Equity Analyst, LightStream Research

Oshadhi Kumarasiri

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.

Event-Driven

<ul>
<li>Japanese instant noodle manufacturer <a href="https://www.smartkarma.com/entities/toyo-suisan-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:16752:1" rel="noopener">Toyo Suisan Kaisha (2875 JP)</a> has become the newest target for activist investors in Japan.</li>
<li>Nihon Global Growth Partners Management, Inc argues that Toyo Suisan's investments are overly concentrated in its legacy businesses, despite these ventures yielding low returns.</li>
<li>Therefore, they are recommending that Toyo Suisan exit its legacy businesses, increase the payout ratio to 40%, and use some of its excess cash for a share buyback of ¥20bn.</li>
</ul>


Japanese instant noodle manufacturer Toyo Suisan Kaisha (2875 JP) has become the newest target for activist investors in Japan.
Nihon Global Growth Partners Management, Inc argues that Toyo Suisan's investments are overly concentrated in its legacy businesses, despite these ventures yielding low returns.
Therefore, they are recommending that Toyo Suisan exit its legacy businesses, increase the payout ratio to 40%, and use some of its excess cash for a share buyback of ¥20bn.


Toyo Suisan: Activist Advocates For Legacy Divestiture & More Capital for Global Expansion

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.</li>
<li>Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.</li>
<li>Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.</li>
</ul>


Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.
Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.
Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.


Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
Tax-Loss Selling's a subject of interest in Australia. Retail investors will take gains on stocks which run up in price, or get taken over, then look for losses to offset.</li>
<li>Investors are caught out as the Aussie government "approves" <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> buyng <a href="https://www.smartkarma.com/entities/austal-ltd" target="_blank" data-smartkarma-citation="entities:14420:1" rel="noopener">Austal Ltd (ASB AU)</a>. There is evidently a lot more going on in the background. </li>
<li>
<a href="https://www.smartkarma.com/entities/west-japan-railway-co" target="_blank" data-smartkarma-citation="entities:12077:1" rel="noopener">West Japan Railway Co (9021 JP)</a> announces a biggish buyback. One could buy dips, but one should probably not chase. For that, suggest this acts as a range trade.</li>
</ul>



Tax-Loss Selling's a subject of interest in Australia. Retail investors will take gains on stocks which run up in price, or get taken over, then look for losses to offset.
Investors are caught out as the Aussie government "approves" Hanwha Ocean (042660 KS) buyng Austal Ltd (ASB AU). There is evidently a lot more going on in the background. 

West Japan Railway Co (9021 JP) announces a biggish buyback. One could buy dips, but one should probably not chase. For that, suggest this acts as a range trade.


Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).</li>
<li>Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass
</li>
<li>Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI</li>
</ul>


We continue to view the latest pullback as healthy/normal within the ongoing bull market, and it is quite possible that the lows have been established on MSCI ACWI (ACWI-US).
Upgrading EM to Market Weight; MSCI Emerging Markets, China (shanghai Composite) and Hong Kong (Hang Seng) Still Bottoming; we discussed buying in our February 23, 2024 Int'l Compass

Commodities all appear to be rolling over near resistance, which is what we discussed to watch for in our April 18, 2024 Int'l Compass. This has bullish implications for ACWI


Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-suisan-kaisha-ltd" target="_blank" data-smartkarma-citation="entities:5095:1" rel="noopener">Nippon Suisan Kaisha (1332 JP)</a> reported 8% YoY revenue growth in 9MFY23, driven by 17% YoY growth in food products business on higher commercial volume and prices.</li>
<li>However, marine products profits tumbled 39% YoY on weakening fish prices and accounting adjustments.</li>
<li>The company raised FY23 sales and operating profit guidance to ¥825B (up 7% YoY) and ¥29B (up 18% YoY), respectively.</li>
</ul>



Nippon Suisan Kaisha (1332 JP) reported 8% YoY revenue growth in 9MFY23, driven by 17% YoY growth in food products business on higher commercial volume and prices.
However, marine products profits tumbled 39% YoY on weakening fish prices and accounting adjustments.
The company raised FY23 sales and operating profit guidance to ¥825B (up 7% YoY) and ¥29B (up 18% YoY), respectively.


Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised

Japan

TOYO SUISAN KAISHA, LTD. purchases, processes, and sells seafood.  The Company also manufactures instant noodles, processed foods, fish paste, and frozen food products under Maru-chan brand.

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Toyo Suisan Kaisha (2875 JP)

Toyo Suisan: Activist Advocates For Legacy Divestiture & More Capital for Global Expansion

Nihon Global Growth Partners urges Toyo Suisan to exit low-return legacy businesses, boost payout ratio to 40%, and initiate a ¥20bn share buyback.

Oshadhi Kumarasiri

Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Mark Chadwick

Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research

Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised

Nippon Suisan Kaisha sees 8% YoY revenue growth in 9MFY23, driven by strong food products business, but marine products profits drop 39% YoY....

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Toyo Suisan: Activist Advocates For Legacy Divestiture & More Capital for Global Expansion

Nihon Global Growth Partners urges Toyo Suisan to exit low-return legacy businesses, boost payout ratio to 40%, and initiate a ¥20bn share buyback.

Oshadhi Kumarasiri

Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

​Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Mark Chadwick

Last Week in Event SPACE: Aussie Tax-Loss Selling, Austal, West Japan Railway, PICC/PICC P&C

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Upgrading Emerging Markets to Market Weight; China/Hong Kong Continue to Bottom; Energy Breakdowns

Upgrading Emerging Markets $EEM $VWO to Market Weight; China/Hong Kong Continue to Bottom $FXI $MCHI $KWEB; Lows Likely in on $ACWI; Commodities...

Vermilion Research

Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised

​Nippon Suisan Kaisha sees 8% YoY revenue growth in 9MFY23, driven by strong food products business, but marine products profits drop 39% YoY....

Tina Banerjee

Global markets remain positive despite weak U.S. economic data, upcoming FOMC and Bank of Japan meetings, and rebounding oil prices due to...

Nippon Suisan Kaisha sees 8% YoY revenue growth in 9MFY23, driven by strong food products business, but marine products profits drop 39% YoY....