'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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.

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/130/679/original/2020-05-01_05-31-11.png?1588278692" class="editor-image img-responsive" data-smartkarma-image-id="130679"></figure><div class="content-caption">Source • Japan Analytics</div><div class="content-caption"></div>COMFORT BLANKET - As the politically-motivated Central Banks smother equity markets with the comfort blanket of the 'mother of all QEs', the reality of what The Economist describes as the '90% Economy' unfolds in the daily earnings and forecasts revisions announced by Japanese companies. In some cases, such as <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec (6594 JP)</a>, the picture is distorted by the strength in overseas demand in February as Chinese competition was put on hold and the rest of North Asia took up the resulting 'slack'. As we have noted before, the first and second-order impacts of COVID-19 will not be revealed until the August and November results, when we expect both of our Scores to be closer to their 2009 troughs. Meanwhile, the US Federal Reserves trillion-dollar rescue package will keep upward pressure on the yen as the Bank of Japan struggles to keep up.  COUNTERMEASURES - Japan's revised supplementary budget was approved yesterday, allowing for interest-free loans to businesses, tax deferrals and cash handouts to all households. The COVID crisis has also prompted Japan to engage in a bout of 'magical thinking' allowing for the rolling back or revision of many long-cherished traditions:-<ul>
<li>The start of the academic year will now probably be pushed back to September this year - discussions have started to make this shift permanent, finally bringing Japan into line with the rest of the world.</li>
<li>Hanko personal and corporate seals that are required to certify documents may now also be going the way of the dodo as the Keidanren business organisation has acknowledged that they 'do not meet the digital age'.</li>
</ul><hr><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/130/680/original/File%202020-05-01%203%2039%2027.jpeg?1588280828" class="editor-image img-responsive" data-smartkarma-image-id="130680"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/130/681/original/File%202020-05-01%203%2027%2003.jpeg?1588280873" class="editor-image img-responsive" data-smartkarma-image-id="130681"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/130/683/original/File%202020-05-01%203%2040%2007.jpeg?1588281553" class="editor-image img-responsive" data-smartkarma-image-id="130683"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/130/682/original/File%202020-05-01%203%2031%2028.jpeg?1588280903" class="editor-image img-responsive" data-smartkarma-image-id="130682"></figure><div class="content-caption">Source • ourworldindata.org</div>MAYDAY - Although Japan's daily case count has fallen to around 200, the medical experts advising the Japanese government are suggesting that this level will require an extension to the states of emergency (SOEs) currently operating in all prefectures beyond May 6th. Hospitals are still working at above-normal capacity, and patients are still being turned away from many hospitals. Alarmingly Japan's current eight death-doubling-days count is amongst the worst in the world. Also, excess mortality data for Tokyo suggests that, in March, there were over 60 excess deaths a week not attributed to COVID-19. The expectation is that the SOEs will be extended to Sunday, May 31st and that schools will not reopen until September. In most European countries extensive testing is one of the requisites for easing lockdown restrictions, and the UK is now ramping up testing capacity in anticipation. Japan's woeful record on testing will become a factor by the end of May. Japan's case fatality rate of 3% suggests that the number of cases could be ten times the official number.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/130/684/original/2020-05-01_06-41-23.png?1588282906" class="editor-image img-responsive" data-smartkarma-image-id="130684"></figure><div class="content-caption">Source • Japan Analytics</div>30TH APRIL - In the DETAIL below, we shall review Thursday's large-cap results, revisions and initial forecast announcements.  The positive/neutral/negative balance for the 132 results was 51:10:71; and for the 83 revisions or initial forecasts, the split was 30:7:43. Of the 98 companies announcing annual results, only 43 made forecasts for the current year. The ratio of dividend cuts to increases was 5:10 with <a href="https://www.smartkarma.com/entities/japan-exchange-group-inc" target="_blank" data-smartkarma-citation="entities:11266:1" rel="noopener">Japan Exchange Group (8697 JP)</a> being the most prominent in the former camp.

Source • Japan AnalyticsCOMFORT BLANKET - As the politically-motivated Central Banks smother equity markets with the comfort blanket of the 'mother of all QEs', the reality of what The Economist describes as the '90% Economy' unfolds in the daily earnings and forecasts revisions announced by Japanese companies. In some cases, such as Nidec (6594 JP), the picture is distorted by the strength in overseas demand in February as Chinese competition was put on hold and the rest of North Asia took up the resulting 'slack'. As we have noted before, the first and second-order impacts of COVID-19 will not be revealed until the August and November results, when we expect both of our Scores to be closer to their 2009 troughs. Meanwhile, the US Federal Reserves trillion-dollar rescue package will keep upward pressure on the yen as the Bank of Japan struggles to keep up.  COUNTERMEASURES - Japan's revised supplementary budget was approved yesterday, allowing for interest-free loans to businesses, tax deferrals and cash handouts to all households. The COVID crisis has also prompted Japan to engage in a bout of 'magical thinking' allowing for the rolling back or revision of many long-cherished traditions:-
The start of the academic year will now probably be pushed back to September this year - discussions have started to make this shift permanent, finally bringing Japan into line with the rest of the world.
Hanko personal and corporate seals that are required to certify documents may now also be going the way of the dodo as the Keidanren business organisation has acknowledged that they 'do not meet the digital age'.
Source • ourworldindata.orgMAYDAY - Although Japan's daily case count has fallen to around 200, the medical experts advising the Japanese government are suggesting that this level will require an extension to the states of emergency (SOEs) currently operating in all prefectures beyond May 6th. Hospitals are still working at above-normal capacity, and patients are still being turned away from many hospitals. Alarmingly Japan's current eight death-doubling-days count is amongst the worst in the world. Also, excess mortality data for Tokyo suggests that, in March, there were over 60 excess deaths a week not attributed to COVID-19. The expectation is that the SOEs will be extended to Sunday, May 31st and that schools will not reopen until September. In most European countries extensive testing is one of the requisites for easing lockdown restrictions, and the UK is now ramping up testing capacity in anticipation. Japan's woeful record on testing will become a factor by the end of May. Japan's case fatality rate of 3% suggests that the number of cases could be ten times the official number.Source • Japan Analytics30TH APRIL - In the DETAIL below, we shall review Thursday's large-cap results, revisions and initial forecast announcements.  The positive/neutral/negative balance for the 132 results was 51:10:71; and for the 83 revisions or initial forecasts, the split was 30:7:43. Of the 98 companies announcing annual results, only 43 made forecasts for the current year. The ratio of dividend cuts to increases was 5:10 with Japan Exchange Group (8697 JP) being the most prominent in the former camp.

🇯🇵 JAPAN • Results & Revisions Update 30th April - D1Life, Toto, JR-W, CTC, Murata, Nidec, Mercari

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

On Wednesday, partway through the day, it was discovered that the website of a relatively obscure Japanese "business and politics" monthly magazine which works off a kind of "membership system" called Sentaku (選択) carried an article about <a href="https://www.smartkarma.com/entities/fujitsu-ltd" target="_blank" data-smartkarma-citation="entities:16968:1" rel="noopener">Fujitsu Ltd (6702 JP)</a> and its listed subs. <figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/109/006/original/Screenshot%202019-12-04%20at%204.48.26%20PM.png?1575449375" class="editor-image img-responsive" data-smartkarma-image-id="109006"></figure>I have not read the article - no access - but the headline suggests...<blockquote>Fujitsu too is studying the elimination of parent-subsidiary dual listings, a process which could start at earliest within this fiscal year. </blockquote>That sent Fujitsu's listed subs higher on the day.<ul>
<li>Battery and components maker, <a href="https://www.smartkarma.com/entities/fdk-corp" target="_blank" data-smartkarma-citation="entities:18857:1" rel="noopener">Fdk Corp (6955 JP)</a>, of which Fujitsu owns 58.8% went limit up before coming off and ending up 11.8% on the day. </li>
<li>
<a href="https://www.smartkarma.com/entities/fujitsu-general-ltd" target="_blank" data-smartkarma-citation="entities:2025:1" rel="noopener">Fujitsu General (6755 JP)</a>, air-conditioner and electronic equipment maker of which  Fujitsu owns 42.2% of shares out. That stock was up 17.5% intraday but closed +7.0%.</li>
<li>
<a href="https://www.smartkarma.com/entities/shinko-electric-industries" target="_blank" data-smartkarma-citation="entities:15066:1" rel="noopener">Shinko Electric Industries (6967 JP)</a>, which makes packaging and substrates for the back end of the semiconductor industry is 50.00% owned by Fujitsu, was up 24.3% intraday but closed up 16.4% by day end.</li>
<li>
<a href="https://www.smartkarma.com/entities/fujitsu-frontech-ltd" target="_blank" data-smartkarma-citation="entities:17089:1" rel="noopener">Fujitsu Frontech (6945 JP)</a>, which makes the machinery inside ATMs and also provides ATM solutions, sensors (RFID and fingerprint), etc is a small-cap which is 53.2% owned by Fujitsu. This stock traded a lot of volume, and was up 27% - limit up - at the end of the day.</li>
</ul>The language of the headline and other articles which reported on the stock price moves suggest that the "speculation" is that Fujitsu will follow in the footsteps of <a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi Ltd (6501 JP)</a> which has not so secretly put up some of its listed subs such as <a href="https://www.smartkarma.com/entities/hitachi-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:14457:1" rel="noopener">Hitachi Chemical (4217 JP)</a> and <a href="https://www.smartkarma.com/entities/hitachi-high-technologies-co" target="_blank" data-smartkarma-citation="entities:7046:1" rel="noopener">Hitachi High Technologies Co (8036 JP)</a> for sale, and Toshiba which launched Tender Offers for three out of its four listed subs <a href="https://www.smartkarma.com/entities/toshiba-plant-systems-services-corporation" target="_blank" data-smartkarma-citation="entities:15976:1" rel="noopener">Toshiba Plant Systems &amp; Services (1983 JP)</a>, <a href="https://www.smartkarma.com/entities/nishishiba-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:6193:1" rel="noopener">Nishishiba Electric (6591 JP)</a>, and <a href="https://www.smartkarma.com/entities/nuflare-technology-inc" target="_blank" data-smartkarma-citation="entities:9635:1" rel="noopener">Nuflare Technology (6256 JP)</a>, leaving out <a href="https://www.smartkarma.com/entities/toshiba-tec-corp" target="_blank" data-smartkarma-citation="entities:17697:1" rel="noopener">Toshiba Tec (6588 JP)</a>) last month.However, what we have for now is a headline of an article in a magazine known more for its after-the-fact political-business relationship reporting than M&amp;A reporting. What is surprising to me is that we have, for the moment, no "official" comment at the TSE from any of the five companies. Nikkei QUICK asked Fujitsu for their comment on the Sentaku story, and the comment was 「現時点で具体的な話は何も決まっていない」or "At the moment, nothing concrete has been decided." Every major Japanese media story specifically used the words "speculative buying."

On Wednesday, partway through the day, it was discovered that the website of a relatively obscure Japanese "business and politics" monthly magazine which works off a kind of "membership system" called Sentaku (選択) carried an article about Fujitsu Ltd (6702 JP) and its listed subs. I have not read the article - no access - but the headline suggests...Fujitsu too is studying the elimination of parent-subsidiary dual listings, a process which could start at earliest within this fiscal year. That sent Fujitsu's listed subs higher on the day.
Battery and components maker, Fdk Corp (6955 JP), of which Fujitsu owns 58.8% went limit up before coming off and ending up 11.8% on the day. 

Fujitsu General (6755 JP), air-conditioner and electronic equipment maker of which  Fujitsu owns 42.2% of shares out. That stock was up 17.5% intraday but closed +7.0%.

Shinko Electric Industries (6967 JP), which makes packaging and substrates for the back end of the semiconductor industry is 50.00% owned by Fujitsu, was up 24.3% intraday but closed up 16.4% by day end.

Fujitsu Frontech (6945 JP), which makes the machinery inside ATMs and also provides ATM solutions, sensors (RFID and fingerprint), etc is a small-cap which is 53.2% owned by Fujitsu. This stock traded a lot of volume, and was up 27% - limit up - at the end of the day.
The language of the headline and other articles which reported on the stock price moves suggest that the "speculation" is that Fujitsu will follow in the footsteps of Hitachi Ltd (6501 JP) which has not so secretly put up some of its listed subs such as Hitachi Chemical (4217 JP) and Hitachi High Technologies Co (8036 JP) for sale, and Toshiba which launched Tender Offers for three out of its four listed subs Toshiba Plant Systems &amp; Services (1983 JP), Nishishiba Electric (6591 JP), and Nuflare Technology (6256 JP), leaving out Toshiba Tec (6588 JP)) last month.However, what we have for now is a headline of an article in a magazine known more for its after-the-fact political-business relationship reporting than M&amp;A reporting. What is surprising to me is that we have, for the moment, no "official" comment at the TSE from any of the five companies. Nikkei QUICK asked Fujitsu for their comment on the Sentaku story, and the comment was 「現時点で具体的な話は何も決まっていない」or "At the moment, nothing concrete has been decided." Every major Japanese media story specifically used the words "speculative buying."

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

The Japan Exchange Group (JPX) publishes a daily report that details the short sell activity by market participants. JPX aggregates broker short sell reports and discloses information such as the short sale positions and the names of the investors whose short sale positions reach 0.5% of the outstanding shares. Here is some information on short positions for the week ended 9 August.The short notional in the market for the week ended 9 August is US$24.27bn with the largest short positions in <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/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 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>, <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> and <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>. Most shorted stocks as a percentage of free float are <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>, Amazia, <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/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a>  while the stocks with the highest days to cover are <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>, <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> and <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a>. The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/sysmex-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:19333:1">Sysmex Corp (6869 JP)</a>, <a href="https://www.smartkarma.com/entities/square-enix-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15003:1">Square Enix Holdings (9684 JP)</a>, <a href="https://www.smartkarma.com/entities/yamaha-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:17841:1">Yamaha Corp (7951 JP)</a> and <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:379:1">Sumco Corp (3436 JP)</a>  while shorts were covered in <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a>, <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/kakaku-com-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7408:1">Kakaku.Com Inc (2371 JP)</a> and <a href="https://www.smartkarma.com/entities/toto-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:11028:1">Toto Ltd (5332 JP)</a>. Sectorally, new short positions were built in Healthcare and Materials, while shorts were covered in Consumer Discretionary and Financials.

The Japan Exchange Group (JPX) publishes a daily report that details the short sell activity by market participants. JPX aggregates broker short sell reports and discloses information such as the short sale positions and the names of the investors whose short sale positions reach 0.5% of the outstanding shares. Here is some information on short positions for the week ended 9 August.The short notional in the market for the week ended 9 August is US$24.27bn with the largest short positions in Toyota Motor (7203 JP), Itochu Corp (8001 JP),  Canon Inc (7751 JP), Taiyo Yuden (6976 JP) and Fast Retailing (9983 JP). Most shorted stocks as a percentage of free float are Taiyo Yuden (6976 JP), Amazia, Leopalace21 Corp (8848 JP) and Tokai Carbon (5301 JP)  while the stocks with the highest days to cover are Vital Ksk Holdings (3151 JP), Mirait Holdings (1417 JP), Katakura Industries (3001 JP) and Aruhi Corp (7198 JP). The largest increases in short notional over the week were Sysmex Corp (6869 JP), Square Enix Holdings (9684 JP), Yamaha Corp (7951 JP) and Sumco Corp (3436 JP)  while shorts were covered in ZOZO Inc (3092 JP), Bandai Namco Holdings (7832 JP), Kakaku.Com Inc (2371 JP) and Toto Ltd (5332 JP). Sectorally, new short positions were built in Healthcare and Materials, while shorts were covered in Consumer Discretionary and Financials.

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.

We updated the Hated by the Street screen and added another criteria. Hated by the Street but was recently upgraded by at least 1 analyst. Large-cap names that are currently hated by the Street but were upgraded in the last month were <a href="https://www.smartkarma.com/entities/72" target="_blank" data-smartkarma-citation="entities:72:1">Nissan Motor Co Ltd (7201 JP)</a>, <a href="https://www.smartkarma.com/entities/16977" target="_blank" data-smartkarma-citation="entities:16977:1">Kirin Holdings Co Ltd (2503 JP)</a> and <a href="https://www.smartkarma.com/entities/21001" target="_blank" data-smartkarma-citation="entities:21001:1">Eisai Co Ltd (4523 JP)</a>. Nissan Motors has a 5% dividend yield so do not really know why it is hated. <h2>Screen Criteria</h2><ol>
<li>% of BUY recommendations to Total is less than 30%</li>
<li>At least 1 upgrade in the last…</li>
</ol>

We updated the Hated by the Street screen and added another criteria. Hated by the Street but was recently upgraded by at least 1 analyst. Large-cap names that are currently hated by the Street but were upgraded in the last month were Nissan Motor Co Ltd (7201 JP), Kirin Holdings Co Ltd (2503 JP) and Eisai Co Ltd (4523 JP). Nissan Motors has a 5% dividend yield so do not really know why it is hated. Screen Criteria
% of BUY recommendations to Total is less than 30%
At least 1 upgrade in the last…


Hated by the Street but Recently Upgraded. Nissan Motors Made the List....

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26995" target="_blank" data-smartkarma-citation="entities:26995:1">Surya Pertiwi PT (1583120D IJ)</a> plans to raise up to US$120m in its IPO through a mix of selling primary and secondary shares. The company derives the bulk of its revenue by distributing TOTO products in Indonesia and is controlled by the same founders that own <a href="https://www.smartkarma.com/entities/2095" target="_blank" data-smartkarma-citation="entities:2095:1">Surya Toto Indonesia Pt (TOTO IJ)</a> (TOTOIJ).In this insight, we will compare the company with TOTOIJ to see which one is a better investment as both essentially seem to be part of the same group and are manufacturing/selling the same product. We will also run the deal through our framework.

Surya Pertiwi PT (1583120D IJ) plans to raise up to US$120m in its IPO through a mix of selling primary and secondary shares. The company derives the bulk of its revenue by distributing TOTO products in Indonesia and is controlled by the same founders that own Surya Toto Indonesia Pt (TOTO IJ) (TOTOIJ).In this insight, we will compare the company with TOTOIJ to see which one is a better investment as both essentially seem to be part of the same group and are manufacturing/selling the same product. We will also run the deal through our framework.

Surya Pertiwi IPO - TOTO Vs TOTO, Is There a Need for Two Entities?

Japan

TOTO LTD. manufactures and sells china and earthenware fittings and bathroom accessories.  The Company's products include ceramic toilet fixtures and sinks, bath tubs, dressers, and solar powered water heaters.

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Toto Ltd (5332 JP)

🇯🇵 JAPAN • Results & Revisions Update 30th April - D1Life, Toto, JR-W, CTC, Murata, Nidec, Mercari

COMFORT BLANKET - As the politically-motivated Central Banks smother equity markets with the comfort blanket of the 'mother of all QEs', the...

Campbell Gunn

Fujitsu Subsidiary Selldowns or Buy-Ins?

On Wednesday, partway through the day, it was discovered that the website of a relatively obscure Japanese "business and politics" monthly magazine...

Travis Lundy

Japan Short Interest - The Numb3rs

The Japan Exchange Group (JPX) publishes a daily report that details the short sell activity by market participants. JPX aggregates broker short...

Brian Freitas

Hated by the Street but Recently Upgraded. Nissan Motors Made the List....

We updated the Hated by the Street screen and added another criteria. Hated by the Street but was recently upgraded by at least 1 analyst....

Custom Products Group

Surya Pertiwi IPO - TOTO Vs TOTO, Is There a Need for Two Entities?

Surya Pertiwi PT (1583120D IJ) plans to raise up to US$120m in its IPO through a mix of selling primary and secondary shares. The company derives...

Sumeet Singh

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