'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/068/507/original/2018-11-02_10-20-29.png?1541121653" class="editor-image img-responsive" data-smartkarma-image-id="68507"></figure>Source: Japan Analytics
NB: companies are colour-coded by sector
</div>28 YEARS OF NON-FINANCIAL MARKET LEADERSHIP - To offer some light relief from the current market, we have compiled a graphic illustrating the evolution in the ranking of the leading non-financial Japanese companies by market capitalisation measured at the end of each of the last 28 years.METHODOLOGY - Our comments follow in the detail below, but first a few notes:-<ul>
<li>In the interests of clarity (/sanity?), financials have been omitted. Twelve of the Top 20-ranked companies in 1990 were financials. However, only <a href="https://www.smartkarma.com/entities/742" target="_blank" data-smartkarma-citation="entities:742:1">Nomura (8604 JP)</a>, <a href="https://www.smartkarma.com/entities/6483" target="_blank" data-smartkarma-citation="entities:6483:1">Aozora (8304 JP)</a> and <a href="https://www.smartkarma.com/entities/16897" target="_blank" data-smartkarma-citation="entities:16897:1">Shinsei (8303 JP)</a> have survived in their original corporate structure and have the same ticker code. Our chart would have otherwise have included the now-merged IBJ, Fuji Bank, Dai-Ichi Kangyo Bank, Mitsubishi Bank, Sakura Bank, Sumitomo Bank, Tokai Bank, Sanwa Bank and Mitsubishi Trust Bank.  Excluded from the present-day Top 20 are <a href="https://www.smartkarma.com/entities/218" target="_blank" data-smartkarma-citation="entities:218:1">Mitsubishi UFJ (8306 JP)</a>, <a href="https://www.smartkarma.com/entities/217" target="_blank" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>, <a href="https://www.smartkarma.com/entities/838" target="_blank" data-smartkarma-citation="entities:838:1">Japan Post Bank (7182 JP)</a>, <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post Holdings (6178 JP)</a> and <a href="https://www.smartkarma.com/entities/219" target="_blank" data-smartkarma-citation="entities:219:1">Mizuho Financial (8411 JP)</a> from the present day.</li>
<li>Only companies that were in the Top 20 in 1990 or 2018, as well as those companies that have been in the Top 10 for at least three of the last 28 years, have been included. </li>
<li>Two companies from 1990's Top 20 - Seibu Railway and Japan Airlines - have since been delisted. Although they have relisted as <a href="https://www.smartkarma.com/entities/458" target="_blank" data-smartkarma-citation="entities:458:1">Seibu Holdings (9024 JP)</a> and <a href="https://www.smartkarma.com/entities/1184" target="_blank" data-smartkarma-citation="entities:1184:1">Japan Airlines (9201 JP)</a>, they are no longer highly-ranked.</li>
<li>Seven current Top 20 companies - (<a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank (9984 JP)</a>, <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo (9437 JP)</a>, <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a>, <a href="https://www.smartkarma.com/entities/13498" target="_blank" data-smartkarma-citation="entities:13498:1">Japan Tobacco (2914 JP)</a>, <a href="https://www.smartkarma.com/entities/13520" target="_blank" data-smartkarma-citation="entities:13520:1">Central Japan Railway (9022 JP)</a>, <a href="https://www.smartkarma.com/entities/751" target="_blank" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a> and <a href="https://www.smartkarma.com/entities/15070" target="_blank" data-smartkarma-citation="entities:15070:1">Recruit (6098 JP)</a>)  - have listed during the last 28 years. </li>
</ul>THE 2050 RANKING?- Which of the current market leaders will still be in the Top 20 in 2050 in their current guise? For those still around to read this in 32 year's time, we would wager on just three - <a href="https://www.smartkarma.com/entities/3077" target="_blank" data-smartkarma-citation="entities:3077:1">Keyence (6861 JP)</a>, <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/563" target="_blank" data-smartkarma-citation="entities:563:1">Sony (6758 JP)</a>.


Source: Japan Analytics
NB: companies are colour-coded by sector
28 YEARS OF NON-FINANCIAL MARKET LEADERSHIP - To offer some light relief from the current market, we have compiled a graphic illustrating the evolution in the ranking of the leading non-financial Japanese companies by market capitalisation measured at the end of each of the last 28 years.METHODOLOGY - Our comments follow in the detail below, but first a few notes:-
In the interests of clarity (/sanity?), financials have been omitted. Twelve of the Top 20-ranked companies in 1990 were financials. However, only Nomura (8604 JP), Aozora (8304 JP) and Shinsei (8303 JP) have survived in their original corporate structure and have the same ticker code. Our chart would have otherwise have included the now-merged IBJ, Fuji Bank, Dai-Ichi Kangyo Bank, Mitsubishi Bank, Sakura Bank, Sumitomo Bank, Tokai Bank, Sanwa Bank and Mitsubishi Trust Bank.  Excluded from the present-day Top 20 are Mitsubishi UFJ (8306 JP), Sumitomo Mitsui Financial (8316 JP), Japan Post Bank (7182 JP), Japan Post Holdings (6178 JP) and Mizuho Financial (8411 JP) from the present day.
Only companies that were in the Top 20 in 1990 or 2018, as well as those companies that have been in the Top 10 for at least three of the last 28 years, have been included. 
Two companies from 1990's Top 20 - Seibu Railway and Japan Airlines - have since been delisted. Although they have relisted as Seibu Holdings (9024 JP) and Japan Airlines (9201 JP), they are no longer highly-ranked.
Seven current Top 20 companies - (Softbank (9984 JP), NTT Docomo (9437 JP), KDDI (9433 JP), Japan Tobacco (2914 JP), Central Japan Railway (9022 JP), Fast Retailing (9983 JP) and Recruit (6098 JP))  - have listed during the last 28 years. 
THE 2050 RANKING?- Which of the current market leaders will still be in the Top 20 in 2050 in their current guise? For those still around to read this in 32 year's time, we would wager on just three - Keyence (6861 JP), Toyota Motor (7203 JP) and Sony (6758 JP). 

Japan: The Evolution Of (Non-Financial) Market Leadership

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

Japanese Diversified Industrials are particularly attractive and actionable in spite of the recent global selloff in equities. In this report we focus on six stocks with the best setups in the Group: Mitsubishi Corporation (8058-JP), DAIKIN INDUSTRIES, LTD. (6367-JP), Mitsubishi Heavy Industries, Ltd. (7011-JP), IHI Corporation (7013-JP), Hitachi Metals, Ltd. (5486-JP), and Sojitz Corp. (2768-JP). Add exposure.

Japanese Diversified Industrials are particularly attractive and actionable in spite of the recent global selloff in equities. In this report we focus on six stocks with the best setups in the Group: Mitsubishi Corporation (8058-JP), DAIKIN INDUSTRIES, LTD. (6367-JP), Mitsubishi Heavy Industries, Ltd. (7011-JP), IHI Corporation (7013-JP), Hitachi Metals, Ltd. (5486-JP), and Sojitz Corp. (2768-JP). Add exposure.

Thematic (Sector/Industry)

RELATIVE PRICE SCORE - The Relative Price Score (RPS) measures stock price performance relative to TOPIX and is calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are, as a result, on a comparable scale, 'overbought' and 'oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. This insight updates our list of overbought and oversold companies reviews the best and worst performing companies by RPS over the last month and makes some specific long and short stock recommendations.COMPANY RPS STATISTICS - The Company 'outlier' thresholds are set to "+4" for overbought and "-2" for oversold. We have excluded the first twelve months of trading for newly-listed companies to remove the distortion created by the initial over-pricing of most public offerings in Japan of which <a href="https://www.smartkarma.com/entities/27149" target="_blank" data-smartkarma-citation="entities:27149:1">Mercari (4385 JP)</a> is the latest example. Currently, 123 companies are 'overbought', and 116 are 'oversold' - 3.3% and 3.2% of the 3,672 listed companies for which monthly data is available.  The current numbers and percentages are the largest in many years. Overbought and oversold states account for 0.7% and 1.2%, respectively of the 837,586 months of data covered since October 1990. The average 'overbought persistence' is four months with <a href="https://www.smartkarma.com/entities/16576" target="_blank" data-smartkarma-citation="entities:16576:1">Lion (4912 JP)</a> holding the record for the longest period at 24 months from September 2016 to date. The average 'oversold persistence' is 7.5 months with <a href="https://www.smartkarma.com/entities/9013" target="_blank" data-smartkarma-citation="entities:9013:1">Nippon Sheet Glass (5202 JP)</a> holding the record having been in that state for the 45 months since January 2015. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/063/937/original/2018-09-15_16-41-44.png?1536997320" class="editor-image img-responsive" data-smartkarma-image-id="63937"></figure><div class="content-caption">Source: Japan Analytics</div>OUTLIER EXTREMES - Currently, the percentage of companies that are positive outliers (&gt;4) it is a 26-year high, while the percentage of negative outliers (&lt;-2) is at a 17-year high. In the past and unsurprisingly, increases in the ratio of positive and negative outliers have been bullish and bearish, respectively. It is highly unusual for both positive and negative outliers to be rising sharply at the same time. The only similar period in the last thirty years was during the 'tech bubble'. In February 2000 the overbought and oversold percentages peaked at 2.4% and 20.5%, respectively. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/064/123/original/2018-09-18_11-05-49.png?1537236390" class="editor-image img-responsive" data-smartkarma-image-id="64123"></figure><div class="content-caption">Source: Japan Analytics</div>MARKET TIMING TEMPTATION - It is always appealing to attempt to derive trading strategies from such data - a temptation we shall resist except for the observations that the oversold ratio rises into market peaks but that a decline in the overbought ratio of at least one percentage point is required to confirm a peak. At present, only the former condition is fulfilled.  COMPANY RECOMMENDATIONS - Recommendations and comments are provided below on <a href="https://www.smartkarma.com/entities/5718" target="_blank" data-smartkarma-citation="entities:5718:1">Shiseido (4911 JP)</a>, <a href="https://www.smartkarma.com/entities/4126" target="_blank" data-smartkarma-citation="entities:4126:1">Lasertec (6920 JP)</a>, <a href="https://www.smartkarma.com/entities/10020" target="_blank" data-smartkarma-citation="entities:10020:1">Sakai Moving Service (9039 JP)</a>, <a href="https://www.smartkarma.com/entities/8029" target="_blank" data-smartkarma-citation="entities:8029:1">Milbon (4919 JP)</a> and <a href="https://www.smartkarma.com/entities/8467" target="_blank" data-smartkarma-citation="entities:8467:1">Workman (7564 JP)</a> as well as new entrants and potential additions to the long and short Relative Price Score Portfolios.

RELATIVE PRICE SCORE - The Relative Price Score (RPS) measures stock price performance relative to TOPIX and is calculated by comparing the current deviation with the mean absolute deviation of monthly and daily relative share prices. As all companies are, as a result, on a comparable scale, 'overbought' and 'oversold' outliers and changes in scoring can reveal short-term and longer-term trading opportunities. This insight updates our list of overbought and oversold companies reviews the best and worst performing companies by RPS over the last month and makes some specific long and short stock recommendations.COMPANY RPS STATISTICS - The Company 'outlier' thresholds are set to "+4" for overbought and "-2" for oversold. We have excluded the first twelve months of trading for newly-listed companies to remove the distortion created by the initial over-pricing of most public offerings in Japan of which Mercari (4385 JP) is the latest example. Currently, 123 companies are 'overbought', and 116 are 'oversold' - 3.3% and 3.2% of the 3,672 listed companies for which monthly data is available.  The current numbers and percentages are the largest in many years. Overbought and oversold states account for 0.7% and 1.2%, respectively of the 837,586 months of data covered since October 1990. The average 'overbought persistence' is four months with Lion (4912 JP) holding the record for the longest period at 24 months from September 2016 to date. The average 'oversold persistence' is 7.5 months with Nippon Sheet Glass (5202 JP) holding the record having been in that state for the 45 months since January 2015. Source: Japan AnalyticsOUTLIER EXTREMES - Currently, the percentage of companies that are positive outliers (&gt;4) it is a 26-year high, while the percentage of negative outliers (&lt;-2) is at a 17-year high. In the past and unsurprisingly, increases in the ratio of positive and negative outliers have been bullish and bearish, respectively. It is highly unusual for both positive and negative outliers to be rising sharply at the same time. The only similar period in the last thirty years was during the 'tech bubble'. In February 2000 the overbought and oversold percentages peaked at 2.4% and 20.5%, respectively. Source: Japan AnalyticsMARKET TIMING TEMPTATION - It is always appealing to attempt to derive trading strategies from such data - a temptation we shall resist except for the observations that the oversold ratio rises into market peaks but that a decline in the overbought ratio of at least one percentage point is required to confirm a peak. At present, only the former condition is fulfilled.  COMPANY RECOMMENDATIONS - Recommendations and comments are provided below on Shiseido (4911 JP), Lasertec (6920 JP), Sakai Moving Service (9039 JP), Milbon (4919 JP) and Workman (7564 JP) as well as new entrants and potential additions to the long and short Relative Price Score Portfolios.

Japan: Most Overbought and Oversold - Relative Price Score Update - Companies

Equity Analyst

Gervin Gayan

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

1QFY19 Results Were Better, Mostly Due to the Turnaround in the Power System Segment 
Despite MHI posting flat YoY revenue of JPY906bn in 1QFY18, its OP improved to JPY31.4bn  (from JPY6.4bn in 1QFY17). However, MHI’s operating loss widened to JPY12.1bn in the Aircraft, Defence &amp; Space segment (from a JPY6.8bn loss in 1QFY17), while in the Power System segment OP improved to JPY26.8bn (the same period last year witnessed a small loss).
<table class="table table-striped">
<tbody>
<tr>
<td rowspan="2">
                 In JPYbn
</td>
<td colspan="2" style="text-align: center;">
Order Received
</td>
<td colspan="2" style="text-align: center;">
Net Sales
</td>
<td colspan="2" style="text-align: center;">
OP
</td>
</tr>
<tr>
<td style="text-align: center;">
1QFY18
</td>
<td style="text-align: center;">
1QFY19
</td>
<td style="text-align: center;">
1QFY18
</td>
<td style="text-align: center;">
1QFY19
</td>
<td style="text-align: center;">
1QFY18
</td>
<td style="text-align: center;">
1QFY19
</td>
</tr>
<tr>
<td>
Power Systems
</td>
<td style="text-align: center;">
226.8
</td>
<td style="text-align: center;">
194.4
</td>
<td style="text-align: center;">
295.1
</td>
<td style="text-align: center;">
316.6
</td>
<td style="text-align: center;">
-1.7
</td>
<td style="text-align: center;">
25.1
</td>
</tr>
<tr>
<td>
Industry &amp; Infrastructure
</td>
<td style="text-align: center;">
384.6
</td>
<td style="text-align: center;">
434
</td>
<td style="text-align: center;">
437.9
</td>
<td style="text-align: center;">
445.2
</td>
<td style="text-align: center;">
12.0
</td>
<td style="text-align: center;">
14.8
</td>
</tr>
<tr>
<td>
Aircraft, Defense &amp; Space
</td>
<td style="text-align: center;">
90.1
</td>
<td style="text-align: center;">
85.1
</td>
<td style="text-align: center;">
170.6
</td>
<td style="text-align: center;">
150.6
</td>
<td style="text-align: center;">
-6.8
</td>
<td style="text-align: center;">
-12.1
</td>
</tr>
<tr>
<td>
Others
</td>
<td style="text-align: center;">
31.9
</td>
<td style="text-align: center;">
18.6
</td>
<td style="text-align: center;">
31.6
</td>
<td style="text-align: center;">
17.8
</td>
<td style="text-align: center;">
2.0
</td>
<td style="text-align: center;">
2.7
</td>
</tr>
<tr>
<td>
Eliminations or Corporate
</td>
<td style="text-align: center;">
-31.7
</td>
<td style="text-align: center;">
-25.1
</td>
<td style="text-align: center;">
-32.2
</td>
<td style="text-align: center;">
-24.3
</td>
<td style="text-align: center;">
1.0
</td>
<td style="text-align: center;">
0.7
</td>
</tr>
<tr>
<td>
Total
</td>
<td style="text-align: center;">
701.9
</td>
<td style="text-align: center;">
707.1
</td>
<td style="text-align: center;">
903.2
</td>
<td style="text-align: center;">
906.1
</td>
<td style="text-align: center;">
6.4
</td>
<td style="text-align: center;">
31.4
</td>
</tr>
</tbody>
</table>
<div class="content-remarks">
Source: Company Disclosures
</div>

1QFY19 Results Were Better, Mostly Due to the Turnaround in the Power System Segment 
Despite MHI posting flat YoY revenue of JPY906bn in 1QFY18, its OP improved to JPY31.4bn  (from JPY6.4bn in 1QFY17). However, MHI’s operating loss widened to JPY12.1bn in the Aircraft, Defence &amp; Space segment (from a JPY6.8bn loss in 1QFY17), while in the Power System segment OP improved to JPY26.8bn (the same period last year witnessed a small loss).




                 In JPYbn


Order Received


Net Sales


OP




1QFY18


1QFY19


1QFY18


1QFY19


1QFY18


1QFY19




Power Systems


226.8


194.4


295.1


316.6


-1.7


25.1




Industry &amp; Infrastructure


384.6


434


437.9


445.2


12.0


14.8




Aircraft, Defense &amp; Space


90.1


85.1


170.6


150.6


-6.8


-12.1




Others


31.9


18.6


31.6


17.8


2.0


2.7




Eliminations or Corporate


-31.7


-25.1


-32.2


-24.3


1.0


0.7




Total


701.9


707.1


903.2


906.1


6.4


31.4





Source: Company Disclosures


MHI (JP 7011): Declining Orders and Widening Aircraft Loss Could Miss Guidance

Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

Senior Bank Analyst - Japanese Banks

Windamee Research

Japanese Banks

If a Japanese regional bank were independent, profitable, and had the leading market share for loans and deposits in its home prefecture, why would management choose to ignore its relationships with other local banks that were significant shareholders and instead actively pursue a course of self-annihilation through seeking a merger with a rival bank group?  With a rival bank group, moreover, based in another prefecture entirely and with no previous relationship history such as through cross-shareholding or business co-operation?  That is exactly the path that <a href="https://www.smartkarma.com/entities/11060" target="_blank" data-smartkarma-citation="entities:11060:1">Eighteenth Bank (8396 JP)</a> from Nagasaki Prefecture has chosen in pursuing a merger with the much larger <a href="https://www.smartkarma.com/entities/3712" target="_blank" data-smartkarma-citation="entities:3712:1">Fukuoka Financial Group (8354 JP)</a> from Fukuoka Prefecture. The Japan Fair Trade Commission (FTC) has finally given its blessing to the union, and the share price has reacted very positively to the news (Eighteenth Bank’s stock price jumped 7.7% on Friday, trading over 1 million shares and closing at ¥350).  At a time when Japanese bank stocks have been under considerable pressure for most of this year, with many regional bank stocks falling around 15% or more in the last six months, Eighteenth Bank has bucked the trend.  Its stock price has risen 19% in the last six months, and by 32.6% over the last 12 months: the best price performance of any Japanese bank stock.  Even so, investors would be wise to consider Eighteenth Bank’s motives in pursuing this merger and whether such actions are in its shareholders’ ultimate best interests.

If a Japanese regional bank were independent, profitable, and had the leading market share for loans and deposits in its home prefecture, why would management choose to ignore its relationships with other local banks that were significant shareholders and instead actively pursue a course of self-annihilation through seeking a merger with a rival bank group?  With a rival bank group, moreover, based in another prefecture entirely and with no previous relationship history such as through cross-shareholding or business co-operation?  That is exactly the path that Eighteenth Bank (8396 JP) from Nagasaki Prefecture has chosen in pursuing a merger with the much larger Fukuoka Financial Group (8354 JP) from Fukuoka Prefecture. The Japan Fair Trade Commission (FTC) has finally given its blessing to the union, and the share price has reacted very positively to the news (Eighteenth Bank’s stock price jumped 7.7% on Friday, trading over 1 million shares and closing at ¥350).  At a time when Japanese bank stocks have been under considerable pressure for most of this year, with many regional bank stocks falling around 15% or more in the last six months, Eighteenth Bank has bucked the trend.  Its stock price has risen 19% in the last six months, and by 32.6% over the last 12 months: the best price performance of any Japanese bank stock.  Even so, investors would be wise to consider Eighteenth Bank’s motives in pursuing this merger and whether such actions are in its shareholders’ ultimate best interests.

Eighteenth Bank (8396 JP):  18th Nervous Breakdown

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)

Japan: The Evolution Of (Non-Financial) Market Leadership

28 YEARS OF NON-FINANCIAL MARKET LEADERSHIP - To offer some light relief from the current market, we have compiled a graphic illustrating the...

Campbell Gunn

Buy: Japanese Diversified Industrials

Japanese Diversified Industrials are particularly attractive and actionable in spite of the recent global selloff in equities. In this report we...

Vermilion Research

Japan: Most Overbought and Oversold - Relative Price Score Update - Companies

RELATIVE PRICE SCORE - The Relative Price Score (RPS) measures stock price performance relative to TOPIX and is calculated by comparing the current...

Campbell Gunn

MHI (JP 7011): Declining Orders and Widening Aircraft Loss Could Miss Guidance

1QFY19 Results Were Better, Mostly Due to the Turnaround in the Power System Segment Despite MHI posting flat YoY revenue of JPY906bn in 1QFY18,...

Gervin Gayan

Eighteenth Bank (8396 JP): 18th Nervous Breakdown

If a Japanese regional bank were independent, profitable, and had the leading market share for loans and deposits in its home prefecture, why would...

J. Brian Waterhouse

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