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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</div><div>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/sunny-optical-tech" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical (2382 HK)</a>, <a href="https://www.smartkarma.com/entities/beijing-kuaishou-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:29725:1" rel="noopener">Kuaishou Technology (1024 HK)</a> and <a href="https://www.smartkarma.com/entities/anta-sports-products-ltd" target="_blank" data-smartkarma-citation="entities:10261:1" rel="noopener">Anta Sports Products (2020 HK)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX (388 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/byd-co-ltd-h" target="_blank" data-smartkarma-citation="entities:20962:1" rel="noopener">BYD (1211 HK)</a> and <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>. Shorts increased in the Information Technology, Real Estate and Communication Services sectors, while decreasing in the Financials sector.</div><div>In Japan, stocks increased on <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP)</a>, <a href="https://www.smartkarma.com/entities/tamura-corp" target="_blank" data-smartkarma-citation="entities:9782:1" rel="noopener">Tamura Corp (6768 JP)</a>, <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287:1" rel="noopener">ASICS Corp (7936 JP)</a>, <a href="https://www.smartkarma.com/entities/sumco-corp" target="_blank" data-smartkarma-citation="entities:379:1" rel="noopener">SUMCO Corp (3436 JP)</a> and <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a> while there was short covering on <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a>, <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, <a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a>, <a href="https://www.smartkarma.com/entities/resona-holdings-inc" target="_blank" data-smartkarma-citation="entities:6841:1" rel="noopener">Resona Holdings (8308 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" data-smartkarma-citation="entities:3700:1" rel="noopener">Anritsu Corp (6754 JP)</a>. Shorts decreased the most in the Consumer Discretionary, Consumer Staples, Information Technology and Health Care sectors.</div><div>In Korea, shorts increased on <a href="https://www.smartkarma.com/entities/kakao-corp" target="_blank" data-smartkarma-citation="entities:15002:1" rel="noopener">Kakao Corp (035720 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/doosan-heavy-industries-construction" target="_blank" data-smartkarma-citation="entities:7389:1" rel="noopener">Doosan Heavy Industries &amp; Construction (034020 KS)</a>, <a href="https://www.smartkarma.com/entities/oci-co-ltd" target="_blank" data-smartkarma-citation="entities:1904:1" rel="noopener">Oci Co Ltd (010060 KS)</a> and <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a>, <a href="https://www.smartkarma.com/entities/mando-corp" target="_blank" data-smartkarma-citation="entities:8119:1" rel="noopener">Mando Corp (204320 KS)</a>, <a href="https://www.smartkarma.com/entities/hyundai-wia-corp" target="_blank" data-smartkarma-citation="entities:12283:1" rel="noopener">Hyundai Wia (011210 KS)</a> and <a href="https://www.smartkarma.com/entities/doosan-infracore-co-ltd" target="_blank" data-smartkarma-citation="entities:3982:1" rel="noopener">Doosan Infracore (042670 KS)</a>. </div><div>In Taiwan, shorts increased on <a href="https://www.smartkarma.com/entities/wan-hai-lines-ltd" target="_blank" data-smartkarma-citation="entities:14262:1" rel="noopener">Wan Hai Lines (2615 TT)</a>, <a href="https://www.smartkarma.com/entities/asustek-computer-inc" target="_blank" data-smartkarma-citation="entities:13002:1" rel="noopener">Asustek Computer (2357 TT)</a>, <a href="https://www.smartkarma.com/entities/winbond-electronics-corp" target="_blank" data-smartkarma-citation="entities:9177:1" rel="noopener">Winbond Electronics (2344 TT)</a>, <a href="https://www.smartkarma.com/entities/nantex-industry-co-ltd" target="_blank" data-smartkarma-citation="entities:1865:1" rel="noopener">Nantex Industry (2108 TT)</a> and <a href="https://www.smartkarma.com/entities/gigabyte-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:17486:1" rel="noopener">Gigabyte Technology (2376 TT)</a> while shorts covered on <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a>, <a href="https://www.smartkarma.com/entities/largan-precision-co-ltd" target="_blank" data-smartkarma-citation="entities:9126:1" rel="noopener">Largan Precision (3008 TT)</a>, <a href="https://www.smartkarma.com/entities/united-microelectronics-corp" target="_blank" data-smartkarma-citation="entities:6450:1" rel="noopener">United Microelectronics Corp (2303 TT)</a> and <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>. </div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Xiaomi Corp (1810 HK), Alibaba Group (9988 HK), Sunny Optical (2382 HK), Kuaishou Technology (1024 HK) and Anta Sports Products (2020 HK) while there was short covering on Meituan (3690 HK), HKEX (388 HK), JD.com Inc. (9618 HK), BYD (1211 HK) and WuXi AppTec Co. Ltd. (2359 HK). Shorts increased in the Information Technology, Real Estate and Communication Services sectors, while decreasing in the Financials sector.In Japan, stocks increased on Yamaha Motor (7272 JP), Tamura Corp (6768 JP), ASICS Corp (7936 JP), SUMCO Corp (3436 JP) and Mizuho Financial Group (8411 JP) while there was short covering on Oriental Land (4661 JP), Rakuten Inc (4755 JP), Takeda Pharmaceutical (4502 JP), Resona Holdings (8308 JP) and Anritsu Corp (6754 JP). Shorts decreased the most in the Consumer Discretionary, Consumer Staples, Information Technology and Health Care sectors.In Korea, shorts increased on Kakao Corp (035720 KS), Hyundai Motor Co (005380 KS), Doosan Heavy Industries &amp; Construction (034020 KS), Oci Co Ltd (010060 KS) and SK Hynix (000660 KS) while shorts were covered on LG Chem Ltd (051910 KS), Celltrion Inc (068270 KS), Mando Corp (204320 KS), Hyundai Wia (011210 KS) and Doosan Infracore (042670 KS). In Taiwan, shorts increased on Wan Hai Lines (2615 TT), Asustek Computer (2357 TT), Winbond Electronics (2344 TT), Nantex Industry (2108 TT) and Gigabyte Technology (2376 TT) while shorts covered on TSMC (2330 TT), Taiwan Cement (1101 TT), Largan Precision (3008 TT), United Microelectronics Corp (2303 TT) and Evergreen Marine Corp (2603 TT). 

Asia Shorts: Xiaomi, Anta, HKEX, BYD, Yamaha, ASICS, Rakuten, Resona, Kakao, HMC, Doosan, Wan Hai

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

Yamaha motors reported strong 1QFY21 results last Friday and the stock rose 9.1% yesterday reflecting this. Considering typical seasonality, guidance now looks relatively conservative, especially on the margin front, despite the upward revision by 18.2% at the OP level. While Indian demand remains a concern, Indonesia is normalising rapidly and could bolster already strong momentum for Yamaha.<table class="table table-striped"><tbody>
<tr>
<td style="width: 26.94%;">In ¥bn</td>
<td style="width: 26.06%;">Revenue </td>
<td style="width: 26.8%;">OP</td>
<td style="width: 20.22%;">OPM</td>
</tr>
<tr>
<td style="width: 26.94%;">Actual Results - 1QFY21</td>
<td style="width: 26.06%;">444</td>
<td style="width: 26.8%;">48</td>
<td style="width: 20.22%;">10.9%</td>
</tr>
<tr>
<td style="width: 26.94%;">Consensus - 1QFY21</td>
<td style="width: 26.06%;">413</td>
<td style="width: 26.8%;">34</td>
<td style="width: 20.22%;">8.1%</td>
</tr>
<tr>
<td style="width: 26.94%;">Surprise</td>
<td style="width: 26.06%;">7.4%</td>
<td style="width: 26.8%;">44.0%</td>
<td style="width: 20.22%;">+2.8% points</td>
</tr>
<tr>
<td style="width: 26.94%;"> </td>
<td style="width: 26.06%;"> </td>
<td style="width: 26.8%;"> </td>
<td style="width: 20.22%;"> </td>
</tr>
<tr>
<td style="width: 26.94%;">Revised Guidance - FY21</td>
<td style="width: 26.06%;">1,735</td>
<td style="width: 26.8%;">130</td>
<td style="width: 20.22%;">7.5%</td>
</tr>
<tr>
<td style="width: 26.94%;">Initial Guidance - FY21</td>
<td style="width: 26.06%;">1,700</td>
<td style="width: 26.8%;">110</td>
<td style="width: 20.22%;">6.5%</td>
</tr>
<tr>
<td style="width: 26.94%;">Difference</td>
<td style="width: 26.06%;">2.1%</td>
<td style="width: 26.8%;">18.2%</td>
<td style="width: 20.22%;">+1.0% points</td>
</tr>
<tr>
<td style="width: 26.94%;"> </td>
<td style="width: 26.06%;"> </td>
<td style="width: 26.8%;"> </td>
<td style="width: 20.22%;"> </td>
</tr>
<tr>
<td style="width: 26.94%;">Guidance - FY21</td>
<td style="width: 26.06%;">1,735</td>
<td style="width: 26.8%;">130</td>
<td style="width: 20.22%;">7.5%</td>
</tr>
<tr>
<td style="width: 26.94%;">Consensus - FY21</td>
<td style="width: 26.06%;">1,706</td>
<td style="width: 26.8%;">141</td>
<td style="width: 20.22%;">8.3%</td>
</tr>
<tr>
<td style="width: 26.94%;">Difference</td>
<td style="width: 26.06%;">1.7%</td>
<td style="width: 26.8%;">-7.9%</td>
<td style="width: 20.22%;">-0.8% points</td>
</tr>
</tbody></table><div style="text-align: left;" class="content-caption">Source: Company disclosures, CapIQ</div>

Yamaha motors reported strong 1QFY21 results last Friday and the stock rose 9.1% yesterday reflecting this. Considering typical seasonality, guidance now looks relatively conservative, especially on the margin front, despite the upward revision by 18.2% at the OP level. While Indian demand remains a concern, Indonesia is normalising rapidly and could bolster already strong momentum for Yamaha.

In ¥bn
Revenue 
OP
OPM


Actual Results - 1QFY21
444
48
10.9%


Consensus - 1QFY21
413
34
8.1%


Surprise
7.4%
44.0%
+2.8% points


 
 
 
 


Revised Guidance - FY21
1,735
130
7.5%


Initial Guidance - FY21
1,700
110
6.5%


Difference
2.1%
18.2%
+1.0% points


 
 
 
 


Guidance - FY21
1,735
130
7.5%


Consensus - FY21
1,706
141
8.3%


Difference
1.7%
-7.9%
-0.8% points

Source: Company disclosures, CapIQ

Yamaha Motor – Indonesia Drives Recovery

Yamaha Motor reported 4QFY20 numbers with results continuing the positive 3Q momentum following the Covid 19 hit 2QFY20. The company posted revenue of ¥404bn (+5.9% QoQ, +1.7% YoY) and OP of ¥25.3bn (for an OPM of 6.3% compared to the OPM of 3.9% and 9.8% respectively in 4QFY19 and 3QFY20).This was mainly due to the growth of its Robotics business segment which reported 27% YoY revenue growth to ¥28bn and its Marine business which posted a 14% YoY increase in revenue to ¥81bn.Full year revenue and OP beat consensus by 1.5% and 10.2% respectively.<table class="table table-striped"><tbody>
<tr>
<td style="width: 26.32%;">In ¥bn</td>
<td style="width: 26.28%;">Revenue </td>
<td style="width: 27.02%;">OP</td>
<td style="width: 20.38%;">OPM</td>
</tr>
<tr>
<td style="width: 26.32%;">Results - 4QFY20</td>
<td style="width: 26.28%;">404</td>
<td style="width: 27.02%;">25</td>
<td style="width: 20.38%;">6.3%</td>
</tr>
<tr>
<td style="width: 26.32%;">Consensus - 4QFY20</td>
<td style="width: 26.28%;">396</td>
<td style="width: 27.02%;">25</td>
<td style="width: 20.38%;">6.4%</td>
</tr>
<tr>
<td style="width: 26.32%;">Surprise</td>
<td style="width: 26.28%;">+2.1%</td>
<td style="width: 27.02%;">-0.4%</td>
<td style="width: 20.38%;">-0.2% points</td>
</tr>
<tr>
<td style="width: 26.32%;"> </td>
<td style="width: 26.28%;"> </td>
<td style="width: 27.02%;"> </td>
<td style="width: 20.38%;"> </td>
</tr>
<tr>
<td style="width: 26.32%;">Results - FY20</td>
<td style="width: 26.28%;">1,471</td>
<td style="width: 27.02%;">82</td>
<td style="width: 20.38%;">5.6%</td>
</tr>
<tr>
<td style="width: 26.32%;">Guidance - FY20</td>
<td style="width: 26.28%;">1,470</td>
<td style="width: 27.02%;">80</td>
<td style="width: 20.38%;">5.4%</td>
</tr>
<tr>
<td style="width: 26.32%;">Surprise</td>
<td style="width: 26.28%;">+0.1%</td>
<td style="width: 27.02%;">+2.1%</td>
<td style="width: 20.38%;">+0.1% points</td>
</tr>
<tr>
<td style="width: 26.32%;"> </td>
<td style="width: 26.28%;"> </td>
<td style="width: 27.02%;"> </td>
<td style="width: 20.38%;"> </td>
</tr>
<tr>
<td style="width: 26.32%;">Results - FY20</td>
<td style="width: 26.28%;">1,471</td>
<td style="width: 27.02%;">82</td>
<td style="width: 20.38%;">5.6%</td>
</tr>
<tr>
<td style="width: 26.32%;">Consensus - FY20</td>
<td style="width: 26.28%;">1,450</td>
<td style="width: 27.02%;">74</td>
<td style="width: 20.38%;">5.1%</td>
</tr>
<tr>
<td style="width: 26.32%;">Surprise</td>
<td style="width: 26.28%;">+1.5%</td>
<td style="width: 27.02%;">+10.2%</td>
<td style="width: 20.38%;">+0.4% points</td>
</tr>
<tr>
<td style="width: 26.32%;"> </td>
<td style="width: 26.28%;"> </td>
<td style="width: 27.02%;"> </td>
<td style="width: 20.38%;"> </td>
</tr>
<tr>
<td style="width: 26.32%;">Guidance - FY21</td>
<td style="width: 26.28%;">1,700</td>
<td style="width: 27.02%;">110</td>
<td style="width: 20.38%;">6.5%</td>
</tr>
<tr>
<td style="width: 26.32%;">Consensus - FY21</td>
<td style="width: 26.28%;">1,635</td>
<td style="width: 27.02%;">115</td>
<td style="width: 20.38%;">7.0%</td>
</tr>
<tr>
<td style="width: 26.32%;">Difference</td>
<td style="width: 26.28%;">+4.0%</td>
<td style="width: 27.02%;">-4.3%</td>
<td style="width: 20.38%;">-0.6% points</td>
</tr>
</tbody></table><div style="text-align: left;" class="content-caption">Source: Company disclosures, CapIQ</div>Guidance projects revenue to grow by 15.5% YoY to ¥1,700bn and OP of ¥110bn (an OPM of 6.5% compared to 5.6% in FY20). Yamaha expects the Land Mobility business to be the driver of improvement. FY21 revenue guidance is 4.0% higher than full year consensus estimates, while OP guidance is -4.3% lower than the consensus.

Yamaha Motor reported 4QFY20 numbers with results continuing the positive 3Q momentum following the Covid 19 hit 2QFY20. The company posted revenue of ¥404bn (+5.9% QoQ, +1.7% YoY) and OP of ¥25.3bn (for an OPM of 6.3% compared to the OPM of 3.9% and 9.8% respectively in 4QFY19 and 3QFY20).This was mainly due to the growth of its Robotics business segment which reported 27% YoY revenue growth to ¥28bn and its Marine business which posted a 14% YoY increase in revenue to ¥81bn.Full year revenue and OP beat consensus by 1.5% and 10.2% respectively.

In ¥bn
Revenue 
OP
OPM


Results - 4QFY20
404
25
6.3%


Consensus - 4QFY20
396
25
6.4%


Surprise
+2.1%
-0.4%
-0.2% points


 
 
 
 


Results - FY20
1,471
82
5.6%


Guidance - FY20
1,470
80
5.4%


Surprise
+0.1%
+2.1%
+0.1% points


 
 
 
 


Results - FY20
1,471
82
5.6%


Consensus - FY20
1,450
74
5.1%


Surprise
+1.5%
+10.2%
+0.4% points


 
 
 
 


Guidance - FY21
1,700
110
6.5%


Consensus - FY21
1,635
115
7.0%


Difference
+4.0%
-4.3%
-0.6% points

Source: Company disclosures, CapIQGuidance projects revenue to grow by 15.5% YoY to ¥1,700bn and OP of ¥110bn (an OPM of 6.5% compared to 5.6% in FY20). Yamaha expects the Land Mobility business to be the driver of improvement. FY21 revenue guidance is 4.0% higher than full year consensus estimates, while OP guidance is -4.3% lower than the consensus.

Yamaha Motor – Continues to Impress Despite Indonesia Weakness

Yamaha Motor reported its 3QFY20 results on Monday and witnessed a sharp recovery after its results were badly hit due to Covid 19 in 2QFY20. The company posted revenue of ¥382bn (+32% QoQ, -7% YoY) and OP of ¥37.3bn (for an OPM of 9.8% compared to the OPM of 7.5% and -2.2% respectively in 3QFY19 and 2QFY20).

Yamaha Motor reported its 3QFY20 results on Monday and witnessed a sharp recovery after its results were badly hit due to Covid 19 in 2QFY20. The company posted revenue of ¥382bn (+32% QoQ, -7% YoY) and OP of ¥37.3bn (for an OPM of 9.8% compared to the OPM of 7.5% and -2.2% respectively in 3QFY19 and 2QFY20).

Event-Driven

Since the 17th of March we have published several notes regarding skews in performance between names that have heavy weights in TOPIX vs. those with heavy weights in the Nikkei. While it has required some very nimble trading the alpha generation if you were on the right side of the trades has been exceptionally good. We summarise the performance of the names we have highlighted and our thoughts on when to close out these trades below.

Since the 17th of March we have published several notes regarding skews in performance between names that have heavy weights in TOPIX vs. those with heavy weights in the Nikkei. While it has required some very nimble trading the alpha generation if you were on the right side of the trades has been exceptionally good. We summarise the performance of the names we have highlighted and our thoughts on when to close out these trades below.

Taking Stock of the Almost Excessive Alpha Generation From TOPIX-Nikkei Skew Trades

Japan

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

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Yamaha Motor (7272 JP)

Asia Shorts: Xiaomi, Anta, HKEX, BYD, Yamaha, ASICS, Rakuten, Resona, Kakao, HMC, Doosan, Wan Hai

The Insight looks at large short interest movements across HK, Japan, Korea and Taiwan stocks and highlights large increases/decreases in shorts to...

Brian Freitas

Yamaha Motor – Indonesia Drives Recovery

Yamaha Motors continues its strong momentum thanks to a strong Indonesian motorcycle market despite some concerns in India.

Mio Kato

Yamaha Motor – Continues to Impress Despite Indonesia Weakness

Yamaha posted strong results during its typically seasonally weak 4Q setting the stage for continued recovery next year despite the Indonesian...

Mio Kato

Yamaha Motor – What a Turnaround

Yamaha Motor's earnings trend received a significant boost in 3Q and the company boosted guidance by 3.5 times. This is likely to surprise the...

Mio Kato

Taking Stock of the Almost Excessive Alpha Generation From TOPIX-Nikkei Skew Trades

Since the 17th of March we have published several notes regarding skews in performance between names that have heavy weights in TOPIX vs. those...

Mio Kato

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