Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

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 Capital Markets

Uni-Charm Indonesia Tbk PT / Equity Capital Markets

<p>Unicharm Indonesia, the subsidiary of Unicharm Japan manufactures baby diapers, sanitary napkins and adult diapers and is the market leader in the country for the above products. The company is currently majority owned by Unicharm Japan (74%) and Purinusa Ekapersada PT, a manufacturer of paper and paper products based in Indonesia (26%). The company is exposed to a growing market with positive demographic trends which should help the company grow its top line.</p><p>The company has filed for an IPO to list its shares on the Indonesia Stock Exchange. Unicharm will be listing 20% of its outstanding shares (approximately 831.3m shares) at an indicative price range of Rp1,400-1,800 per share. At the above price range, the company is expected to raise between Rp1.2-1.5trn (US$82-106m) making it the largest IPO of 2019 in Indonesia. Based on our analysis, we believe the company is fairly valued at the low-end of its IPO pricing.</p>

Unicharm Indonesia, the subsidiary of Unicharm Japan manufactures baby diapers, sanitary napkins and adult diapers and is the market leader in the country for the above products. The company is currently majority owned by Unicharm Japan (74%) and Purinusa Ekapersada PT, a manufacturer of paper and paper products based in Indonesia (26%). The company is exposed to a growing market with positive demographic trends which should help the company grow its top line.The company has filed for an IPO to list its shares on the Indonesia Stock Exchange. Unicharm will be listing 20% of its outstanding shares (approximately 831.3m shares) at an indicative price range of Rp1,400-1,800 per share. At the above price range, the company is expected to raise between Rp1.2-1.5trn (US$82-106m) making it the largest IPO of 2019 in Indonesia. Based on our analysis, we believe the company is fairly valued at the low-end of its IPO pricing.

Unicharm Indonesia IPO: A Charming Business Attractive at the Low-End of Pricing

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The short notional in the market for the week ended 6 December is US$25.84bn (up by US$570m) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>. </p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a> while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a>, <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1">Dcm Holdings (3050 JP)</a> and <a href="https://www.smartkarma.com/entities/shoei-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15038:1">Shoei Co Ltd (7839 JP)</a>. </p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/monotaro-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15441:1">Monotaro Co Ltd (3064 JP)</a>, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/disco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:15817:1">Disco Corp (6146 JP)</a> and <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:8197:1">Cyberagent Inc (4751 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" rel="noopener" data-smartkarma-citation="entities:18034:1">Japan Airport Terminal Co (9706 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1492:1">GMO Payment Gateway (3769 JP)</a> and <a href="https://www.smartkarma.com/entities/bandai-namco-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13435:1">Bandai Namco Holdings (7832 JP)</a>.  <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18107:1"></a> <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:18338:1"></a></p></div><div><p>Sectorally, short positions were increased in Consumer Discretionary (US$68m), Communication Services (US$66m) and Industrials (US$65m) while shorts were covered in Real Estate (US$27m) and Financials (US$10m).</p></div>

The short notional in the market for the week ended 6 December is US$25.84bn (up by US$570m) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and Sumitomo Mitsui Financial (8316 JP). Most shorted stocks as a percentage of free float are Leopalace21 Corp (8848 JP), Taiyo Yuden (6976 JP), Tokai Carbon (5301 JP) and Anritsu Corp (6754 JP) while the stocks with the highest days to cover are Katakura Industries (3001 JP), Vital Ksk Holdings (3151 JP), Dcm Holdings (3050 JP) and Shoei Co Ltd (7839 JP). The largest increases in short notional over the week were Monotaro Co Ltd (3064 JP), Fast Retailing (9983 JP), Disco Corp (6146 JP) and Cyberagent Inc (4751 JP) while shorts were covered in Japan Airport Terminal Co (9706 JP), Tokai Carbon (5301 JP), GMO Payment Gateway (3769 JP) and Bandai Namco Holdings (7832 JP).   Sectorally, short positions were increased in Consumer Discretionary (US$68m), Communication Services (US$66m) and Industrials (US$65m) while shorts were covered in Real Estate (US$27m) and Financials (US$10m).

Japan - Shorts Increase on Pigeon, Fast Retailing; Decrease on Bandai Namco, Orix JREIT

<p style="text-align: left;">The short notional in the market for the week ended 6 September is US$25.47bn with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a>,  and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a> . Most shorted stocks as a percentage of free float are Amazia, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a> and <a href="https://www.smartkarma.com/entities/extreme-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:5311:1">Extreme Co Ltd (6033 JP)</a>, while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a>, <a href="https://www.smartkarma.com/entities/mirait-holdings-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:7034:1">Mirait Holdings (1417 JP)</a> and <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP)</a>. </p><p style="text-align: left;">The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:27445:1">Softbank Corp (9434 JP)</a>, <a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:6708:1">Terumo Corp (4543 JP)</a>, <a href="https://www.smartkarma.com/entities/pigeon-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3294:1">Pigeon Corp (7956 JP)</a>, <a href="https://www.smartkarma.com/entities/kikkoman-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:11720:1">Kikkoman Corp (2801 JP)</a> and <a href="https://www.smartkarma.com/entities/toshiba-tec-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:17697:1">Toshiba Tec (6588 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" rel="noopener" data-smartkarma-citation="entities:961:1">Nippon Steel Corporation (5401 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a>, <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:2458:1">Yaskawa Electric (6506 JP)</a> and <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:1041:1">Seven &amp; I Holdings (3382 JP)</a>.   <a href="https://www.smartkarma.com/entities/ricoh-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15359:1"></a></p><p style="text-align: left;">Sectorally, new short positions were built in Communication Services and Consumer Discretionary, while shorts were covered in Information Technology and Materials.</p>

The short notional in the market for the week ended 6 September is US$25.47bn with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP),  and Sumitomo Mitsui Financial (8316 JP) . Most shorted stocks as a percentage of free float are Amazia, Taiyo Yuden (6976 JP), Leopalace21 Corp (8848 JP) and Extreme Co Ltd (6033 JP), while the stocks with the highest days to cover are Katakura Industries (3001 JP), Vital Ksk Holdings (3151 JP), Mirait Holdings (1417 JP) and J Trust Co Ltd (8508 JP). The largest increases in short notional over the week were Softbank Corp (9434 JP), Terumo Corp (4543 JP), Pigeon Corp (7956 JP), Kikkoman Corp (2801 JP) and Toshiba Tec (6588 JP) while shorts were covered in Nippon Steel Corporation (5401 JP), Tokai Carbon (5301 JP), Yaskawa Electric (6506 JP) and Seven &amp; I Holdings (3382 JP).   Sectorally, new short positions were built in Communication Services and Consumer Discretionary, while shorts were covered in Information Technology and Materials.

Japan Short Interest - Feels like a Squeeze; Softbank Corp Most Shorted

Oshadhi Kumarasiri

Equity Bottom-Up

<p>Kao is a well-known Japanese conglomerate involved in various business activities ranging from FMCG products to chemicals. The company operates in five main segments which include the cosmetics business, hair care and skin care business, human health care business, fabric and home care business and the chemical business.<br>The human health care segment is a key segment for Kao as it accounted for an average of 18.4% and 16.4% of Kao’s revenues and operating profits respectively in the past five years. The human health care business segment is centred around two main brands, the Merries diapers and Laurier sanitary napkins. Merries diapers account for about 50% of segment’s revenues and it is one of the biggest brands at Kao’s disposal.<br>The main markets for Merries diapers include China, Japan and Indonesia. However, the company believes that about 50% of its sales in Japan are taken back to China to resell through unofficial e-commerce channels.</p>

Kao is a well-known Japanese conglomerate involved in various business activities ranging from FMCG products to chemicals. The company operates in five main segments which include the cosmetics business, hair care and skin care business, human health care business, fabric and home care business and the chemical business. The human health care segment is a key segment for Kao as it accounted for an average of 18.4% and 16.4% of Kao’s revenues and operating profits respectively in the past five years. The human health care business segment is centred around two main brands, the Merries diapers and Laurier sanitary napkins. Merries diapers account for about 50% of segment’s revenues and it is one of the biggest brands at Kao’s disposal. The main markets for Merries diapers include China, Japan and Indonesia. However, the company believes that about 50% of its sales in Japan are taken back to China to resell through unofficial e-commerce channels.

Merries Baby Diaper Business: Struggles to Continue Despite Company Remarks a Quick Turnaround

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/044/original/2019-06-23_11-15-52.png?1561256166" class="editor-image img-responsive" data-smartkarma-image-id="91044"></figure><p></p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/045/original/2019-06-23_11-21-43.png?1561256515" class="editor-image img-responsive" data-smartkarma-image-id="91045"></figure><p></p>
<p>Source: Japan Analytics</p>
</div><p><strong>RESILIENCE</strong> - Japanese equities have risen by 2.9% since the low of 4th June. In US dollar terms, the gain is 3.7%. Over the last two weeks, the gains are 0.7% and 1.6%, respectively. For the previous twelve months, the equity market has moved in almost perfect 'sync' with the US dollar/Japanese Yen exchange rate. This month's divergence is unusual, and it remains to be seen when, how, and if the gap will be closed. The cross rate is within ¥2.6 of the high points of the last two years. Barring any military sparring in the Middle East, any weakness in the Yen from current levels will be supportive of the equity market.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/046/original/2019-06-23_11-51-30.png?1561258305" class="editor-image img-responsive" data-smartkarma-image-id="91046"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/047/original/2019-06-23_11-51-58.png?1561258329" class="editor-image img-responsive" data-smartkarma-image-id="91047"></figure><p></p><div class="content-caption">Source: Japan Analytics</div><p><strong>RSI &amp; TORAKU </strong>- Both the 5-day Relative Strength Index and the 25-Day Toraku Index have recovered to the middle of their normal range and suggest quieter days ahead, currency moves permitting.</p><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/065/original/2019-06-23_12-26-08.png?1561260389" class="editor-image img-responsive" data-smartkarma-image-id="91065"></figure><p></p> Source: Japan Analytics</div><p><strong>ABSOLUTE BREADTH</strong> - Our Absolute Breadth Index reached a new low for the year on Friday, but is well above the 0.5 level that would indicate a buying opportunity.</p><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/069/original/2019-06-23_12-30-22.png?1561260645" class="editor-image img-responsive" data-smartkarma-image-id="91069"></figure><p></p> Source: Japan Analytics</div><p><strong>VOLUME SCORE TIMELINE</strong> - Volumes remains concentrated in the <strong>Internet</strong>, <strong>Information Technology</strong>, <strong>REITs</strong>, <strong>Restaurants</strong>, and <strong>Energy</strong> Sectors, the <strong>Materials</strong>, <strong>Transportation</strong>, <strong>Utilities</strong>, and <strong>Multi-Industry</strong> Sectors are the volume laggards.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/100/original/2019-06-23_13-32-38.png?1561264370" class="editor-image img-responsive" data-smartkarma-image-id="91100"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>VALUATION</strong> - The quarterly results for companies with January, April, July and October year-ends are now in, but have had little impact on the 'aggregates'. The trailing-twelve-month (TTM) PER is 14.4, and the Forecast PER is 13.9 - attractive relative to recent history but not at bargain-basement levels. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/091/102/original/2019-06-23_13-44-36.png?1561265086" class="editor-image img-responsive" data-smartkarma-image-id="91102"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>RESULTS &amp; REVISION SCORES</strong> - Our scoring of aggregate Results and Revisions has also not seen any significant changes, although the trends are still downwards, especially for Interim Revisions.</p><div class="content-highlight"><p>In the <strong>DETAIL</strong> section below, we will review Sector performance, scores and valuation, Company Results &amp; Revisions and stock performance over the previous two weeks, as well as adding some brief comments on <a href="https://www.smartkarma.com/entities/kobe-bussan-co-ltd" target="_blank" data-smartkarma-citation="entities:4701:1" rel="noopener">Kobe Bussan (3038 JP)</a>, <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha (3391 JP)</a>, <a href="https://www.smartkarma.com/entities/pigeon-corp" target="_blank" data-smartkarma-citation="entities:3294:1" rel="noopener">Pigeon (7956 JP), </a><a href="https://www.smartkarma.com/entities/sanbio-co-ltd" target="_blank" data-smartkarma-citation="entities:24540:1" rel="noopener">SanBio (4592 JP)</a>, <a href="https://www.smartkarma.com/entities/ain-pharmaciez-inc" target="_blank" data-smartkarma-citation="entities:9313:1" rel="noopener">Ain (9627 JP)</a>, <a href="https://www.smartkarma.com/entities/fuji-seal-international-inc" target="_blank" data-smartkarma-citation="entities:8723:1" rel="noopener">Fuji Seal (7864 JP)</a>, <a href="https://www.smartkarma.com/entities/fanuc-corp" target="_blank" data-smartkarma-citation="entities:752:1" rel="noopener">Fanuc (6954 JP)</a>, <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 (8848 JP)</a>, and <a href="https://www.smartkarma.com/entities/obic-co-ltd" target="_blank" data-smartkarma-citation="entities:1273:1" rel="noopener">Obic (4684 JP)</a>.​ ​ ​ ​​ ​ ​ ​</p></div>




Source: Japan Analytics
RESILIENCE - Japanese equities have risen by 2.9% since the low of 4th June. In US dollar terms, the gain is 3.7%. Over the last two weeks, the gains are 0.7% and 1.6%, respectively. For the previous twelve months, the equity market has moved in almost perfect 'sync' with the US dollar/Japanese Yen exchange rate. This month's divergence is unusual, and it remains to be seen when, how, and if the gap will be closed. The cross rate is within ¥2.6 of the high points of the last two years. Barring any military sparring in the Middle East, any weakness in the Yen from current levels will be supportive of the equity market.Source: Japan AnalyticsRSI &amp; TORAKU - Both the 5-day Relative Strength Index and the 25-Day Toraku Index have recovered to the middle of their normal range and suggest quieter days ahead, currency moves permitting.
 Source: Japan AnalyticsABSOLUTE BREADTH - Our Absolute Breadth Index reached a new low for the year on Friday, but is well above the 0.5 level that would indicate a buying opportunity.
 Source: Japan AnalyticsVOLUME SCORE TIMELINE - Volumes remains concentrated in the Internet, Information Technology, REITs, Restaurants, and Energy Sectors, the Materials, Transportation, Utilities, and Multi-Industry Sectors are the volume laggards.Source: Japan AnalyticsVALUATION - The quarterly results for companies with January, April, July and October year-ends are now in, but have had little impact on the 'aggregates'. The trailing-twelve-month (TTM) PER is 14.4, and the Forecast PER is 13.9 - attractive relative to recent history but not at bargain-basement levels. Source: Japan AnalyticsRESULTS &amp; REVISION SCORES - Our scoring of aggregate Results and Revisions has also not seen any significant changes, although the trends are still downwards, especially for Interim Revisions.In the DETAIL section below, we will review Sector performance, scores and valuation, Company Results &amp; Revisions and stock performance over the previous two weeks, as well as adding some brief comments on Kobe Bussan (3038 JP), Tsuruha (3391 JP), Pigeon (7956 JP), SanBio (4592 JP), Ain (9627 JP), Fuji Seal (7864 JP), Fanuc (6954 JP), Leopalace21 (8848 JP), and Obic (4684 JP).​ ​ ​ ​​ ​ ​ ​

🇯🇵 JAPAN • Market Update - Resilience

Japan

PIGEON CORPORATION manufactures and sells baby care goods.  The Company also produces maternity and elder care products.

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Pigeon Corp (7956 JP)

Unicharm Indonesia IPO: A Charming Business Attractive at the Low-End of Pricing

Unicharm Indonesia, the subsidiary of Unicharm Japan manufactures baby diapers, sanitary napkins and adult diapers and is the market leader in the...

Shifara Samsudeen, ACMA, CGMA

Japan - Shorts Increase on Pigeon, Fast Retailing; Decrease on Bandai Namco, Orix JREIT

The short notional in the market for the week ended 6 December is US$25.84bn (up by US$570m) with the largest short positions in Itochu Corp (8001...

Brian Freitas

Japan Short Interest - Feels like a Squeeze; Softbank Corp Most Shorted

The short notional in the market for the week ended 6 September is US$25.47bn with the largest short positions in Itochu Corp (8001 JP), Toyota...

Brian Freitas

Merries Baby Diaper Business: Struggles to Continue Despite Company Remarks a Quick Turnaround

Kao is a well-known Japanese conglomerate involved in various business activities ranging from FMCG products to chemicals. The company operates in...

Oshadhi Kumarasiri

🇯🇵 JAPAN • Market Update - Resilience

RESILIENCE - Japanese equities have risen by 2.9% since the low of 4th June. In US dollar terms, the gain is 3.7%. Over the last two weeks, the...

Campbell Gunn

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