Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Tokyo Electron is a structural growth stock that has fallen by 31% YTD reflecting near term risks to growth and margins</li>
<li>We believe that the digitization of society has only just begun and that data volumes will grow exponentially</li>
<li>We analyse TEL’s core value drivers – revenue, margins, risk and reinvestment – and see 38% upside</li>
</ul>


Tokyo Electron is a structural growth stock that has fallen by 31% YTD reflecting near term risks to growth and margins
We believe that the digitization of society has only just begun and that data volumes will grow exponentially
We analyse TEL’s core value drivers – revenue, margins, risk and reinvestment – and see 38% upside


Tokyo Electron (8035) | Huge Upside if Management Hit Targets

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: Fed Pivots - Powell unleashes his inner VOLCKER with hawkish comments; Rates fall ; USD falls; Equities on recession fears; GS to cuts bonuses;  Massive Nuclear Fusion breakthrough</li>
<li>JAPAN:  NKY Futs -0.9% vs Cash; USDJPY ¥135.4 - stable post Fed move;  BOJ review in 2023- wages key; Struggles in financings Defense spending; JP companies ramping Darbonization spending. </li>
<li>DAILY NUGGET: We look at why Nuclear Fusion matters in light of the recent breakthrough. This is a BIG DEAL.</li>
</ul>


OVERSEAS: Fed Pivots - Powell unleashes his inner VOLCKER with hawkish comments; Rates fall ; USD falls; Equities on recession fears; GS to cuts bonuses;  Massive Nuclear Fusion breakthrough
JAPAN:  NKY Futs -0.9% vs Cash; USDJPY ¥135.4 - stable post Fed move;  BOJ review in 2023- wages key; Struggles in financings Defense spending; JP companies ramping Darbonization spending. 
DAILY NUGGET: We look at why Nuclear Fusion matters in light of the recent breakthrough. This is a BIG DEAL.


Good Morning Japan | Markets Hear "RECESSION"

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiei-kankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:36539:1" rel="noopener">Daiei Kankyo (9336 JP)</a> , a waste management company, raised around US$314m in its Japan IPO.</li>
<li>Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business</li>
<li>In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.</li>
</ul>



Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO.
Daiei Kankyo is involved in the waste management and related businesses in Japan. The core of its operations consists of its waste management and recycling business
In our previous notes, we looked at the company’s past performance and talked about valuations. In this note, we’ll talk about the trading dynamics.


Daiei Kankyo IPO Trading - Peers Have Been Correcting

<ul>
<li>
OVERSEAS: SPX +1.4% ahead of Fed/CPI; Energy and Tech lead with Industrials; Boeing +3.8% poised for massive Air India order; GS restructures its Consumer Banking biz 
</li>
<li>
JAPAN:  Nikkei Futures point +0.6% vs Cash; Yen weakens to ¥137.6;  Govt clarifiies NISA expansiion-positive flows to stock mkt; Nov Beer sales weak; Mach Tool order in Nov -7.8%YoY 
</li>
<li>
DAILY NUGGET: We are bullish IHI(7013) on the acceleration of Boeing's orders but highlight some industry risks coming out of Europe to short-haul flights. 
</li>
</ul>



OVERSEAS: SPX +1.4% ahead of Fed/CPI; Energy and Tech lead with Industrials; Boeing +3.8% poised for massive Air India order; GS restructures its Consumer Banking biz 


JAPAN:  Nikkei Futures point +0.6% vs Cash; Yen weakens to ¥137.6;  Govt clarifiies NISA expansiion-positive flows to stock mkt; Nov Beer sales weak; Mach Tool order in Nov -7.8%YoY 


DAILY NUGGET: We are bullish IHI(7013) on the acceleration of Boeing's orders but highlight some industry risks coming out of Europe to short-haul flights.  



Good Morning Japan |Positive Start Ahead of Fed/CPI; Energy Gets a Break

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>OVERSEAS:  Recession fears reassert,  10/11 SPX sectors in red; Wall street to cut staff; Pepsi cutting staff; Oil making lows; TSMC to lift Arizona Spend to $40bn</li>
<li>JAPAN: Futs indicate -0.8% for NKY cash; Amazing NKY recovery yesterday - we have no clue; Japan consumers spending; Decarbonization spend accelerating; DX too; Kyowa Kirin product failure</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.

OVERSEAS:  Recession fears reassert,  10/11 SPX sectors in red; Wall street to cut staff; Pepsi cutting staff; Oil making lows; TSMC to lift Arizona Spend to $40bn
JAPAN: Futs indicate -0.8% for NKY cash; Amazing NKY recovery yesterday - we have no clue; Japan consumers spending; Decarbonization spend accelerating; DX too; Kyowa Kirin product failure


Good Morning Japan | Recession Fears (Again)

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

Tokyo Electron (8035) | Huge Upside if Management Hit Targets

Tokyo Electron benefits from the digitalization of society and expanding end markets for high-end semiconductors. If management can hit the LT...

Mark Chadwick

Good Morning Japan | Markets Hear "RECESSION"

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Daiei Kankyo IPO Trading - Peers Have Been Correcting

Daiei Kankyo (9336 JP) , a waste management company, raised around US$314m in its Japan IPO. In this note we talk about the trading dynamics.

Sumeet Singh

Good Morning Japan |Positive Start Ahead of Fed/CPI; Energy Gets a Break

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Good Morning Japan | Recession Fears (Again)

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

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