Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
 Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW us to keep abreast!
</li>
<li>
OVERNIGHT:  BETA bid with Commodities &amp;Tech leading; Momentum &amp; Value sold; SOX +15%WoW; China 20-point plan on COVID-19 easing;  FTX Bankruptcy - CEO flees the US. Democrats retain Senate-IRA safe. </li>
<li>
JAPAN:  NKY Futs  -0.5% vs Cash; Further yen strength with USDJPY ¥138.81; Bain to lift JP invest &gt;$40b-focus is Kansai tech cos; No new Softbank buyback; Rakuten losing mobile subs</li>
</ul>



 Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW us to keep abreast!


OVERNIGHT:  BETA bid with Commodities &amp;Tech leading; Momentum &amp; Value sold; SOX +15%WoW; China 20-point plan on COVID-19 easing;  FTX Bankruptcy - CEO flees the US. Democrats retain Senate-IRA safe. 

JAPAN:  NKY Futs  -0.5% vs Cash; Further yen strength with USDJPY ¥138.81; Bain to lift JP invest &gt;$40b-focus is Kansai tech cos; No new Softbank buyback; Rakuten losing mobile subs


Good Morning Japan | Bulls Still in Charge

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/Toshiba-buyout-Japanese-fund-submits-15bn-proposal" target="_blank" rel="noopener">Nikkei Asia</a> reports that JIP has submitted a formal proposal to privatise <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> for about JPY2.2 trillion (US$15 billion) based on “Toshiba's current share price.” </li>
<li>JIP’s offer is below expectations of around a JPY6,000 bid which is likely driven by the inability to secure sufficient debt financing. JIP remains in negotiations with banks. </li>
<li>While there is a risk that JIP will be unable to improve its offer to secure Board approval, the downside is low as Toshiba/peers' current price ratio is attractive. </li>
</ul>


The Nikkei Asia reports that JIP has submitted a formal proposal to privatise Toshiba Corp (6502 JP) for about JPY2.2 trillion (US$15 billion) based on “Toshiba's current share price.” 
JIP’s offer is below expectations of around a JPY6,000 bid which is likely driven by the inability to secure sufficient debt financing. JIP remains in negotiations with banks. 
While there is a risk that JIP will be unable to improve its offer to secure Board approval, the downside is low as Toshiba/peers' current price ratio is attractive. 


Toshiba (6502 JP): JIP Lobs a Lower-Than-Expected Offer

<ul>
<li>Good Morning Japan: A detailed look at the overnight news and market moves that will impact the trading day in Japan</li>
<li>US rally overnight on mixed employment and hopes of easing of China Covid-19 restrictions. China officials pour cold water these hopes - look for reversal  </li>
<li>Daikin Nikkei Preview - looks weak; Defense stocks likely gets support; SMBC takes that axe to SMBC Nikko CEO  - harsh. </li>
</ul>


Good Morning Japan: A detailed look at the overnight news and market moves that will impact the trading day in Japan
US rally overnight on mixed employment and hopes of easing of China Covid-19 restrictions. China officials pour cold water these hopes - look for reversal  
Daikin Nikkei Preview - looks weak; Defense stocks likely gets support; SMBC takes that axe to SMBC Nikko CEO  - harsh. 


Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>It is just 3 days 7 hours 52 minutes before the private jets start touching down at Sharm El-Sheikh International Airport for COP27</li>
<li>Expect a lot of jawboning on energy transition and decarbonization – music to the ears of MHI shareholders</li>
<li>MHI excels at Energy Transition as carbon intensive industries such as power generation and steelmaking shift to decarbonize</li>
</ul>


It is just 3 days 7 hours 52 minutes before the private jets start touching down at Sharm El-Sheikh International Airport for COP27
Expect a lot of jawboning on energy transition and decarbonization – music to the ears of MHI shareholders
MHI excels at Energy Transition as carbon intensive industries such as power generation and steelmaking shift to decarbonize


MHI (7011) | The Time to Act on Energy Transition

<ul>
<li>Inflation is impacting everything, from the price of pints to the cost of funerals</li>
<li>The BOJ wants more of it, but the weak yen is now officially a problem</li>
<li>What to do? If you believe we are in for a decade of inflation, then Buy Value - this week that means Japan Steel Works, MHI and Iwatani</li>
</ul>


Inflation is impacting everything, from the price of pints to the cost of funerals
The BOJ wants more of it, but the weak yen is now officially a problem
What to do? If you believe we are in for a decade of inflation, then Buy Value - this week that means Japan Steel Works, MHI and Iwatani


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 | Bulls Still in Charge

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in...

Mark Chadwick

Toshiba (6502 JP): JIP Lobs a Lower-Than-Expected Offer

While there is a risk that JIP will be unable to improve its offer to secure Board approval, the downside is low as Toshiba/peers' current price...

Arun George

Good Morning Japan (November 7, 2022)

The way to start your Japan trading day. "Good Morning Japan" is a detailed look at the overnight news and market moves that will impact the...

Mark Chadwick

MHI (7011) | The Time to Act on Energy Transition

MHI is a key beneficiary of Energy Transition and Decarbonization. The upcoming COP27 will be a catalyst. MHI is already seeing a strong order book...

Mark Chadwick

Japan Weekly | Inflation Is the Story

If you believe we are in for a decade of inflation, then Buy Value - this week that means Japan Steel Works, MHI and Iwatani

Mark Chadwick

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