Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  Bull vs Bears swings as SPX closes flat; TSLA back on track with beat; ASML comforts Semi bulls; Global Shipping Alliance Crumbles, Negative Containers. </li>
<li>JAPAN.  NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP Shippers ? Cyberagent - better future?</li>
<li>DAILY NUGGET. We look at the big decarbonization push via carbon capture, and see MHI (7011) as the biggest Japan beneficiary. </li>
</ul>


OVERSEAS.  Bull vs Bears swings as SPX closes flat; TSLA back on track with beat; ASML comforts Semi bulls; Global Shipping Alliance Crumbles, Negative Containers. 
JAPAN.  NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP Shippers ? Cyberagent - better future?
DAILY NUGGET. We look at the big decarbonization push via carbon capture, and see MHI (7011) as the biggest Japan beneficiary. 


Good Morning Japan |Off the Lows to Flat as ASML, TSLA Beats; Global Shipping Alliance Crumbles

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>KLine is the cheapest of the three Japan majors in terms of forward consensus PER. And forward EPS ratios are improving as the company buys back shares. </li>
<li>The CEO mentioned in December the possibility of additional shareholder return this fiscal year based on cashflow. </li>
<li>In this insight, we look at what he knew then, and what he might know now, and the chances for an additional buyback (and how it might work).</li>
</ul>


KLine is the cheapest of the three Japan majors in terms of forward consensus PER. And forward EPS ratios are improving as the company buys back shares. 
The CEO mentioned in December the possibility of additional shareholder return this fiscal year based on cashflow. 
In this insight, we look at what he knew then, and what he might know now, and the chances for an additional buyback (and how it might work).


KLINE (9107) - Chances for an Additional Buyback At Q3 Earnings?

<ul>
<li>YFO offered another <a href="https://prtimes.jp/main/html/rd/p/000000022.000071768.html" target="_blank" rel="noopener">Press Release</a> yesterday. This one outlines what they see as Corporate Governance failures and offers a NEW POLICY.</li>
<li>The Corporate Governance failures are indeed, failures. Toyo's Board has failed to be transparent with shareholders, and in not at least addressing the takeover proposal, has failed its duties.</li>
<li>NEW POLICY? Elect new independent directors <em>"capable of improving the long-term corporate value and maximizing the interests of the general shareholders."  </em>Soft war starts now.</li>
</ul>


YFO offered another Press Release yesterday. This one outlines what they see as Corporate Governance failures and offers a NEW POLICY.
The Corporate Governance failures are indeed, failures. Toyo's Board has failed to be transparent with shareholders, and in not at least addressing the takeover proposal, has failed its duties.
NEW POLICY? Elect new independent directors "capable of improving the long-term corporate value and maximizing the interests of the general shareholders."  Soft war starts now.


YFO To Take the Fight To Toyo Construction's Board

<ul>
<li>OVERSEAS: SPX +1.3% SOX +1.3%; Optimism on soft inflation print drives stocks; Consumer+Tech lead; Apple to introduce touch screens for Mac; Off-Shore Wind Giant Vesta leads in Europe</li>
<li>JAPAN: NKY Futs +0.3% vs Cash; USDJPY steady at ¥132.45; Biz lobby urgest firms to lift wages above inflatio;  Buy U/G in Lastertec, TEL,  Nexon and D/G to Nintendo </li>
<li>DAILY NUGGETS:  Fast Retailing has raised the bar for corporate Japan with with their wage hikes. </li>
</ul>


OVERSEAS: SPX +1.3% SOX +1.3%; Optimism on soft inflation print drives stocks; Consumer+Tech lead; Apple to introduce touch screens for Mac; Off-Shore Wind Giant Vesta leads in Europe
JAPAN: NKY Futs +0.3% vs Cash; USDJPY steady at ¥132.45; Biz lobby urgest firms to lift wages above inflatio;  Buy U/G in Lastertec, TEL,  Nexon and D/G to Nintendo 
DAILY NUGGETS:  Fast Retailing has raised the bar for corporate Japan with with their wage hikes. 


Good Morning Japan |Beta Rally Continues as Optimism Reigns Ahead of CPI Print

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kawasaki-kisen-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:3548:1" rel="noopener">Kawasaki Kisen Kaisha (9107 JP)</a> had a shareholder return program in place in May. Earnings forecasts on 3 Nov were slightly disappointing so the stock sold off but...</li>
<li>The large buyback allowed investors to try to game the situation. Some may have, but this morning on the execution, VERY few Real World Float holders sold. </li>
<li>That leaves the stock squeezy going into a buyback to repurchase 20% of the Max Real World Float (including short-created longs). </li>
</ul>



Kawasaki Kisen Kaisha (9107 JP) had a shareholder return program in place in May. Earnings forecasts on 3 Nov were slightly disappointing so the stock sold off but...
The large buyback allowed investors to try to game the situation. Some may have, but this morning on the execution, VERY few Real World Float holders sold. 
That leaves the stock squeezy going into a buyback to repurchase 20% of the Max Real World Float (including short-created longs). 


KLine (9107) Buyback Redux-Squared - Post-Buyback Could Get Squeezy

Japan

Mitsui O.S.K. Lines, Ltd. provides marine transportation, warehousing, and cargo handling services.  The Company operates container ship, specialized carrier, oil tankers, and ferry.  Items transported include coal, iron ore, grain, logs, aluminum, cement, industrial salt, copper ore, wood chips, paper products, chemical products, gasoline and other petroleum products, LPG, and other cargoes.

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Mitsui O.S.K. Lines (9104 JP)

Good Morning Japan |Off the Lows to Flat as ASML, TSLA Beats; Global Shipping Alliance Crumbles

JAPAN. NKY Futs flat vs Cash; USDJPY 129.57; Japan Bond investors flee US; TSE to end transitional listing; Reg Bank Consol; Pressure for JP...

Mark Chadwick

KLINE (9107) - Chances for an Additional Buyback At Q3 Earnings?

KLine (9107) will report earnings on 3 Feb at lunchtime. By that time, Q3 results for ONE should be known and the existing ¥100bn buyback should be...

Travis Lundy

YFO To Take the Fight To Toyo Construction's Board

YFO has come out with another statement on Toyo Construction while Toyo remains curiously quiet. There's more detail which should distress...

Travis Lundy

Good Morning Japan |Beta Rally Continues as Optimism Reigns Ahead of CPI Print

OVERSEAS. Optimism on soft inflation drives stocks. JAPAN: Biz lobby urgest firms to lift wages above inflation; Buy U/G in Lastertec, TEL, Nexon....

Mark Chadwick

KLine (9107) Buyback Redux-Squared - Post-Buyback Could Get Squeezy

The buyback was large, but only Effissimo, and Mizuho, and 2mm shares more sold into it. That leaves ~19mm shares to buy in 16wks. That is 20-35%...

Travis Lundy

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