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.

Thematic (Sector/Industry)

<ul><li>LCD TVs records a 4% retail volume increase in 2017 as sales reach 5.6 million units</li><li>4K TVs gain further share in LCD TVs</li><li>BD players declines by 2% in retail volume terms in 2017 as sales fall to 538,000 units</li><li>Japanese brands including Sony launch OLED TVs during 2017</li><li>LCD TVs is set to increase in retail volume at a CAGR of 4% over the forecast period, with sales set to reach 6.8 million units in 2022</li></ul>

LCD TVs records a 4% retail volume increase in 2017 as sales reach 5.6 million units4K TVs gain further share in LCD TVsBD players declines by 2% in retail volume terms in 2017 as sales fall to 538,000 unitsJapanese brands including Sony launch OLED TVs during 2017LCD TVs is set to increase in retail volume at a CAGR of 4% over the forecast period, with sales set to reach 6.8 million units in 2022

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

Japan’s breakout adds to an attractive global trendJapan’s base breakout, Europe’s rebound at the 200-day, and EM’s advance to all-time highs – it’s this technical panorama that confirms a risk-on environment, and supports a bullish outlook. Ignore the daily charts—the source of noise—and stick with the weeklies—they tell the true story: up and to the right.In today’s report, we highlight actionable themes in two countries (Japan and Norway) and one sector (energy).

Japan’s breakout adds to an attractive global trendJapan’s base breakout, Europe’s rebound at the 200-day, and EM’s advance to all-time highs – it’s this technical panorama that confirms a risk-on environment, and supports a bullish outlook. Ignore the daily charts—the source of noise—and stick with the weeklies—they tell the true story: up and to the right.In today’s report, we highlight actionable themes in two countries (Japan and Norway) and one sector (energy).

Int'l Compass: Japan Is Breaking Out; Energy Stocks Are Bottoming; Norway Is Emerging as Leadership

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Macroeconomics

The non-consensus end Q2 growth into value switch focused on short MSCI tech versus long 50:50 mining and energy position is now almost 6% onside.Oil has joined the rally seen in industrial metals, with US inventories now down 10% from their March peak and the market shifting into backwardation.Shorting the USD and volatility have become one-way bets but both look likely to reverse into the autumn, undermining carry trades and cross market correlations.With plunging approval ratings, the…

The non-consensus end Q2 growth into value switch focused on short MSCI tech versus long 50:50 mining and energy position is now almost 6% onside.Oil has joined the rally seen in industrial metals, with US inventories now down 10% from their March peak and the market shifting into backwardation.Shorting the USD and volatility have become one-way bets but both look likely to reverse into the autumn, undermining carry trades and cross market correlations.With plunging approval ratings, the…

Oil Joins 'Surprise' Resource Rally, as Japan Looks Past Abe Era…

<h2>Headlines</h2><ul><li>Refrigeration appliances sees 5% volume growth in 2016 to reach 4.2 million units.</li><li>Demand for refrigeration appliances rebounds following declines caused by VAT increase in April 2014.</li><li>Fridge freezers is the fastest-growing category, with a 6% volume increase in 2016.</li><li>Premiumisation continues to play a key role in raising unit prices in refrigeration appliances in Japan.</li><li>Panasonic retains the lead in 2016, though Hitachi gains ground.</li><li>Refrigeration appliances’ performance over 2016-2021 is set to echo the declining number of households, with a -1% CAGR forecast in volume terms.</li></ul>

HeadlinesRefrigeration appliances sees 5% volume growth in 2016 to reach 4.2 million units.Demand for refrigeration appliances rebounds following declines caused by VAT increase in April 2014.Fridge freezers is the fastest-growing category, with a 6% volume increase in 2016.Premiumisation continues to play a key role in raising unit prices in refrigeration appliances in Japan.Panasonic retains the lead in 2016, though Hitachi gains ground.Refrigeration appliances’ performance over 2016-2021 is set to echo the declining number of households, with a -1% CAGR forecast in volume terms.

Sector Capsule: Refrigeration Appliances in Japan

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

We visited <a href="https://www.smartkarma.com/entities/2458" target="_blank" data-smartkarma-citation="entities:2458:1">Yaskawa Electric Corp (6506 JP)</a> on Friday to delve into current market shares for their various products, assess the company's stance on the long-term opportunity for Cobots and understand their products better. We would further note positive <a href="http://www.nikkei.com/nkd/company/article/?DisplayType=1&amp;n_cid=DSMMAA13&amp;ng=DGXLZO17860660Z10C17A6TJ2000&amp;scode=6954&amp;ba=1" target="_blank">news on capacity expansion</a> from the Japanese Nikkei. The article says that Yaskawa could raise global monthly robot production capacity from 3,000 units to 5,000 units by 2019, doubling capacity in China to more than 1,200 units per month.Since…

We visited Yaskawa Electric Corp (6506 JP) on Friday to delve into current market shares for their various products, assess the company's stance on the long-term opportunity for Cobots and understand their products better. We would further note positive news on capacity expansion from the Japanese Nikkei. The article says that Yaskawa could raise global monthly robot production capacity from 3,000 units to 5,000 units by 2019, doubling capacity in China to more than 1,200 units per month.Since…

Yaskawa Electric Visit: Steady Performance but Time to Tilt Long Yaskawa/Short Fanuc Pair Shorter

Japan

NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

Nidec Corporation operates as a world's leading manufacturer of motors. The Company produces small precision motors, automotive motors, home appliance motors, commercial and industrial motors, machinery motors, electronic and optical components, and other related products. Nidec supplies its products in home appliances, automotive markets, and other fields.

Fujikura Ltd. manufactures and sells wires and cables such as optical fiber cables and coaxial cables. The Company's products include optical transmission system, electronic materials, and telecommunication cables.

FUJI ELECTRIC CO.,LTD manufactures electric machinery and electronic devices. The Company's products include automatic vending machines, factory automation equipment, and power supplies, as well as information and electronic components such as power semiconductors and integrated circuits (ICs).

Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. The Company holds patents in optical fiber coating technology and produces optical fiber cables in the United States.  Furukawa Electric's metal products include aluminum cans, air conditioner parts, and shape memory alloys.

USHIO INC. manufactures lamps and optical equipment including projectors for movie theaters.  The Company produces halogen and Houdentou lamps for semiconductor and office automation equipment.  Ushio has subsidiaries in the US, Canada, Germany, Hong Kong, Netherlands, Singapore, South Korea, and Taiwan.

GS Yuasa Corporation is a holding company established through the merger of Yuasa Corp. and Japan Storage Battery Co., Ltd.  The Company manages financial operations for its subsidiaries, which manufactures storage batteries used for automobiles, motorcycles, computers, and lighting equipment.

MABUCHI MOTOR CO., LTD. manufactures and markets small digital camera motors. The Company markets its products to a wide range of users, from audio-visual makers, automobile parts makers, consumer electronics makers, office automation equipment makers, precision machine makers to radio controlled-model cars and video game makers.  Mabuchi's products are produced primarily in China.

DAIHEN Corporation manufactures and repairs a diverse line of transformers, power distribution equipment, welding machines, industrial robots, and semiconductor manufacturing equipment.  The Company also produces other energyrelated equipment such as generators and power monitoring and control systems.

TOYO TANSO CO., LTD. mainly manufactures carbon and graphite products for industrial use.  The Company's main products include isotropic graphite, carbon products for mechanical and electrical applications.

Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

NARI Technology Co., Ltd. develops, manufactures and sells automation products for electricity distribution, converting stations, coal-fired power plants, and industrial process. The Company also provides services and system integration.

CG Power and Industrial Solutions Limited manufactures, distributes, installs and services electrical and allied equipment. The Company offers transformers, reactors, switchgear control equipment and accessories, industrial motors, pumps, and communication systems. CG Power and Industrial Solutions serves customers globally. 

Hubbell Incorporated manufactures electrical and electronic products for commercial, industrial, utility, and telecommunications markets.  The Company's products include plugs, receptacles, connectors, lighting fixtures, high voltage test and measurement equipment, and voice and data signal processing components. Hubbell operates in the United States and overseas.

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

AMETEK, Inc. is a global manufacturer of electronic instruments and electromechanical devices. The Company manufactures advanced instruments for process, aerospace, power and industrial markets and is a supplier of electrical interconnects, specialty metals, technical motors and systems, and floor care and specialty motors.

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

Sector Capsule: Home Video in Japan

LCD TVs records a 4% retail volume increase in 2017 as sales reach 5.6 million units 4K TVs gain further share in LCD TVs BD players declines by...

Euromonitor International Ltd.

Int'l Compass: Japan Is Breaking Out; Energy Stocks Are Bottoming; Norway Is Emerging as Leadership

Japan’s breakout adds to an attractive global trendJapan’s base breakout, Europe’s rebound at the 200-day, and EM’s advance to all-time highs –...

Vermilion Research

Oil Joins 'Surprise' Resource Rally, as Japan Looks Past Abe Era…

The non-consensus end Q2 growth into value switch focused on short MSCI tech versus long 50:50 mining and energy position is now almost 6%...

Sean Maher

Sector Capsule: Refrigeration Appliances in Japan

Headlines Refrigeration appliances sees 5% volume growth in 2016 to reach 4.2 million units. Demand for refrigeration appliances rebounds following...

Euromonitor International Ltd.

Yaskawa Electric Visit: Steady Performance but Time to Tilt Long Yaskawa/Short Fanuc Pair Shorter

We visited Yaskawa Electric Corp (6506 JP) on Friday to delve into current market shares for their various products, assess the company's stance on...

Mio Kato

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