Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. Another strong post Fed Day with SPX breaks 4100 level; Slew of big tech after hours: AMZN; Google, AAPL-Mkt doesn't like; Ford, not to be left out, MISSES</li>
<li>JAPAN. NKY Futs +0.5% vs Cash; USDJPY 128.69;  Mgmt Transitions,  Sony and Z-HD make changes; Earnings:  Sony +ve;  -ve Panasonic (but special case); Murata - last of bad news ?</li>
<li>DAILY NUGGETS. Panasonic – Still deciding. Seems we have to wait a bit longer on the impact of the IRA credits.</li>
</ul>


OVERSEAS. Another strong post Fed Day with SPX breaks 4100 level; Slew of big tech after hours: AMZN; Google, AAPL-Mkt doesn't like; Ford, not to be left out, MISSES
JAPAN. NKY Futs +0.5% vs Cash; USDJPY 128.69;  Mgmt Transitions,  Sony and Z-HD make changes; Earnings:  Sony +ve;  -ve Panasonic (but special case); Murata - last of bad news ?
DAILY NUGGETS. Panasonic – Still deciding. Seems we have to wait a bit longer on the impact of the IRA credits.


Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding

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>The long awaited lifting of restrictions on inbound tourists in October seems to have given new confidence to domestic tourists too.</li>
<li>Major airlines, hotels and railways are all reporting a significant uplift in bookings with several forecasting that figures will exceed 2019 by March next year.</li>
<li>Retailers have benefitted too, notably department stores and lifestyle retailers. Now all Japan needs is for Chinese tourists to be allowed out.</li>
</ul>


The long awaited lifting of restrictions on inbound tourists in October seems to have given new confidence to domestic tourists too.
Major airlines, hotels and railways are all reporting a significant uplift in bookings with several forecasting that figures will exceed 2019 by March next year.
Retailers have benefitted too, notably department stores and lifestyle retailers. Now all Japan needs is for Chinese tourists to be allowed out.


Japan's Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>In May and June, domestic and outbound Chinese travel demand both softened</li>
<li>Given higher fuel prices and weak consumer sentiment, this shouldn't be a surprise</li>
<li>For Trip.com, we believe tepid Chinese demand could delay recovery in momentum</li>
</ul>


In May and June, domestic and outbound Chinese travel demand both softened
Given higher fuel prices and weak consumer sentiment, this shouldn't be a surprise
For Trip.com, we believe tepid Chinese demand could delay recovery in momentum


Monthly Chinese Tourism Tracker | May, June, Q2 All Show A Clear Softening of Chinese Travel Demand

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.</li>
<li>In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. </li>
<li>More countries are treating COVID-19 not as a pandemic but as a serious flu. </li>
</ul>


In this insight, we discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates.
In addition, we analyze the easing of travel restrictions among major Asian countries including Australia, India, Japan, Singapore, Thailand, and South Korea. 
More countries are treating COVID-19 not as a pandemic but as a serious flu. 


A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p><strong>GAMING PAYABLES</strong> - As part of the fallout from Greensill Capital's collapse, much has been made of the risks involved in supply chain finance and the accounting treatment of payables that can be used to 'flatter' balance sheets that are often overloaded with debt. As <em><strong>@matt_levine</strong></em>observed yesterday:-</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/193/505/original/2021-03-11_10-33-14.png?1615426510" class="editor-image img-responsive" data-smartkarma-image-id="193505"></figure></section><p><strong>APPLYING THE 'DUMB RULE OF THUMB' TO JAPAN</strong> - Accordingly, we have applied a simple screen to our universe of 3,689 Japanse companies with the following criteria:</p><ol>
<li><strong>Market Cap, ex Treasury Stock,&gt; ¥100 billion (672 companies)</strong></li>
<li><strong> Last Quarter Payable Days &gt; -100 (93 companies)</strong></li>
<li><strong>1-Year change in Average Days Payable &gt; -25 (7 companies)</strong></li>
</ol><p>We have excluded <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony (6758 JP)</a>, <a href="https://www.smartkarma.com/entities/z-holdings-corp" target="_blank" data-smartkarma-citation="entities:19603:1" rel="noopener">Z Holdings (4689 JP)</a>, <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, and <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post (6178 JP)</a> from the screening due to their consolidation of financial subsidiaries. The results are in the <strong>DETAIL</strong> section below; however, the TTM Working Capital Day chart for the largest of the seven by market cap is below. It's 'owner' should be no surprise to followers of the Greensill saga.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/193/508/original/2021-03-11_11-04-24.png?1615428279" class="editor-image img-responsive" data-smartkarma-image-id="193508"></figure></section><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>

GAMING PAYABLES - As part of the fallout from Greensill Capital's collapse, much has been made of the risks involved in supply chain finance and the accounting treatment of payables that can be used to 'flatter' balance sheets that are often overloaded with debt. As @matt_levineobserved yesterday:-APPLYING THE 'DUMB RULE OF THUMB' TO JAPAN - Accordingly, we have applied a simple screen to our universe of 3,689 Japanse companies with the following criteria:
Market Cap, ex Treasury Stock,&gt; ¥100 billion (672 companies)
 Last Quarter Payable Days &gt; -100 (93 companies)
1-Year change in Average Days Payable &gt; -25 (7 companies)
We have excluded Sony (6758 JP), Z Holdings (4689 JP), Rakuten (4755 JP), and Japan Post (6178 JP) from the screening due to their consolidation of financial subsidiaries. The results are in the DETAIL section below; however, the TTM Working Capital Day chart for the largest of the seven by market cap is below. It's 'owner' should be no surprise to followers of the Greensill saga.Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Greensill, Gaming Payables & The Seven Samurai of Supply Chain Finance

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)

Good Morning Japan | SPX Breakout but After-Hours Earnings Sap FOMO; Sony Beat; Pana-Still Deciding

NKY Futs indicate +0.5% but are unlikely to be realised as the damper from earnings after hours in the US likely weighs on sentiment. Apple...

Mark Chadwick

Japan's Retailers, Hotels, Carriers Rejoice: Domestic Tourism Surges and Inbound Traffic Rises

Tourism is back in Japan, both domestic and inbound. We outline some of the key beneficiaries and expectations for a return to 2019 levels by next...

Michael Causton

Monthly Chinese Tourism Tracker | May, June, Q2 All Show A Clear Softening of Chinese Travel Demand

Data from May, June, and Q226 show a softening in Chinese air travel demand, for both domestic and outbound travel. Tepid demand will make a quick...

Tracking Traffic

A Review of COVID-19 Cases & The Easing of Travel Restrictions in Major Asian Countries

We discuss the recent COVID-19 stats including cases, deaths, and recovery/death rates in major Asian countries. More countries are treating COVID...

Douglas Kim

🇯🇵 JAPAN • Greensill, Gaming Payables & The Seven Samurai of Supply Chain Finance

As part of the fallout from Greensill Capital's collapse, much has been made of the risks involved in supply chain finance and the accounting...

Campbell Gunn

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