Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Market Watch: This week, the Topix Index gained 44pts (2%) to close at 2,309, influenced by Wall Street's response to US inflation data and expectations of extended elevated interest rates.</li>
<li>Major Movers: Lasertec (6920) surged +17%, Fast Retailing (9983) rose +12%, and Monotaro (3064) declined -18%</li>
<li>Activist Watch: ValueAct lifted its stake in Topcon. I like the LT fundamentals for the company and look forward to positive dialogue with the activist</li>
</ul>


Market Watch: This week, the Topix Index gained 44pts (2%) to close at 2,309, influenced by Wall Street's response to US inflation data and expectations of extended elevated interest rates.
Major Movers: Lasertec (6920) surged +17%, Fast Retailing (9983) rose +12%, and Monotaro (3064) declined -18%
Activist Watch: ValueAct lifted its stake in Topcon. I like the LT fundamentals for the company and look forward to positive dialogue with the activist


Japan Weekly | Lasertec, Fast Retailing, Monotaro, Topcon

<ul>
<li>OVERSEAS: Equity Rally Continues SPX +1.5% with all Sectors Up; Tech Surges -&gt;NDX100 +2.2%;  China Banks Cuts Mortgage rates to shore up economy;  BitCoin lease on life w/US Court Ruling</li>
<li>JAPAN: NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up-risk for higher wages; SDF Head says Military Capabilities Inadequate</li>
<li>JAPAN X: Fast Retailing Aims to Dominate India with Manufacturing Expansion. With more locally manufactured products, Fasty will be better able to grow share in India. </li>
</ul>


OVERSEAS: Equity Rally Continues SPX +1.5% with all Sectors Up; Tech Surges -&gt;NDX100 +2.2%;  China Banks Cuts Mortgage rates to shore up economy;  BitCoin lease on life w/US Court Ruling
JAPAN: NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up-risk for higher wages; SDF Head says Military Capabilities Inadequate
JAPAN X: Fast Retailing Aims to Dominate India with Manufacturing Expansion. With more locally manufactured products, Fasty will be better able to grow share in India. 


Ohayo Japan|Equity Rally Continues; Tech Surges; JAPAN X: Fast Retailing Sets Its Sights on India

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 14th. The aggregated net margin trading position is USD27,503m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 14th. The aggregated net margin trading position is USD27,503m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen, Mitsubishi Heavy Industries, Taiyo Yuden, Fast Retailing, Rakuten.


JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>Results for FY2022-23 provide a snapshot of winners and losers in Japan's retail sector.</li>
<li>The data shows a big improvement in performance for retailers with sales of ¥250 billion or more and the outlook is positive for most, particularly for profits.</li>
<li>This also means that market concentration is intensifying, particularly in sectors like drugstores but also now in supermarkets. We highlight the winners in each sector.</li>
</ul>


Results for FY2022-23 provide a snapshot of winners and losers in Japan's retail sector.
The data shows a big improvement in performance for retailers with sales of ¥250 billion or more and the outlook is positive for most, particularly for profits.
This also means that market concentration is intensifying, particularly in sectors like drugstores but also now in supermarkets. We highlight the winners in each sector.


<ul>
<li>The benchmark index Nikkei 225 closed the week at 32,304 – 87 points lower than the week before. Blame it on the global tech sell-off</li>
<li>Nidec reported Q1 earnings that trounced analyst expectations – mine included. The stock rose 13% over the week</li>
<li>BayCurrent reported Q1 earnings that missed Street expectations. As Japan earnings season moves into full gear, expect more single stock volatility</li>
</ul>


The benchmark index Nikkei 225 closed the week at 32,304 – 87 points lower than the week before. Blame it on the global tech sell-off
Nidec reported Q1 earnings that trounced analyst expectations – mine included. The stock rose 13% over the week
BayCurrent reported Q1 earnings that missed Street expectations. As Japan earnings season moves into full gear, expect more single stock volatility


Japan Weekly | Nidec, Fast Retailing, BayCurrent

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Japan Weekly | Lasertec, Fast Retailing, Monotaro, Topcon

Topix Index rises despite US inflation data and expectations for higher interest rates. Lasertec and Fast Retailing see gains, while Monotaro...

Mark Chadwick

Ohayo Japan|Equity Rally Continues; Tech Surges; JAPAN X: Fast Retailing Sets Its Sights on India

US stocks rally; Tech surges. NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up; SDF Head...

Mark Chadwick

JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), IHI (7013 JP), Tokio...

Ke Yan, CFA, FRM

Japan's Best Performing Retailers

There were strong improvements in both sales and profits for leading retailers last year and the following insight looks at the main winners and...

Michael Causton

Japan Weekly | Nidec, Fast Retailing, BayCurrent

The benchmark index Nikkei 225 closed the week at 32,304 – 87 points lower than the week before. Blame it on the global tech sell-off. We highlight...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Weekly | Lasertec, Fast Retailing, Monotaro, Topcon

​Topix Index rises despite US inflation data and expectations for higher interest rates. Lasertec and Fast Retailing see gains, while Monotaro...

Mark Chadwick

Ohayo Japan|Equity Rally Continues; Tech Surges; JAPAN X: Fast Retailing Sets Its Sights on India

US stocks rally; Tech surges. NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up; SDF Head...

Mark Chadwick

JPX Margin Trading Weekly (Aug 14th): Kioxia, Advantest, IHI, Tokio Marine, Nintendo, Screen

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), IHI (7013 JP), Tokio...

Ke Yan, CFA, FRM

Japan's Best Performing Retailers

There were strong improvements in both sales and profits for leading retailers last year and the following insight looks at the main winners and...

Michael Causton

Japan Weekly | Nidec, Fast Retailing, BayCurrent

The benchmark index Nikkei 225 closed the week at 32,304 – 87 points lower than the week before. Blame it on the global tech sell-off. We highlight...

Mark Chadwick

Topix Index rises despite US inflation data and expectations for higher interest rates. Lasertec and Fast Retailing see gains, while Monotaro...