Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Most of the way through the HK trading day on the 11th (but after the European open) a headline flashed across traders' screens which said "China's Anta said to Mull Bid for $4B Finnish Rival Amer Sports". Finland-listed sports brand amalgamator (Wilson, Salomon, Atomic (skis), Mavic (bicycle rims), Precor (gym equipment), Arc'teryx (outdoor wear/accessories), Suunto (fitness sensors/watches), Louisville Slugger (baseball bats) and other) Amer Sports management <a href="https://www.amersports.com/2018/09/amer-sports-confirms-receipt-of-an-indication-of-interest-from-a-consortium-including-anta-sports-products/" target="_blank">confirmed</a> that it had received a non-binding preliminary indication of interest from a consortium including <a href="https://www.smartkarma.com/entities/10261" target="_blank" data-smartkarma-citation="entities:10261:1">ANTA Sports Products (2020 HK)</a> and Asian private equity firm FountainVest Partners and also <a href="https://www.amersports.com/2018/09/amer-sports-confirms-price-indication-included-in-the-indication-of-interest/" target="_blank">confirmed</a> a price indication of a bid at €40/share to take Amer private.  The bid would be "subject to a number of conditions, including conducting a due diligence investigation, approval of the Board of Directors of ANTA and the Investment Committee of FountainVest, availability of financing from identified financing sources and receipt of a recommendation from the Board of Directors of Amer Sports. Completion of any such cash tender offer would in turn be subject to further conditions, including approval by shareholders holding at least 90% of the shares of Amer Sports and receipt of all necessary regulatory approvals."<a href="https://www.smartkarma.com/entities/10261" target="_blank" data-smartkarma-citation="entities:10261:1">ANTA Sports Products (2020 HK)</a><a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0912/LTN20180912023.pdf" target="_blank">confirmed</a> the morning of the 12th to the HKEx that it had submitted the proposal in question with FountainVest but that there was as yet no deal.<a href="https://www.smartkarma.com/entities/21751" target="_blank" data-smartkarma-citation="entities:21751:1">Amer Sports Oyj (AMEAS FH)</a> shares had been trading around €32/share, were suspended quickly and then reopened 14% higher at ~€36.50 popped briefly then settled down into a long session of profit-taking which saw trading close at €34.20. Some 2.5% of float traded, which was 6-8x normal. Amer had said on the 11th that it had not engaged in negotiations.<h2>Where We Stand</h2><ul>
<li>ANTA shares were down 8 days in a row through the day after the announcement, falling a little in the afternoon after the news came out in Europe, then fell 9+% the following day. Despite rebounding 7+% the last two days, ANTA Sports shares are still down 17.5% in the first two weeks of the month. The shares are now at 20x 2019e PER.</li>
<li>Amer announced on September 5th a <a href="https://www.amersports.com/2018/09/amer-sports-updates-its-strategy/" target="_blank">Strategy Update</a>. Amer Sports President and CEO Heikki Takala said “We prioritize acceleration in soft goods, B2C, China, United States, and digitalization,” and the review was said to include an "integration" of PeakPerformance brand and a strategic review of the Mavic brand. In the presentation he also mentioned the Enve (bicycles) brand, noting that the entire bicycle business was not producing the growth they wanted, and offering the idea that the assets might be better held by someone else.</li>
<li>At a 26x PER multiple and probably ~15x EV/EBITDA, Amer is "expensive" but not outrageously so. At a prospective EV/revenue multiple of 1.5x, it is in the range of stocks like <a href="https://www.smartkarma.com/entities/10699" target="_blank" data-smartkarma-citation="entities:10699:1">Fila Korea Ltd (081660 KS)</a> and <a href="https://www.smartkarma.com/entities/23708" target="_blank" data-smartkarma-citation="entities:23708:1">Acushnet Holdings (GOLF US)</a> while lower than <a href="https://www.smartkarma.com/entities/3777" target="_blank" data-smartkarma-citation="entities:3777:1">Shimano Inc (7309 JP)</a> and <a href="https://www.smartkarma.com/entities/22505" target="_blank" data-smartkarma-citation="entities:22505:1">Thule Group Ab (THULE SS)</a>. </li>
</ul>

Most of the way through the HK trading day on the 11th (but after the European open) a headline flashed across traders' screens which said "China's Anta said to Mull Bid for $4B Finnish Rival Amer Sports". Finland-listed sports brand amalgamator (Wilson, Salomon, Atomic (skis), Mavic (bicycle rims), Precor (gym equipment), Arc'teryx (outdoor wear/accessories), Suunto (fitness sensors/watches), Louisville Slugger (baseball bats) and other) Amer Sports management confirmed that it had received a non-binding preliminary indication of interest from a consortium including ANTA Sports Products (2020 HK) and Asian private equity firm FountainVest Partners and also confirmed a price indication of a bid at €40/share to take Amer private.  The bid would be "subject to a number of conditions, including conducting a due diligence investigation, approval of the Board of Directors of ANTA and the Investment Committee of FountainVest, availability of financing from identified financing sources and receipt of a recommendation from the Board of Directors of Amer Sports. Completion of any such cash tender offer would in turn be subject to further conditions, including approval by shareholders holding at least 90% of the shares of Amer Sports and receipt of all necessary regulatory approvals."ANTA Sports Products (2020 HK)confirmed the morning of the 12th to the HKEx that it had submitted the proposal in question with FountainVest but that there was as yet no deal.Amer Sports Oyj (AMEAS FH) shares had been trading around €32/share, were suspended quickly and then reopened 14% higher at ~€36.50 popped briefly then settled down into a long session of profit-taking which saw trading close at €34.20. Some 2.5% of float traded, which was 6-8x normal. Amer had said on the 11th that it had not engaged in negotiations.Where We Stand
ANTA shares were down 8 days in a row through the day after the announcement, falling a little in the afternoon after the news came out in Europe, then fell 9+% the following day. Despite rebounding 7+% the last two days, ANTA Sports shares are still down 17.5% in the first two weeks of the month. The shares are now at 20x 2019e PER.
Amer announced on September 5th a Strategy Update. Amer Sports President and CEO Heikki Takala said “We prioritize acceleration in soft goods, B2C, China, United States, and digitalization,” and the review was said to include an "integration" of PeakPerformance brand and a strategic review of the Mavic brand. In the presentation he also mentioned the Enve (bicycles) brand, noting that the entire bicycle business was not producing the growth they wanted, and offering the idea that the assets might be better held by someone else.
At a 26x PER multiple and probably ~15x EV/EBITDA, Amer is "expensive" but not outrageously so. At a prospective EV/revenue multiple of 1.5x, it is in the range of stocks like Fila Korea Ltd (081660 KS) and Acushnet Holdings (GOLF US) while lower than Shimano Inc (7309 JP) and Thule Group Ab (THULE SS). 


ANTA (2020 HK) Lobs Possible €40/Share Bid for Amer

'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. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/034/original/2018-08-16_19-07-34.png?1534672507" class="editor-image img-responsive" data-smartkarma-image-id="61034"></figure><div class="content-caption">Source: Japan Analytics</div>A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our '<a href="https://www.smartkarma.com/insights/japan-most-overbought-most-oversold-the-relative-price-score" target="_blank" data-smartkarma-citation="insights:21149">Nifty 50</a>' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.<div class="content-highlight">MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.</div>SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post [6178 JP</a>]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.<div class="content-highlight">
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
</div>SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.<div class="content-highlight">
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
</div>TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/038/original/2018-08-19_19-33-03.png?1534674804" class="editor-image img-responsive" data-smartkarma-image-id="61038"></figure>

Source: Japan AnalyticsA GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our 'Nifty 50' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is Japan Post [6178 JP]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

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

Although it isn't necessarily the case that the earlier a Japanese company reports its earnings, the better run it is, there's no real surprise that it is hyper-competitive firms like <a href="https://www.smartkarma.com/entities/16195" target="_blank" data-smartkarma-citation="entities:16195:1">Tokyo Steel</a>, <a href="https://www.smartkarma.com/entities/7245" target="_blank" data-smartkarma-citation="entities:7245:1">Nidec</a> and <a href="https://www.smartkarma.com/entities/3777" target="_blank" data-smartkarma-citation="entities:3777:1">Shimano</a> that are consistently among the fastest out of the traps. By extension, these companies usually get the results season off to a good start, and by extension there is something of an expectation of this, which starts to get built into valuations. On a forward EV/OP basis, Nidec and…

Although it isn't necessarily the case that the earlier a Japanese company reports its earnings, the better run it is, there's no real surprise that it is hyper-competitive firms like Tokyo Steel, Nidec and Shimano that are consistently among the fastest out of the traps. By extension, these companies usually get the results season off to a good start, and by extension there is something of an expectation of this, which starts to get built into valuations. On a forward EV/OP basis, Nidec and…

Valuations May Prove Key As Early Japanese Results Highlight Sell-Side Optimism

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.

With Earnings Season just about to start we wanted to compare domestic broker EPS estimates to foreign broker estimates to see where there are significant differences.  We then looked at the weekly estimates since last June for both domestic and foreign brokers to identify when the divergence happened.<h2>Domestic Estimates 15% or more below Foreign Estimates</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/024/154/original/3.png?1492028317" class="editor-image img-responsive" data-smartkarma-image-id="24154"></figure><div class="content-caption">Source: Custom Products</div>We all know that <a href="https://www.smartkarma.com/entities/637" target="_blank" data-smartkarma-citation="entities:637:1">Toshiba Corp (6502 JP)</a> is a train wreck. However is it interesting that back in December domestic and…

With Earnings Season just about to start we wanted to compare domestic broker EPS estimates to foreign broker estimates to see where there are significant differences.  We then looked at the weekly estimates since last June for both domestic and foreign brokers to identify when the divergence happened.Domestic Estimates 15% or more below Foreign EstimatesSource: Custom ProductsWe all know that Toshiba Corp (6502 JP) is a train wreck. However is it interesting that back in December domestic and…

Potential Surpises?? Comparing Foreign and Domestic FY1 EPS Estimates in Japan

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.<h2>Positive Side</h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/023/022/original/2.png?1490213989" class="editor-image img-responsive" data-smartkarma-image-id="23022"></figure><div class="content-caption">Source: Custom Products</div>As you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations for the overall market to identify which sectors and companies are currently trending up in popularity and which are trending down.Positive SideSource: Custom ProductsAs you can see from the chart above the Energy Minerals (Only 7 names in sector), Finance and Consumer Durables Sectors had the highest % of upgrades relative to total recommendations over…

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

Japan

SHIMANO INC. manufactures and sells products for bicycling, snowboarding, and fishing.  The Company's products include running gears and brake parts for bicycles and rods, reels, and tackles for fishing.  The Company manufactures golf related products as well.  Shimano mainly exports to Asia, Europe, and the United States.

Price Gauge
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Shimano Inc (7309 JP)

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in...

Campbell Gunn

Valuations May Prove Key As Early Japanese Results Highlight Sell-Side Optimism

Although it isn't necessarily the case that the earlier a Japanese company reports its earnings, the better run it is, there's no real surprise...

Pelham Smithers Associates

Potential Surpises?? Comparing Foreign and Domestic FY1 EPS Estimates in Japan

With Earnings Season just about to start we wanted to compare domestic broker EPS estimates to foreign broker estimates to see where there are...

Custom Products Group

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations...

Custom Products Group

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ANTA (2020 HK) Lobs Possible €40/Share Bid for Amer

Most of the way through the HK trading day on the 11th (but after the European open) a headline flashed across traders' screens which said "China's...

Travis Lundy

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in...

Campbell Gunn

Valuations May Prove Key As Early Japanese Results Highlight Sell-Side Optimism

Although it isn't necessarily the case that the earlier a Japanese company reports its earnings, the better run it is, there's no real surprise...

Pelham Smithers Associates

Potential Surpises?? Comparing Foreign and Domestic FY1 EPS Estimates in Japan

With Earnings Season just about to start we wanted to compare domestic broker EPS estimates to foreign broker estimates to see where there are...

Custom Products Group

Most Popular and Unpopular Japanese Sectors over Last 2 Weeks....

We have decided to split our coverage of Analyst Upgrades and Downgrades into Japan only and Asia -ex Japan. We track changes in recommendations...

Custom Products Group