Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Kansai Paint: Silchester’s 5.05% stake targets valuation gaps versus global peers, though short-term supply chain tensions in the Middle East warrant a cautious, patient entry.</li>
<li>Casio Computer: 3D Investment Partners aims to unlock value by addressing suboptimal capital allocation and under levered balance sheets to improve G-Shock’s parent company returns.</li>
<li>Tosei Corporation: Activists are circling this cash-generative real estate platform, seeking to optimize capital efficiency and potentially drive a future change of control.</li>
</ul>


Kansai Paint: Silchester’s 5.05% stake targets valuation gaps versus global peers, though short-term supply chain tensions in the Middle East warrant a cautious, patient entry.
Casio Computer: 3D Investment Partners aims to unlock value by addressing suboptimal capital allocation and under levered balance sheets to improve G-Shock’s parent company returns.
Tosei Corporation: Activists are circling this cash-generative real estate platform, seeking to optimize capital efficiency and potentially drive a future change of control.


Japan Activist Briefs | Kansai Paint, Casio, Tosei

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/kansai-paint-co-ltd">Kansai Paint</a> is a top-tier global coatings manufacturer with a strong foothold in the automotive sector and significant growth potential in high-growth regions like India, Africa, and Europe.</li>
  <li>The company demonstrates robust financial health with consistent revenue and net income growth, underpinned by a strong dividend payout history, making it an attractive proposition for income-oriented investors.</li>
  <li>Strategic acquisitions, a focus on sustainable and innovative products (low-VOC, water-based paints), and expansion in industrial and decorative segments are key pillars of its forward-looking strategy, though it faces risks from raw material volatility and intense competition.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Kansai Paint is a top-tier global coatings manufacturer with a strong foothold in the automotive sector and significant growth potential in high-growth regions like India, Africa, and Europe.
  The company demonstrates robust financial health with consistent revenue and net income growth, underpinned by a strong dividend payout history, making it an attractive proposition for income-oriented investors.
  Strategic acquisitions, a focus on sustainable and innovative products (low-VOC, water-based paints), and expansion in industrial and decorative segments are key pillars of its forward-looking strategy, though it faces risks from raw material volatility and intense competition.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Kansai Paint (4613 JP) - Apr 2026

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

<ul>
<li>In our two previous Int'l Compass reports (Aug. 18 &amp; 24) we discussed that we were buyers on the pullback to the major $93 support level on MSCI ACWI (ACWI-US).</li>
<li>$93 on ACWI is 1+ year base support and a level that coincides with the 10-month uptrend. We remain bullish as long as the ACWI-US is above $93.</li>
<li>$93 on ACWI-US is likely the low for this pullback as long as the 10-year Treasury yield and DXY can stay below respective resistance levels (4.3%-4.35% and $103.70-$105.70).</li>
</ul>


In our two previous Int'l Compass reports (Aug. 18 &amp; 24) we discussed that we were buyers on the pullback to the major $93 support level on MSCI ACWI (ACWI-US).
$93 on ACWI is 1+ year base support and a level that coincides with the 10-month uptrend. We remain bullish as long as the ACWI-US is above $93.
$93 on ACWI-US is likely the low for this pullback as long as the 10-year Treasury yield and DXY can stay below respective resistance levels (4.3%-4.35% and $103.70-$105.70).


Further Declines in DXY, Sovereign Yields May Provide More Fuel for a Rally in Global Equities

'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. 

Thematic (Sector/Industry)

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/923/original/2020-02-08_18-15-45.png?1581196263" class="editor-image img-responsive" data-smartkarma-image-id="116923"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/924/original/2020-02-09_06-34-51.png?1581197706" class="editor-image img-responsive" data-smartkarma-image-id="116924"></figure><div class="content-caption">Source • Japan Analytics</div><div class="content-caption"></div><p><strong>OOOPS!</strong> - The 480 quarterly results announced on Friday subtracted a further 20 basis points from our Results Score. If the remaining 38% of companies continue this trend, the current quarter will equal CQ2019-1 and CQ2018-2 in seeing a 200 basis point Results Score decline. 169 forecasts or revision announcements added  5bps to the Forecast/Revision Score, supported by slight upward revisions from <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a> and <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>.  The Results Score has dipped below the Forecast/Revision Score for the first time since July 2016 and is a necessary precursor of the bottoming of the cycle. Japan is now in a recession and could see a decline in GDP for the calendar year. The market's current optimism (aided by the Bank of Japan's buy-the-dips support programme) is more appropriate to the middle of the cycle and, with two further poor earnings quarters ahead, suggests limited further upside. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/925/original/2020-02-08_10-48-19.png?1581199859" class="editor-image img-responsive" data-smartkarma-image-id="116925"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>18x EARNINGS</strong> - Trailing-twelve-month (TTM) Operating Income for the composite of listed companies has declined to ¥57.4t, 10% below the peak of early 2019. TTM Net Income has declined by 20% over the same period, resulting in a 6.1 point increase in the market price-earnings ratio to 17.6 times.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/927/original/2020-02-08_10-55-21.png?1581200256" class="editor-image img-responsive" data-smartkarma-image-id="116927"></figure><div class="content-caption">Source • Japan Analytics</div><p style="text-align: left;"><strong>TTM RESULTS</strong> - TTM Operating Profits have been declining quarter-on-quarter for five straight quarters, and are 8.1% lower year-on-year. The Operating Margin has declined from 7.45% to 6.80%. TTM Revenues are now also falling and have only increased by 0.7% year-on-year.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/116/928/original/2020-02-08_10-59-00.png?1581200533" class="editor-image img-responsive" data-smartkarma-image-id="116928"></figure><div class="content-caption">Source • Japan Analytics</div><p><strong>FORECASTS</strong> - The year-on-year Operating Profit decline using current forecasts is 8.5%, while Revenues are flat. Revenue forecasts have been falling quarter-on-quarter for three quarters in a row. The 'uplift' from TTM to Forecast is just ¥3t for sales and ¥0.3t for OP. </p>

Source • Japan AnalyticsOOOPS! - The 480 quarterly results announced on Friday subtracted a further 20 basis points from our Results Score. If the remaining 38% of companies continue this trend, the current quarter will equal CQ2019-1 and CQ2018-2 in seeing a 200 basis point Results Score decline. 169 forecasts or revision announcements added  5bps to the Forecast/Revision Score, supported by slight upward revisions from Softbank Corp (9434 JP) and Honda Motor (7267 JP).  The Results Score has dipped below the Forecast/Revision Score for the first time since July 2016 and is a necessary precursor of the bottoming of the cycle. Japan is now in a recession and could see a decline in GDP for the calendar year. The market's current optimism (aided by the Bank of Japan's buy-the-dips support programme) is more appropriate to the middle of the cycle and, with two further poor earnings quarters ahead, suggests limited further upside. Source • Japan Analytics18x EARNINGS - Trailing-twelve-month (TTM) Operating Income for the composite of listed companies has declined to ¥57.4t, 10% below the peak of early 2019. TTM Net Income has declined by 20% over the same period, resulting in a 6.1 point increase in the market price-earnings ratio to 17.6 times.Source • Japan AnalyticsTTM RESULTS - TTM Operating Profits have been declining quarter-on-quarter for five straight quarters, and are 8.1% lower year-on-year. The Operating Margin has declined from 7.45% to 6.80%. TTM Revenues are now also falling and have only increased by 0.7% year-on-year.Source • Japan AnalyticsFORECASTS - The year-on-year Operating Profit decline using current forecasts is 8.5%, while Revenues are flat. Revenue forecasts have been falling quarter-on-quarter for three quarters in a row. The 'uplift' from TTM to Forecast is just ¥3t for sales and ¥0.3t for OP. 

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 7th February ▲2121 7267 5713 ▼ 5401 9616 3407

<p><strong>GOOD RESULTS/WEAK MARKET</strong> - It may just be because the ‘Obon’ holidays start next week, but the Japanese equity market has greeted the seventh straight quarter of improved earnings results with a ‘raspberry’. Almost all of the previous two week's gains have been unwound; the 50-day moving average has been breached on the downside and volumes have continued to grind lower. The Market Composite trailing-twelve-month (TTM) PE is now just 14.2x and the lowest level of the soon-to-be-extended ‘era’ of…</p>

GOOD RESULTS/WEAK MARKET - It may just be because the ‘Obon’ holidays start next week, but the Japanese equity market has greeted the seventh straight quarter of improved earnings results with a ‘raspberry’. Almost all of the previous two week's gains have been unwound; the 50-day moving average has been breached on the downside and volumes have continued to grind lower. The Market Composite trailing-twelve-month (TTM) PE is now just 14.2x and the lowest level of the soon-to-be-extended ‘era’ of…

Japan Fortnightly Update: Market PE at ‘Abe-Era’ Low

Japan

KANSAI PAINT CO., LTD. manufactures and sells a wide range of paints and the related products.  The Company's products are used for automobiles, construction, and ships.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Kansai Paint (4613 JP)

Japan Activist Briefs | Kansai Paint, Casio, Tosei

Investors eye valuation gaps at Kansai Paint, Casio Computer, and Tosei Corporation for potential value unlocking strategies amidst supply chain...

Mark Chadwick

Primer: Kansai Paint (4613 JP) - Apr 2026

Kansai Paint is a top-tier global coatings manufacturer with a strong foothold in the automotive sector and significant growth potential in...

αSK Primers

Further Declines in DXY, Sovereign Yields May Provide More Fuel for a Rally in Global Equities

We continue to believe $93 on $ACWI is likely the low for this pullback as long as the 10-year Treasury yield $TNX and $DXY can stay below their...

Vermilion Research

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 7th February ▲2121 7267 5713 ▼ 5401 9616 3407

OOOPS! - The 480 quarterly results announced on Friday subtracted a further 20 basis points from our Results Score. If the remaining 38% of...

Campbell Gunn

Japan Fortnightly Update: Market PE at ‘Abe-Era’ Low

GOOD RESULTS/WEAK MARKET - It may just be because the ‘Obon’ holidays start next week, but the Japanese equity market has greeted the seventh...

Campbell Gunn

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Activist Briefs | Kansai Paint, Casio, Tosei

​Investors eye valuation gaps at Kansai Paint, Casio Computer, and Tosei Corporation for potential value unlocking strategies amidst supply chain...

Mark Chadwick

Primer: Kansai Paint (4613 JP) - Apr 2026

Kansai Paint is a top-tier global coatings manufacturer with a strong foothold in the automotive sector and significant growth potential in...

αSK Primers

Further Declines in DXY, Sovereign Yields May Provide More Fuel for a Rally in Global Equities

We continue to believe $93 on $ACWI is likely the low for this pullback as long as the 10-year Treasury yield $TNX and $DXY can stay below their...

Vermilion Research

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 7th February ▲2121 7267 5713 ▼ 5401 9616 3407

OOOPS! - The 480 quarterly results announced on Friday subtracted a further 20 basis points from our Results Score. If the remaining 38% of...

Campbell Gunn

Japan Fortnightly Update: Market PE at ‘Abe-Era’ Low

GOOD RESULTS/WEAK MARKET - It may just be because the ‘Obon’ holidays start next week, but the Japanese equity market has greeted the seventh...

Campbell Gunn

Investors eye valuation gaps at Kansai Paint, Casio Computer, and Tosei Corporation for potential value unlocking strategies amidst supply chain...