Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>We believe KEPCO is well-positioned within the utility sector to benefit from growing support for nuclear restarts among policy makers and the general public</li>
<li>Given its substantial nuclear power generating capacity, KEPCO will likely see best-in-class balance sheet and cash flow-generation over the next several years.</li>
<li>This puts KEPCO well ahead of peers in terms of both environmental credentials and attractive shareholder returns.</li>
</ul>


We believe KEPCO is well-positioned within the utility sector to benefit from growing support for nuclear restarts among policy makers and the general public
Given its substantial nuclear power generating capacity, KEPCO will likely see best-in-class balance sheet and cash flow-generation over the next several years.
This puts KEPCO well ahead of peers in terms of both environmental credentials and attractive shareholder returns.


Kansai Electric | Growing Support for Nuclear Restarts; Bullish

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX +1.1% rebounds on Tech and Consumer led rally post strong housing, consumer confidence numbers; AI led names back strong after recent profit taking; China Primier says more stimulus</li>
<li>JAPAN. NKY Futs +0.8% vs Cash; USDJPY 144.1;  Speculation grows on MoF Yen intervention as Japan appoints official who led last years intervention; Nintendo Family Office prevails over Toyo Construction</li>
<li>NUGGET. KEPCO(9503) formed a 50-50 JV with US DataCenter specialist CyrusOne. Will look to get 900MW over then next 10 years.  Could be significant future earnings driver for KEPCO.</li>
</ul>


OVERSEAS. SPX +1.1% rebounds on Tech and Consumer led rally post strong housing, consumer confidence numbers; AI led names back strong after recent profit taking; China Primier says more stimulus
JAPAN. NKY Futs +0.8% vs Cash; USDJPY 144.1;  Speculation grows on MoF Yen intervention as Japan appoints official who led last years intervention; Nintendo Family Office prevails over Toyo Construction
NUGGET. KEPCO(9503) formed a 50-50 JV with US DataCenter specialist CyrusOne. Will look to get 900MW over then next 10 years.  Could be significant future earnings driver for KEPCO.


Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

<ul>
<li>OVERSEAS. SPX -0.5% with Tech highflyers bearing the run of the decline; Fed Chair Powell thinking two more hikes this year; Tesla downgraded as rally not backed back fundamentals</li>
<li>JAPAN. NKY Futs -0.1% Disc to Cash;  Expect Japan tech to take the signal from the US; Kishida vow to deliver on wage growth; Panasonic and Mazda do battery deal</li>
<li>NUGGET.  Mitsubishi Motors(7211) - Issues in China fully capture the stuggles for OEMs without a competitive BEV product/strategy. </li>
</ul>


OVERSEAS. SPX -0.5% with Tech highflyers bearing the run of the decline; Fed Chair Powell thinking two more hikes this year; Tesla downgraded as rally not backed back fundamentals
JAPAN. NKY Futs -0.1% Disc to Cash;  Expect Japan tech to take the signal from the US; Kishida vow to deliver on wage growth; Panasonic and Mazda do battery deal
NUGGET.  Mitsubishi Motors(7211) - Issues in China fully capture the stuggles for OEMs without a competitive BEV product/strategy. 


Ohayo Japan| Powell Drives Fear into Equities/Tech; NUGGET: Mit Motors(7211)-Fruitless Uphill Climb

<ul>
<li>OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged</li>
<li>JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA</li>
<li>NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?</li>
</ul>


OVERSEAS. US Rally Pauses as weak(er) Services ISM brings recession risk reminder; MS Big Bearish Call on SPX; Apple unveils Game Changing VR Headset ; Crypto Worries -Binance CEO Charged
JAPAN. NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen;  MS Bullish Call on Japan; Panasonic expands Battery production for TESLA
NUGGET. Data Centers - Demand set to Explode with AI: Next Growth Driver for an Already undervalued Kansai Electric ?


Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

<ul>
<li>OVERSEAS.  SPX Flat as Debt Limit talks Weight; Fed's Bullard sees 2 more hikes; China Ban's Micron's Chips; Ford Moves to secure Lithium supplies. CEO sees Auto prices falling 5%</li>
<li>JAPAN. NKY Futs +0.4% premium vs Cash; Japan to tighten rules on Semi exports to China; Kansai Elect,  CyrusOne set up Japan JV to invest in DataCenters</li>
<li>NUGGET.  Japan passed the GX Promotion Law that will support 150 trillion of investment over the next 10 years. Decarbonization boom in Japan is just beginning..</li>
</ul>


OVERSEAS.  SPX Flat as Debt Limit talks Weight; Fed's Bullard sees 2 more hikes; China Ban's Micron's Chips; Ford Moves to secure Lithium supplies. CEO sees Auto prices falling 5%
JAPAN. NKY Futs +0.4% premium vs Cash; Japan to tighten rules on Semi exports to China; Kansai Elect,  CyrusOne set up Japan JV to invest in DataCenters
NUGGET.  Japan passed the GX Promotion Law that will support 150 trillion of investment over the next 10 years. Decarbonization boom in Japan is just beginning..


Ohayo Japan |SPX Flat;Crunch Time on the Debt; NUGGET: GX Promotion Law - Decarbonization Boom Ahead

Japan

The Kansai Electric Power Company, Incorporated generates electricity from hydroelectric, thermal, geothermal, and nuclear power sources.  The Company distributes electricity to Osaka and the surrounding Kansai area.  Kansai Electric also constructs and maintains electrical power facilities.

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Kansai Electric Power (9503 JP)

Kansai Electric | Growing Support for Nuclear Restarts; Bullish

Kansai Electric reported record Q1 net income of Y193 billion, up from a loss of Y11 billion a year ago, on lower fuel prices (LNG/coal). The...

Mark Chadwick

Ohayo Japan|SPX Rebounds on Raft of Good News; NUGGET: KEPCO(9503)-Nuke Restarts, Next Datacenters

US stocks rebound on strong Macro; NKY Futs +0.8% vs Cash; USDJPY 144.1; Speculation grows on MoF Yen intervention; Nintendo Family Office...

Mark Chadwick

Ohayo Japan| Powell Drives Fear into Equities/Tech; NUGGET: Mit Motors(7211)-Fruitless Uphill Climb

Powell sees 2 more hikes; NKY Futs -0.1% Disc to Cash; Expect Japan tech to take the signal from the US; Kishida vow to deliver on wage growth;...

Mark Chadwick

Ohayo Japan|US Rally Pauses on Services ISM-Recession Fears?; NUGGET: KEPCO, AI, and Data Centers ?

NKY Futs -0.3% vs Cash; Expect a pull back today given US pause, overbought markets, and stronger yen; MS Bullish Call on Japan; Panasonic expands...

Mark Chadwick

Ohayo Japan |SPX Flat;Crunch Time on the Debt; NUGGET: GX Promotion Law - Decarbonization Boom Ahead

SPX flat. US faces Default by June 1 if no Debt deal; NKY Futs +0.4% premium vs Cash; Japan to tighten rules on Semi exports to China; Kansai...

Mark Chadwick

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