Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  US Equities rebound led by Tech as NVIDIA +7% gets boost from MS report; China troubles persist: Country Garden suspends bond trading; Foreign Investors losing interest in China</li>
<li>JAPAN. NKY Futures +0.7% vs Cash; USDJPY 145.5;  Yen Weakens be beyond 145 to USD, heads to 146 on widening spreads; JP M&amp;A Boom as Cos seek improvements; Dentsu Miss</li>
<li>NUGGET. Activism-Japanese Firms Expect It ! June's Reuters survey of companies in Japan revealed this fact. At the very minimum, an implicit acknowledgement that there is room for improvement</li>
</ul>


OVERSEAS.  US Equities rebound led by Tech as NVIDIA +7% gets boost from MS report; China troubles persist: Country Garden suspends bond trading; Foreign Investors losing interest in China
JAPAN. NKY Futures +0.7% vs Cash; USDJPY 145.5;  Yen Weakens be beyond 145 to USD, heads to 146 on widening spreads; JP M&amp;A Boom as Cos seek improvements; Dentsu Miss
NUGGET. Activism-Japanese Firms Expect It ! June's Reuters survey of companies in Japan revealed this fact. At the very minimum, an implicit acknowledgement that there is room for improvement


Ohayo Japan| Tech Lead in Equity Rebound Amid Concerns; NUGGET: Activism-Japanese Firms Expect It !

<ul>
<li>OVERSEAS. SPX managed to rise +0.7%WoW, despite the Tech weakness last week; Fed and ECB on tap as both to lift rates by +25bps;  Twitter/Musk exile the Blue Bird logo</li>
<li>JAPAN. NKY Futures +1.2% vs Cash; USDJPY 141.7; The wild card this week is the BOJ- mounting speculation that there could be a tweak with Japan's inflation above US.</li>
<li>NUGGET. Top 5 Reasons We Like Sony: Dream team Mgmt; PS5; Crunchyroll; Tax-free spin-off; Image Sensors</li>
</ul>


OVERSEAS. SPX managed to rise +0.7%WoW, despite the Tech weakness last week; Fed and ECB on tap as both to lift rates by +25bps;  Twitter/Musk exile the Blue Bird logo
JAPAN. NKY Futures +1.2% vs Cash; USDJPY 141.7; The wild card this week is the BOJ- mounting speculation that there could be a tweak with Japan's inflation above US.
NUGGET. Top 5 Reasons We Like Sony: Dream team Mgmt; PS5; Crunchyroll; Tax-free spin-off; Image Sensors


Ohayo Japan | This Week: Fed Hike in the Bag, All Eyes on BOJ; NUGGET: Top 5 Reasons We Like Sony

<ul>
<li>OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. </li>
<li>JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs </li>
<li>NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  </li>
</ul>


OVERSEAS.  Powell Testifies. 50bp hike more likely  as inflation higher than expected. Sparks repricing in markets: US Equities hit, UST dumped, USD rises - Choas all round. 
JAPAN.  NKY Futs -0.4% vs Cash; USDJPY weakens to 137.1 as Powell tesimony digested;  H3 failure-blow to JP space hopes; "My Number" Use expanded;  Dentsu UK M&amp;A; Many Rating D/Gs 
NUGGET. Carbon Capture is a key part of the decarbonization mix; Expect significant spend locally and globally. We look at the opportunity and the firms likely to benefit.  


Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

<ul>
<li>OVERSEAS. SPX -1.1% as Fed Hawks rhetoric ratches up; All 11 Sectors -ve as Beta Sold; ALPHABET-7.7% AI fails to impress; Disney +8% after-hours with earnings beat/job cuts. </li>
<li>JAPAN.  NKY Futs -0.8% vs Cash; USDJPY 131.41; Japan looking to ease restrictions for China Inbound;  EARNINGS: Pan Pac/SMM Strong vs weak Subaru which -ve production cut; Toyota out today. </li>
<li>DAILY NUGGETS. EPIC fail from Alphabet's "BARD". Aren't these events supposed to  be choreographed ????</li>
</ul>


OVERSEAS. SPX -1.1% as Fed Hawks rhetoric ratches up; All 11 Sectors -ve as Beta Sold; ALPHABET-7.7% AI fails to impress; Disney +8% after-hours with earnings beat/job cuts. 
JAPAN.  NKY Futs -0.8% vs Cash; USDJPY 131.41; Japan looking to ease restrictions for China Inbound;  EARNINGS: Pan Pac/SMM Strong vs weak Subaru which -ve production cut; Toyota out today. 
DAILY NUGGETS. EPIC fail from Alphabet's "BARD". Aren't these events supposed to  be choreographed ????


Good Morning Japan |Hawks Re-Emerge + Epic "BARD" Fail Sinks Google; Pan Pac Beat/Subaru Miss

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

<ul>
<li>In early November, <a href="https://www.smartkarma.com/entities/dai-ichi-life-insurance" target="_blank" data-smartkarma-citation="entities:1109:1" rel="noopener">Dai Ichi Life Insurance (8750 JP)</a> announced it would buy <a href="https://www.smartkarma.com/entities/ipet-holdings-inc" target="_blank" data-smartkarma-citation="entities:36551:1" rel="noopener">ipet Holdings (7339 JP)</a>, of which listed VC/PE/incubator <a href="https://www.smartkarma.com/entities/dream-incubator-inc" target="_blank" data-smartkarma-citation="entities:1229:1" rel="noopener">Dream Incubator (4310 JP)</a> owned 55%. DI agreed. </li>
<li>Dream Incubator's exit is worth ¥21.54bn in cash and ¥18.2bn in extraordinary gains on the consolidated financial statements for March 2023. </li>
<li>That is nice. They have promised to deliver ¥10bn of proceeds to shareholders and reinvest the other ¥5bn to grow their consulting business. It's a nice little asset.</li>
</ul>


In early November, Dai Ichi Life Insurance (8750 JP) announced it would buy ipet Holdings (7339 JP), of which listed VC/PE/incubator Dream Incubator (4310 JP) owned 55%. DI agreed. 
Dream Incubator's exit is worth ¥21.54bn in cash and ¥18.2bn in extraordinary gains on the consolidated financial statements for March 2023. 
That is nice. They have promised to deliver ¥10bn of proceeds to shareholders and reinvest the other ¥5bn to grow their consulting business. It's a nice little asset.


Dream Incubator (4310 JP) - An Interesting Exit and Attractive Valuation for Future Growth

Japan

DENTSU INC. mainly provides comprehensive advertising services.  The Company also provides marketing and event planning & promotion services.  Dentsu has associated companies in the US, Europe, and Asia.

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Dentsu Inc (4324 JP)

Ohayo Japan| Tech Lead in Equity Rebound Amid Concerns; NUGGET: Activism-Japanese Firms Expect It !

US Big Cap Tech leads amid concerns; NKY Futures +0.7% vs Cash; USDJPY 145.5; Yen Weakens be beyond 145 to USD, heads to 146 on widening spreads;...

Mark Chadwick

Ohayo Japan | This Week: Fed Hike in the Bag, All Eyes on BOJ; NUGGET: Top 5 Reasons We Like Sony

Fed and ECB to hike +25bps this week; NKY Futures +1.2% vs Cash; USDJPY 141.7; The wild card this week is the BOJ- mounting speculation that there...

Mark Chadwick

Good Morning Japan |Powell Dishes Bitter Pill - Sparks Cross Market Chaos; NUGGET: CCUS Opportunity

REALITY CHECK FROM POWELL; USDJPY weakens to 137.1 as Powell tesimony digested; H3 failure-blow to JP space hopes; "My Number" Use expanded; ...

Mark Chadwick

Good Morning Japan |Hawks Re-Emerge + Epic "BARD" Fail Sinks Google; Pan Pac Beat/Subaru Miss

Fed Hawks rhetoric ratches up; ALHABET-7.7% AI fails to impress; . Japan looking to ease restrictions for China Inbound; JAPAN EARNINGS: Pan Pac...

Mark Chadwick

Dream Incubator (4310 JP) - An Interesting Exit and Attractive Valuation for Future Growth

Dream Incubator has incubated and exited. Now is their biggest, and then they will distribute capital to shareholders. This will be a smaller,...

Travis Lundy

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