Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<h2>Headlines</h2><ul><li>Refrigeration appliances sees 5% volume growth in 2016 to reach 4.2 million units.</li><li>Demand for refrigeration appliances rebounds following declines caused by VAT increase in April 2014.</li><li>Fridge freezers is the fastest-growing category, with a 6% volume increase in 2016.</li><li>Premiumisation continues to play a key role in raising unit prices in refrigeration appliances in Japan.</li><li>Panasonic retains the lead in 2016, though Hitachi gains ground.</li><li>Refrigeration appliances’ performance over 2016-2021 is set to echo the declining number of households, with a -1% CAGR forecast in volume terms.</li></ul>

HeadlinesRefrigeration appliances sees 5% volume growth in 2016 to reach 4.2 million units.Demand for refrigeration appliances rebounds following declines caused by VAT increase in April 2014.Fridge freezers is the fastest-growing category, with a 6% volume increase in 2016.Premiumisation continues to play a key role in raising unit prices in refrigeration appliances in Japan.Panasonic retains the lead in 2016, though Hitachi gains ground.Refrigeration appliances’ performance over 2016-2021 is set to echo the declining number of households, with a -1% CAGR forecast in volume terms.

Sector Capsule: Refrigeration Appliances in Japan

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

<p>I have always known that Japanese companies change around their segments in order to make it more difficult for investors. I know this because when I was in Panasonic's IR department a lifetime ago it is exactly what we did. However, we have always wondered if the lack of transparency translated into poor price performance.</p><p>That is not the case. In fact over the last 10 years the group with the most changes in segments significantly outperformed the group with the least changes. However they both…</p>

I have always known that Japanese companies change around their segments in order to make it more difficult for investors. I know this because when I was in Panasonic's IR department a lifetime ago it is exactly what we did. However, we have always wondered if the lack of transparency translated into poor price performance.That is not the case. In fact over the last 10 years the group with the most changes in segments significantly outperformed the group with the least changes. However they both…

Companies that Change Segment Names Do Not Get Punished....

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

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

Research Reinvented

Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights published on Smartkarma.</li>
<li>In this cut, we examine the global naval reinvestment cycle, survey stocks benefitting from nuclear power's comeback, and review the case for a couple of confirmed corporate spin-offs.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,600+ insights published on Smartkarma.
In this cut, we examine the global naval reinvestment cycle, survey stocks benefitting from nuclear power's comeback, and review the case for a couple of confirmed corporate spin-offs.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://asia.nikkei.com/business/business-deals/toyota-supplier-denso-to-withdraw-proposal-to-take-over-rohm" target="_blank" rel="noopener">Nikkei reports</a> that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will withdraw its proposal for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> as the two sides were “<em>unable to see eye-to-eye on an offer.</em>” </li>
<li>Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. </li>
<li>The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. </li>
</ul>


The Nikkei reports that Denso Corp (6902 JP) will withdraw its proposal for ROHM Co Ltd (6963 JP) as the two sides were “unable to see eye-to-eye on an offer.” 
Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. 
The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. 


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>The Nikkei reported Saturday morning that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will withdraw its takeover proposal for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>. </li>
<li>The question was always whether Rohm thought being taken over was good for corporate value or if Denso would go hostile. We now know the answer to both questions.</li>
<li>Now we are left with Rohm and its standalone value, and the value of being bigger in power semiconductors. </li>
</ul>


The Nikkei reported Saturday morning that Denso Corp (6902 JP) will withdraw its takeover proposal for ROHM Co Ltd (6963 JP). 
The question was always whether Rohm thought being taken over was good for corporate value or if Denso would go hostile. We now know the answer to both questions.
Now we are left with Rohm and its standalone value, and the value of being bigger in power semiconductors. 


[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

Sector Capsule: Refrigeration Appliances in Japan

Headlines Refrigeration appliances sees 5% volume growth in 2016 to reach 4.2 million units. Demand for refrigeration appliances rebounds following...

Euromonitor International Ltd.

Companies that Change Segment Names Do Not Get Punished....

I have always known that Japanese companies change around their segments in order to make it more difficult for investors. I know this because when...

Custom Products Group

Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...

Pranav Rao

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

Denso approached Rohm with a takeover proposal. Rohm shares popped. Then rose further (with reason). Now Denso has walked away. The knee-jerk...

Travis Lundy

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Sector Capsule: Refrigeration Appliances in Japan

Headlines Refrigeration appliances sees 5% volume growth in 2016 to reach 4.2 million units. Demand for refrigeration appliances rebounds following...

Euromonitor International Ltd.

Companies that Change Segment Names Do Not Get Punished....

I have always known that Japanese companies change around their segments in order to make it more difficult for investors. I know this because when...

Custom Products Group

Curator's Cut: Naval Navigations, Nuclear Renaissance & Spin-Off Situations

​This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...

Pranav Rao

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

[Japan M&A] - Denso Withdraws Rohm (6963) Takeover Proposal - Now It's Just Value

Denso approached Rohm with a takeover proposal. Rohm shares popped. Then rose further (with reason). Now Denso has walked away. The knee-jerk...

Travis Lundy

This Curator's Cut issue highlights global naval reinvestment, nuclear power stocks, and corporate spin-offs from Smartkarma's insights. Comment...