Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX makes  up for yesterday's loss and more; Markets look past Fed and focus on earnings recovery;  Its all about the Pause;   GM Beats but CAT misses; Awaiting AAPL</li>
<li>JAPAN.  NKY Futs +0.6% Cash; USDJPY 130.11; Labor Shortages worsening (again), Firms desperate;  BYD seeks to Capture JP EV Market;   Komatsu Beats; Lasertec Misses. </li>
<li>DAILY NUGGETS. 6h 37m: The Average Time Spent Using the Internet.  Japan the outlier..for the better ?</li>
</ul>


OVERSEAS. SPX makes  up for yesterday's loss and more; Markets look past Fed and focus on earnings recovery;  Its all about the Pause;   GM Beats but CAT misses; Awaiting AAPL
JAPAN.  NKY Futs +0.6% Cash; USDJPY 130.11; Labor Shortages worsening (again), Firms desperate;  BYD seeks to Capture JP EV Market;   Komatsu Beats; Lasertec Misses. 
DAILY NUGGETS. 6h 37m: The Average Time Spent Using the Internet.  Japan the outlier..for the better ?


Good Morning Japan |Fed Hike, Powell Speech ? Equities Beyond as Optimism Abounds,from Spotify to GM

<ul>
<li>OVERSEAS:  2 Day SPX gain +2.2% (Japan view; Tech leads SOX 2-Day +6.7%; Metals rally on  China normalization  Slower wage growth + falling Used Car prices supports slower Fed hikes</li>
<li>JAPAN:  NKY Futs +0.8% vs Cash; USDJPY ¥131.89;  Looking for strong Tech/SPE (SOX) + Commodities (China) bid to start; Go-To-Travel resumes; Continued strong news flow on #Decarbonization spending.</li>
<li>DAILY NUGGET:  Afeela - a winner ? Get used to it. This is the first result of the Sony Honda Mobillity JV.  </li>
</ul>


OVERSEAS:  2 Day SPX gain +2.2% (Japan view; Tech leads SOX 2-Day +6.7%; Metals rally on  China normalization  Slower wage growth + falling Used Car prices supports slower Fed hikes
JAPAN:  NKY Futs +0.8% vs Cash; USDJPY ¥131.89;  Looking for strong Tech/SPE (SOX) + Commodities (China) bid to start; Go-To-Travel resumes; Continued strong news flow on #Decarbonization spending.
DAILY NUGGET:  Afeela - a winner ? Get used to it. This is the first result of the Sony Honda Mobillity JV.  


Good Morning Japan |Stealth Bull Market ? Friday's CPI Print in Focus

<ul>
<li>
<strong> Good Morning Japan:</strong>  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>OVERSEAS: Slowing PPI fuels Fed pivot view; UST yields fall as Tech gets bid; Add to that China stimulating+thaw in US tensions; 12M Momentum to Growth shift continues. </li>
<li>JAPAN: NKY Futures  FLAT vs Cash; USDJPY at 139 handle with latest PPI  and lower UST yields; Cit D/G of Sumco appear       mis-timed with global bid in longer duration stocks(GROWTH). </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!
OVERSEAS: Slowing PPI fuels Fed pivot view; UST yields fall as Tech gets bid; Add to that China stimulating+thaw in US tensions; 12M Momentum to Growth shift continues. 
JAPAN: NKY Futures  FLAT vs Cash; USDJPY at 139 handle with latest PPI  and lower UST yields; Cit D/G of Sumco appear       mis-timed with global bid in longer duration stocks(GROWTH). 


Good Morning Japan |US PPI Fuels Fed Pivot View = Bullish Equities

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

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 Bottom-Up

<ul>
<li>Orders, sales and profits increased substantially YoY in the three months to June (1Q), but new SPE orders declined sequentially (QoQ) for the first time in two years.</li>
<li>Management has lowered 2Q sales and profit guidance in expectation of a weak 2Q. Full-year guidance remains unchanged. In our view, this reflects a wait-and-see attitude.</li>
<li>Major customer Intel has cut capex. TSMC and memory makers see weak quarters ahead. The potential downside risk has probably not been fully discounted.</li>
</ul>


Orders, sales and profits increased substantially YoY in the three months to June (1Q), but new SPE orders declined sequentially (QoQ) for the first time in two years.
Management has lowered 2Q sales and profit guidance in expectation of a weak 2Q. Full-year guidance remains unchanged. In our view, this reflects a wait-and-see attitude.
Major customer Intel has cut capex. TSMC and memory makers see weak quarters ahead. The potential downside risk has probably not been fully discounted.


Screen Holdings (7735 JP): Weakness Not Necessarily Discounted

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/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> yesterday announced Q1 results, with Revenues/OP/NP at record levels, a H1 div hike of 30%, guidance well ahead of consensus, and a buyback.  </li>
<li>They also announced a Mid-Term Plan revision which shows forward guidance better than consensus. </li>
<li>The buyback is smaller than the last one BUT float is not what you think it is. Understanding float dynamics here is key.</li>
</ul>



Advantest Corp (6857 JP) yesterday announced Q1 results, with Revenues/OP/NP at record levels, a H1 div hike of 30%, guidance well ahead of consensus, and a buyback.  
They also announced a Mid-Term Plan revision which shows forward guidance better than consensus. 
The buyback is smaller than the last one BUT float is not what you think it is. Understanding float dynamics here is key.


Advantest (6857) - Strong SoC Sales, Record Profits, Bullish Guidance, and a Buyback (+ Index Flow)

Japan

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

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SCREEN Holdings (7735 JP)

Good Morning Japan |Fed Hike, Powell Speech ? Equities Beyond as Optimism Abounds,from Spotify to GM

JAPAN WRAP. NKY Futs +0.6% Cash; USDJPY 130.11. Set for a decent day after the Beta-driven rally in the US. Still, it won't be all green on the...

Mark Chadwick

Good Morning Japan |Stealth Bull Market ? Friday's CPI Print in Focus

HAPPY NEW YEAR ! NKY Futs +0.8% vs Cash; USDJPY ¥131.89; Looking for strong Tech/SPE (SOX) + Commodities (China) bid to start; Continued strong...

Mark Chadwick

Good Morning Japan |US PPI Fuels Fed Pivot View = Bullish Equities

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