Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>Sales increased by 1.8% YoY, driven by strong performance in IT solutions, lifting operating profit by 18.9% YoY.</li><li>CMJ raised forecasts for operating profit, recurring profit, and net income, maintaining sales forecast amid geopolitical tensions.</li><li>Segment forecasts include a 4% YoY increase in office-use MFPs sales and a 15% YoY rise in network cameras.</li></ul>

Sales increased by 1.8% YoY, driven by strong performance in IT solutions, lifting operating profit by 18.9% YoY.CMJ raised forecasts for operating profit, recurring profit, and net income, maintaining sales forecast amid geopolitical tensions.Segment forecasts include a 4% YoY increase in office-use MFPs sales and a 15% YoY rise in network cameras.

Canon Marketing Japan (8060 JP): 1H FY12/26 flash update

<ul><li>Sales increased 2.6% YoY, driven by IT solutions, lifting operating profit by 40.7% and net income by 45.3%. </li><li>Canon's laser printer sales decreased YoY; IT solutions sales rose due to strong system integration projects. </li><li>CMJ's FY12/26 forecast: sales JPY685.0bn (+0.8% YoY), operating profit JPY60.0bn (+3.1% YoY), EPS JPY195.87.</li></ul>

Sales increased 2.6% YoY, driven by IT solutions, lifting operating profit by 40.7% and net income by 45.3%. Canon's laser printer sales decreased YoY; IT solutions sales rose due to strong system integration projects. CMJ's FY12/26 forecast: sales JPY685.0bn (+0.8% YoY), operating profit JPY60.0bn (+3.1% YoY), EPS JPY195.87.

Canon Marketing Japan (8060 JP): Q1 FY12/26 flash update

<ul><li>Sales reached JPY679.8bn (+4.0% YoY), operating profit JPY58.2bn (+9.5% YoY), and net income JPY41.5bn (+5.5% YoY).</li><li>CMJ's FY12/26 forecast: sales JPY685.0bn (+0.8% YoY), operating profit JPY60.0bn (+3.1% YoY), net income JPY42.0bn (+1.3% YoY).</li><li>For 2030, CMJ targets sales JPY850bn, operating profit JPY75bn, ROE 12.0%, with JPY500bn from IT services.</li></ul>

Sales reached JPY679.8bn (+4.0% YoY), operating profit JPY58.2bn (+9.5% YoY), and net income JPY41.5bn (+5.5% YoY).CMJ's FY12/26 forecast: sales JPY685.0bn (+0.8% YoY), operating profit JPY60.0bn (+3.1% YoY), net income JPY42.0bn (+1.3% YoY).For 2030, CMJ targets sales JPY850bn, operating profit JPY75bn, ROE 12.0%, with JPY500bn from IT services.

Canon Marketing Japan (8060 JP): Full-Year FY12/25 flash update

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Global equities under pressure; we discussed in our August 3,2023 Int'l Compass how it could be the start of a ~15% pullback in $ACWI, which would put it at $84-$85.</li>
<li>We also discussed how it is possible that this is a normal 3%-6% pullback to the major $93 support level (which it tested today).</li>
<li>If the 10-year Treasury yield and DXY remain below their respective resistance levels, we remain buyers on this pullback to $93 on ACWI-US.</li>
</ul>


Global equities under pressure; we discussed in our August 3,2023 Int'l Compass how it could be the start of a ~15% pullback in $ACWI, which would put it at $84-$85.
We also discussed how it is possible that this is a normal 3%-6% pullback to the major $93 support level (which it tested today).
If the 10-year Treasury yield and DXY remain below their respective resistance levels, we remain buyers on this pullback to $93 on ACWI-US.


10-Yr Treasury Yield and DXY at Key Inflection Points; $ACWI Testing $93; Energy/HC/Tech/CD Buys

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

Among active Global managers, Japan Consumer Discretionary stocks are the 3rd largest country/sector holding in the Asia region.  Average fund weights sit behind Taiwan Tech and Japan Industrials at 1.07%, with 57.1% of the 380 funds in our analysis invested in the sector with combined AUM of $9.18bn.Measured against other Asian country/sectors, changes in fund ownership have been positive and among the highest across all measures over the last 6-months.  Against a backdrop of plummeting exposure in China Consumer Discretionary stocks, average weights, funds invested, cash flows and the balance of buyers vs sellers were all positive for Japan Consumer Discretionary stocks.  Infact, across most ownership metrics, Japan Consumer Discretionary stocks have overtaken, or at least closed to gap to China Consumer Discretionary stocks since the 'Tech Crackdown' in October of 2020.  We can see evidence of this rotation on a fund level, with Aberdeen's Global Unconstrained Fund, LBPAM's Actions Monde and BNY Mellon's Global Opportunities Fund examples of managers rotating from China Consumer Discretionary and into Japan since October 2020.Analysis taken from our Global research, covering 380 active Global strategies with combined AUM of $1.1bn

Among active Global managers, Japan Consumer Discretionary stocks are the 3rd largest country/sector holding in the Asia region.  Average fund weights sit behind Taiwan Tech and Japan Industrials at 1.07%, with 57.1% of the 380 funds in our analysis invested in the sector with combined AUM of $9.18bn.Measured against other Asian country/sectors, changes in fund ownership have been positive and among the highest across all measures over the last 6-months.  Against a backdrop of plummeting exposure in China Consumer Discretionary stocks, average weights, funds invested, cash flows and the balance of buyers vs sellers were all positive for Japan Consumer Discretionary stocks.  Infact, across most ownership metrics, Japan Consumer Discretionary stocks have overtaken, or at least closed to gap to China Consumer Discretionary stocks since the 'Tech Crackdown' in October of 2020.  We can see evidence of this rotation on a fund level, with Aberdeen's Global Unconstrained Fund, LBPAM's Actions Monde and BNY Mellon's Global Opportunities Fund examples of managers rotating from China Consumer Discretionary and into Japan since October 2020.Analysis taken from our Global research, covering 380 active Global strategies with combined AUM of $1.1bn

Japan Consumer Discretionary:  Benefiting from China's Downfall

Japan

Canon Marketing Japan Inc. distributes all Canon products in the domestic market.  The Company sells copying machines, printers, digital cameras, facsimile, scanner, projectors, and calculators.

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Canon Marketing Japan (8060 JP)