Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX eaks out gains as markets continue to bid inflation moderation/soft landing narrative; GS Reports the futures is better; TELSA earnings beat despite aggressive price cuts </li>
<li>JAPAN. Nikkei Futures flat vs Cash; USDJPY 139.7; Inbound Tourist back in full force; Daily Goods Manufacturers form logistics alliance to combat lack of drivers; Nidec, Disco reports today</li>
<li>NUGGET. JP Office Equipment Makers - could be investment opportunities if they are proactive consolidation. Falling demand and overcapacity demands aggressive industry restructuring.</li>
</ul>


OVERSEAS.  SPX eaks out gains as markets continue to bid inflation moderation/soft landing narrative; GS Reports the futures is better; TELSA earnings beat despite aggressive price cuts 
JAPAN. Nikkei Futures flat vs Cash; USDJPY 139.7; Inbound Tourist back in full force; Daily Goods Manufacturers form logistics alliance to combat lack of drivers; Nidec, Disco reports today
NUGGET. JP Office Equipment Makers - could be investment opportunities if they are proactive consolidation. Falling demand and overcapacity demands aggressive industry restructuring.


Ohayo Japan |Inflation Moderation Drives Stocks; NUGGET:JP Office Equip Makers- Consolidation a Must

<ul>
<li>OVERSEAS.  SPX -0.3% and down WoW; Weak Payrolls numbers lead to fall in US 2Yr to 4.95%, USD weakness;  This week - packed schedule with CPI; Watch Bank earnings</li>
<li>JAPAN. NKY Futs flat vs Cash; USDJPY 142.2, on weaker US payrolls;   JP companies struggle to lift ROE due to expanding Equity Base (=more buybacks?); Kishida to reshuffle cabinet</li>
<li>NUGGET. Heat Pumps - A Big Deal for Daikin(6367)/Melco(6503).  A large addressable, and growing market, and great for the environment. Yes, you should get excited!</li>
</ul>


OVERSEAS.  SPX -0.3% and down WoW; Weak Payrolls numbers lead to fall in US 2Yr to 4.95%, USD weakness;  This week - packed schedule with CPI; Watch Bank earnings
JAPAN. NKY Futs flat vs Cash; USDJPY 142.2, on weaker US payrolls;   JP companies struggle to lift ROE due to expanding Equity Base (=more buybacks?); Kishida to reshuffle cabinet
NUGGET. Heat Pumps - A Big Deal for Daikin(6367)/Melco(6503).  A large addressable, and growing market, and great for the environment. Yes, you should get excited!


Ohayo Japan | Weak Payrolls=Lower Rates; Weaker USD; NUGGET:Heat Pumps-The Future of Cooling/Heating

<ul>
<li>OVERSEAS.  Strong close to Month, Quarter and Half Year as SPX rose +1.2% on Friday; AI Trade Back as NDX100 hit  $5trn Mkt cap; Apple now &gt;$3 trill !</li>
<li>JAPAN. NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo Inflation print 3.2% raises questions on national inflation and BOJ's next steps;  Tokyo heats up as Power conservation measures implemented</li>
<li>NUGGET.  We believe Toyota's concerns regarding BEVs are valid. We see them having the technology and manufacturing prowess at scale, strong branding, and global reach to eventually overtake Tesla</li>
</ul>


OVERSEAS.  Strong close to Month, Quarter and Half Year as SPX rose +1.2% on Friday; AI Trade Back as NDX100 hit  $5trn Mkt cap; Apple now &gt;$3 trill !
JAPAN. NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo Inflation print 3.2% raises questions on national inflation and BOJ's next steps;  Tokyo heats up as Power conservation measures implemented
NUGGET.  We believe Toyota's concerns regarding BEVs are valid. We see them having the technology and manufacturing prowess at scale, strong branding, and global reach to eventually overtake Tesla


Ohayo Japan | Bull Mkt - Nasdaq 100 Stunning +39%YTD ! NUGGET: Toyota(7203) BEV Strategy - A Defense

<ul>
<li>Oasis has launched a hostile campaign against Tsuruha, one of the largest drug store chains in Japan</li>
<li>The company’s corporate governance needs a serious overhaul - the board is entrenched and dominated by the founding families</li>
<li>Shareholders will need to elect a Board with more independence and a greater skillset to navigate industry consolidation</li>
</ul>


Oasis has launched a hostile campaign against Tsuruha, one of the largest drug store chains in Japan
The company’s corporate governance needs a serious overhaul - the board is entrenched and dominated by the founding families
Shareholders will need to elect a Board with more independence and a greater skillset to navigate industry consolidation


Japan Weekly | Oasis Prescribe New Medicine for Tsuruha

<ul>
<li>OVERSEAS. Hawish Powell wraps up testimony; Global Rate Hikes - from UK to Norway; SPX +0.4% gains despite rise in Yields;  Confirmed- Titanic Sub Crew confirmed dead</li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle amid rise in US yields; Foreigners continue to buy Japan;  Corp Governance loss  as Cosmo(5021) approve Poison Pill</li>
<li>NUGGET. Daikin(6367)- A Global Best in Class and winner - but waiting for a pull back to jump in.</li>
</ul>


OVERSEAS. Hawish Powell wraps up testimony; Global Rate Hikes - from UK to Norway; SPX +0.4% gains despite rise in Yields;  Confirmed- Titanic Sub Crew confirmed dead
JAPAN. NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle amid rise in US yields; Foreigners continue to buy Japan;  Corp Governance loss  as Cosmo(5021) approve Poison Pill
NUGGET. Daikin(6367)- A Global Best in Class and winner - but waiting for a pull back to jump in.


Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

Japan

TSURUHA HOLDINGS INC. is a holding company which manages subsidiaries that operate drug stores in Hokkaido and the Tohoku area.  The Company's product line includes drugs, cosmetics, and household utensils.

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Tsuruha Holdings (3391 JP)

Ohayo Japan |Inflation Moderation Drives Stocks; NUGGET:JP Office Equip Makers- Consolidation a Must

US Markets continue bullish bid; Nikkei Futures flat vs Cash; USDJPY 139.7; Inbound Tourist back in full force; Daily Goods Manufacturers form...

Mark Chadwick

Ohayo Japan | Weak Payrolls=Lower Rates; Weaker USD; NUGGET:Heat Pumps-The Future of Cooling/Heating

Weaker Payrolls drive rates down - a bit; Weaker USD; NKY Futs flat vs Cash; USDJPY 142.2; JP companies struggle to lift ROE due to expanding...

Mark Chadwick

Ohayo Japan | Bull Mkt - Nasdaq 100 Stunning +39%YTD ! NUGGET: Toyota(7203) BEV Strategy - A Defense

Strong US Close despite the spectre of inflation/Fed hikes; NKY Futs +0.7% vs Cash; USDJPY 144.3; Tokyo May Inflation print 3.2% - BOJ's next...

Mark Chadwick

Japan Weekly | Oasis Prescribe New Medicine for Tsuruha

Oasis has launched a hostile campaign against Tsuruha, one of the largest drug store chains in Japan. This is not about poor capital allocation,...

Mark Chadwick

Ohayo Japan| Global Rate Hikes; SPX Rise Despite Powell; NUGGET: Daikin(6367)- Global Best in Class

SPX up despite Fed/Global CB hawkishness; NKY Futs +0.5% vs Cash; USDJPY weaknes to 143 handle; Foreigners continue to buy Japan; Corp Governance...

Mark Chadwick

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