Senior Bank Analyst - Japanese Banks, Windamee Research

J. Brian Waterhouse

J. Brian Waterhouse has been covering the Japanese financial sector as an analyst continuously since 1976, working for CLSA, Japaninvest, Rabobank, HSBC Securities, James Capel, Marine Midland Bank of New York and National & Grindlays Bank.  He has been ranked No.1 overall in Japanese banks research in Japan by Asiamoney for 6 of the past 9 years and was runner-up in 2015.  He was awarded the coveted Starmine prize as top Japanese bank stock picker in 2012 and 2014 and was runner-up in 2013.  He frequently appears on TV, radio and in international print media as a commentator on Japanese banking.

Senior Bank Analyst - Japanese Banks

🇯🇵 JAPAN MARKET UPDATE • Hit the BoJ Bid and Wait for the Absolute Value Opportunity

🇯🇵 JAPAN MARKET UPDATE • Relative Value: Short-Term Buy On Japanese Equities

Windamee Research

Japanese Banks

Equity Bottom-Up

<p>Tourism is one of the most important industries in the Ryukyu Islands, home to regional bank <a href="https://www.smartkarma.com/entities/bank-of-the-ryukyus-ltd" target="_blank" data-smartkarma-citation="entities:20702:1" rel="noopener">Bank Of The Ryukyus (8399 JP)</a>.  When the tourist industry is effectively shut down, as it has under the ongoing coronavirus pandemic, the local economy suffers immensely.   The bank has recently issued a profit warning, citing rising credit costs as it moves to support an increasing number of small businesses struggling to keep up their loan and interest repayments.  We expect the prefecture’s two other local banks, namely <a href="https://www.smartkarma.com/entities/bank-of-okinawa-ltd" target="_blank" data-smartkarma-citation="entities:6111:1" rel="noopener">Bank Of Okinawa (8397 JP)</a> and the unlisted Okinawa Kaiho Bank, to announce similar measures in the next few weeks prior to the announcement of FY3/2020 results after the end of Golden Week in early May.  Foreign institutional investors hold just under 18% of outstanding shares.  <em>Caveat Emptor!</em>  (May the Buyer Beware!)</p>

Tourism is one of the most important industries in the Ryukyu Islands, home to regional bank Bank Of The Ryukyus (8399 JP).  When the tourist industry is effectively shut down, as it has under the ongoing coronavirus pandemic, the local economy suffers immensely.   The bank has recently issued a profit warning, citing rising credit costs as it moves to support an increasing number of small businesses struggling to keep up their loan and interest repayments.  We expect the prefecture’s two other local banks, namely Bank Of Okinawa (8397 JP) and the unlisted Okinawa Kaiho Bank, to announce similar measures in the next few weeks prior to the announcement of FY3/2020 results after the end of Golden Week in early May.  Foreign institutional investors hold just under 18% of outstanding shares.  Caveat Emptor!  (May the Buyer Beware!)

Bank of the Ryukyus (8399 JP): Tourist Trapped