Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

Equity Bottom-Up

Berkshire Hathaway Inc Cl B / Equity Bottom-Up

This is Part 1 of our exclusive deep dive on “Sogo Shosha”, or Japanese trading companies.We’ve decided to break this deep dive into two parts given its length.Part 1 will build the foundation and covers the business, history, and a discussion of Berkshire’s investment.

This is Part 1 of our exclusive deep dive on “Sogo Shosha”, or Japanese trading companies.We’ve decided to break this deep dive into two parts given its length.Part 1 will build the foundation and covers the business, history, and a discussion of Berkshire’s investment.

Deep Dive: Japanese Trading Companies (Part 1)

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mitsui-co-ltd" target="_blank" data-smartkarma-citation="entities:20799:1" rel="noopener">Mitsui &amp; Co Ltd (8031 JP)</a> reported Q3 earnings Friday afternoon during the market session. Like at Q2, they upped their fiscal-year forecast to well above Street consensus.</li>
<li>Also like Q2, they announced a buyback - this one an extension in time, shares, and money on the one already in place, raising the total Core CashFlow Payout Ratio.</li>
<li>This creates interesting index flows over the next several months, and other trading cos have live buybacks too.</li>
</ul>



Mitsui &amp; Co Ltd (8031 JP) reported Q3 earnings Friday afternoon during the market session. Like at Q2, they upped their fiscal-year forecast to well above Street consensus.
Also like Q2, they announced a buyback - this one an extension in time, shares, and money on the one already in place, raising the total Core CashFlow Payout Ratio.
This creates interesting index flows over the next several months, and other trading cos have live buybacks too.


Mitsui & Co (8031) Q3 - Big Profit, New Bigger Buyback, Some Index Selling; and Competition

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>Three years ago, Itochu Corp made it clear it would be investing heavily in its brand business.</li>
<li>It has been true to its word, adding the likes of Reebok, Under Armour and Forever 21 to its portfolio in the last year alone.</li>
<li>It has now signed a deal with long-term Japan operator, L.L.Bean, while gearing up for a major relaunch of Eddie Bauer.</li>
</ul>


Three years ago, Itochu Corp made it clear it would be investing heavily in its brand business.
It has been true to its word, adding the likes of Reebok, Under Armour and Forever 21 to its portfolio in the last year alone.
It has now signed a deal with long-term Japan operator, L.L.Bean, while gearing up for a major relaunch of Eddie Bauer.


Itochu Signs L.L.Bean License, Gears up Forever 21 and Eddie Bauer Relaunches

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS:  US MLK Holidays - World markets directionless;  US Equity Futs flat; European Markets bid on Inflation peak;  BOJ decision to lead markets this week.</li>
<li>JAPAN:  NKY Futures +0.2% vs Cash ; USDJPY flat at 128.52 ; BOJ speculation dominates local headlines;  Kuroda heads to Davos = no fireworks? ;  Dec Machine Tools orders +1%YoY</li>
<li>DAILY NUGGET:  Fast Retailing and Sustainability: Set to introduce a new repair service in its domestic stores.</li>
</ul>


OVERSEAS:  US MLK Holidays - World markets directionless;  US Equity Futs flat; European Markets bid on Inflation peak;  BOJ decision to lead markets this week.
JAPAN:  NKY Futures +0.2% vs Cash ; USDJPY flat at 128.52 ; BOJ speculation dominates local headlines;  Kuroda heads to Davos = no fireworks? ;  Dec Machine Tools orders +1%YoY
DAILY NUGGET:  Fast Retailing and Sustainability: Set to introduce a new repair service in its domestic stores.


Good Morning Japan |US Off = Directionless; BOJ in Focus +2trn JGB Buying; Kuroda off to Davos

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments - Very quiet week as <a href="https://www.smartkarma.com/entities/vinfast" target="_blank" data-smartkarma-citation="entities:36550:1" rel="noopener">VinFast (1905332D VN)</a> continues to pre-market a US$1bn IPO.</li>
<li>Event-Driven developments  <a href="https://www.smartkarma.com/entities/conexio-corp" target="_blank" data-smartkarma-citation="entities:19064:1" rel="noopener">Conexio Corp (9422 JP)</a>, <a href="https://www.smartkarma.com/entities/jafco-co-ltd" target="_blank" data-smartkarma-citation="entities:8848:1" rel="noopener">Jafco Co Ltd (8595 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-steel-trading-corporation" target="_blank" data-smartkarma-citation="entities:13087:1" rel="noopener">Nippon Steel Trading Corporation (9810 JP)</a>, <a href="https://www.smartkarma.com/entities/origin-energy-ltd" target="_blank" data-smartkarma-citation="entities:797:1" rel="noopener">Origin Energy (ORG AU)</a>, <a href="https://www.smartkarma.com/entities/oz-minerals-ltd" target="_blank" data-smartkarma-citation="entities:1138:1" rel="noopener">OZ Minerals Ltd (OZL AU)</a>, <a href="https://www.smartkarma.com/entities/warrego-energy-ltd-082ab214-f4bb-4224-b321-8977486cd661" target="_blank" data-smartkarma-citation="entities:7808:1" rel="noopener">Warrego Energy (WGO AU)</a>. </li>
</ul>


A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments - Very quiet week as VinFast (1905332D VN) continues to pre-market a US$1bn IPO.
Event-Driven developments  Conexio Corp (9422 JP), Jafco Co Ltd (8595 JP), Nippon Steel Trading Corporation (9810 JP), Origin Energy (ORG AU), OZ Minerals Ltd (OZL AU), Warrego Energy (WGO AU). 


Weekly Deals Digest (26 Dec) - JAFCO, Nippon Steel Trading, Conexio, Origin Energy, Warrego

Japan

ITOCHU Corporation is a general trading firm handling textiles, wood, machinery, metals, food, chemicals, construction materials, commodities, and energy related products such as oil and gas. The Company operates around the world. Itochu diversifies by operating in satellite communication and data communication businesses.

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Itochu Corp (8001 JP)

Deep Dive: Japanese Trading Companies (Part 1)

This is Part 1 of our exclusive deep dive on “Sogo Shosha”, or Japanese trading companies. We’ve decided to break this deep dive into two parts...

Value Punks

Mitsui & Co (8031) Q3 - Big Profit, New Bigger Buyback, Some Index Selling; and Competition

Mitsui had a great Q3, forecasting an even better Q4. It announced a new Buyback to pay out 100% of incremental Net Profit, 142% of incremental...

Travis Lundy

Itochu Signs L.L.Bean License, Gears up Forever 21 and Eddie Bauer Relaunches

Itochu continues to gain share in consumer goods distribution in Japan, particularly in fashion and lifestyle sectors, resulting in consistently...

Michael Causton

Good Morning Japan |US Off = Directionless; BOJ in Focus +2trn JGB Buying; Kuroda off to Davos

NKY Futures +0.2% vs Cash ; USDJPY flat; BOJ speculation dominates as Kuroda heads to Davos ; Dec Machine Tools +1%YoY. Global stealth rally...

Mark Chadwick

Weekly Deals Digest (26 Dec) - JAFCO, Nippon Steel Trading, Conexio, Origin Energy, Warrego

Last week, notable developments occurred in Event-Driven (Nitro, Norwest, Origin Energy, OZ Minerals, Pendal, Warrego, Fengxiang, Conexio, JAFCO,...

Arun George

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