Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Thematic (Sector/Industry)

<ul>
<li>Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity</li>
<li>Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed</li>
<li>Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel</li>
</ul>


Domestic and outbound Chinese air traffic continued to recover in April, but aircraft deployed on international routes continued to operate far below capacity
Headline numbers from the recent Labor Day holiday period show an increase in domestic travel activity to above 2019 levels, but spending per trip remains depressed
Tourism activity has increased dramatically compared to 2022, but five months after most Covid-19 restrictions were lifted there are few signs of stong demand for leisure travel


Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS.  Shares of US regional banks crash; Flight to safe haven assets as US2Yr yield crash; Also, strong Yen bid; Nomura expects Fed to CUT next (now that's original).</li>
<li>JAPAN. NKY Futs -2.2% vs Cash; USDJPY strengthens to 133.21; Masatoshi Ito - founder of Ito-Yokado dies at 98; Nidec -Leadership Transition take shape; Japan Post Bank priced; Komatsu upgrade</li>
<li>NUGGET.  JAL EXCEEDS union demands with wage settlement.  Inflation may act as the slayer of inefficient companies as weaker companies will just not be able to keep up.</li>
</ul>


OVERSEAS.  Shares of US regional banks crash; Flight to safe haven assets as US2Yr yield crash; Also, strong Yen bid; Nomura expects Fed to CUT next (now that's original).
JAPAN. NKY Futs -2.2% vs Cash; USDJPY strengthens to 133.21; Masatoshi Ito - founder of Ito-Yokado dies at 98; Nidec -Leadership Transition take shape; Japan Post Bank priced; Komatsu upgrade
NUGGET.  JAL EXCEEDS union demands with wage settlement.  Inflation may act as the slayer of inefficient companies as weaker companies will just not be able to keep up.


Good Morning Japan |US Bank Turmoil Spur Safe Haven Bid; NUGGET:Japan Wage Hikes - Something Special

<ul>
<li>OVERSEAS. Equity Risk-off ahead of NFP; Banks hit on default risk worries and Silvergate Collapse; Bitcoin hit hard (Silverate); Aggressive GM restructuring</li>
<li>JAPAN. NKY Futs -2.2% vs Cash; USDJPY Strengthens to 136.1 as pare risk ahead of Kuroda's final policy decision today;  MORE ACTIVIST WINS-Massive buyback from DNP;  Seven &amp; I Restructuring.</li>
<li>NUGGET. NISSAN, TAKING IT FROM ALL ANGLES. Nissan's bonds downgraded to junk this week; but its worse than you think..company faces serious headwinds.</li>
</ul>


OVERSEAS. Equity Risk-off ahead of NFP; Banks hit on default risk worries and Silvergate Collapse; Bitcoin hit hard (Silverate); Aggressive GM restructuring
JAPAN. NKY Futs -2.2% vs Cash; USDJPY Strengthens to 136.1 as pare risk ahead of Kuroda's final policy decision today;  MORE ACTIVIST WINS-Massive buyback from DNP;  Seven &amp; I Restructuring.
NUGGET. NISSAN, TAKING IT FROM ALL ANGLES. Nissan's bonds downgraded to junk this week; but its worse than you think..company faces serious headwinds.


Good Morning Japan |EQUITY SELL OFF Ahead of NFP-Banks Bear Brunt; NUGGET: Nissan - Its Worse !

<ul>
<li>OVERSEAS. Softer tone from Powell; US equities find support; BUT, Rates extend sell off; Yield Curve -1.08%..screams recession; Shocker from EU as Germany blocks legislation banning ICE sales from 2035. </li>
<li>JAPAN. NKY +0.6% vs Cash; USDJPY 137.4;  Japan set to extend rally for 5th day on weaker yen; Asahi Kasei books ¥185bn impairment loss; Another BUY call on Fanuc</li>
<li>NUGGET. Rakuten stock has been in the doldrums thanks deep losses in domestic mobile ops. Losses likely peaked. Now, Rakuten Symphony is clearly gaining traction. Time to revisit?</li>
</ul>


OVERSEAS. Softer tone from Powell; US equities find support; BUT, Rates extend sell off; Yield Curve -1.08%..screams recession; Shocker from EU as Germany blocks legislation banning ICE sales from 2035. 
JAPAN. NKY +0.6% vs Cash; USDJPY 137.4;  Japan set to extend rally for 5th day on weaker yen; Asahi Kasei books ¥185bn impairment loss; Another BUY call on Fanuc
NUGGET. Rakuten stock has been in the doldrums thanks deep losses in domestic mobile ops. Losses likely peaked. Now, Rakuten Symphony is clearly gaining traction. Time to revisit?


Good Morning Japan | Softer Tone from Powell; EU EV Shocker; NUGGET: Rakuten Symphony - Wins Coming!

<ul>
<li>OVERSEAS. Strong Beta Close in US Markets, with SPX +1.6%; US 10YR Yield retreated to under 4%; Tech  w/SOX +1.5%, led by BroadCom. +5.7%;  Ford +4% on strong EV demand</li>
<li>JAPAN. NKY Futs +0.9% vs Cash; USDJPY strenthens 135.8;  Expect follow on Beta/Semi bid on Broadcom sentiment lift; Govt to restrain EPCO px Hikes; Renesas, OAL, JAL added to NKY </li>
<li>NUGGET: Advantest looks best positioned to benefit from the emerging boom in Generative AI. </li>
</ul>


OVERSEAS. Strong Beta Close in US Markets, with SPX +1.6%; US 10YR Yield retreated to under 4%; Tech  w/SOX +1.5%, led by BroadCom. +5.7%;  Ford +4% on strong EV demand
JAPAN. NKY Futs +0.9% vs Cash; USDJPY strenthens 135.8;  Expect follow on Beta/Semi bid on Broadcom sentiment lift; Govt to restrain EPCO px Hikes; Renesas, OAL, JAL added to NKY 
NUGGET: Advantest looks best positioned to benefit from the emerging boom in Generative AI. 


Good Morning Japan | Equities - All Good (Again); Strong Tech Bid; EV, AI Drivers; NUGGET: Advantest

Japan

Japan Airlines Co. Ltd. provides air transportation services. The Company offers a variety of scheduled  flights and unscheduled flights throughout the world as well as offers air courier services. Japan Airlines also provides tickets, resort hotels, and travel agencies services.

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Japan Airlines (9201 JP)

Monthly Chinese Tourism Tracker | Recovery Continues | But Seats Stay Empty | (May 2023)

In April domestic and international air traffic continued to improve from depressed pandemic levels, but there are growing signs that Chinese...

Tracking Traffic

Good Morning Japan |US Bank Turmoil Spur Safe Haven Bid; NUGGET:Japan Wage Hikes - Something Special

NKY Futures are set for more losses at the open, driven by the safe-haven bid for the yen. Surely, this macro-driven sell-off is a buying opportunity?

Mark Chadwick

Good Morning Japan |EQUITY SELL OFF Ahead of NFP-Banks Bear Brunt; NUGGET: Nissan - Its Worse !

NKY Futs -2.2% vs Cash; USDJPY Strengthens to 136.1 as pare risk ahead of Kuroda's final policy decision today; MORE ACTIVIST WINS-Massive buyback...

Mark Chadwick

Good Morning Japan | Softer Tone from Powell; EU EV Shocker; NUGGET: Rakuten Symphony - Wins Coming!

NKY +0.6% vs Cash; USDJPY 137.4; Japan set to extend rally for 5th day on weaker yen; Asahi Kasei books ¥185bn impairment loss; Another BUY call...

Mark Chadwick

Good Morning Japan | Equities - All Good (Again); Strong Tech Bid; EV, AI Drivers; NUGGET: Advantest

Strong close to US on Friday lead by Tech; In Japan. expect follow on Beta/Semi bid on Broadcom sentiment lift; Govt to restrain EPCO px Hikes;...

Mark Chadwick

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