boj-buying" target="_blank">III</a>) and activity by foreigners on the TSE over time (<a href="https://www.smartkarma.com/insights/japan-flow-iv-foreign-flows-matter-they-have-clear-cycles" target="_blank">Japan Flow IV</a>). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (I, II, and III) and activity by foreigners on the TSE over time (Japan Flow IV). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Transport Sector, China and Asia-focused Research

Charles De Trenck

I received a number of great responses following up on my 4 August personal take on building a long-term portfolio . Two detailed pieces coming from senior PMs at large funds which I think add value, and which I therefore reproduce below. The two commentaries are tremendous, and I am grateful for their in-depth contributions. … “CDT View” added briefly to clarify my view if needed.*** Response #1 ***Thanks for the piece…  A few responses:-- Know yourself.  Know your style, know your risk…

I received a number of great responses following up on my 4 August personal take on building a long-term portfolio . Two detailed pieces coming from senior PMs at large funds which I think add value, and which I therefore reproduce below. The two commentaries are tremendous, and I am grateful for their in-depth contributions. … “CDT View” added briefly to clarify my view if needed.*** Response #1 ***Thanks for the piece…  A few responses:-- Know yourself.  Know your style, know your risk…

PM Views & Responses on Portfolio Construction

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

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( <a href="https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926" target="_blank">https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926</a> ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( <a href="http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/" target="_blank">http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/</a> ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926 ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/ ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Short Sell Research Vs The Japan Stock Market Blob

Japan

Japan Post Holdings Co. Ltd. operates post stations, banks, and insurance business. The Company offers letters and goods transportation services, stamp sales, deposits, loans, and insurance products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Japan Post Holdings (6178 JP)

NTT: Thoughts About Further Buybacks

The previous Insight on NTT (9432 JP) approximately 6 weeks ago after Q1 earnings discussed the beat in expectations based on an acceleration of...

Travis Lundy

DMER - Maritime Financial Insights - September 2016

• Credit markets: Global yields drifted lower in recent months, thanks to the low interest rate environment, ongoing stimulus imposed by the ECB as...

Drewry Maritime Financial Research

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan...

Travis Lundy

PM Views & Responses on Portfolio Construction

I received a number of great responses following up on my 4 August personal take on building a long-term portfolio . Two detailed pieces coming...

Charles De Trenck

Short Sell Research Vs The Japan Stock Market Blob

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" (...

Pelham Smithers Associates

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)