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.  Trump is back on Twitter ! Sentiment mixed on Fed Pivot -bulls still in charge - market underweight equities; Things not as bad in TECH; Thanksgiving =consumer stock volatility</li>
<li>JAPAN. NKY to open flat; Yen stable;  PM Kishida in danger of the sack ? Not yet; Inflation approaching BOJ's 2% tgt - still need wages to rise</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.  Trump is back on Twitter ! Sentiment mixed on Fed Pivot -bulls still in charge - market underweight equities; Things not as bad in TECH; Thanksgiving =consumer stock volatility
JAPAN. NKY to open flat; Yen stable;  PM Kishida in danger of the sack ? Not yet; Inflation approaching BOJ's 2% tgt - still need wages to rise


Good Morning Japan | Shifting Sentiments but Bullish Price Action

<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:  Hawkish Fed speak weigh on markets but digested as signs of economic weakening-housing, shipping; Markets and Tech resilient. AMAT 1Q guidance supportive; FTX debacle: "Complete failure of controls !"</li>
<li>JAPAN:  Flat open indicated; JPYUSD ¥140 handle; Likely takes the lead from the US; Expect supportive bids into weekend with AMAT guidance</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:  Hawkish Fed speak weigh on markets but digested as signs of economic weakening-housing, shipping; Markets and Tech resilient. AMAT 1Q guidance supportive; FTX debacle: "Complete failure of controls !"
JAPAN:  Flat open indicated; JPYUSD ¥140 handle; Likely takes the lead from the US; Expect supportive bids into weekend with AMAT guidance


Good Morning Japan | Hopes Dashed but Resilience Evident

Equity Bottom-Up

<ul>
<li>Positive impression of Q2 results: sales +28% YoY beat consensus, OP +16% in-line. </li>
<li>Near term headwinds for the precision motors and appliance businesses, but FX will significantly offset downside risk</li>
<li>We remain bullish on the stock given solid progress in the e-Axle business. We see the division turning a profit next year</li>
</ul>


Positive impression of Q2 results: sales +28% YoY beat consensus, OP +16% in-line. 
Near term headwinds for the precision motors and appliance businesses, but FX will significantly offset downside risk
We remain bullish on the stock given solid progress in the e-Axle business. We see the division turning a profit next year


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-kyoto" target="_blank" data-smartkarma-citation="entities:5248:1" rel="noopener">Bank of Kyoto (8369 JP)</a> is currently at a 51% discount to the After Tax Value of its Equity Portfolio assuming its banking ops are priced at a RegionalBankAveragePBR.</li>
<li>That is, believe it or not, relatively narrow, and given the nature of the risks making it a range trade, it makes short-term timing probably a sell. </li>
<li>There is, helpfully, 6 days of ADV to sell in the TOPIX FFW adjustment on 28 October, and all five of the top holdings are also net sells (0.5-1.1 days).</li>
</ul>



Bank of Kyoto (8369 JP) is currently at a 51% discount to the After Tax Value of its Equity Portfolio assuming its banking ops are priced at a RegionalBankAveragePBR.
That is, believe it or not, relatively narrow, and given the nature of the risks making it a range trade, it makes short-term timing probably a sell. 
There is, helpfully, 6 days of ADV to sell in the TOPIX FFW adjustment on 28 October, and all five of the top holdings are also net sells (0.5-1.1 days).


Bank of Kyoto (8369 JP) Holdco Maybe Rich-Ish - Watch for TOPIX Rebal SELL Flow

<ul>
<li>The Nikkei 225 closed the week +0.2% higher after sharp gains on Friday</li>
<li>The Japanese yen dropped to a 32-year low on Thursday, trading at around 147.65 against the dollar, hitting its weakest point since August 1990</li>
<li>Higher rates and weakening economic growth are proving a stern headwind for tech stocks; Yaskawa cut full year OP guidance</li>
</ul>


The Nikkei 225 closed the week +0.2% higher after sharp gains on Friday
The Japanese yen dropped to a 32-year low on Thursday, trading at around 147.65 against the dollar, hitting its weakest point since August 1990
Higher rates and weakening economic growth are proving a stern headwind for tech stocks; Yaskawa cut full year OP guidance


Japan Weekly | Fast Retailing, Disco, Nidec

Japan

NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

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Nidec Corp (6594 JP)

Good Morning Japan | Shifting Sentiments but Bullish Price Action

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

Good Morning Japan | Hopes Dashed but Resilience Evident

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

Nidec (6594) | Solid Traction

We remain bullish on the stock given solid progress in the e-Axle business. We see the division turning a profit next year

Mark Chadwick

Bank of Kyoto (8369 JP) Holdco Maybe Rich-Ish - Watch for TOPIX Rebal SELL Flow

Bank of Kyoto has upped its payout ratio. That has helped the discount narrow but near-term flows, possible relatively soft H1 accounts, and the...

Travis Lundy

Japan Weekly | Fast Retailing, Disco, Nidec

We highlight the key stocks that moved in the market over the past week. The Nikkei was looking ugly until US stocks rebounded on Thursday. The yen...

Mark Chadwick

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