Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Equity Bottom-Up

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

The previous Insight on <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (9432 JP)</a> approximately 6 weeks ago after Q1 earnings discussed the beat in expectations based on an acceleration of cost cuts at both parent and subs. That <a href="https://www.smartkarma.com/insights/ntt-costs-lower-earnings-better-nice-noises-no-buyback-yet-but-nice-noises-there-too" target="_blank">insight</a> discussed the in some small amount the noises around a possible buyback. This insight discusses the possibilities and parameters further. There is a Short &amp; Sweet Version and a Longer Gory Details Version below a thin red line.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/013/431/original/ShortSweetLogo.png?1474205845" class="editor-image img-responsive" data-smartkarma-image-id="13431"></figure>NTT has bought back 3 trillion yen of stock over the past 15+ years. The…

The previous Insight on NTT (9432 JP) approximately 6 weeks ago after Q1 earnings discussed the beat in expectations based on an acceleration of cost cuts at both parent and subs. That insight discussed the in some small amount the noises around a possible buyback. This insight discusses the possibilities and parameters further. There is a Short &amp; Sweet Version and a Longer Gory Details Version below a thin red line.NTT has bought back 3 trillion yen of stock over the past 15+ years. The…

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

<table class="table table-striped"><tbody>
<tr>
<td style="text-align: left;">Stock</td>
<td style="text-align: left;">Business</td>
<td style="text-align: left;">Shr pr</td>
<td style="text-align: left;">Mkt cap (US$ bn)</td>
<td style="text-align: left;">PE (x)</td>
<td style="text-align: left;">Yield (%)</td>
<td style="text-align: left;">ROI (%)</td>
</tr>
<tr>
<td>Facebook (FB)</td>
<td>Social network</td>
<td>USD128</td>
<td>358</td>
<td>61.3</td>
<td>0</td>
<td>12.6</td>
</tr>
<tr>
<td>Softbank (9984)</td>
<td>Venture capital</td>
<td>6,691 Yen</td>
<td>78.5</td>
<td>17.7</td>
<td>0.6</td>
<td>3.4</td>
</tr>
<tr>
<td>Fanuc (6954)</td>
<td>Robotics</td>
<td>16,735 Yen</td>
<td>33.5</td>
<td>23.5</td>
<td>2.9</td>
<td>10.2</td>
</tr>
<tr>
<td>Intuch</td>
<td>Telecoms/venture cap</td>
<td>52.25 Baht</td>
<td>4.8</td>
<td>8.8</td>
<td>8.8</td>
<td> 54.8</td>
</tr>
</tbody></table>Two Old Men. As we highlighted earlier in <a href="https://www.smartkarma.com/insights/sathorn-series-1-the-case-against-rate-cuts" target="_blank" data-smartkarma-citation="insights:5359">Sathorn Series 1: The Case Against Rate Cuts</a> , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…



Stock
Business
Shr pr
Mkt cap (US$ bn)
PE (x)
Yield (%)
ROI (%)


Facebook (FB)
Social network
USD128
358
61.3
0
12.6


Softbank (9984)
Venture capital
6,691 Yen
78.5
17.7
0.6
3.4


Fanuc (6954)
Robotics
16,735 Yen
33.5
23.5
2.9
10.2


Intuch
Telecoms/venture cap
52.25 Baht
4.8
8.8
8.8
 54.8

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no wonder we look to Japan, the country with Asia's oldest population for leadership and inspiration for…

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

Thematic (Sector/Industry)

<a href="https://www.smartkarma.com/profiles/710" target="_blank" data-smartkarma-citation="accounts:710">Pelham Smithers</a> came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (<a href="https://www.smartkarma.com/insights/japan-flow-i-the-boj-s-new-etf-buying" target="_blank">I</a>, <a href="https://www.smartkarma.com/insights/japan-flow-ii-just-what-etfs-does-the-boj-buy-could-we-see-an-april2000-style-nikkei-225-rebal" target="_blank">II</a>, and <a href="https://www.smartkarma.com/insights/japan-flow-iii-the-mechanics-of-boj-buying" target="_blank">III</a>) and activity by foreigners on the TSE over time (<a href="https://www.smartkarma.com/insights/japan-flow-iv-foreign-flows-matter-they-have-clear-cycles" target="_blank">Japan Flow IV</a>). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan into Q4 as discussed in my ongoing "Japan Flow" series about BOJ ETF buying (I, II, and III) and activity by foreigners on the TSE over time (Japan Flow IV). All that series should tell you that "flows matter" and it should give you some idea of when flows may come and their impact. In this case though, I thought the seasonality data was worth…

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

The under-performance of Japan's non-IT sector was our focus last time (see <a href="https://www.smartkarma.com/insights/japan-non-it-industries-overcoming-deflation-not-enough" target="_blank" data-smartkarma-citation="insights:4491">Japan Non-IT Industries: Overcoming Deflation Not Enough</a> ), where we demonstrated why overcoming deflation alone will not resolve Japan's economic problems.  We observed clear out-performance of the "deflationary" IT vs non-IT sector in terms of productivity.  We then examined the role of Investment-Specific Technology (relative capital vs consumer goods deflation) in productivity growth and found it responsible for…

The under-performance of Japan's non-IT sector was our focus last time (see Japan Non-IT Industries: Overcoming Deflation Not Enough ), where we demonstrated why overcoming deflation alone will not resolve Japan's economic problems.  We observed clear out-performance of the "deflationary" IT vs non-IT sector in terms of productivity.  We then examined the role of Investment-Specific Technology (relative capital vs consumer goods deflation) in productivity growth and found it responsible for…

Overcoming Deflation Is Not Enough Part II: Japanese Services

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

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( <a href="https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926" target="_blank">https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926</a> ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( <a href="http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/" target="_blank">http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/</a> ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" ( https://www.ft.com/content/8f87b1da-70c7-11e6-a0c9-1365ce54b926 ) and a piece by Breakingviews' Quentin Webb "Building Consensus" ( http://www.breakingviews.com/considered-view/tokyos-analysts-outperform-on-a-bad-metric/ ) document the rise and the need for short sell research in the Japanese stock market. However, like much about the Japanese stock market, we would argue that the situation is nothing…

Short Sell Research Vs The Japan Stock Market Blob

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Softbank Group (9984 JP)

NTT: Thoughts About Further Buybacks

The previous Insight on NTT (9432 JP) approximately 6 weeks ago after Q1 earnings discussed the beat in expectations based on an acceleration of...

Travis Lundy

Silicon September 3.0: Changing the Rules of Productivity (AI, VR, & Robotics)

Two Old Men. As we highlighted earlier in Sathorn Series 1: The Case Against Rate Cuts , Thailand is the oldest population in ASEAN, so it's no...

Athaporn Arayasantiparb, CFA

Japan Stock Market Seasonality - Late Q4 Is Indeed Good

Pelham Smithers came out with a worthwhile comment on the Q4 seasonality of Japanese markets. I agree with their assessment of being bullish Japan...

Travis Lundy

Overcoming Deflation Is Not Enough Part II: Japanese Services

The under-performance of Japan's non-IT sector was our focus last time (see Japan Non-IT Industries: Overcoming Deflation Not Enough ), where we...

Naomi Fink

Short Sell Research Vs The Japan Stock Market Blob

Two recent press articles "Muddy Waters and Andrew Left: the short sellers having a ball" (...

Pelham Smithers Associates

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)