Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Equity Bottom-Up

As the UK is set to leave the EU, we can examine the potential impact of Brexit on retail sales of FMCG companies covered in Passport. The exact shape and form of Brexit involves many assumptions – it’s not clear at this point what deal the UK will get with the EU, or whether there will be no deal and trade will default to WTO conditions, along with the presence of other uncertainties. Euromonitor is working on the Macro Shocks model to help quantify these effects. Briefly there are three components in the model:<ol><li>Macroeconomic scenario forecasts for GDP, inflation and exchange rates from the Macro Model;</li><li>Country/category footprint of company retail sales from Competitor Analytics;</li><li>Category elasticities to income (GDP proxy) – to quantify the sensitivity of demand in relation to changes in GDP – coming from Industry Forecast Models.</li></ol>

As the UK is set to leave the EU, we can examine the potential impact of Brexit on retail sales of FMCG companies covered in Passport. The exact shape and form of Brexit involves many assumptions – it’s not clear at this point what deal the UK will get with the EU, or whether there will be no deal and trade will default to WTO conditions, along with the presence of other uncertainties. Euromonitor is working on the Macro Shocks model to help quantify these effects. Briefly there are three components in the model:Macroeconomic scenario forecasts for GDP, inflation and exchange rates from the Macro Model;Country/category footprint of company retail sales from Competitor Analytics;Category elasticities to income (GDP proxy) – to quantify the sensitivity of demand in relation to changes in GDP – coming from Industry Forecast Models.

Brexit and Its Impact on the Largest FMCG Companies

Thematic (Sector/Industry)

In this first of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at BtoB start-up companies operating in manufacturing and their impact on the Japanese apparel and footwear market. Japanese apparel and footwear market is set to shrink

In this first of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at BtoB start-up companies operating in manufacturing and their impact on the Japanese apparel and footwear market. Japanese apparel and footwear market is set to shrink 

Can Tech Save The Declining Japanese Apparel Industry? FashionTech Series (1/3)

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Wide-moat Kao posted positive full-year earnings results, with operating margins coming in stronger than expected. While revenue was in line with our estimates on a local-currency basis (up 2.8%), we are encouraged by the company’s operating improvement, with its margin rising to 12.7% from 11.3% last year, 0.6 percentage points higher than our estimate. Increased marketing investment boosted its sales volume by 1.5%, and the company’s prioritization of core products also helped the product mix.We raise our fair value estimate to JPY 6,900 from JPY 6,100, reflecting better profitability going forward and a weaker Japanese yen forecast, as well as the time value of money. Kao’s share price has moved up by more than 10% since last November, but we think this was just a rebound from the concerns regarding the diaper business, and further upside is possible because the short-term inventory problems appear to have ended.Analyst: Shanshan Wei, CFA

Wide-moat Kao posted positive full-year earnings results, with operating margins coming in stronger than expected. While revenue was in line with our estimates on a local-currency basis (up 2.8%), we are encouraged by the company’s operating improvement, with its margin rising to 12.7% from 11.3% last year, 0.6 percentage points higher than our estimate. Increased marketing investment boosted its sales volume by 1.5%, and the company’s prioritization of core products also helped the product mix.We raise our fair value estimate to JPY 6,900 from JPY 6,100, reflecting better profitability going forward and a weaker Japanese yen forecast, as well as the time value of money. Kao’s share price has moved up by more than 10% since last November, but we think this was just a rebound from the concerns regarding the diaper business, and further upside is possible because the short-term inventory problems appear to have ended.Analyst: Shanshan Wei, CFA

Kao's Full-Year Operating Margin Improvement Better Than Expected; Raising FVE to JPY 6,900

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

With approx. 200 names already reporting 3Q numbers. We looked at the Market and Sector numbers to see who is best positioned to beat full-year guidance. Right now aggregate YTD OP is up 3% YoY and the market has achieved 76% of aggregate full-year OP guidance. <h2>Sector Aggregates YTD % Achieved of full-year OP Guidance</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/020/021/original/overall2.png?1485974713" class="editor-image img-responsive" data-smartkarma-image-id="20021"></figure><div class="content-caption">Source: Custom Products </div>At the sector level, with YoY YTD OP growth at 20% the Information &amp; Communication sector has already achieved 90% of its full-year OP guidance for names…

With approx. 200 names already reporting 3Q numbers. We looked at the Market and Sector numbers to see who is best positioned to beat full-year guidance. Right now aggregate YTD OP is up 3% YoY and the market has achieved 76% of aggregate full-year OP guidance. Sector Aggregates YTD % Achieved of full-year OP GuidanceSource: Custom Products At the sector level, with YoY YTD OP growth at 20% the Information &amp; Communication sector has already achieved 90% of its full-year OP guidance for names…

Japan's Aggregate OP up 3% in the First Part of 3Q Earnings Season.....

Fintech, Real-time Big-Data Analytics Provider, Nowcast, Inc.

Ryota Hayashi

Fintech, Real-time Big-Data Analytics Provider

Nowcast, Inc.

We at Nowcast develop "Big-Data Economic Analytics Platforms".  We aim to revolutionize the financial markets by providing "accurate" and "real-time" analytics based on economic indicators and corporate activity data procured worldwide. 

Our Main Services

(1) Real-time Analytics
With our Nikkei CPI Now Index at our core, we provide real time analytics of global economic indicators such as POS Data. By utilizing Big-Data technology, we also provide real-time analytics of micro level data such as corporate earnings. 

(2) Big-Data Application Consulting
We too provide business consultation and conduct joint research on initiatives that strive to use data, such as from the operation capacity of construction machinery to number of passengers on railroad trains, as economic indicators. We provide continuous support to Data Scientists specialized in economics in their proposal stage, product development and up till its business development. 

(3) Monetary Policy Insights
With the proactive involvement of and support from from academicians in macroeconomics & key figures in the financial industry, we produce reports, conduct seminars and meetings that discuss about the forecast of financial markets, provide intellectual suggestions on asset allocation, etc. 

Macroeconomics

<ul class="ember-tether-target ember-tether-element-attached-top ember-tether-element-attached-left ember-tether-target-attached-top ember-tether-target-attached-right"><li>"Nikkei CPINow" is a statistical database produced by Nowcast Inc. that provides real-time economic statistics using so-called “big data” gathered on a real-time basis; making it possible to “nowcast” economic developments, that is, to gauge them almost in real time.</li><li>Nikkei CPINow was launched in January 2016, disseminating the new “CPINow” price indeces, which succeeds and improves upon the Nikkei UTokyo Daily Price Index.</li><li>This December 2016 Review looks into analyzing the current developments in Japan's economy based on The Nikkei CPINow S index &amp; T index.</li></ul>

"Nikkei CPINow" is a statistical database produced by Nowcast Inc. that provides real-time economic statistics using so-called “big data” gathered on a real-time basis; making it possible to “nowcast” economic developments, that is, to gauge them almost in real time.Nikkei CPINow was launched in January 2016, disseminating the new “CPINow” price indeces, which succeeds and improves upon the Nikkei UTokyo Daily Price Index.This December 2016 Review looks into analyzing the current developments in Japan's economy based on The Nikkei CPINow S index &amp; T index.

December 2016 Review of Current Developments in Japan's Economy

Japan

Kao Corporation is a manufacturer of household and chemical products. The company produces cosmetics, laundry and cleaning products, hygiene products, fatty chemicals, edible oils, and specialty chemicals.

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Kao Corp (4452 JP)

Brexit and Its Impact on the Largest FMCG Companies

As the UK is set to leave the EU, we can examine the potential impact of Brexit on retail sales of FMCG companies covered in Passport. The exact...

Euromonitor International Ltd.

Can Tech Save The Declining Japanese Apparel Industry? FashionTech Series (1/3)

In this first of a series of articles examining the FashionTech scene in Japan, Euromonitor International looks at BtoB start-up companies...

Euromonitor International Ltd.

Kao's Full-Year Operating Margin Improvement Better Than Expected; Raising FVE to JPY 6,900

Wide-moat Kao posted positive full-year earnings results, with operating margins coming in stronger than expected. While revenue was in line with...

Morningstar, Inc.

Japan's Aggregate OP up 3% in the First Part of 3Q Earnings Season.....

With approx. 200 names already reporting 3Q numbers. We looked at the Market and Sector numbers to see who is best positioned to beat full-year...

Custom Products Group

December 2016 Review of Current Developments in Japan's Economy

"Nikkei CPINow" is a statistical database produced by Nowcast Inc. that provides real-time economic statistics using so-called “big data”...

Nowcast, Inc.

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