Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. </li>
<li>JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs </li>
<li>NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  </li>
</ul>


OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. 
JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs 
NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  


Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

<ul>
<li>OVERSEAS. SPX +0.5% in Choppy session; Tech leads as 7/11 sectors rose in a Beta rebound; NDVIA +14% on AI/Chat GPT prospects; All eyes on Friday's PCE Deflator print</li>
<li>JAPAN. NKY Futs +0.4% vs Cash; USDJPY 135 level; Tech to lead after yesterday's holidays; BOJ Gov designate Ueda speaks the Diet today;  Analysts bullish with 11 BUY Upgrades </li>
<li>DAILY NUGGET.  What does Roll-Royce, +24% overnight, say about Japan's IHI(7013) ? The rise in prospects positive for IHI. </li>
</ul>


OVERSEAS. SPX +0.5% in Choppy session; Tech leads as 7/11 sectors rose in a Beta rebound; NDVIA +14% on AI/Chat GPT prospects; All eyes on Friday's PCE Deflator print
JAPAN. NKY Futs +0.4% vs Cash; USDJPY 135 level; Tech to lead after yesterday's holidays; BOJ Gov designate Ueda speaks the Diet today;  Analysts bullish with 11 BUY Upgrades 
DAILY NUGGET.  What does Roll-Royce, +24% overnight, say about Japan's IHI(7013) ? The rise in prospects positive for IHI. 


Good Morning Japan |Choppy US BUT Tech Roars Back with NVIDIA/AI Prospects; Catch up Time in Japan !

<ul>
<li>OVERSEAS.  SPX  stays positive; Energy leads as Russia cuts oil production; CPI print in focus - as market looks for Fed Pause clues; TEREX - solid print/outlook..what Recession?</li>
<li>JAPAN. NKY Fut -0.3% vs Cash;  USDJPY 131.36; Shock at Professor Ueda as BOJ Gov; Yen rallies then weakens post his Presser;  Govt to guarantee 15% margins for Defense suppliers?</li>
<li>DAILY NUGGET. Fun take - ChatGPT on BOJ Governor to be Kazuo Ueda.</li>
</ul>


OVERSEAS.  SPX  stays positive; Energy leads as Russia cuts oil production; CPI print in focus - as market looks for Fed Pause clues; TEREX - solid print/outlook..what Recession?
JAPAN. NKY Fut -0.3% vs Cash;  USDJPY 131.36; Shock at Professor Ueda as BOJ Gov; Yen rallies then weakens post his Presser;  Govt to guarantee 15% margins for Defense suppliers?
DAILY NUGGET. Fun take - ChatGPT on BOJ Governor to be Kazuo Ueda.


Good Morning Japan |SPX Hangs on Ahead of Key CPI Print; BOJ Gov Candidate Shocker->ChatGPT's View

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://asia.nikkei.com/Spotlight/Toshiba-in-turmoil/Japanese-consortium-makes-final-offer-on-Toshiba-buyout" target="_blank" rel="noopener">Nikkei reports</a> that Japan Industrial Partners (JIP), the preferred bidder, has finally secured financing and submitted a final offer to <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>’s Board.</li>
<li>Nikkei notes that JIP expects to spend about JPY2 trillion on the acquisition suggesting an offer price around JPY4,750 per share, -4% below the undisturbed price of JPY4,957.60 (21 April).</li>
<li>The hard part now is getting the Board to accept the unremarkable offer and the banks’ conditions. If the Board succumbs, the next challenge is to get shareholders to accept.</li>
</ul>


The Nikkei reports that Japan Industrial Partners (JIP), the preferred bidder, has finally secured financing and submitted a final offer to Toshiba Corp (6502 JP)’s Board.
Nikkei notes that JIP expects to spend about JPY2 trillion on the acquisition suggesting an offer price around JPY4,750 per share, -4% below the undisturbed price of JPY4,957.60 (21 April).
The hard part now is getting the Board to accept the unremarkable offer and the banks’ conditions. If the Board succumbs, the next challenge is to get shareholders to accept.


Toshiba (6502 JP): Formal Offer Lodged, Now for the Hard Part

<ul>
<li>OVERSEAS.  SPX resumes rally as Powell Speech affirms 5% Peak rates;   Beta dominates as Energy and Tech lead; Oil rebound as EIA sees higher Oil +  Saudis lift prices</li>
<li>JAPAN.  NKY Futs -0.1% (flat) vs Cash;  Inbound headwinds as China excludes Japan from Group tours;  Son skips Softbank brief in wake of Vision fund disaster; Nintendo/Switch - its Over!</li>
<li>DAILY NUGGETS. Nintendo - Game Over. Is our view.  The Switch is getting old and we are past the peak..</li>
</ul>


OVERSEAS.  SPX resumes rally as Powell Speech affirms 5% Peak rates;   Beta dominates as Energy and Tech lead; Oil rebound as EIA sees higher Oil +  Saudis lift prices
JAPAN.  NKY Futs -0.1% (flat) vs Cash;  Inbound headwinds as China excludes Japan from Group tours;  Son skips Softbank brief in wake of Vision fund disaster; Nintendo/Switch - its Over!
DAILY NUGGETS. Nintendo - Game Over. Is our view.  The Switch is getting old and we are past the peak..


Good Morning Japan |Peak Rates Still 5% Post Powell - Beta Roars Back; Inbound-China Excludes Japan

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

REALITY CHECK FROM POWELL; USDJPY weakens to 137.1 as Powell tesimony digested; H3 failure-blow to JP space hopes; "My Number" Use expanded; ...

Mark Chadwick

Good Morning Japan |Choppy US BUT Tech Roars Back with NVIDIA/AI Prospects; Catch up Time in Japan !

Tech to lead after yesterday's holidays; BOJ Gov designate Ueda speaks the Diet today; Analysts bullish with 11 BUY Upgrades

Mark Chadwick

Good Morning Japan |SPX Hangs on Ahead of Key CPI Print; BOJ Gov Candidate Shocker->ChatGPT's View

US CPI in focus; BOJ Surprise Nominee - do not expect anything revolutonary. After Gov designate Ueda's news conference on Friday, that market has...

Mark Chadwick

Toshiba (6502 JP): Formal Offer Lodged, Now for the Hard Part

The hard part now is getting the Board to accept the unremarkable offer and the banks’ conditions. If the Board succumbs, the next challenge is to...

Arun George

Good Morning Japan |Peak Rates Still 5% Post Powell - Beta Roars Back; Inbound-China Excludes Japan

NKY indicated flate; Inbound headwinds as China exludes Japan from Group tours; Son skips Softbank brief in wake of Vision fund disaster; Nintendo...

Mark Chadwick

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