Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX -0.5% with most Sector in the Red; Residential Construction STRONG; China Rate Cut disappoints; TESLA +5.3% bags Rivian for Charging Network.</li>
<li>JAPAN. NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Labor market loosing as JP workers shying away from liftime employment; Yamato HD exits mail delivery</li>
<li>NUGGET. Nintendo(7974) - Doing a Disney..using its IP…Now Mario out, Rumour are "Legend of Zelda" Movie in the works.. </li>
</ul>


OVERSEAS.  SPX -0.5% with most Sector in the Red; Residential Construction STRONG; China Rate Cut disappoints; TESLA +5.3% bags Rivian for Charging Network.
JAPAN. NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Labor market loosing as JP workers shying away from liftime employment; Yamato HD exits mail delivery
NUGGET. Nintendo(7974) - Doing a Disney..using its IP…Now Mario out, Rumour are "Legend of Zelda" Movie in the works.. 


Ohayo Japan| US Back to an Equity Sell Off; NUGGET: Nintendo(7974) - Set to Track Disney's Success ?

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

S&P BSE SENSEX Index / Technical Analysis

<ul>
<li>Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.</li>
<li>We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.</li>
<li>We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.</li>
</ul>


Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.
We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.
We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.


Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> has experienced a decline in revenue due to a slowdown in demand, increased competition, and higher commodity prices. </li>
<li>The Voltas Beko brand has been a ray of hope for the company, with strong growth in demand and market share.</li>
<li>While there may be an upside in volumes as capex kicks in,  but better to be on the sidelines until there is a change in the structure of the industry.</li>
</ul>



Voltas Ltd (VOLT IN) has experienced a decline in revenue due to a slowdown in demand, increased competition, and higher commodity prices. 
The Voltas Beko brand has been a ray of hope for the company, with strong growth in demand and market share.
While there may be an upside in volumes as capex kicks in,  but better to be on the sidelines until there is a change in the structure of the industry.


Voltas Ltd (VOLT IN) | Competition Casualty

<ul>
<li>OVERSEAS. Good Friday holidays. US Economy proving to be pretty resilient. Non-farm payrolls showed hiring continued to be strong in March. NFP was 236k vs Cons 230k. Telsa cuts prices(again)</li>
<li>JAPAN. NKY Futs +0.5% vs Cash as US Equity(Cash) markets closed. USDJPY 132.2. Likely see some beta led reversals of losses seen in the latter half of last week.</li>
<li>NUGGET.  Kuroda bids Farewell after 10 years as BOJ Governor. He created a new playbook on monetary policy that will be studied for years. Net-net, positive outcome.</li>
</ul>


OVERSEAS. Good Friday holidays. US Economy proving to be pretty resilient. Non-farm payrolls showed hiring continued to be strong in March. NFP was 236k vs Cons 230k. Telsa cuts prices(again)
JAPAN. NKY Futs +0.5% vs Cash as US Equity(Cash) markets closed. USDJPY 132.2. Likely see some beta led reversals of losses seen in the latter half of last week.
NUGGET.  Kuroda bids Farewell after 10 years as BOJ Governor. He created a new playbook on monetary policy that will be studied for years. Net-net, positive outcome.


Good Morning Japan |Jobs Galore - Strong NFP; Watch for the Fed Hawks; NUGGET: Kuroda Exits..a Hero?

<ul>
<li>OVERSEAS.  SPX +0.6% on intraday bounce; Defensives led w/Utilities; Financials lag as Banking fears persist; Rates down on recession view WHILE Fed signals more hikes; MSFT-ATVI deal closer to approval</li>
<li>JAPAN. NKY Futs -0.9% vs Cash; Weaker USDJPY 130.7 ;  Kishida Approval Rating Rises; Feb Inflation 3.1%;  ValueAct takes off gloves with 7&amp;i; Shippers in focus with ex-div this week. </li>
<li>NUGGET. 7&amp;i: Activist ValueAct goes Full John Wick calling for removal of 4 Directors, including Chairman/CEO Isaka. 2023 could be the year of accelerated reforms.  Stock looks attractive post sell-off.</li>
</ul>


OVERSEAS.  SPX +0.6% on intraday bounce; Defensives led w/Utilities; Financials lag as Banking fears persist; Rates down on recession view WHILE Fed signals more hikes; MSFT-ATVI deal closer to approval
JAPAN. NKY Futs -0.9% vs Cash; Weaker USDJPY 130.7 ;  Kishida Approval Rating Rises; Feb Inflation 3.1%;  ValueAct takes off gloves with 7&amp;i; Shippers in focus with ex-div this week. 
NUGGET. 7&amp;i: Activist ValueAct goes Full John Wick calling for removal of 4 Directors, including Chairman/CEO Isaka. 2023 could be the year of accelerated reforms.  Stock looks attractive post sell-off.


Good Morning Japan |SPX Rallies but Uncertainties Remain; NUGGET: 7&I-ValueAct Goes Full John Wick

Japan

DAIKIN INDUSTRIES, LTD. manufactures air conditioning equipment for household and commercial use.  The Company also produces fluorine chemical products such as fluorinated hydrocarbon gas and shells and warheads for defense industry.

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Daikin Industries (6367 JP)

Ohayo Japan| US Back to an Equity Sell Off; NUGGET: Nintendo(7974) - Set to Track Disney's Success ?

US Back - in the Red despite strong housing; NKY Futs -0.9% vs Cash; Blackrock's Fink say Japan benefitting from China Flight; Yamato HD exits mail...

Mark Chadwick

Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

Seeing broad-based improvement in India #SENSEX -- overweight/add exposure. We still recommend a tactical overweight to ACWI defensives with $ACWI...

Vermilion Research

Voltas Ltd (VOLT IN) | Competition Casualty

Voltas is losing market share due to irrational competition, capex can help regain volumes. However, better to wait until the industry structure...

Pranav Bhavsar

Good Morning Japan |Jobs Galore - Strong NFP; Watch for the Fed Hawks; NUGGET: Kuroda Exits..a Hero?

SDJPY 132.2, weaker post US Non Farm Payrolls. We are likely to see some beta-led reversals of losses observed in the latter half of last week....

Mark Chadwick

Good Morning Japan |SPX Rallies but Uncertainties Remain; NUGGET: 7&I-ValueAct Goes Full John Wick

SPX 0.6% with intraday bounce, with defensives leading the wa. US financial sector lagged due to persisting banking fears; JP inflation 3.1%;...

Mark Chadwick

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