Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. </li>
<li>Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade - a commendable performance given earnings dislocations during this period.</li>
<li>Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.</li>
</ul>


While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. 
Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade - a commendable performance given earnings dislocations during this period.
Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.


Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our "Asia 50".

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/insights/fast-retailing-9983-jp-tactical-outlook-waiting-for-a-rally" target="_blank" rel="noopener">In our previous, September 29th insight</a> about <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> , we flagged the stock for a rally. But boy, we didn't anticipate how far it would run!</li>
<li>6 weeks have passed and the stock has rallied up nearly 30% as of Tuesday's Close. We think it's time to sell (or at least hedge your position).</li>
<li>
Rationale: the stock is incredibly overbought according to our model, plus it is one of the few stocks we track in Asia that has not started a pull back (yet).</li>
</ul>



In our previous, September 29th insight about Fast Retailing (9983 JP) , we flagged the stock for a rally. But boy, we didn't anticipate how far it would run!
6 weeks have passed and the stock has rallied up nearly 30% as of Tuesday's Close. We think it's time to sell (or at least hedge your position).

Rationale: the stock is incredibly overbought according to our model, plus it is one of the few stocks we track in Asia that has not started a pull back (yet).


Fast Retailing (9983 JP) Tactical Outlook: Exit or Hedge Your Position

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently ten pair trade opportunities across three markets and three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently ten pair trade opportunities across three markets and three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (3 Nov)

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>Tadashi Yanai has finally achieved one of his many long-term ambitions: surpassing ¥1 trillion in sales in the home market. </li>
<li>This, after exceeding ¥3 trillion globally for the first time but his goal of ¥10 trillion remains outstanding.  Whether a mostly single-brand company can achieve such volume is debatable.</li>
<li>Yanai is rebuilding GU in the hopes of creating a second brand – while at last admitting failure with his old French acquisitions.</li>
</ul>


Tadashi Yanai has finally achieved one of his many long-term ambitions: surpassing ¥1 trillion in sales in the home market. 
This, after exceeding ¥3 trillion globally for the first time but his goal of ¥10 trillion remains outstanding.  Whether a mostly single-brand company can achieve such volume is debatable.
Yanai is rebuilding GU in the hopes of creating a second brand – while at last admitting failure with his old French acquisitions.


Uniqlo Breaks Through ¥1 Trillion Milestone at Home but Group ¥10 Trillion Target Remains Elusive

Japan Specialist

Mark Chadwick

<ul>
<li>
Guidance slightly ahead: FY8/26 outlook modestly above consensus at both revenue and operating profit, signalling continued steady growth.</li>
<li>
Global strength offsets China: Expanding international markets and yen tailwinds continue to drive profitability, plus an end to lingering China weakness?</li>
<li>
Valuation supportive: Trading below historical averages on EBIT and P/E, offering global exposure at a reasonable multiple.</li>
</ul>



Guidance slightly ahead: FY8/26 outlook modestly above consensus at both revenue and operating profit, signalling continued steady growth.

Global strength offsets China: Expanding international markets and yen tailwinds continue to drive profitability, plus an end to lingering China weakness?

Valuation supportive: Trading below historical averages on EBIT and P/E, offering global exposure at a reasonable multiple.


Fast Retailing (9983) | Global Gains Keep It in Fashion

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our "Asia 50".

Focusing on secular DPS growth over the past decade, we screen 50 Asian stocks, from JP (24), HK (10), CN (6), India (6), SG (2) & TW (2). They...

Manishi Raychaudhuri