Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

News that a leading HK-based investor in Japanese equities has been stocking up on Japanese eSports names has given a further boost to one of our favourite themes for 2018. Globally, eSports has been booming for several years, but the ban on playing “games” as opposed to “sports” for money in Japan meant not only that most of the action took place away from Japan, but also that Japanese publishers were missing the latest trends. From a position where Japan could have dominated a number of…

News that a leading HK-based investor in Japanese equities has been stocking up on Japanese eSports names has given a further boost to one of our favourite themes for 2018. Globally, eSports has been booming for several years, but the ban on playing “games” as opposed to “sports” for money in Japan meant not only that most of the action took place away from Japan, but also that Japanese publishers were missing the latest trends. From a position where Japan could have dominated a number of…

Growing Interest in Japanese ESports Plays

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

We raise our fair value estimate for Nintendo to JPY 56,000 from JPY 50,000, as we revise our lifetime shipment assumption of Nintendo Switch to 115 million consoles from 110 million. Since its launch in March 2017, the first 10 months’ shipment of Switch hardware has matched that of Wii, which was the largest console throughout Nintendo’s history, and shipped 102 million units in its lifetime. Nintendo succeeded giving traction to Switch shipment on its introductory year by leveraging its IPs…

We raise our fair value estimate for Nintendo to JPY 56,000 from JPY 50,000, as we revise our lifetime shipment assumption of Nintendo Switch to 115 million consoles from 110 million. Since its launch in March 2017, the first 10 months’ shipment of Switch hardware has matched that of Wii, which was the largest console throughout Nintendo’s history, and shipped 102 million units in its lifetime. Nintendo succeeded giving traction to Switch shipment on its introductory year by leveraging its IPs…

Unique User Experience and Third-Party Games Drive Switch’s Second Year; Raise FVE to JPY 56,000

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year guidance / consensus and which ones are not. We first screened for names that have already achieved more than 100% of current Net Income consensus estimates.<a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group Corp (9984 JP)</a> tops this list having already achieved 266% of full-year consensus net income. As of 3 quarters, Softbank has achieved ¥1tn of Net Income. This is compared to…

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year guidance / consensus and which ones are not. We first screened for names that have already achieved more than 100% of current Net Income consensus estimates.Softbank Group Corp (9984 JP) tops this list having already achieved 266% of full-year consensus net income. As of 3 quarters, Softbank has achieved ¥1tn of Net Income. This is compared to…

With 3Q Earnings Pretty Much Done Which Names Are Best / Worst Position for Full-Year End....

This weekend in Tokyo sees Tokaigi 2018 host Japan's first eSports event. While Japan has been hosting video game tournaments - and Tokaigi is one of the top events - these have always been amateur, because of the ban on playing games for money. However, thanks to eSports being included in the Asian Games 2022, the designation of video games has moved to "sport" from "game" and as a result, since December, it has been possible to get a pro-license both to play video games professionally and to…

This weekend in Tokyo sees Tokaigi 2018 host Japan's first eSports event. While Japan has been hosting video game tournaments - and Tokaigi is one of the top events - these have always been amateur, because of the ban on playing games for money. However, thanks to eSports being included in the Asian Games 2022, the designation of video games has moved to "sport" from "game" and as a result, since December, it has been possible to get a pro-license both to play video games professionally and to…

Tokaigi2018 - Lifting the Lid on ESports in Japan This Weekend

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Macroeconomics

<ul>
<li>On Dec 18th I wrote that: ‘That issue of deteriorating market depth and the proliferation of highly correlated factor based strategies which are de facto short volatility/long beta will become a big story next year…’</li>
<li>The strategy view was to prepare portfolios for higher rates and equity volatility, to underweight rate duration while being long equity reflation winners from energy to banks.</li>
<li>I exited the VIX long initiated in Q4 for a spectacular 2.6x return on yesterday’s panic spike into the…</li>
</ul>


On Dec 18th I wrote that: ‘That issue of deteriorating market depth and the proliferation of highly correlated factor based strategies which are de facto short volatility/long beta will become a big story next year…’
The strategy view was to prepare portfolios for higher rates and equity volatility, to underweight rate duration while being long equity reflation winners from energy to banks.
I exited the VIX long initiated in Q4 for a spectacular 2.6x return on yesterday’s panic spike into the…


The 'Volatility Volcano' Erupts, as Oil Outlook Remains Inflation Key…

Japan

Nintendo Co., Ltd. develops, manufactures, and sells household leisure equipment. The Company produces home use video game hardware and software products. Nintendo markets its products throughout Japan.

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Nintendo (NTDOY US)

Growing Interest in Japanese ESports Plays

News that a leading HK-based investor in Japanese equities has been stocking up on Japanese eSports names has given a further boost to one of our...

Pelham Smithers Associates

Unique User Experience and Third-Party Games Drive Switch’s Second Year; Raise FVE to JPY 56,000

We raise our fair value estimate for Nintendo to JPY 56,000 from JPY 50,000, as we revise our lifetime shipment assumption of Nintendo Switch to...

Morningstar, Inc.

With 3Q Earnings Pretty Much Done Which Names Are Best / Worst Position for Full-Year End....

With 3Q Earning Season basically done, we looked back to see which names have done well in the first 3Q and are well positioned to beat full-year...

Custom Products Group

Tokaigi2018 - Lifting the Lid on ESports in Japan This Weekend

This weekend in Tokyo sees Tokaigi 2018 host Japan's first eSports event. While Japan has been hosting video game tournaments - and Tokaigi is one...

Pelham Smithers Associates

The 'Volatility Volcano' Erupts, as Oil Outlook Remains Inflation Key…

On Dec 18th I wrote that: ‘That issue of deteriorating market depth and the proliferation of highly correlated factor based strategies which are...

Sean Maher

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