Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

As <a href="https://www.smartkarma.com/insights/boj-the-80-trillion-yen-question" target="_blank">forecast by Europacifica</a>, BOJ offered symbolic (modest) easing today.- Though it left overnight rates at -0.1%, the BOJ increased its <a href="https://www.boj.or.jp/en/announcements/release_2016/k160729a.pdf" target="_blank">ETF purchases</a> from JPY3.3trn to JPY6trn by a 7-2 majority vote.  - As anticipated, the BOJ refrained from extreme policies such as unlimited monetisation of government debt ("helicopter money").  - The BOJ also declined to further distort the measure of inflation expectations encapsulated in the JGBi market, or to pressure liquidity further by increasing the…

As forecast by Europacifica, BOJ offered symbolic (modest) easing today.- Though it left overnight rates at -0.1%, the BOJ increased its ETF purchases from JPY3.3trn to JPY6trn by a 7-2 majority vote.  - As anticipated, the BOJ refrained from extreme policies such as unlimited monetisation of government debt ("helicopter money").  - The BOJ also declined to further distort the measure of inflation expectations encapsulated in the JGBi market, or to pressure liquidity further by increasing the…

BOJ Outcome: Symbolic Stimulus (As We Predicted)

The Bank of Japan July policy meeting ends tomorrow (Friday 29 July), and markets remain divided as to its outcome.   Although expectations of easing are building (including, according to Nikkei reports, within the BOJ), we see reasons why the BOJ may choose to adopt more modest easing measures than markets expect.Earlier this week, markets were not greatly surprised by the Fed’s upbeat tone on 27 July, but as the FOMC left rates on hold, judging that  “[n<a href="https://www.federalreserve.gov/newsevents/press/monetary/20160727a.htm" target="_blank">]ear-term risks to the economic outlook</a>…

The Bank of Japan July policy meeting ends tomorrow (Friday 29 July), and markets remain divided as to its outcome.   Although expectations of easing are building (including, according to Nikkei reports, within the BOJ), we see reasons why the BOJ may choose to adopt more modest easing measures than markets expect.Earlier this week, markets were not greatly surprised by the Fed’s upbeat tone on 27 July, but as the FOMC left rates on hold, judging that  “[n]ear-term risks to the economic outlook…

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently eleven pair trade opportunities persist across four markets and five sectors.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently eleven pair trade opportunities persist across four markets and five sectors.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Apr 2026)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/kikkoman-corp" target="_blank" data-smartkarma-citation="entities:11720:1" rel="noopener">Kikkoman (2801 JP)</a> vs. <a href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20386:1" rel="noopener">Nitori (9843 JP)</a> price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: Going long Nitori (9843 JP) and short Kikkoman (2801 JP) targets a 9% return.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The Kikkoman (2801 JP) vs. Nitori (9843 JP) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: Going long Nitori (9843 JP) and short Kikkoman (2801 JP) targets a 9% return.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Nitori (9843 JP) Vs. Kikkoman (2801 JP): Statistical Arbitrage Setup in Consumer Pair

HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Foshan Haitian Flavouring and Food / Equity Capital Markets

Foshan Haitian Flavouring and Food (3288 HK)

<ul>
<li>Fundamentals first, <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a>'s IPO is interesting given a positive growth outlook - 1Q25 growth accelerated to 14.8% with margin expansion. </li>
<li>We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.  </li>
<li>It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap. </li>
</ul>


Fundamentals first, Foshan Haitian Flavouring &amp; Food Company (3288 HK)'s IPO is interesting given a positive growth outlook - 1Q25 growth accelerated to 14.8% with margin expansion. 
We value the H-share at HK$39.35, 8.4% higher than the high-end of the IPO price based on 28.2x FY25F PER to reflect its significantly stronger 3-year earnings growth.  
It equals 5.9x pre-money FY25F P/B, justified by ROE of 21.8-22%, sharply ahead of peers. Net cash equals 12.4% of its A-share market cap. 


Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective

Japan

KIKKOMAN CORPORATION produces and markets soy sauce, alcoholic beverages, and other food products.  The Company has marketing rights for Del Monte brand products outside of the United States.  Kikkoman also operates restaurants in Japan and other countries.

Price Gauge
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Kikkoman Corp (2801 JP)

BOJ Outcome: Symbolic Stimulus (As We Predicted)

As forecast by Europacifica, BOJ offered symbolic (modest) easing today.- Though it left overnight rates at -0.1%, the BOJ increased its ETF...

Naomi Fink

BOJ: The 80 Trillion Yen Question

The Bank of Japan July policy meeting ends tomorrow (Friday 29 July), and markets remain divided as to its outcome. Although expectations of...

Naomi Fink

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Apr 2026)

Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Nitori (9843 JP) Vs. Kikkoman (2801 JP): Statistical Arbitrage Setup in Consumer Pair

Relative value opportunity targeting 9% by going long Nitori (9843 JP) and short Kikkoman (2801 JP), appealing to quantitative traders seeking mean...

Gaudenz Schneider

Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective

Foshan Haitian H-share's IPO is attractive given a positive outlook with accelerated growth and margin expansion, valued at HK$39.35 based on...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BOJ Outcome: Symbolic Stimulus (As We Predicted)

As forecast by Europacifica, BOJ offered symbolic (modest) easing today.- Though it left overnight rates at -0.1%, the BOJ increased its ETF...

Naomi Fink

BOJ: The 80 Trillion Yen Question

The Bank of Japan July policy meeting ends tomorrow (Friday 29 July), and markets remain divided as to its outcome. Although expectations of...

Naomi Fink

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (6 Apr 2026)

​Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Nitori (9843 JP) Vs. Kikkoman (2801 JP): Statistical Arbitrage Setup in Consumer Pair

Relative value opportunity targeting 9% by going long Nitori (9843 JP) and short Kikkoman (2801 JP), appealing to quantitative traders seeking mean...

Gaudenz Schneider

Foshan Haitian Flavouring (3288 HK) IPO: The Valuation Perspective

​Foshan Haitian H-share's IPO is attractive given a positive outlook with accelerated growth and margin expansion, valued at HK$39.35 based on...

Osbert Tang, CFA

Statistical methodology identifies eleven pair trade opportunities across four markets and five sectors, offering unique insights into relative...

Foshan Haitian H-share's IPO is attractive given a positive outlook with accelerated growth and margin expansion, valued at HK$39.35 based on...