Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Nasdaq and SOX Plunged overnight; Nasdaq on Tesla, Neflix; SOX on TSMC Sentiment;   Has something broken?  US Leading Index saying recession near; China deflationary pressures; Russia escalates war</li>
<li>JAPAN. NKY Futures -0.5% disc vs Cash; USDJPY 140.1;  Eyes on BOJ  but indications are no tweak;  Nidec turns it around - strong 1Q; Raft of BUY calls from Street. </li>
<li>NUGGET. Japanese companies are hiring IR professionals as they face greater scrutiny from shareholders, the TSE, and regulators. Positive development that we see as an offshoot of the governance code.</li>
</ul>


OVERSEAS. Nasdaq and SOX Plunged overnight; Nasdaq on Tesla, Neflix; SOX on TSMC Sentiment;   Has something broken?  US Leading Index saying recession near; China deflationary pressures; Russia escalates war
JAPAN. NKY Futures -0.5% disc vs Cash; USDJPY 140.1;  Eyes on BOJ  but indications are no tweak;  Nidec turns it around - strong 1Q; Raft of BUY calls from Street. 
NUGGET. Japanese companies are hiring IR professionals as they face greater scrutiny from shareholders, the TSE, and regulators. Positive development that we see as an offshoot of the governance code.


Ohayo Japan|Nasdaq, SOX Plunge-Did Something Finally Break?; NUGGET: In Demand in Japan - IR Talent

<ul>
<li>OVERSEAS.  Disinflation Trade on as US PPI provides more tailwinds; Rates, USD Fall; Equites rally, More China Stimulus Coming ? Ripple resolution spurs Crypto bid; AI Wars: Meta Updates BARD</li>
<li>JAPAN. Nikkei Futures +1% vs Cash; USDJPY 138; Set for Beta bid in Stocks; Blow out Fast Retailing numbers; Barclays see Sept BOJ tweek; Bullish Bank Initiations from UBS</li>
<li>NUGGET.  Hydrogen is a key part of JP Govt carbon zero strategy. We see KHI(7012) as a Hydrogen winner and see the recent pullback as a good entry opportunity</li>
</ul>


OVERSEAS.  Disinflation Trade on as US PPI provides more tailwinds; Rates, USD Fall; Equites rally, More China Stimulus Coming ? Ripple resolution spurs Crypto bid; AI Wars: Meta Updates BARD
JAPAN. Nikkei Futures +1% vs Cash; USDJPY 138; Set for Beta bid in Stocks; Blow out Fast Retailing numbers; Barclays see Sept BOJ tweek; Bullish Bank Initiations from UBS
NUGGET.  Hydrogen is a key part of JP Govt carbon zero strategy. We see KHI(7012) as a Hydrogen winner and see the recent pullback as a good entry opportunity


Ohayo Japan| Lower Rates, Higher Stocks; Crypto Optimism; NUGGET: Hydrogen Future - KHI(7012)Revisit

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.

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a>, having experienced an 80% decline in value over the last 8 years, now emerges as an enticing prospect for value investors.</li>
<li>The combined fair value of Rakuten's Cards, Bank, and Mobile businesses now surpasses 100% of the company's market capitalization.</li>
<li>Rakuten Ichiba, valued at ¥600bn, appears significantly undervalued when compared to <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" data-smartkarma-citation="entities:18379:1" rel="noopener">ZOZO Inc (3092 JP)</a> and <a href="https://www.smartkarma.com/entities/monotaro-co-ltd" target="_blank" data-smartkarma-citation="entities:15441:1" rel="noopener">MonotaRO Co Ltd (3064 JP)</a>, which hold approximately 2.0x Rakuten Ichiba’s valuation.</li>
</ul>



Rakuten Group (4755 JP), having experienced an 80% decline in value over the last 8 years, now emerges as an enticing prospect for value investors.
The combined fair value of Rakuten's Cards, Bank, and Mobile businesses now surpasses 100% of the company's market capitalization.
Rakuten Ichiba, valued at ¥600bn, appears significantly undervalued when compared to ZOZO Inc (3092 JP) and MonotaRO Co Ltd (3064 JP), which hold approximately 2.0x Rakuten Ichiba’s valuation.


Rakuten: An Attractive Value Opportunity After 80% Value Decline in 8 Years

<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

<ul>
<li>OVERSEAS. NDX100 +1.8%  SOX +3.3% vs. SPX +0.9% DOW +0.6%; Tech back ahead of Fed; Energy a different story as Oil fell on D-S worries; All eyes remain on CPI/Fed</li>
<li>JAPAN. NKY Futs +0.7% premium vs Cash; Japan lead yesterday vs US..rarity; Expect continued Equity follow through; Seino HD(9076) -Massive Buyback, Div hike; TOYOTA-Path to Solid State Battery Commercialization?</li>
<li>NUGGET. Nidec Succession Resolution in Sight, but Nagamori Premium May Dissappear</li>
</ul>


OVERSEAS. NDX100 +1.8%  SOX +3.3% vs. SPX +0.9% DOW +0.6%; Tech back ahead of Fed; Energy a different story as Oil fell on D-S worries; All eyes remain on CPI/Fed
JAPAN. NKY Futs +0.7% premium vs Cash; Japan lead yesterday vs US..rarity; Expect continued Equity follow through; Seino HD(9076) -Massive Buyback, Div hike; TOYOTA-Path to Solid State Battery Commercialization?
NUGGET. Nidec Succession Resolution in Sight, but Nagamori Premium May Dissappear


Ohayo Japan |BIG TECH BACK ! NUGGET: Nidec Succession Headaches-Resolution in Sight But...

Japan

LY Corporation operates as an internet search engine "Yahoo! JAPAN". The Company provides electronic commerce and settlement finance services for small medium enterprises and individuals. LY also operates media business including search linked advertising and display advertising services.

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

LY (4689 JP)

Ohayo Japan|Nasdaq, SOX Plunge-Did Something Finally Break?; NUGGET: In Demand in Japan - IR Talent

US tech sell off; Has something broken ? NKY Futures -0.5% disc vs Cash; USDJPY 140.1; Eyes on BOJ but indications are no tweak; Nidec turns it...

Mark Chadwick

Ohayo Japan| Lower Rates, Higher Stocks; Crypto Optimism; NUGGET: Hydrogen Future - KHI(7012)Revisit

Disinflation trade continues- Rates down, DXY down, Stocks up; Nikkei Futures +1% vs Cash; USDJPY 138; Set for Beta bid in Stocks; Blow out Fast...

Mark Chadwick

Rakuten: An Attractive Value Opportunity After 80% Value Decline in 8 Years

The combined fair value of Rakuten's Cards, Bank, and Mobile businesses now surpasses 100% of Rakuten's market capitalization.

Oshadhi Kumarasiri

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

Ohayo Japan |BIG TECH BACK ! NUGGET: Nidec Succession Headaches-Resolution in Sight But...

Tech Back as US Equities Well Bid; NKY Futs +0.7% premium vs Cash; ; Seino HD(9076) - Massive Buyback, Div hike; TOYOTA - Sees path to Solid State...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)