Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Thematic (Sector/Industry)

On the 4th of February the Nikkei <a href="http://asia.nikkei.com/Business/Deals/Toyota-near-tie-up-with-Suzuki-on-development-procurement" target="_blank">reported</a> that <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor Corp (7203 JP)</a> and <a href="https://www.smartkarma.com/entities/732" target="_blank" data-smartkarma-citation="entities:732:1">Suzuki Motor Corp (7269 JP)</a> were in discussions regarding an alliance on development and procurement. This was confirmed by the companies today with the statement that the broad terms of the deal have been agreed upon. The move continues a series of tie-ups conducted by Toyota in recent years and could place pressure on other players to seek similar tie-ups. <a href="https://www.smartkarma.com/entities/20528" target="_blank" data-smartkarma-citation="entities:20528:1">Mazda Motor Corp (7261 JP)</a> may feel particularly pressured…

On the 4th of February the Nikkei reported that Toyota Motor Corp (7203 JP) and Suzuki Motor Corp (7269 JP) were in discussions regarding an alliance on development and procurement. This was confirmed by the companies today with the statement that the broad terms of the deal have been agreed upon. The move continues a series of tie-ups conducted by Toyota in recent years and could place pressure on other players to seek similar tie-ups. Mazda Motor Corp (7261 JP) may feel particularly pressured…

Could Trump Add to Consolidation Pressure on Japan's Auto Industry

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/810/original/ChartForeignInvestor.png?1478147665" class="editor-image img-responsive" data-smartkarma-image-id="15810"></figure><div class="content-caption">Foreign Investors are Top Shareholders (Source: JPX)</div><h2>Summary</h2>Foreign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data.  Yet given Japan's deflationary dynamic, Japanese equities have demonstrated a tendency to disappoint investors in terms of Return on Equity.  "Why Hold Japan?" is a question that recurs among investors - in particular during cyclical downturns. Although there remains a degree of confidence in "Abenomics", uncertainty in…

Foreign Investors are Top Shareholders (Source: JPX)SummaryForeign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data.  Yet given Japan's deflationary dynamic, Japanese equities have demonstrated a tendency to disappoint investors in terms of Return on Equity.  "Why Hold Japan?" is a question that recurs among investors - in particular during cyclical downturns. Although there remains a degree of confidence in "Abenomics", uncertainty in…

Why Hold Japan, Part I: Relative Tax Regimes

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, <blockquote>Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…</blockquote>

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

In <a href="https://www.smartkarma.com/insights/why-overcoming-deflation-is-not-enough-part-iii-corporate-governance" target="_blank" data-smartkarma-citation="insights:6183">Why Overcoming Deflation Is Not Enough Part III: Corporate Governance</a>, we argued that corporate governance is pivotal to successful structural reform in Japan.  Noting that corporate governance is a weighty enough topic deserving of analysis in its own right, we reviewed some of the pivotal current debates on governance in <a href="https://www.smartkarma.com/insights/corporate-governance-in-japan-what-s-at-stake" target="_blank" data-smartkarma-citation="insights:6302">Corporate Governance in Japan: What’s at Stake</a>.  Now, with the goal of situating reforms to corporate governance within the context of the liability side of corporate balance sheets we take a step back for a brief examination of the structure of the Japanese financial sector.  Our review of the financial sector keeps in mind at all times the interdependence between structural reform in the financial sector and capital market reform (inclusive of corporate governance).  In order to understand the importance of capital market (and thus corporate governance) reform, it is important to understand the limited reach of reforms to the Japanese financial sector, given the complementarity of bank lending and financing via capital markets.

In Why Overcoming Deflation Is Not Enough Part III: Corporate Governance, we argued that corporate governance is pivotal to successful structural reform in Japan.  Noting that corporate governance is a weighty enough topic deserving of analysis in its own right, we reviewed some of the pivotal current debates on governance in Corporate Governance in Japan: What’s at Stake.  Now, with the goal of situating reforms to corporate governance within the context of the liability side of corporate balance sheets we take a step back for a brief examination of the structure of the Japanese financial sector.  Our review of the financial sector keeps in mind at all times the interdependence between structural reform in the financial sector and capital market reform (inclusive of corporate governance).  In order to understand the importance of capital market (and thus corporate governance) reform, it is important to understand the limited reach of reforms to the Japanese financial sector, given the complementarity of bank lending and financing via capital markets.

Structural Reform I: The Japanese Financial Sector

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

The Topix pharmaceutical index (TPPHRM) fell to 2,355 just after the lunch break in Tokyo on Friday 19th August, before recovering to 2,377, with the market's afternoon rally. That though was still a 52-week daily-close low. In August, alone, the sector is down 10%. This can in part be explained by bad news - <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono Pharmaceutical</a>'s shares have been hit by negative news over Opdivo (see <a href="https://www.smartkarma.com/insights/opdivo-fails-nsclc-test" target="_blank" data-smartkarma-citation="insights:5134">Opdivo Fails NSCLC Test)</a> - however, <a href="https://www.smartkarma.com/entities/4489" target="_blank" data-smartkarma-citation="entities:4489:1">Chugai Pharmaceutical</a> has fallen from ¥3,865 to ¥3,205 over the same time and…

The Topix pharmaceutical index (TPPHRM) fell to 2,355 just after the lunch break in Tokyo on Friday 19th August, before recovering to 2,377, with the market's afternoon rally. That though was still a 52-week daily-close low. In August, alone, the sector is down 10%. This can in part be explained by bad news - Ono Pharmaceutical's shares have been hit by negative news over Opdivo (see Opdivo Fails NSCLC Test) - however, Chugai Pharmaceutical has fallen from ¥3,865 to ¥3,205 over the same time and…

Japan

Odakyu Electric Railway Co., Ltd. provides passenger rail and bus transportation services in the Kanto and Chubu areas including Tokyo.  The Company also operates department stores, amusement parks, hotels, real estate, and travel businesses.  The Company provides general construction such as residential building and land development.

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Odakyu Electric Railway (9007 JP)

Could Trump Add to Consolidation Pressure on Japan's Auto Industry

On the 4th of February the Nikkei reported that Toyota Motor Corp (7203 JP) and Suzuki Motor Corp (7269 JP) were in discussions regarding an...

Mio Kato

Why Hold Japan, Part I: Relative Tax Regimes

SummaryForeign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data. Yet given Japan's...

Naomi Fink

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

We have earlier argued that the current M&A in the container shipping industry is about "Survival" and not "Growth". This morning from...

Drewry Maritime Financial Research

Structural Reform I: The Japanese Financial Sector

In Why Overcoming Deflation Is Not Enough Part III: Corporate Governance, we argued that corporate governance is pivotal to successful structural...

Naomi Fink

Japan Pharma Hits 52 Week Low

The Topix pharmaceutical index (TPPHRM) fell to 2,355 just after the lunch break in Tokyo on Friday 19th August, before recovering to 2,377, with...

Pelham Smithers Associates

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