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

<p style="text-align: justify;">Our weight of the evidence approach leads us to believe the market remains in the early stages of a broad-based advance, meaning a buy-the-dip mentality is warranted. While we want to acknowledge that the potential for a US-China tariff escalation remains a risk for the market, we believe this is likely to be the case for the foreseeable future. In our December International Strategy, we highlight various themes which lead to our positive outlook, including actionable trade ideas in technology, health care and manufacturing.</p>

Our weight of the evidence approach leads us to believe the market remains in the early stages of a broad-based advance, meaning a buy-the-dip mentality is warranted. While we want to acknowledge that the potential for a US-China tariff escalation remains a risk for the market, we believe this is likely to be the case for the foreseeable future. In our December International Strategy, we highlight various themes which lead to our positive outlook, including actionable trade ideas in technology, health care and manufacturing.

Global Equities Headed Up and to the Right: Technology, Health Care Leading

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The short notional in the market for the week ended 6 December is US$25.84bn (up by US$570m) with the largest short positions in <a href="https://www.smartkarma.com/entities/itochu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18448:1">Itochu Corp (8001 JP)</a>, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/canon-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1:1">Canon Inc (7751 JP)</a> and <a href="https://www.smartkarma.com/entities/sumitomo-mitsui-financial-gr" target="_blank" rel="noopener" data-smartkarma-citation="entities:217:1">Sumitomo Mitsui Financial (8316 JP)</a>. </p></div><div><p>Most shorted stocks as a percentage of free float are <a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:8244:1">Leopalace21 Corp (8848 JP)</a>, <a href="https://www.smartkarma.com/entities/taiyo-yuden-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9924:1">Taiyo Yuden (6976 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a> and <a href="https://www.smartkarma.com/entities/anritsu-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:3700:1">Anritsu Corp (6754 JP)</a> while the stocks with the highest days to cover are <a href="https://www.smartkarma.com/entities/katakura-industries-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:2007:1">Katakura Industries (3001 JP)</a>, <a href="https://www.smartkarma.com/entities/vital-ksk-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:7398:1">Vital Ksk Holdings (3151 JP)</a>, <a href="https://www.smartkarma.com/entities/dcm-holdings-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:13042:1">Dcm Holdings (3050 JP)</a> and <a href="https://www.smartkarma.com/entities/shoei-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15038:1">Shoei Co Ltd (7839 JP)</a>. </p></div><div><p>The largest increases in short notional over the week were <a href="https://www.smartkarma.com/entities/monotaro-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:15441:1">Monotaro Co Ltd (3064 JP)</a>, <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:751:1">Fast Retailing (9983 JP)</a>, <a href="https://www.smartkarma.com/entities/disco-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:15817:1">Disco Corp (6146 JP)</a> and <a href="https://www.smartkarma.com/entities/cyberagent-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:8197:1">Cyberagent Inc (4751 JP)</a> while shorts were covered in <a href="https://www.smartkarma.com/entities/japan-airport-terminal-co" target="_blank" rel="noopener" data-smartkarma-citation="entities:18034:1">Japan Airport Terminal Co (9706 JP)</a>, <a href="https://www.smartkarma.com/entities/tokai-carbon-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:9145:1">Tokai Carbon (5301 JP)</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:1492:1">GMO Payment Gateway (3769 JP)</a> and <a href="https://www.smartkarma.com/entities/bandai-namco-holdings-inc" target="_blank" rel="noopener" data-smartkarma-citation="entities:13435:1">Bandai Namco Holdings (7832 JP)</a>.  <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" rel="noopener" data-smartkarma-citation="entities:18107:1"></a> <a href="https://www.smartkarma.com/entities/casio-computer-co-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:18338:1"></a></p></div><div><p>Sectorally, short positions were increased in Consumer Discretionary (US$68m), Communication Services (US$66m) and Industrials (US$65m) while shorts were covered in Real Estate (US$27m) and Financials (US$10m).</p></div>

The short notional in the market for the week ended 6 December is US$25.84bn (up by US$570m) with the largest short positions in Itochu Corp (8001 JP), Toyota Motor (7203 JP), Taiyo Yuden (6976 JP), Canon Inc (7751 JP) and Sumitomo Mitsui Financial (8316 JP). Most shorted stocks as a percentage of free float are Leopalace21 Corp (8848 JP), Taiyo Yuden (6976 JP), Tokai Carbon (5301 JP) and Anritsu Corp (6754 JP) while the stocks with the highest days to cover are Katakura Industries (3001 JP), Vital Ksk Holdings (3151 JP), Dcm Holdings (3050 JP) and Shoei Co Ltd (7839 JP). The largest increases in short notional over the week were Monotaro Co Ltd (3064 JP), Fast Retailing (9983 JP), Disco Corp (6146 JP) and Cyberagent Inc (4751 JP) while shorts were covered in Japan Airport Terminal Co (9706 JP), Tokai Carbon (5301 JP), GMO Payment Gateway (3769 JP) and Bandai Namco Holdings (7832 JP).   Sectorally, short positions were increased in Consumer Discretionary (US$68m), Communication Services (US$66m) and Industrials (US$65m) while shorts were covered in Real Estate (US$27m) and Financials (US$10m).

Japan - Shorts Increase on Pigeon, Fast Retailing; Decrease on Bandai Namco, Orix JREIT

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/102/797/original/2019-10-22_07-21-37.png?1571696560" class="editor-image img-responsive" data-smartkarma-image-id="102797"></figure><div class="content-caption">Source: Japan Analytics</div><p>There has been much discussion on Smartkarma in the last week on the 'overexuberance' in Japan's semiconductor production equipment ("SPE") and factory automation (FA) companies' share prices following a 'spike' in <strong><a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive Systems (6324 JP)</a></strong>(HDS) as discussed <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc/discussion?discussion=56418" target="_blank" rel="noopener">here, </a>and Capital Group’s block sale in SK Hynix. <a href="https://www.smartkarma.com/companies/lightstream-research" target="_blank" data-smartkarma-citation="companies:909" rel="noopener">LightStream Research</a> explored the topic in detail in yesterday's <a href="https://www.smartkarma.com/insights/readthrough-to-japanese-fa-sector-from-capital-s-sk-hynix-block-sale" target="_blank" data-smartkarma-citation="insights:33298" rel="noopener">Readthrough to Japanese FA Sector from Capital's SK Hynix Block Sale</a>. As <a href="https://www.smartkarma.com/profiles/raghav-kapoor" target="_blank" data-smartkarma-citation="accounts:2" rel="noopener">Raghav Kapoor</a> noted in the discussion on that note: - "<em><strong>The trends between the pricing of the BI Japan Factory Automation Index (BIAPJAVP Index) and the SOX are strikingly similar</strong></em>."   </p><p>This Insight will briefly examine these correlations using the Japan Analytic's scoring framework as well as updating our valuation work on <strong><a href="https://www.smartkarma.com/entities/fanuc-corp" target="_blank" data-smartkarma-citation="entities:752:1" rel="noopener">Fanuc (6954 JP)</a>, <a href="https://www.smartkarma.com/entities/yaskawa-electric-corp" target="_blank" data-smartkarma-citation="entities:2458:1" rel="noopener">Yaskawa Electric (6506 JP)</a>, <a href="https://www.smartkarma.com/entities/daifuku-co-ltd" target="_blank" data-smartkarma-citation="entities:10408:1" rel="noopener">Daifuku (6383 JP)</a>, </strong><a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener"><strong>Harmonic Drive Systems (6324 JP)</strong>, </a>as well as <strong><a href="https://www.smartkarma.com/entities/tokyo-electron-ltd" target="_blank" data-smartkarma-citation="entities:280:1" rel="noopener">Tokyo Electron (8035 JP)</a>, <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest (6857 JP)</a>,</strong> and <strong><a href="https://www.smartkarma.com/entities/disco-corp" target="_blank" data-smartkarma-citation="entities:15817:1" rel="noopener">Disco (6146 JP)</a></strong>.     Please refer to our earlier Insight <a href="https://www.smartkarma.com/insights/6954-fanuc-timing-the-cycle" target="_blank" data-smartkarma-citation="insights:29401" rel="noopener">Fanuc • Timing the Cycle</a> for details on our scoring methodology.</p><p><strong>We conclude that, although we are likely to confirm the cycle bottom in the next few weeks as interim results are announced, the potential for recovery is more than adequately reflected in these group's extreme valuations and relative-to-market stock prices. As we noted in the discussion on HDS, "the market is re-running the playbook of 2009-2010 where earnings momentum recovered sharply [..] we think the better scenario is the more gradual recovery of  2012-2015 which saw the stock trade sideways until the recovery was well-advanced."</strong></p>

Source: Japan AnalyticsThere has been much discussion on Smartkarma in the last week on the 'overexuberance' in Japan's semiconductor production equipment ("SPE") and factory automation (FA) companies' share prices following a 'spike' in Harmonic Drive Systems (6324 JP)(HDS) as discussed here, and Capital Group’s block sale in SK Hynix. LightStream Research explored the topic in detail in yesterday's Readthrough to Japanese FA Sector from Capital's SK Hynix Block Sale. As Raghav Kapoor noted in the discussion on that note: - "The trends between the pricing of the BI Japan Factory Automation Index (BIAPJAVP Index) and the SOX are strikingly similar."   This Insight will briefly examine these correlations using the Japan Analytic's scoring framework as well as updating our valuation work on Fanuc (6954 JP), Yaskawa Electric (6506 JP), Daifuku (6383 JP), Harmonic Drive Systems (6324 JP), as well as Tokyo Electron (8035 JP), Advantest (6857 JP), and Disco (6146 JP).     Please refer to our earlier Insight Fanuc • Timing the Cycle for details on our scoring methodology.We conclude that, although we are likely to confirm the cycle bottom in the next few weeks as interim results are announced, the potential for recovery is more than adequately reflected in these group's extreme valuations and relative-to-market stock prices. As we noted in the discussion on HDS, "the market is re-running the playbook of 2009-2010 where earnings momentum recovered sharply [..] we think the better scenario is the more gradual recovery of  2012-2015 which saw the stock trade sideways until the recovery was well-advanced."

🇯🇵 Japan • FA & SPE - Calling Bottoms and Tops

<p>In our October International Strategy, we outline important technical levels across markets and highlight various themes which lead to our neutral outlook, along with areas of the market where we see actionable opportunities, including Japan, and global technology.</p>

In our October International Strategy, we outline important technical levels across markets and highlight various themes which lead to our neutral outlook, along with areas of the market where we see actionable opportunities, including Japan, and global technology.

Global Equity Strategy: Neutral Outlook Intact, Japan and Global Tech Are Bright Spots.

<div class="content-caption"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/175/original/2019-09-29_05-54-31.png?1569704091" class="editor-image img-responsive" data-smartkarma-image-id="100175"></figure></div><div class="content-caption">Source: Japan Analytics</div><p><strong>TAKE PROFITS</strong> - The 'breakout' rally above the 50-day moving average over the last thirteen trading days has added 8% to total market value and has been driven by ample liquidity, stronger US$, a lack of developments in global trade talks and more dove-like utterances and stances from the Federal Reserve and European Central Bank, respectively. With the US Treasury about to restore its cash balance (through large T-bill offerings) by over US$250 billion, the US monetary base could contract by over 5% in the next quarter. Markets will face a stiff headwind and, with business conditions moving from bad to worse and central banks limited in the scope of further comment/action, the fourth quarter could be as perilous as the third quarter was benign.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/176/original/2019-09-29_07-49-09.png?1569710965" class="editor-image img-responsive" data-smartkarma-image-id="100176"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/177/original/2019-09-29_08-01-13.png?1569711690" class="editor-image img-responsive" data-smartkarma-image-id="100177"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/178/original/2019-09-29_08-09-38.png?1569712198" class="editor-image img-responsive" data-smartkarma-image-id="100178"></figure><div class="content-caption">Source: Japan Analytics</div><div class="content-caption"></div><p><strong>PEAK ACTION</strong> - Both the 5-day <strong>Relative Strength Index</strong> and the 25-day <strong>Toraku Index</strong> have pulled back from extreme levels from which further upside is typically limited. In a similar vein, the 52 Week New Highs - New Lows reached a 20-month high of 141 on Thursday suggesting a peak in this bear market rally.   </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/179/original/2019-09-29_08-29-33.png?1569713388" class="editor-image img-responsive" data-smartkarma-image-id="100179"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>VOLUME SCORE TIMELINE</strong> - Volume peaked on 13th September at the highest level of any day this year and, as of Friday, is still above the fourth-month average. Favoured Sectors continue to be non-manufacturing, especially the Internet, IT, Commercial Services and REITs Sectors. Volume is weakest in the Metals, Machinery, Technology Hardware Sectors, but also now in the 'China-related' Other Consumer Products Sector. The Bank of Japan resumed ETF purchases on Friday after an eighteen-trading day hiatus.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/180/original/2019-09-29_12-35-13.png?1569728129" class="editor-image img-responsive" data-smartkarma-image-id="100180"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>3-MONTH SECTOR CONTRIBUTION</strong> - Relief over the apparent conclusion of Japan/US trade talks without any tariffs on Japan's <strong>Auto</strong> sector resulted in a 22 bps return contribution from the Sector; we would take profits on the conclusion of the final deal as global sales trends remain dire.  The <strong>Telecommunications</strong> Sector's underperformance reflects the 16% decline in <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> over the period for reasons well-documented on this platform.  The other outperforming Sectors are mostly in domestic non-manufacturing, but <strong>Technology Hardware</strong> continues to defy underlying current business conditions, as we shall discuss below.  <strong>Retail</strong> stocks are benefiting from positive sentiment to the short-term stimulus, although the early results from the Sector, many of whose leading companies will report second-quarter results over the next two weeks, suggest this optimism is, perhaps, misplaced. Lastly, the <strong>Banks</strong> Sector appears to have reached a short-term nadir and rose by 1.6% over the period.   </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/182/original/2019-09-29_12-57-32.png?1569729476" class="editor-image img-responsive" data-smartkarma-image-id="100182"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>SECTOR SCORE MATRIX - </strong>Our Sector Score matrix spreads all 30 Sectors by Relative Price Score and Results &amp; Revisions Score where the extreme outliers are denoted as <strong>Contrarian Sell</strong>, <strong>Contrarian Buy</strong>, <strong>Unrequited Growth</strong>, and <strong>Ex-Growth</strong>. The Information Technology Sector is the only 'Contrarian Sell', and we note that the Sector declined by 0.7% over the last three months. <strong>Consumer Services</strong> is the most Overbought Sector, mostly due to the continuing out-performance of <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> - now the fifth-most Overbought mega-cap. <strong>Banks</strong> are no longer a 'Contrarian Buy', while, as noted in our last Update, <strong>Metals</strong> remain the value investor pick, and saw at least one broker upgrade <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel (5401 JP)</a> last week.    </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/201/original/2019-09-30_04-51-12.png?1569786797" class="editor-image img-responsive" data-smartkarma-image-id="100201"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/100/202/original/2019-09-30_04-57-34.png?1569787075" class="editor-image img-responsive" data-smartkarma-image-id="100202"></figure><div class="content-caption">Source: Japan Analytics</div><div class="content-caption"></div><p><strong>RESULTS &amp; REVISIONS SCORE</strong> - As we head into the next results 'season' it is instructive to note that earnings momentum is still negative and our Results &amp; Revision Score is at its lowest point since April 2017. The Series correlates well with the Cabinet Office's Leading Indicator which as of July reached a new 'post-GFC' low. Japanese listed corporated have done well to preserve their earnings power in harsh global conditions. We are about to discover how much of this is due to spending brought forward ahead of next month's consumption tax increase. </p><div class="content-highlight"><p>In the <strong>DETAIL</strong> section below, we will review Sector performance, scores and valuation in more detail, as well as Company Results &amp; Revisions and individual stock performance over the previous three months.</p></div>

Source: Japan AnalyticsTAKE PROFITS - The 'breakout' rally above the 50-day moving average over the last thirteen trading days has added 8% to total market value and has been driven by ample liquidity, stronger US$, a lack of developments in global trade talks and more dove-like utterances and stances from the Federal Reserve and European Central Bank, respectively. With the US Treasury about to restore its cash balance (through large T-bill offerings) by over US$250 billion, the US monetary base could contract by over 5% in the next quarter. Markets will face a stiff headwind and, with business conditions moving from bad to worse and central banks limited in the scope of further comment/action, the fourth quarter could be as perilous as the third quarter was benign.Source: Japan AnalyticsPEAK ACTION - Both the 5-day Relative Strength Index and the 25-day Toraku Index have pulled back from extreme levels from which further upside is typically limited. In a similar vein, the 52 Week New Highs - New Lows reached a 20-month high of 141 on Thursday suggesting a peak in this bear market rally.   Source: Japan AnalyticsVOLUME SCORE TIMELINE - Volume peaked on 13th September at the highest level of any day this year and, as of Friday, is still above the fourth-month average. Favoured Sectors continue to be non-manufacturing, especially the Internet, IT, Commercial Services and REITs Sectors. Volume is weakest in the Metals, Machinery, Technology Hardware Sectors, but also now in the 'China-related' Other Consumer Products Sector. The Bank of Japan resumed ETF purchases on Friday after an eighteen-trading day hiatus.Source: Japan Analytics3-MONTH SECTOR CONTRIBUTION - Relief over the apparent conclusion of Japan/US trade talks without any tariffs on Japan's Auto sector resulted in a 22 bps return contribution from the Sector; we would take profits on the conclusion of the final deal as global sales trends remain dire.  The Telecommunications Sector's underperformance reflects the 16% decline in Softbank Group (9984 JP) over the period for reasons well-documented on this platform.  The other outperforming Sectors are mostly in domestic non-manufacturing, but Technology Hardware continues to defy underlying current business conditions, as we shall discuss below.  Retail stocks are benefiting from positive sentiment to the short-term stimulus, although the early results from the Sector, many of whose leading companies will report second-quarter results over the next two weeks, suggest this optimism is, perhaps, misplaced. Lastly, the Banks Sector appears to have reached a short-term nadir and rose by 1.6% over the period.   Source: Japan AnalyticsSECTOR SCORE MATRIX - Our Sector Score matrix spreads all 30 Sectors by Relative Price Score and Results &amp; Revisions Score where the extreme outliers are denoted as Contrarian Sell, Contrarian Buy, Unrequited Growth, and Ex-Growth. The Information Technology Sector is the only 'Contrarian Sell', and we note that the Sector declined by 0.7% over the last three months. Consumer Services is the most Overbought Sector, mostly due to the continuing out-performance of Oriental Land (4661 JP) - now the fifth-most Overbought mega-cap. Banks are no longer a 'Contrarian Buy', while, as noted in our last Update, Metals remain the value investor pick, and saw at least one broker upgrade Nippon Steel (5401 JP) last week.    Source: Japan AnalyticsRESULTS &amp; REVISIONS SCORE - As we head into the next results 'season' it is instructive to note that earnings momentum is still negative and our Results &amp; Revision Score is at its lowest point since April 2017. The Series correlates well with the Cabinet Office's Leading Indicator which as of July reached a new 'post-GFC' low. Japanese listed corporated have done well to preserve their earnings power in harsh global conditions. We are about to discover how much of this is due to spending brought forward ahead of next month's consumption tax increase. In the DETAIL section below, we will review Sector performance, scores and valuation in more detail, as well as Company Results &amp; Revisions and individual stock performance over the previous three months.

🇯🇵 JAPAN • Market Update - Take Profits

Japan

DISCO CORPORATION manufactures abrasive and precision industrial machinery for cutting and grinding purposes.  The Company's products are applied in the semiconductor, electronics, and construction industries to produce consumer goods such as personal computers, digital cameras, video game systems, and Digital Video Disc (DVD) players.

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DISCO Corp (6146 JP)

Global Equities Headed Up and to the Right: Technology, Health Care Leading

Our weight of the evidence approach leads us to believe the market remains in the early stages of a broad-based advance, meaning a buy-the-dip...

Vermilion Research

Japan - Shorts Increase on Pigeon, Fast Retailing; Decrease on Bandai Namco, Orix JREIT

The short notional in the market for the week ended 6 December is US$25.84bn (up by US$570m) with the largest short positions in Itochu Corp (8001...

Brian Freitas

🇯🇵 Japan • FA & SPE - Calling Bottoms and Tops

There has been much discussion on Smartkarma in the last week on the 'overexuberance' in Japan's semiconductor production equipment ("SPE") and...

Campbell Gunn

Global Equity Strategy: Neutral Outlook Intact, Japan and Global Tech Are Bright Spots.

In our October International Strategy, we outline important technical levels across markets and highlight various themes which lead to our neutral...

Vermilion Research

🇯🇵 JAPAN • Market Update - Take Profits

TAKE PROFITS - The 'breakout' rally above the 50-day moving average over the last thirteen trading days has added 8% to total market value and has...

Campbell Gunn

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