Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

<a href="https://www.smartkarma.com/entities/14050" target="_blank" data-smartkarma-citation="entities:14050:1">Dowa Holdings Co Ltd (5714 JP)</a> reported 2Q results of JPY108.2bn revenue (consensus JPY111.6bn), JPY6.4bn OP (consensus JPY7.4bn), current profit of JPY8.2bn (consensus JPY7.9bn) and net profit of JPY5.6bn (consensus JPY5.5bn). On the whole, while the OP miss was disappointing, current profit is increasingly more relevant for the company due to the increasing contribution from stakes in mining assets. At the current profit level, all segments aside from Other/Elimination demonstrated YoY growth…

Dowa Holdings Co Ltd (5714 JP) reported 2Q results of JPY108.2bn revenue (consensus JPY111.6bn), JPY6.4bn OP (consensus JPY7.4bn), current profit of JPY8.2bn (consensus JPY7.9bn) and net profit of JPY5.6bn (consensus JPY5.5bn). On the whole, while the OP miss was disappointing, current profit is increasingly more relevant for the company due to the increasing contribution from stakes in mining assets. At the current profit level, all segments aside from Other/Elimination demonstrated YoY growth…

Dowa Holdings: 2Q Results In-Line but Silver Powder Recovery, Zinc and Indium Prices Are Positive

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/961" target="_blank" data-smartkarma-citation="entities:961:1">Nippon Steel &amp; Sumitomo Metal Corp (5401 JP)</a> and <a href="https://www.smartkarma.com/entities/17272" target="_blank" data-smartkarma-citation="entities:17272:1">Mitsubishi Materials Corp (5711 JP)</a> each plan to sell 14.6m share in Sumco Corporation to raise a total of US$466m. This will be the second sell down by the two since 2015.The deal scores well on our framework, given the robust price performance over the past few months. In addition, the company recently reported resulted and upgraded its 1Q17 guidance leading to a round of analyst upgrades and a 6% pop in share price. However, the discount given…

Nippon Steel &amp; Sumitomo Metal Corp (5401 JP) and Mitsubishi Materials Corp (5711 JP) each plan to sell 14.6m share in Sumco Corporation to raise a total of US$466m. This will be the second sell down by the two since 2015.The deal scores well on our framework, given the robust price performance over the past few months. In addition, the company recently reported resulted and upgraded its 1Q17 guidance leading to a round of analyst upgrades and a 6% pop in share price. However, the discount given…

Sumco - Price and Earnings Momentum Have Been Good but Prior Sell Down Didn't Do Well

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

Chartonics flash Tuesday 30 August 2016USD/JPY macro low and position update webcast<div>We have made a USD bull case from JPY 100 or 95 if we broke below 100 with a bull pivot above USD/JPY 101 which was triggered Friday. The bigger test revolves around USD sustainability above 101 and a successful test on the lower 101 pullback zone followed by a move through the second hurdle at 102.70. MT pivot resistance lies at 104 (macro bull targets come in at 110 and 114 with ideal objective at 114/117 in…</div>

Chartonics flash Tuesday 30 August 2016USD/JPY macro low and position update webcastWe have made a USD bull case from JPY 100 or 95 if we broke below 100 with a bull pivot above USD/JPY 101 which was triggered Friday. The bigger test revolves around USD sustainability above 101 and a successful test on the lower 101 pullback zone followed by a move through the second hurdle at 102.70. MT pivot resistance lies at 104 (macro bull targets come in at 110 and 114 with ideal objective at 114/117 in…

USD/JPY Macro Low and Fresh Position Webcast

Japan

MITSUBISHI MATERIALS CORPORATION manufactures and processes non-ferrous metals such as copper, zinc, lead, gold, and silver.  The Company also produces other products such as cement, aluminum cans, silicon, fine chemicals, and electronic materials.  Ube Industries, an affiliate, sells cement products.

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Mitsubishi Materials (5711 JP)

Dowa Holdings: 2Q Results In-Line but Silver Powder Recovery, Zinc and Indium Prices Are Positive

Dowa Holdings Co Ltd (5714 JP) reported 2Q results of JPY108.2bn revenue (consensus JPY111.6bn), JPY6.4bn OP (consensus JPY7.4bn), current profit...

Mio Kato

Sumco - Price and Earnings Momentum Have Been Good but Prior Sell Down Didn't Do Well

Nippon Steel & Sumitomo Metal Corp (5401 JP) and Mitsubishi Materials Corp (5711 JP) each plan to sell 14.6m share in Sumco Corporation to...

Sumeet Singh

USD/JPY Macro Low and Fresh Position Webcast

Chartonics flash Tuesday 30 August 2016USD/JPY macro low and position update webcastWe have made a USD bull case from JPY 100 or 95 if we broke...

Thomas Schroeder

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