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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The short notional in the market for the week ending 31 January is US$24.90bn (up by US$370mm) with the largest short positions in <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/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/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 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> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a>. <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1"></a></p></div><div><p>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>, <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a>, <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/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1"></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>, <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP)</a> and <a href="https://www.smartkarma.com/entities/edion-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:14358:1">Edion Corp (2730 JP)</a>.  <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1"></a></p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:2458:1">Yaskawa Electric (6506 JP)</a>, <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:19535:1">Shionogi &amp; Co (4507 JP)</a>, <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18107:1">Advantest Corp (6857 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 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/showa-denko-k-k" target="_blank" rel="noopener" data-smartkarma-citation="entities:1496:1">Showa Denko K K (4004 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/peptidream-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13514:1">Peptidream Inc (4587 JP)</a>.   <a href="https://www.smartkarma.com/entities/yamaha-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:17841:1"></a></p></div><div><p>Sectorally, short positions were increased in Information Technology (US$206m), Consumer Staples (US$186m) and Industrials (US$153m) while shorts were covered in Energy (US$72m) and Consumer Discretionary (US$54m).</p></div>

The short notional in the market for the week ending 31 January is US$24.90bn (up by US$370mm) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and Anritsu Corp (6754 JP). Most shorted stocks as a percentage of free float are Taiyo Yuden (6976 JP), Anritsu Corp (6754 JP), Leopalace21 Corp (8848 JP) and Tokai Carbon (5301 JP) while the stocks with the highest days to cover are Vital Ksk Holdings (3151 JP), Katakura Industries (3001 JP), J Trust Co Ltd (8508 JP) and Edion Corp (2730 JP).  The largest increases in short notional over the week were Yaskawa Electric (6506 JP), Shionogi &amp; Co (4507 JP), Advantest Corp (6857 JP) and Anritsu Corp (6754 JP) while shorts were covered in ZOZO Inc (3092 JP), Showa Denko K K (4004 JP), Taiyo Yuden (6976 JP) and Peptidream Inc (4587 JP).   Sectorally, short positions were increased in Information Technology (US$206m), Consumer Staples (US$186m) and Industrials (US$153m) while shorts were covered in Energy (US$72m) and Consumer Discretionary (US$54m).

Japan - Shorts Jump on Yaskawa Electric, Shionogi; Drop on Zozo, Showa Denko

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

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>Advantest reported its 3QFY03/2020 results on Wednesday. The revenue and OP both declined YoY during the quarter by 6.7% and 31.4% respectively. Compared to the previous quarter, the revenue and OP dropped 2.4% and 19.8% respectively.</li>
<li>However, the revenue and OP for the quarter beat consensus estimates by 18.9% and 54.3% respectively.</li>
</ul><table class="table table-striped">
<colgroup>
<col>
<col>
<col>
<col>
<col span="2">
<col>
<col>
</colgroup>
<tbody>
<tr>
<td style="width: 102pt;">JPY (bn)</td>
<td style="width: 71pt;">2QFY03/2020</td>
<td style="text-align: right; width: 64pt;">3QFY03/19</td>
<td style="text-align: right; width: 72pt;">3QFY03/20</td>
<td style="text-align: right; width: 50pt;">% YoY</td>
<td style="text-align: right; width: 50pt;">% QoQ</td>
<td style="text-align: right; width: 55pt;">Consensus Estimates</td>
<td style="text-align: right; width: 66pt;">Actual Vs. Consensus</td>
</tr>
<tr>
<td>Revenue</td>
<td>71.6</td>
<td style="text-align: right;">74.9</td>
<td style="text-align: right;">69.9</td>
<td style="text-align: right;">-6.7%</td>
<td style="text-align: right;">-2.4%</td>
<td style="text-align: right;">58.8</td>
<td style="text-align: right;">18.9%</td>
</tr>
<tr>
<td>Operating Income</td>
<td>17.7</td>
<td style="text-align: right;">20.7</td>
<td style="text-align: right;">14.2</td>
<td style="text-align: right;">-31.4%</td>
<td style="text-align: right;">-19.8%</td>
<td style="text-align: right;">9.2</td>
<td style="text-align: right;">54.3%</td>
</tr>
<tr>
<td>OPM</td>
<td> </td>
<td style="text-align: right;">27.6%</td>
<td style="text-align: right;">20.3%</td>
<td style="text-align: right;"> </td>
<td style="text-align: right;"> </td>
<td style="text-align: right;">15.6%</td>
<td style="text-align: right;"> </td>
</tr>
</tbody>
</table><div class="content-caption"><em>Source: Company Disclosures</em></div><ul>
<li>According to the company, a majority of its growth during the quarter came from an increase in 5G related demand for testers.</li>
<li>Advantest has revised its guidance for FY03/2020 on the back of growing demand for SoC testers from 5G related devices and activities. With wide adoption of 5G smartphones, the functionality of the semiconductors used in those devices evolves resulting in increased demand for testers.</li>
</ul>


Advantest reported its 3QFY03/2020 results on Wednesday. The revenue and OP both declined YoY during the quarter by 6.7% and 31.4% respectively. Compared to the previous quarter, the revenue and OP dropped 2.4% and 19.8% respectively.
However, the revenue and OP for the quarter beat consensus estimates by 18.9% and 54.3% respectively.












JPY (bn)
2QFY03/2020
3QFY03/19
3QFY03/20
% YoY
% QoQ
Consensus Estimates
Actual Vs. Consensus


Revenue
71.6
74.9
69.9
-6.7%
-2.4%
58.8
18.9%


Operating Income
17.7
20.7
14.2
-31.4%
-19.8%
9.2
54.3%


OPM
 
27.6%
20.3%
 
 
15.6%
 


Source: Company Disclosures
According to the company, a majority of its growth during the quarter came from an increase in 5G related demand for testers.
Advantest has revised its guidance for FY03/2020 on the back of growing demand for SoC testers from 5G related devices and activities. With wide adoption of 5G smartphones, the functionality of the semiconductors used in those devices evolves resulting in increased demand for testers.


Advantest 3Q Results: Revises Full-Year Forecast Upwards Driven by Demand for Next-Gen Advanced SoCs

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/115/540/original/2020-01-30_04-53-40.png?1580327644" class="editor-image img-responsive" data-smartkarma-image-id="115540"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>29TH JANUARY ROUNDUP</strong> - Thre were 74 results and 30 forecasts or revisions announcements yesterday. Of the 32 larger-cap companies reporting results, seven saw year-on-year declines in their quarterly OP of greater than 25%, while three - <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC (6701 JP)</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent(4751 JP)</a>, and <a href="https://www.smartkarma.com/entities/valuecommerce-co-ltd" target="_blank" data-smartkarma-citation="entities:7970:1" rel="noopener">ValueCommerce (2491 JP)</a> grew profits by more than 25%, with the last of the three showing the strongest revenue growth. <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron (6645 JP)</a> saw sales fall by 23%. Our market composite cap-weighted Results Score declined by 8bps to 0.99</p><p><strong>FORECASTS</strong> - <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon (7751 JP)</a> released the most optimistic forecasts and account for the 24bps uptick in our Forecast/Revision Score; however, in terms of OP the FY2020 forecast is the same as the FY2016 actual result which was the second-worst outcome in the last decade after FY2019. The weakest outlook came from <a href="https://www.smartkarma.com/entities/screen-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:5563:1" rel="noopener">Screen (7735 JP)</a> (-28% v TTM OP), which, when combined with <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest (6857 JP)</a>'s third-quarter results, should go some way to puncturing the current fad for owning SPE companies.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/115/543/original/2020-01-30_05-28-22.png?1580329720" class="editor-image img-responsive" data-smartkarma-image-id="115543"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>POST-RELEASE RPS CHANGES</strong> - Of the larger-cap companies announcing the day before yesterday or pre-close yesterday, <a href="https://www.smartkarma.com/entities/obic-co-ltd" target="_blank" data-smartkarma-citation="entities:1273:1" rel="noopener">OBIC (4684 JP)</a>, <a href="https://www.smartkarma.com/entities/obic-business-consultants" target="_blank" data-smartkarma-citation="entities:17383:1" rel="noopener">Obic Business Consultants (4733 JP)</a>, and <a href="https://www.smartkarma.com/entities/sakai-moving-service-co-ltd" target="_blank" data-smartkarma-citation="entities:10020:1" rel="noopener">Sakai Moving Service (9039 JP)</a> saw Relative Price Score declines. In contrast, the two Canon group companies, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 (2413 JP)</a>, and <a href="https://www.smartkarma.com/entities/sekisui-jushi-corp" target="_blank" data-smartkarma-citation="entities:7654:1" rel="noopener">Sekisui Jushi (4212 JP)</a> rose.  </p><p>In the <strong>DETAIL</strong> below, we review our Sector Timelines and the announcements from <a href="https://www.smartkarma.com/entities/fanuc-corp" target="_blank" data-smartkarma-citation="entities:752:1" rel="noopener">Fanuc (6954 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" data-smartkarma-citation="entities:1:1" rel="noopener">Canon (7751 JP)</a>, <a href="https://www.smartkarma.com/entities/nec-corp" target="_blank" data-smartkarma-citation="entities:17084:1" rel="noopener">NEC (6701 JP)</a>, <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" data-smartkarma-citation="entities:8197:1" rel="noopener">CyberAgent (4751 JP)</a>, <a href="https://www.smartkarma.com/entities/omron-corp" target="_blank" data-smartkarma-citation="entities:15904:1" rel="noopener">Omron (6645 JP)</a>, and <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest(6857 JP)</a>. </p>

Source • Japan Analytics29TH JANUARY ROUNDUP - Thre were 74 results and 30 forecasts or revisions announcements yesterday. Of the 32 larger-cap companies reporting results, seven saw year-on-year declines in their quarterly OP of greater than 25%, while three - NEC (6701 JP), CyberAgent(4751 JP), and ValueCommerce (2491 JP) grew profits by more than 25%, with the last of the three showing the strongest revenue growth. Omron (6645 JP) saw sales fall by 23%. Our market composite cap-weighted Results Score declined by 8bps to 0.99FORECASTS - Canon (7751 JP) released the most optimistic forecasts and account for the 24bps uptick in our Forecast/Revision Score; however, in terms of OP the FY2020 forecast is the same as the FY2016 actual result which was the second-worst outcome in the last decade after FY2019. The weakest outlook came from Screen (7735 JP) (-28% v TTM OP), which, when combined with Advantest (6857 JP)'s third-quarter results, should go some way to puncturing the current fad for owning SPE companies.Source • Japan AnalyticsPOST-RELEASE RPS CHANGES - Of the larger-cap companies announcing the day before yesterday or pre-close yesterday, OBIC (4684 JP), Obic Business Consultants (4733 JP), and Sakai Moving Service (9039 JP) saw Relative Price Score declines. In contrast, the two Canon group companies, M3 (2413 JP), and Sekisui Jushi (4212 JP) rose.  In the DETAIL below, we review our Sector Timelines and the announcements from Fanuc (6954 JP), Canon (7751 JP), NEC (6701 JP), CyberAgent (4751 JP), Omron (6645 JP), and Advantest(6857 JP). 

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 29th January - 6954▲ 7751► 6701▲ 4751▲ 6645▼6857▼

<div><p>The short notional in the market for the week ending 17 January is US$24.78bn (down by US$860mm) with the largest short positions in <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/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/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 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> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a>. <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1"></a></p></div><div><p>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>, <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <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> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a> while the stocks with the highest days to cover are <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>, <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/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a> and <a href="https://www.smartkarma.com/entities/j-trust-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:20246:1">J Trust Co Ltd (8508 JP)</a>. <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1"></a></p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/dentsu-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:12434:1">Dentsu Inc (4324 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/sumco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:379:1">Sumco Corp (3436 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a> while shorts were covered in <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/chugoku-electric-power-co" target="_blank" rel="noopener" data-smartkarma-citation="entities:16243:1">Chugoku Electric Power Co (9504 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/m3-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13316:1">M3 Inc (2413 JP)</a>. </p></div><div><p>Sectorally, short positions were covered in Consumer Discretionary (US$384mm), Information Technology (US$117mm) and Utilities (US$81mm) while shorts increased in Financials (US$92m) and Communication Services (US$72m).</p></div>

The short notional in the market for the week ending 17 January is US$24.78bn (down by US$860mm) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and KDDI Corp (9433 JP). Most shorted stocks as a percentage of free float are Taiyo Yuden (6976 JP), Leopalace21 Corp (8848 JP), Tokai Carbon (5301 JP) and Anritsu Corp (6754 JP) while the stocks with the highest days to cover are Katakura Industries (3001 JP), Vital Ksk Holdings (3151 JP), Aruhi Corp (7198 JP) and J Trust Co Ltd (8508 JP). The largest increases in short notional over the week were Dentsu Inc (4324 JP), Itochu Corp (8001 JP), Sumco Corp (3436 JP) and Sumitomo Mitsui Financial (8316 JP) while shorts were covered in Canon Inc (7751 JP), Chugoku Electric Power Co (9504 JP), Taiyo Yuden (6976 JP) and M3 Inc (2413 JP). Sectorally, short positions were covered in Consumer Discretionary (US$384mm), Information Technology (US$117mm) and Utilities (US$81mm) while shorts increased in Financials (US$92m) and Communication Services (US$72m).

Japan - Shorts Continue to Drop, Led by Consumer Discretionary Names

<div><p>The short notional in the market for the week ending 30 December is US$26.55bn (down by US$1.03bn) with the largest short positions in <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/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/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 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> and <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:639:1">KDDI Corp (9433 JP)</a>. <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1"></a></p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 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>, <a href="https://www.smartkarma.com/entities/zozo-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:18379:1">ZOZO Inc (3092 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a> and  <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1"></a>while the stocks with the highest days to cover are <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>, <a href="https://www.smartkarma.com/entities/aruhi-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:26072:1">Aruhi Corp (7198 JP)</a>, <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> and <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1">Dcm Holdings (3050 JP)</a>.</p></div><div><p>The largest increases in short notional over the fortnight were <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:154:1">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/bridgestone-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8914:1">Bridgestone Corp (5108 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone" target="_blank" rel="noopener" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> and <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:19603:1">Z Holdings (4689 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:280:1">Tokyo Electron (8035 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13316:1">M3 Inc (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18107:1">Advantest Corp (6857 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>.   </p></div><div><p>Sectorally, short positions were increased in Consumer Discretionary (US$267mm) and Communication Services (US$236mm)while shorts were covered in Information Technology (US$466mm), Health Care (US$282mm), Financials (US$211m) and Materials (US$200mm).</p></div>

The short notional in the market for the week ending 30 December is US$26.55bn (down by US$1.03bn) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and KDDI Corp (9433 JP). Most shorted stocks as a percentage of free float are Leopalace21 Corp (8848 JP), Taiyo Yuden (6976 JP), ZOZO Inc (3092 JP) and Anritsu Corp (6754 JP) and  while the stocks with the highest days to cover are Katakura Industries (3001 JP), Aruhi Corp (7198 JP), Vital Ksk Holdings (3151 JP) and Dcm Holdings (3050 JP).The largest increases in short notional over the fortnight were Honda Motor (7267 JP), Bridgestone Corp (5108 JP), NTT (Nippon Telegraph &amp; Telephone) (9432 JP) and Z Holdings (4689 JP) while shorts were covered in Tokyo Electron (8035 JP), M3 Inc (2413 JP), Advantest Corp (6857 JP) and Sumitomo Mitsui Financial (8316 JP).   Sectorally, short positions were increased in Consumer Discretionary (US$267mm) and Communication Services (US$236mm)while shorts were covered in Information Technology (US$466mm), Health Care (US$282mm), Financials (US$211m) and Materials (US$200mm).

Japan - Shorts Rise in Honda, Bridgestone, NTT, Z; Decrease in Tokyo Electron, M3

Japan

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

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Advantest Corp (6857 JP)

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Japan - Shorts Rise in Honda, Bridgestone, NTT, Z; Decrease in Tokyo Electron, M3

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Brian Freitas

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