Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/810/original/ChartForeignInvestor.png?1478147665" class="editor-image img-responsive" data-smartkarma-image-id="15810"></figure><div class="content-caption">Foreign Investors are Top Shareholders (Source: JPX)</div><h2>Summary</h2><p>Foreign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data.  Yet given Japan's deflationary dynamic, Japanese equities have demonstrated a tendency to disappoint investors in terms of Return on Equity.  "Why Hold Japan?" is a question that recurs among investors - in particular during cyclical downturns. Although there remains a degree of confidence in "Abenomics", uncertainty in…</p>

Foreign Investors are Top Shareholders (Source: JPX)SummaryForeign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data.  Yet given Japan's deflationary dynamic, Japanese equities have demonstrated a tendency to disappoint investors in terms of Return on Equity.  "Why Hold Japan?" is a question that recurs among investors - in particular during cyclical downturns. Although there remains a degree of confidence in "Abenomics", uncertainty in…

Why Hold Japan, Part I: Relative Tax Regimes

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

<p><em>We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at <a href="https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping" target="_blank">https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping</a> &amp; <a href="https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector" target="_blank">https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sector</a></em></p><p><strong><em>The Timeline</em></strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/357/original/mmp1.JPG?1477455972" class="editor-image img-responsive" data-smartkarma-image-id="15357"></figure><p><strong>Model portfolio – revisiting our tactical idea, How has it panned out so far?</strong></p><ul><li>
<em>Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%</em>…</li></ul>

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found at https://www.smartkarma.com/insights/maritime-model-portfolio-adding-risk-with-upgrade-on-dry-bulk-and-downgrade-on-tanker-shipping &amp; https://www.smartkarma.com/insights/dmer-launches-model-stock-portfolio-for-the-maritime-sectorThe TimelineModel portfolio – revisiting our tactical idea, How has it panned out so far?
Our selected stocks from the Dry Bulk sector generated a return of 8.7% (28%…

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

<p><em><strong>We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth".</strong> </em></p><p><em>This morning from Japan, </em></p><blockquote><p><em>Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal</em>…</p></blockquote>

We have earlier argued that the current M&amp;A in the container shipping industry is about "Survival" and not "Growth". This morning from Japan, Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha have agreed, after the resolution by the board of directors of each company held today, and subject to regulatory approval from the authorities, to establish a new joint-venture company to integrate the container shipping businesses (including worldwide terminal…

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/015/017/original/IRF_NewsShocks.png?1476919557" class="editor-image img-responsive" data-smartkarma-image-id="15017"></figure><div class="content-caption">"News Shocks" to the Japanese Economy (Source: Europacifica)</div><h2>Room for small hope amid bleak Japanese policy reform record</h2><p>Until now, our analysis of Japanese structural reform, centred upon raising Japanese productivity, has revealed few tendencies that might give us hope of an imminent and conclusive end to Japan's deflationary "lost decades" dynamic.  In <a href="https://www.smartkarma.com/insights/structural-reform-i-the-japanese-financial-sector" target="_blank" data-smartkarma-citation="insights:6375">Structural Reform I: The Japanese Financial Sector</a> we examined some of the structural characteristics within the financial sector that were…</p>

"News Shocks" to the Japanese Economy (Source: Europacifica)Room for small hope amid bleak Japanese policy reform recordUntil now, our analysis of Japanese structural reform, centred upon raising Japanese productivity, has revealed few tendencies that might give us hope of an imminent and conclusive end to Japan's deflationary "lost decades" dynamic.  In Structural Reform I: The Japanese Financial Sector we examined some of the structural characteristics within the financial sector that were…

Structural Reform III: Evidence of Bad Luck over Poor Policy

<p>In <a href="https://www.smartkarma.com/insights/why-overcoming-deflation-is-not-enough-part-iii-corporate-governance" target="_blank" data-smartkarma-citation="insights:6183">Why Overcoming Deflation Is Not Enough Part III: Corporate Governance</a>, we argued that corporate governance is pivotal to successful structural reform in Japan.  Noting that corporate governance is a weighty enough topic deserving of analysis in its own right, we reviewed some of the pivotal current debates on governance in <a href="https://www.smartkarma.com/insights/corporate-governance-in-japan-what-s-at-stake" target="_blank" data-smartkarma-citation="insights:6302">Corporate Governance in Japan: What’s at Stake</a>.  Now, with the goal of situating reforms to corporate governance within the context of the liability side of corporate balance sheets we take a step back for a brief examination of the structure of the Japanese financial sector.  </p><p>Our review of the financial sector keeps in mind at all times the interdependence between structural reform in the financial sector and capital market reform (inclusive of corporate governance).  In order to understand the importance of capital market (and thus corporate governance) reform, it is important to understand the limited reach of reforms to the Japanese financial sector, given the complementarity of bank lending and financing via capital markets.</p>

In Why Overcoming Deflation Is Not Enough Part III: Corporate Governance, we argued that corporate governance is pivotal to successful structural reform in Japan.  Noting that corporate governance is a weighty enough topic deserving of analysis in its own right, we reviewed some of the pivotal current debates on governance in Corporate Governance in Japan: What’s at Stake.  Now, with the goal of situating reforms to corporate governance within the context of the liability side of corporate balance sheets we take a step back for a brief examination of the structure of the Japanese financial sector.  Our review of the financial sector keeps in mind at all times the interdependence between structural reform in the financial sector and capital market reform (inclusive of corporate governance).  In order to understand the importance of capital market (and thus corporate governance) reform, it is important to understand the limited reach of reforms to the Japanese financial sector, given the complementarity of bank lending and financing via capital markets.

Structural Reform I: The Japanese Financial Sector

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)

Why Hold Japan, Part I: Relative Tax Regimes

SummaryForeign investors now form the largest cohort of investors in Japanese stocks, according to Tokyo Stock Exchange data. Yet given Japan's...

Naomi Fink

Maritime Model Portfolio - Early Call on Dry Bulk Stocks Offsets Initial Losses

We publish an update on our Maritime Model Portfolio. Our earlier model portfolio updates can be found...

Drewry Maritime Financial Research

Container Shipping - "Survival" M&A In Full Swing, Japanese Big 3 Merge Container Operations

We have earlier argued that the current M&A in the container shipping industry is about "Survival" and not "Growth". This morning from...

Drewry Maritime Financial Research

Structural Reform III: Evidence of Bad Luck over Poor Policy

Room for small hope amid bleak Japanese policy reform recordUntil now, our analysis of Japanese structural reform, centred upon raising Japanese...

Naomi Fink

Structural Reform I: The Japanese Financial Sector

In Why Overcoming Deflation Is Not Enough Part III: Corporate Governance, we argued that corporate governance is pivotal to successful structural...

Naomi Fink

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