Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Upbeat results briefing from <a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" rel="noopener">Asahi Intecc</a> on Friday continues to make this look oversold with GPM bottoming, its MTP 1-year ahead of plan and strong growth outlooks for key markets China and US.</li>
<li>With numbers out for <a href="https://www.smartkarma.com/compose/insight/155896/Pan%20Pacific%20International%20Holdings%20(7532%20JP)" target="_blank" rel="noopener">PPIH</a> on Friday and the outlook reassuringly steady, this may start to get more attention as NKY225 inclusion candidate given it comes from the under-represented consumer goods segment.</li>
<li>AMAT numbers showing a decline in China revenues a red flag for Japanese SPE names overly reliant on China sales?</li>
</ul>


Upbeat results briefing from Asahi Intecc on Friday continues to make this look oversold with GPM bottoming, its MTP 1-year ahead of plan and strong growth outlooks for key markets China and US.
With numbers out for PPIH on Friday and the outlook reassuringly steady, this may start to get more attention as NKY225 inclusion candidate given it comes from the under-represented consumer goods segment.
AMAT numbers showing a decline in China revenues a red flag for Japanese SPE names overly reliant on China sales?


Japan Morning Connection: Asahi Intecc, PPIH

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the prior week witnessed a number of listings with divergent results.</li>
<li>Given the market volatility, there was only one large placements in the prior week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the prior week witnessed a number of listings with divergent results.
Given the market volatility, there was only one large placements in the prior week.


ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

<ul><li>Uniqlo Co. Ltd.’s strategy of raising prices in the face of rising costs has taken a toll on the Japanese clothing retailer’s bottom line in China due to growing competition and thriftier consumers.</li><li>The fast-fashion chain’s Greater China profit and revenue both fell in local currency terms during the March-May period, dragged down by poor performance on the Chinese mainland and in Hong Kong, according to earnings results released last month by its parent company, Fast Retailing Co. Ltd. The results did not provide specific earnings figures for the period.</li><li>Fast Retailing attributed the poor performance to lackluster consumer appetite, unseasonal weather and an insufficient product lineup to satisfy local customer needs.</li></ul>

Uniqlo Co. Ltd.’s strategy of raising prices in the face of rising costs has taken a toll on the Japanese clothing retailer’s bottom line in China due to growing competition and thriftier consumers.The fast-fashion chain’s Greater China profit and revenue both fell in local currency terms during the March-May period, dragged down by poor performance on the Chinese mainland and in Hong Kong, according to earnings results released last month by its parent company, Fast Retailing Co. Ltd. The results did not provide specific earnings figures for the period.Fast Retailing attributed the poor performance to lackluster consumer appetite, unseasonal weather and an insufficient product lineup to satisfy local customer needs.

Struggles in China Hurt Uniqlo’s Bottom Line

Cross Asset Strategy

<ul><li>Law / In Depth: How to better protect procedural justice for criminal suspects in China</li><li>Default /: State-backed leasing firm misses $55.9 million bond payment</li><li>Corruption /: Former boss of Shanghai’s state-owned conglomerate tried for embezzlement and bribery </li></ul>

Law / In Depth: How to better protect procedural justice for criminal suspects in ChinaDefault /: State-backed leasing firm misses $55.9 million bond paymentCorruption /: Former boss of Shanghai’s state-owned conglomerate tried for embezzlement and bribery 

CX Daily: How to Better Protect Procedural Justice for Criminal Suspects in China 

Japan Specialist

Mark Chadwick

<ul>
<li>Fast Retailing delivered an impressive Q3 report. Sales +10% YoY were +3% above our expectations. </li>
<li>Big jump in profitability. OP +31% YoY to Y145b driven by +57% jump in Uniqlo Japan earnings. Record consolidated OPM ~19% </li>
<li>Uniqlo's performance is leaving global peers in its wake. Profitability now rivalling Inditex. However, valuations remain at a premium</li>
</ul>


Fast Retailing delivered an impressive Q3 report. Sales +10% YoY were +3% above our expectations. 
Big jump in profitability. OP +31% YoY to Y145b driven by +57% jump in Uniqlo Japan earnings. Record consolidated OPM ~19% 
Uniqlo's performance is leaving global peers in its wake. Profitability now rivalling Inditex. However, valuations remain at a premium


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.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Fast Retailing (9983 JP)

Japan Morning Connection: Asahi Intecc, PPIH

Positive results from Asahi Intecc show oversold potential; PPIH's steady outlook may indicate NKY225 cadidate; AMAT numbers showing decline in...

Andrew Jackson

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Struggles in China Hurt Uniqlo’s Bottom Line

Uniqlo Co. Ltd.’s strategy of raising prices in the face of rising costs has taken a toll on the Japanese clothing retailer’s bottom line in China...

Caixin Global

CX Daily: How to Better Protect Procedural Justice for Criminal Suspects in China

Law / In Depth: How to better protect procedural justice for criminal suspects in China China’s legislature is looking to amend its 45-year-old...

Caixin Global

Fast Retailing (9983) | Q3 Masterclass

Fast Retailing reported an 8.1% year-on-year increase in domestic same-store sales for UNIQLO in July, marking four consecutive months of growth....

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Asahi Intecc, PPIH

​Positive results from Asahi Intecc show oversold potential; PPIH's steady outlook may indicate NKY225 cadidate; AMAT numbers showing decline in...

Andrew Jackson

ECM Weekly (12th Aug 2024) - Ola Electric, Brainbees, WeRide, Akum, CR Beverages, Eternal Beauty

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Struggles in China Hurt Uniqlo’s Bottom Line

Uniqlo Co. Ltd.’s strategy of raising prices in the face of rising costs has taken a toll on the Japanese clothing retailer’s bottom line in China...

Caixin Global

CX Daily: How to Better Protect Procedural Justice for Criminal Suspects in China

Law / In Depth: How to better protect procedural justice for criminal suspects in China China’s legislature is looking to amend its 45-year-old...

Caixin Global

Fast Retailing (9983) | Q3 Masterclass

Fast Retailing reported an 8.1% year-on-year increase in domestic same-store sales for UNIQLO in July, marking four consecutive months of growth....

Mark Chadwick

Positive results from Asahi Intecc show oversold potential; PPIH's steady outlook may indicate NKY225 cadidate; AMAT numbers showing decline in...