Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

Cross Asset Strategy

<ul>
<li>
Return dispersion among banks is wide enough to select on. Individual outcomes range from <a href="https://www.smartkarma.com/entities/fukui-bank-ltd" target="_blank" data-smartkarma-citation="entities:9011:1" rel="noopener">Fukui Bank (8362 JP)</a> at +264% to <a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a> at -23%.</li>
<li>
Leadership is rotating. Money is moving from small cheap regionals back toward larger names.</li>
<li>
We constructed a barbel portfolio. Leg A holds six trend-confirmed momentum leaders. Leg B holds six accelerating laggards.</li>
</ul>



Return dispersion among banks is wide enough to select on. Individual outcomes range from Fukui Bank (8362 JP) at +264% to Rakuten Bank (5838 JP) at -23%.

Leadership is rotating. Money is moving from small cheap regionals back toward larger names.

We constructed a barbel portfolio. Leg A holds six trend-confirmed momentum leaders. Leg B holds six accelerating laggards.


Japanese Banks: Rotating Beneath the Surface

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Sumitomo Mitsui Trust Holdings / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>The Japan stock market is at ~33 year highs with TOPIX now at July 1990 levels</li>
<li>Japan's banks can see greater gains on stocks as they divest sizable holdings</li>
<li>Vast differences how stocks holdings compare with profit, equity, assets</li>
</ul>


The Japan stock market is at ~33 year highs with TOPIX now at July 1990 levels
Japan's banks can see greater gains on stocks as they divest sizable holdings
Vast differences how stocks holdings compare with profit, equity, assets


Japan Banks - TOPIX at July 1990 Levels, Banks' Stock Holdings In Perspective

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Japanese Mid-cap Banks – Iyogin (TSE:5830) remains our top pick, we drop Hokuhoku from the buy list</li>
<li>Iyogin and Nishi-Nippon rank first and second in our scorecard; Iyogin is a virtual “all-rounder” in terms of attributes whilst Nishi-Nippon scores highly on interest rate gearing and valuation</li>
<li>Hachijuni remains a buy, as it leads on equity shareholdings to market capitalisation and its interest rate gearing is improving; we take profits on Hokuhoku, downgrading it to a neutral</li>
</ul>


Japanese Mid-cap Banks – Iyogin (TSE:5830) remains our top pick, we drop Hokuhoku from the buy list
Iyogin and Nishi-Nippon rank first and second in our scorecard; Iyogin is a virtual “all-rounder” in terms of attributes whilst Nishi-Nippon scores highly on interest rate gearing and valuation
Hachijuni remains a buy, as it leads on equity shareholdings to market capitalisation and its interest rate gearing is improving; we take profits on Hokuhoku, downgrading it to a neutral


Japanese Mid-Cap Banks – Iyogin (TSE:5830) Remains Our Top Pick, We Drop Hokuhoku from the Buy List

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

We all know that Japan has tried to give the impression that they are improving corporate governance. However, when you start to dig into the numbers you see that it is basically just window dressing. We looked at the ages of the Independent Directors and they are not young.... Most should be gardening somewhere in Shizuoka.

We all know that Japan has tried to give the impression that they are improving corporate governance. However, when you start to dig into the numbers you see that it is basically just window dressing. We looked at the ages of the Independent Directors and they are not young.... Most should be gardening somewhere in Shizuoka.  

Independent Director Is a Great Way to Supplement Retirement in Japan....

Japan

Hokuhoku Financial Group, Inc. is a holding company, which manages financial operations for its subsidiaries.  As a financial group, the Company provides general banking services including deposits, loans, and foreign exchange transactions.  The Group also provides other financial services such as leasing and credit cards.

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Hokuhoku Financial Group (8377 JP)

Japanese Banks: Rotating Beneath the Surface

Japanese banks are outperforming, although dispersion is wide. There's a rotation between small/large and cheap/expensive, so we built a barbel...

Damanick Dantes, CMT

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

Japan Banks - TOPIX at July 1990 Levels, Banks' Stock Holdings In Perspective

Japan stock market keeps setting record highs, we should remember that banks have major stock holdings. Stock holdings can be very high relative to...

Daniel Tabbush

Japanese Mid-Cap Banks – Iyogin (TSE:5830) Remains Our Top Pick, We Drop Hokuhoku from the Buy List

Top pick Iyogin stands out as an "all-rounder" in mid-cap banks, Nishi-Nippon and Hachijuni also stay on the buy list for their positive...

Victor Galliano

Independent Director Is a Great Way to Supplement Retirement in Japan....

We all know that Japan has tried to give the impression that they are improving corporate governance. However, when you start to dig into the...

Custom Products Group

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japanese Banks: Rotating Beneath the Surface

Japanese banks are outperforming, although dispersion is wide. There's a rotation between small/large and cheap/expensive, so we built a barbel...

Damanick Dantes, CMT

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

Japan Banks - TOPIX at July 1990 Levels, Banks' Stock Holdings In Perspective

Japan stock market keeps setting record highs, we should remember that banks have major stock holdings. Stock holdings can be very high relative to...

Daniel Tabbush

Japanese Mid-Cap Banks – Iyogin (TSE:5830) Remains Our Top Pick, We Drop Hokuhoku from the Buy List

​Top pick Iyogin stands out as an "all-rounder" in mid-cap banks, Nishi-Nippon and Hachijuni also stay on the buy list for their positive...

Victor Galliano

Independent Director Is a Great Way to Supplement Retirement in Japan....

We all know that Japan has tried to give the impression that they are improving corporate governance. However, when you start to dig into the...

Custom Products Group

Top pick Iyogin stands out as an "all-rounder" in mid-cap banks, Nishi-Nippon and Hachijuni also stay on the buy list for their positive...