Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

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.

Event-Driven

<p><a href="https://www.smartkarma.com/entities/hitachi-ltd" target="_blank" data-smartkarma-citation="entities:7797:1" rel="noopener">Hitachi Ltd (6501 JP)</a> Hitachi announced that its Automotive Systems company, along with three <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a> Keiretsu Group companies, are to merge as shown below:</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/104/285/original/image_49398172641572801915439.png?1572801918" class="editor-image img-responsive" data-smartkarma-image-id="104285"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/104/286/original/image_33493725651572801915439.png?1572801918" class="editor-image img-responsive" data-smartkarma-image-id="104286"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/104/284/original/image_87091671961572801915440.png?1572801918" class="editor-image img-responsive" data-smartkarma-image-id="104284"></figure><div class="content-remarks"><p><em>Source: Company Disclosures (Auto Translated)</em></p></div><p>Hitachi’s possible reasons to agree for this was looked at by Mio Kato in <a href="https://www.smartkarma.com/insights/hitachi-thoughts-on-the-honda-group-autoparts-merger" target="_blank" data-smartkarma-citation="insights:34065" rel="noopener">Hitachi – Thoughts on the Honda Group Autoparts Merger</a>.  This insight looks at the potential synergies from this merger following the disclosures made by the related companies, also highlighting how the merger could possibly allow them to achieve level 5 autonomy, a mark which almost every player in the Auto industry is racing towards.</p><div class="content-highlight"><p>Having covered <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> Denso closely, we are quite convinced that the supplier is leading the AD/ADAS race. That said, the news of this merger reminded us of a similar plan, Denso and a few other <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> suppliers devised last year. <a href="https://www.smartkarma.com/entities/aisin-seiki-co-ltd" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin Seiki (7259 JP)</a>, Advics, <a href="https://www.smartkarma.com/entities/jtekt-corp" target="_blank" data-smartkarma-citation="entities:12197:1" rel="noopener">JTEKT Corp (6473 JP)</a>, and Denso together established a new company J-QuAD Dynamicsto develop integrated control software for automated driving and related functions. We feel that Toyota’s JV and this merger are quite similar in business and technology consolidation. Although Toyota had the JV established within its group, Honda had to look for outside help probably due to its struggle for scale. Overall, it looks like Honda is starting to follow in Toyota’s footsteps.</p></div><p>The key synergies are:</p><ul>
<li>Ability to provide a complete one-stop solution for both 4W and 2W, aiming for a wider customer base.</li>
<li>Although the merged company will not be as large as the Toyota group auto part suppliers like Denso, the company could have good product diversification compared to Toyota group suppliers, serving motorcycles and sports vehicles OEMs. </li>
<li>Ability to accelerate move towards CASE.</li>
<li>Possibility to advance towards other fields where IoT is a key factor, like Medicine similar to Toyota’s Denso.</li>
<li>Cost synergies are likely following elimination of R&amp;D and related cost. In spite of such cost savings, the consolidated company, based on the estimates for FY03/20E could enjoy an OPM of around 6-6.5% higher than that of Denso and Aisin (note that the profitability of these companies has however suffered during recent years, due to their aggressive investment in L/T growth).</li>
</ul>

Hitachi Ltd (6501 JP) Hitachi announced that its Automotive Systems company, along with three Honda Motor (7267 JP) Keiretsu Group companies, are to merge as shown below:Source: Company Disclosures (Auto Translated)Hitachi’s possible reasons to agree for this was looked at by Mio Kato in Hitachi – Thoughts on the Honda Group Autoparts Merger.  This insight looks at the potential synergies from this merger following the disclosures made by the related companies, also highlighting how the merger could possibly allow them to achieve level 5 autonomy, a mark which almost every player in the Auto industry is racing towards.Having covered Denso Corp (6902 JP) Denso closely, we are quite convinced that the supplier is leading the AD/ADAS race. That said, the news of this merger reminded us of a similar plan, Denso and a few other Toyota Motor (7203 JP) suppliers devised last year. Aisin Seiki (7259 JP), Advics, JTEKT Corp (6473 JP), and Denso together established a new company J-QuAD Dynamicsto develop integrated control software for automated driving and related functions. We feel that Toyota’s JV and this merger are quite similar in business and technology consolidation. Although Toyota had the JV established within its group, Honda had to look for outside help probably due to its struggle for scale. Overall, it looks like Honda is starting to follow in Toyota’s footsteps.The key synergies are:
Ability to provide a complete one-stop solution for both 4W and 2W, aiming for a wider customer base.
Although the merged company will not be as large as the Toyota group auto part suppliers like Denso, the company could have good product diversification compared to Toyota group suppliers, serving motorcycles and sports vehicles OEMs. 
Ability to accelerate move towards CASE.
Possibility to advance towards other fields where IoT is a key factor, like Medicine similar to Toyota’s Denso.
Cost synergies are likely following elimination of R&amp;D and related cost. In spite of such cost savings, the consolidated company, based on the estimates for FY03/20E could enjoy an OPM of around 6-6.5% higher than that of Denso and Aisin (note that the profitability of these companies has however suffered during recent years, due to their aggressive investment in L/T growth).


Are Hitachi and Honda Following the Toyota Group's J-QuAD Dynamics JV?

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/075/363/original/2019-01-11_14-16-49.png?1547292773" class="editor-image img-responsive" data-smartkarma-image-id="75363"></figure>
<p></p>
Source: Japan Analytics</div>
<p style="text-align: left;"><strong>CURRENCY DRIVER</strong> - The ¥/US$ cross rate has strengthened by 5.3% since the recent US$ peak of ¥114.20 on November 12th 2018, which has led some FX and technical specialists (including <a href="https://www.smartkarma.com/profiles/381" target="_blank" data-smartkarma-citation="accounts:381">Thomas Schroeder </a> <a href="https://www.smartkarma.com/insights/dollar-yen-big-short-phase-ii" target="_blank" data-smartkarma-citation="insights:27163">here</a> on Smartkarma) to call for a more sustained bout of US$ weakness. A period of Yen strength is far from a consensus forecast for most Japanese equity investors, and historically a stronger Yen has resulted in a weaker Japanese equity market. The three Yen 'peaks' highlighted by the vertical lines in the chart above all coincided with medium-term lows in TOPIX.  </p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/075/287/original/2019-01-11_14-44-07.png?1547185462" class="editor-image img-responsive" data-smartkarma-image-id="75287"></figure>
<div class="content-caption">Source: Japan Analytics</div>
<p><strong>¥ &lt; 100</strong> - If we isolate only the 1,484 days in the last forty years when the USDJPY cross has traded above ¥100, the average TOPIX index is 975, which would imply 36% downside for Japanese equities were the Yen to rise above ¥90. Nevertheless, the three Yen peaks we have isolated have proved to be excellent entry points with the subsequent trough-to-peak performance being 28% in 1995~1996, 108% in 2011~2015 and 48% in 2016~2018. Long-term Japan 'bulls' should welcome the coming US dollar bear market. </p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/075/313/original/2019-01-12_10-50-14.png?1547257825" class="editor-image img-responsive" data-smartkarma-image-id="75313"></figure>
<div class="content-caption">Source: Japan Analytics</div>
<p><strong>EARNINGS DRIVER</strong> - The USDJPY cross remains an important driver of earnings and earnings momentum in Japan. As measured by our Results and Revision Scores, there is a good correlation between the trends in both scores and the year-on-year change in USDJPY lagged by six months, especially around significant turning points for the cross rate (marked by the vertical lines). The Results and Revision Scores have declined since January 2018 in line with the stronger Yen. A move up to above the ¥90 level would, without doubt, take both scores into negative territory again- the only question being, are we replaying 2009/10 or 2016/17? </p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/075/319/original/2019-01-12_13-40-19.png?1547268030" class="editor-image img-responsive" data-smartkarma-image-id="75319"></figure>
<div class="content-caption">Source: Japan Analytics</div>
<p><strong>CURRENCY CORRELATIONS</strong> - In the <strong>DETAIL</strong> below, we list the larger capitalisation companies whose share price performance most closely correlated with the dollar-yen cross rate. As a preview, the most correlated larger capitalisation company that has been listed since 2006 is, unsurprisingly, <a href="https://www.smartkarma.com/entities/73" target="_blank" data-smartkarma-citation="entities:73:1">Toyota Motor (7203 JP)</a>.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/075/318/original/2019-01-12_13-15-40.png?1547266553" class="editor-image img-responsive" data-smartkarma-image-id="75318"></figure>
<div class="content-caption">Source: Japan Analytics</div>
<p><strong>THE FOREIGN CURRENCY TRANSLATION ADJUSTMENT </strong>- We also go one step further and use the 'Foreign Currency Translation Adjustment' that forms part of Other Comprehensive Income (which has been disclosed in corporate balance sheets and income statements since 2001 and 2011, respectively) to measure the extent of each company's global business and the embedded currency risk. The correlation of the aggregate FCTA for all non-financial companies is, as would be expected, reasonably tight after adding two-month lag for the reporting cycle. As these amounts are directly deducted from Net Assets for companies adopting JGAAP and from Shareholders' Equity for those companies reporting under SEC or IFRS standards, the impact on valuations cannot be ignored.</p>




Source: Japan Analytics
CURRENCY DRIVER - The ¥/US$ cross rate has strengthened by 5.3% since the recent US$ peak of ¥114.20 on November 12th 2018, which has led some FX and technical specialists (including Thomas Schroeder  here on Smartkarma) to call for a more sustained bout of US$ weakness. A period of Yen strength is far from a consensus forecast for most Japanese equity investors, and historically a stronger Yen has resulted in a weaker Japanese equity market. The three Yen 'peaks' highlighted by the vertical lines in the chart above all coincided with medium-term lows in TOPIX.  

Source: Japan Analytics
¥ &lt; 100 - If we isolate only the 1,484 days in the last forty years when the USDJPY cross has traded above ¥100, the average TOPIX index is 975, which would imply 36% downside for Japanese equities were the Yen to rise above ¥90. Nevertheless, the three Yen peaks we have isolated have proved to be excellent entry points with the subsequent trough-to-peak performance being 28% in 1995~1996, 108% in 2011~2015 and 48% in 2016~2018. Long-term Japan 'bulls' should welcome the coming US dollar bear market. 

Source: Japan Analytics
EARNINGS DRIVER - The USDJPY cross remains an important driver of earnings and earnings momentum in Japan. As measured by our Results and Revision Scores, there is a good correlation between the trends in both scores and the year-on-year change in USDJPY lagged by six months, especially around significant turning points for the cross rate (marked by the vertical lines). The Results and Revision Scores have declined since January 2018 in line with the stronger Yen. A move up to above the ¥90 level would, without doubt, take both scores into negative territory again- the only question being, are we replaying 2009/10 or 2016/17? 

Source: Japan Analytics
CURRENCY CORRELATIONS - In the DETAIL below, we list the larger capitalisation companies whose share price performance most closely correlated with the dollar-yen cross rate. As a preview, the most correlated larger capitalisation company that has been listed since 2006 is, unsurprisingly, Toyota Motor (7203 JP).

Source: Japan Analytics
THE FOREIGN CURRENCY TRANSLATION ADJUSTMENT - We also go one step further and use the 'Foreign Currency Translation Adjustment' that forms part of Other Comprehensive Income (which has been disclosed in corporate balance sheets and income statements since 2001 and 2011, respectively) to measure the extent of each company's global business and the embedded currency risk. The correlation of the aggregate FCTA for all non-financial companies is, as would be expected, reasonably tight after adding two-month lag for the reporting cycle. As these amounts are directly deducted from Net Assets for companies adopting JGAAP and from Shareholders' Equity for those companies reporting under SEC or IFRS standards, the impact on valuations cannot be ignored.

Japan: What to Buy & Sell if the ¥ Rises to 90

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/11809" target="_blank" data-smartkarma-citation="entities:11809:1">Aisin Seiki (7259 JP)</a> was down 4.5% today following downgrades by Goldman Sachs and Mizuho. This comes after a 16% rally since the middle of Aug that broke the stock out of a small downtrend and we believe it creates an opportunity to buy into the stock.</p><ul>
<li>Ongoing reorganisation within Aisin itself and the Toyota group overall should propel increased investment efficiency and faster response times to opportunities.</li>
<li>Rising demand in China for ATs should propel demand while the attention on EVs discourages competitors from making investments, helping the supply-demand balance and creating an excellent opportunity for Aisin.</li>
<li>1-motor hybrids, eAxles and low-speed autonomous driving systems represent quickly commercialisable technologies to further propel revenue and profit growth.</li>
<li>Valuation multiple trading below historical medians create notable upside.</li>
</ul>

Aisin Seiki (7259 JP) was down 4.5% today following downgrades by Goldman Sachs and Mizuho. This comes after a 16% rally since the middle of Aug that broke the stock out of a small downtrend and we believe it creates an opportunity to buy into the stock.
Ongoing reorganisation within Aisin itself and the Toyota group overall should propel increased investment efficiency and faster response times to opportunities.
Rising demand in China for ATs should propel demand while the attention on EVs discourages competitors from making investments, helping the supply-demand balance and creating an excellent opportunity for Aisin.
1-motor hybrids, eAxles and low-speed autonomous driving systems represent quickly commercialisable technologies to further propel revenue and profit growth.
Valuation multiple trading below historical medians create notable upside.


Aisin Seiki: Reorganisation, Licencing Opportunities Should Boost Margin as ATs Power Revenue Growth

<p>On the 7<sup>th</sup> of September <a href="https://www.smartkarma.com/entities/18703" target="_blank" data-smartkarma-citation="entities:18703:1">Denso Corp (6902 JP)</a> announced that it has agreed with <a href="https://www.smartkarma.com/entities/15895" target="_blank" data-smartkarma-citation="entities:15895:1">Pioneer Corp (6773 JP)</a> to acquire Tohoku Pioneer EG Corporation which is involved in the Factory automation (FA) business. This news is interesting to us following its announcement on the 6th of September about its semiconductor subsidiary NSITEXE, Inc investing in ThinCI Inc. (an AI hardware start-up developing computing platforms). Moreover, towards the end of the previous month, Denso has been quite active agreeing to form a JV with <a href="https://www.smartkarma.com/entities/11809" target="_blank" data-smartkarma-citation="entities:11809:1">Aisin Seiki (7259 JP)</a> , Advics, and <a href="https://www.smartkarma.com/entities/12197" target="_blank" data-smartkarma-citation="entities:12197:1">JTEKT Corp (6473 JP)</a> while also investing in OLED display developer JOLED. In our previous insight ( <a href="https://www.smartkarma.com/insights/denso-raises-stake-in-chip-maker-renesas-a-move-to-accelerate-its-adas-development-further" target="_blank" data-smartkarma-citation="insights:18438">Denso Raises Stake in Chip Maker-Renesas – A Move to Accelerate Its ADAS Development Further</a>) we covered Denso's investment in Renesas. Denso is clearly focusing on investing in next-generation technology companies while also strengthening its other business areas such as FA solutions.</p>

On the 7th of September Denso Corp (6902 JP) announced that it has agreed with Pioneer Corp (6773 JP) to acquire Tohoku Pioneer EG Corporation which is involved in the Factory automation (FA) business. This news is interesting to us following its announcement on the 6th of September about its semiconductor subsidiary NSITEXE, Inc investing in ThinCI Inc. (an AI hardware start-up developing computing platforms). Moreover, towards the end of the previous month, Denso has been quite active agreeing to form a JV with Aisin Seiki (7259 JP) , Advics, and JTEKT Corp (6473 JP) while also investing in OLED display developer JOLED. In our previous insight ( Denso Raises Stake in Chip Maker-Renesas – A Move to Accelerate Its ADAS Development Further) we covered Denso's investment in Renesas. Denso is clearly focusing on investing in next-generation technology companies while also strengthening its other business areas such as FA solutions.

Denso Prepares for the Future; Investments in Tohoku Pioneer EG Following JOLED and ThinCI

Equity Capital Markets

<p>On Wed 22 Aug after the close <a href="https://www.smartkarma.com/entities/11796" target="_blank" data-smartkarma-citation="entities:11796:1">Daido Metal (7245 JP)</a> announced a large secondary offering including new and treasury shares. The offering size is large representing 19.4% of shares outstanding (adjusted for treasury stock) and about 82 days ADV. Trouble with falling margins as the company conducted an extremely rapid overseas expansion led to a weakening balance sheet, and as the company continues to invest to try and generate growth drivers to see it past the eventual decline ICE volumes, a capital raise has become necessary.</p><p>We discuss the following below:</p><ul>
<li>Company business model and industry structure</li>
<li>Growth initiatives and the rationale behind them</li>
<li>Recent margin trends and likely trajectory</li>
<li>Valuation</li>
</ul><table class="table table-striped"><tbody>
<tr>
<td>Details</td>
<td></td>
</tr>
<tr>
<td>New Shares</td>
<td style="text-align: right;">1,558,400</td>
</tr>
<tr>
<td>Treasury Shares to be Sold</td>
<td style="text-align: right;">5,141,600</td>
</tr>
<tr>
<td>Overallotment</td>
<td style="text-align: right;">1,005,000</td>
</tr>
<tr>
<td>Total Shares Offered</td>
<td style="text-align: right;">7,705,000</td>
</tr>
<tr>
<td>Existing Shares Excluding Treasury Stock</td>
<td style="text-align: right;">39,815,253</td>
</tr>
<tr>
<td>Final Shares Outstanding</td>
<td style="text-align: right;">47,520,253</td>
</tr>
<tr>
<td>Implied Dilution vs. Existing Shares Excluding Treasury Stock</td>
<td style="text-align: right;">19.4%</td>
</tr>
<tr>
<td></td>
<td style="text-align: right;"></td>
</tr>
<tr>
<td>Pricing Date (X)</td>
<td style="text-align: right;">29 Aug-4 Sep</td>
</tr>
<tr>
<td>Subscription Date</td>
<td style="text-align: right;">X+1 to X+2</td>
</tr>
<tr>
<td>Payment Date</td>
<td style="text-align: right;">X+5</td>
</tr>
<tr>
<td>Delivery Date</td>
<td style="text-align: right;">X+6</td>
</tr>
<tr>
<td></td>
<td style="text-align: right;"></td>
</tr>
<tr>
<td>Discount </td>
<td style="text-align: right;">0-10%</td>
</tr>
<tr>
<td></td>
<td style="text-align: right;"></td>
</tr>
<tr>
<td>Average 30 day ADV</td>
<td style="text-align: right;">94,143</td>
</tr>
<tr>
<td>Days ADV including Overallotment</td>
<td style="text-align: right;">81.8</td>
</tr>
</tbody></table><p></p><table class="table table-striped"><tbody>
<tr>
<td>Use of Funds</td>
<td>JPY m</td>
</tr>
<tr>
<td>Expansion of capacity for automotive bearings</td>
<td style="text-align: right;">1,875</td>
</tr>
<tr>
<td>Installation of production and sales management system</td>
<td style="text-align: right;">932</td>
</tr>
<tr>
<td>Purchase of European automotive engine bearing affiliates stock to turn the company into a subsidiary</td>
<td style="text-align: right;">820</td>
</tr>
<tr>
<td>Investment in aluminium die casts capacity</td>
<td style="text-align: right;">1,634</td>
</tr>
<tr>
<td>Investment in wind turbing bearing factory</td>
<td style="text-align: right;">1,867</td>
</tr>
<tr>
<td>Total</td>
<td style="text-align: right;">7,128</td>
</tr>
<tr>
<td></td>
<td style="text-align: right;"></td>
</tr>
<tr>
<td>Funds raised at 10% discount to Friday's close</td>
<td style="text-align: right;">6,796</td>
</tr>
<tr>
<td>Shortfall</td>
<td style="text-align: right;">332</td>
</tr>
<tr>
<td>Required price for zero shortfall</td>
<td style="text-align: right;">926</td>
</tr>
<tr>
<td>Implied discount for zero shortfall</td>
<td style="text-align: right;">5.7%</td>
</tr>
</tbody></table>

On Wed 22 Aug after the close Daido Metal (7245 JP) announced a large secondary offering including new and treasury shares. The offering size is large representing 19.4% of shares outstanding (adjusted for treasury stock) and about 82 days ADV. Trouble with falling margins as the company conducted an extremely rapid overseas expansion led to a weakening balance sheet, and as the company continues to invest to try and generate growth drivers to see it past the eventual decline ICE volumes, a capital raise has become necessary.We discuss the following below:
Company business model and industry structure
Growth initiatives and the rationale behind them
Recent margin trends and likely trajectory
Valuation


Details



New Shares
1,558,400


Treasury Shares to be Sold
5,141,600


Overallotment
1,005,000


Total Shares Offered
7,705,000


Existing Shares Excluding Treasury Stock
39,815,253


Final Shares Outstanding
47,520,253


Implied Dilution vs. Existing Shares Excluding Treasury Stock
19.4%






Pricing Date (X)
29 Aug-4 Sep


Subscription Date
X+1 to X+2


Payment Date
X+5


Delivery Date
X+6






Discount 
0-10%






Average 30 day ADV
94,143


Days ADV including Overallotment
81.8



Use of Funds
JPY m


Expansion of capacity for automotive bearings
1,875


Installation of production and sales management system
932


Purchase of European automotive engine bearing affiliates stock to turn the company into a subsidiary
820


Investment in aluminium die casts capacity
1,634


Investment in wind turbing bearing factory
1,867


Total
7,128






Funds raised at 10% discount to Friday's close
6,796


Shortfall
332


Required price for zero shortfall
926


Implied discount for zero shortfall
5.7%



Daido Metal: Heavy Investment Burden Prompts Capital Raise but Can the Company Restore Margins?

Japan

JTEKT Corporation manufactures bearings for motor vehicles and electronic equipment.  The Company also produces steering systems and oil seals for automobiles, electronic control units, and machine tools.

Price Gauge
52-week Range	0.00 - 0.00
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JTEKT Corp (6473 JP)

Are Hitachi and Honda Following the Toyota Group's J-QuAD Dynamics JV?

Hitachi Ltd (6501 JP) Hitachi announced that its Automotive Systems company, along with three Honda Motor (7267 JP) Keiretsu Group companies, are...

Aqila Ali

Japan: What to Buy & Sell if the ¥ Rises to 90

CURRENCY DRIVER - The ¥/US$ cross rate has strengthened by 5.3% since the recent US$ peak of ¥114.20 on November 12th 2018, which has led some FX...

Campbell Gunn

Aisin Seiki: Reorganisation, Licencing Opportunities Should Boost Margin as ATs Power Revenue Growth

Aisin Seiki (7259 JP) was down 4.5% today following downgrades by Goldman Sachs and Mizuho. This comes after a 16% rally since the middle of Aug...

Mio Kato

Denso Prepares for the Future; Investments in Tohoku Pioneer EG Following JOLED and ThinCI

On the 7th of September Denso Corp (6902 JP) announced that it has agreed with Pioneer Corp (6773 JP) to acquire Tohoku Pioneer EG Corporation...

Aqila Ali

Daido Metal: Heavy Investment Burden Prompts Capital Raise but Can the Company Restore Margins?

On Wed 22 Aug after the close Daido Metal (7245 JP) announced a large secondary offering including new and treasury shares. The offering size is...

Mio Kato

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52-week Range

Market Cap (USDm)

P/E

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