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

TSE Tokyo Price Index TOPIX / Technical Analysis

In this report we highlight attractive and actionable themes within developed int’l markets: Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account for half of today’s individual recommendations Countries that are (1) developing positively in terms of price and RS and (2) have significant representation in this report include: Japan (TOPIX), Switzerland (SMI), and France (CAC 40).Outside of the above themes, a bottoms-up approach is required to uncover attractive and actionable stocks. On page 4 we include a table of all stocks highlighted in this report.

In this report we highlight attractive and actionable themes within developed int’l markets: Technology and Industrials continue to be two of the most attractive Sectors globally -- overweight. These two Sectors account for half of today’s individual recommendations Countries that are (1) developing positively in terms of price and RS and (2) have significant representation in this report include: Japan (TOPIX), Switzerland (SMI), and France (CAC 40).Outside of the above themes, a bottoms-up approach is required to uncover attractive and actionable stocks. On page 4 we include a table of all stocks highlighted in this report. 

Overweight Global Technology & Industrials

'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/000/061/034/original/2018-08-16_19-07-34.png?1534672507" class="editor-image img-responsive" data-smartkarma-image-id="61034"></figure><div class="content-caption">Source: Japan Analytics</div>A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our '<a href="https://www.smartkarma.com/insights/japan-most-overbought-most-oversold-the-relative-price-score" target="_blank" data-smartkarma-citation="insights:21149">Nifty 50</a>' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.<div class="content-highlight">MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.</div>SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is <a href="https://www.smartkarma.com/entities/359" target="_blank" data-smartkarma-citation="entities:359:1">Japan Post [6178 JP</a>]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.<div class="content-highlight">
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
</div>SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.<div class="content-highlight">
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
</div>TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/061/038/original/2018-08-19_19-33-03.png?1534674804" class="editor-image img-responsive" data-smartkarma-image-id="61038"></figure>

Source: Japan AnalyticsA GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in earnings.  However, the score has only declined by 31 basis points since last quarter showing a degree of 'stability' seen only in 2011 in recent years.  The aggregate Forecast/Revision score has also continued to decline and is now lower for the fourth straight month. As would be expected, this score is a reliable leading indicator for the Results Score and suggests further weakening in the rate of earnings growth in the months ahead.  Neither score is, as yet, suggesting a decline in earnings before the end of the fiscal year.YEN CORRELATION WEAKENING - This quarter's earnings' stability was surprising given the relative strength of the Yen compared to a year ago. In the past and even as recently as 2016, a 5 per cent year-on-year decline has resulted in negative Results Scores. The year-on-year change in now positive so any negative impact will dissipate over the next two quarters.MARKET FOLLOWS MOMENTUM LOWER - The All Market Composite peaked on 23rd January and has since fallen by 11% despite a continuation of the Bank of Japan's ETF purchasing programme. Weakening earnings momentum and the overvaluation of many of the leading stocks, as in our 'Nifty 50' portfolio, have been contributing factors. With prospects for a much weaker Yen limited by the current trade negotiations between Japan and the United States, and with global growth slowing, we expect both Results and Revision Scores to trend lower, but to end the fiscal year in positive territory. Historically, the market has not risen during periods when both the Results and Forecast/Revision Scores have been trending down.MARKET RECOMMENDATION - Within a global portfolio, we would market-weight Japanese equities with a bias towards domestic sectors and not hedge the currency exposure.SECTOR RESULTS SCORES -The good news is that only one sector, (Multi-Industry - 75% of which is Japan Post [6178 JP]) has a negative score - and its score is less negative than last quarter. Both the Media and Consumer Services sectors' scores turned positive and each increased by more than two points.  On the other hand, over half of our 29 sectors saw declining scores, although the number was lower than last quarter.  The top sectors in terms of quarter-on-quarter change were Energy, Consumer Services, Media, Information Technology and Other Commercial Products while the laggards were Non-Bank Finance, Chemicals, Construction, Machinery and Utilities. SECTOR REVISION SCORES - Five sectors have negative Forecast/Revision Scores with Utilities now joining Media, Multi-Industry, Autos and Banks from last quarter. The highest scores are in the Energy, Technology Hardware, Electrical Equipment, Retail and Information Technology sectors. Improvements of greater than one point were seen in Energy, Media and Machinery while Food, Beverages &amp; Tobacco, Chemicals, Utilities, Other Materials and Technology Hardware all lost more than one point. Overall eighteen sectors saw declines.REVISION V. RESULTS SCORES - The difference between the Results and Revision Scores is a good indicator of corporate expectations compared with the trailing-twelve-month reality. In some cases (e.g. Restaurants) the 'optimism' is due to a failure to revise forecasts in the light of weaker results. In others, such as Telecommunications, there is scope for upward revisions in the coming quarters.
THE OPTIMISTS
Restaurants • Other Materials • Electrical Equipment • Technology Hardware • Retail
THE PESSIMISTS
Banks • Autos • Telecommunications • Utilities • Media • Chemicals
SECTOR PERFORMANCE - Over the last three months, our Japan Market Composite declined by 5.8%. Only four sectors saw an increase in value led by Telecommunications, Energy, Commercial Services and Information Technology. The largest declines were in the Building Materials, Metals, Real Estate Construction and Machinery sectors. Nine sectors are now negative over one year led by Building Materials, Metals and Food, Beverages &amp; Tobacco and only eight are up in double-digits led by Services and Information Technology. For the time being, Domestic Non-Manufacturing sectors 'rules the roost' and Domestic Cyclical sectors have taken over from Global Cyclicals in the 'doghouse'.'.
SECTOR RECOMMENDATIONS
Our most-preferred sectors are currently Energy, Healthcare, Telecommunications, Other Commercial Products and Information Technology.
Least-preferred sectors are Metals, Chemicals, Machinery, Autos, Construction, Real Estate, Building Materials, Food Beverages &amp; Tobacco and Utilities.
TOP 5 LARGER PEER GROUPS - The top five Peer Groups capitalised at over ¥1 trillion are Machine Tools &amp; Presses, PC &amp; Computer Peripherals, Oil &amp; Gas Refining &amp; Marketing, Telecom Distribution Services and Sporting &amp; Outdoor Goods. The top twenty larger Peer Groups have gained 16% over one year but have declined by 4% on average the last three months.BOTTOM 5 LARGER PEER GROUPS - The bottom five Peer Groups capitalised at over ¥1 trillion are Audio/Visual Content, LCD/LED Materials &amp; Equipment, Electrical Engineering, General Contractors and Real Estate - Leasing. The bottom twenty larger Peer Groups have lost 2% over one year and 9% over the last three months. Only Security Services and Tobacco have risen since May.

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

Shares in <a href="https://www.smartkarma.com/entities/13606" target="_blank" data-smartkarma-citation="entities:13606:1">Cyberdyne (7779 JP)</a> have surged following the news that it has gained approval in the US for its "Medical HAL" exoskeleton suit to be used in healthcare situations. This is not only bad news for those that have either shorted the stock or written short recommendations about the stock, it means that all four of the high-profile short sell recommendations written on Japanese stocks in 2015~16 have gone the wrong way, generally very badly. This report looks at (1) why Japanese short sell recommendations have generally not worked (2) why Cyberdyne should never have been a short sell recommendation in the first place (and whether it is in fact now a "buy") and (3) whether you can, with any consistency, make short sell calls in Japan that are correct. The latter point begs the question raised in the title: will anyone be brave enough to issue another high-profile Japanese short sell report?

Shares in Cyberdyne (7779 JP) have surged following the news that it has gained approval in the US for its "Medical HAL" exoskeleton suit to be used in healthcare situations. This is not only bad news for those that have either shorted the stock or written short recommendations about the stock, it means that all four of the high-profile short sell recommendations written on Japanese stocks in 2015~16 have gone the wrong way, generally very badly. This report looks at (1) why Japanese short sell recommendations have generally not worked (2) why Cyberdyne should never have been a short sell recommendation in the first place (and whether it is in fact now a "buy") and (3) whether you can, with any consistency, make short sell calls in Japan that are correct. The latter point begs the question raised in the title: will anyone be brave enough to issue another high-profile Japanese short sell report?

Cyberdyne (7779) - Is This the Death-Knell for Short Sell Reports on Japanese Stocks?

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Which companies come into your portfolio when you want to invest in Indonesian infrastructure theme?*********************************************************************************************In this report, you will find out about what really happened with Jakarta's traffic conditions which have improved over the years but sped up during the last Governor's administration. The notion that foreign fund flow is the main determinant of the Indonesian equity market bull run is being reduced with the emergence of domestic fund house as well as the local statutory board.The unusual suspects in the Indo-Infrastructure theme are:<ol><li><a href="https://www.smartkarma.com/entities/16494" target="_blank" data-smartkarma-citation="entities:16494:1">Cardig Aero Services Tbk Pt (CASS IJ)</a></li><li><a href="https://www.smartkarma.com/entities/23564" target="_blank" data-smartkarma-citation="entities:23564:1">PT Aneka Gas Industri (AGII IJ)</a></li><li><a href="https://www.smartkarma.com/entities/2667" target="_blank" data-smartkarma-citation="entities:2667:1">Soechi Lines Tbk Pt (SOCI IJ)</a></li><li><a href="https://www.smartkarma.com/entities/9513" target="_blank" data-smartkarma-citation="entities:9513:1">Acset Indonusa Tbk Pt (ACST IJ)</a></li><li><a href="https://www.smartkarma.com/entities/8358" target="_blank" data-smartkarma-citation="entities:8358:1">Jaya Konstruksi Manggala (JKON IJ)</a></li></ol>They are the UNUSUAL SUSPECTS because of the small market capitalization, misunderstood business model, tightly controlled float and/or just invested by some long-term investors which mean unless there is a change of investment thesis - the investors are more than happy to just sit on the stock which means there is not much liquidity. They may well be worth looking at!

Which companies come into your portfolio when you want to invest in Indonesian infrastructure theme?*********************************************************************************************In this report, you will find out about what really happened with Jakarta's traffic conditions which have improved over the years but sped up during the last Governor's administration. The notion that foreign fund flow is the main determinant of the Indonesian equity market bull run is being reduced with the emergence of domestic fund house as well as the local statutory board.The unusual suspects in the Indo-Infrastructure theme are:Cardig Aero Services Tbk Pt (CASS IJ)PT Aneka Gas Industri (AGII IJ)Soechi Lines Tbk Pt (SOCI IJ)Acset Indonusa Tbk Pt (ACST IJ)Jaya Konstruksi Manggala (JKON IJ)They are the UNUSUAL SUSPECTS because of the small market capitalization, misunderstood business model, tightly controlled float and/or just invested by some long-term investors which mean unless there is a change of investment thesis - the investors are more than happy to just sit on the stock which means there is not much liquidity. They may well be worth looking at!

Indonesian Infrastructure - UnUsual Suspects

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Korean coverage continued to focus on politics as this week the election of Moon Jae-In took centre stage with <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a> and <a href="https://www.smartkarma.com/profiles/612" target="_blank" data-smartkarma-citation="accounts:612">Prasenjit K. Basu</a> discussing the implications of the broadly expected outcome. Lineage M and L2R continued to receive attention from Douglas and <a href="https://www.smartkarma.com/profiles/354" target="_blank" data-smartkarma-citation="accounts:354">Sanghyun Park</a>, while <a href="https://www.smartkarma.com/profiles/640" target="_blank" data-smartkarma-citation="accounts:640">Andrew Lu</a> discussed memory pricing and the implications of <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191">Samsung Electronics Co Ltd (005930 KS)</a>'s spin-off of its foundry business. Other coverage include <a href="https://www.smartkarma.com/entities/504" target="_blank" data-smartkarma-citation="entities:504:1">Hanwha Techwin Co Ltd (012450 KS)</a>'s valuation, <a href="https://www.smartkarma.com/entities/395" target="_blank" data-smartkarma-citation="entities:395:1">SK Telecom (017670 KS)</a>'s technicals, pureplay OLED IPO <a href="https://www.smartkarma.com/entities/24114" target="_blank" data-smartkarma-citation="entities:24114:1">Philoptics Co. Ltd. (161580 KS)</a> and the taste of <a href="https://www.smartkarma.com/entities/7999" target="_blank" data-smartkarma-citation="entities:7999:1">Choheung Corp (002600 KS)</a>'s frozen pizzas.Japan's earnings season continued to receive attention on Smartkarma, with the auto sector, in particular, being the subject of 12 insights this week, courtesy of the trio of <a href="https://www.smartkarma.com/profiles/988" target="_blank" data-smartkarma-citation="accounts:988">Noriaki Hirakata, CFA</a>, <a href="https://www.smartkarma.com/profiles/914" target="_blank" data-smartkarma-citation="accounts:914">SC Capital</a> and <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato, CFA</a>. <a href="https://www.smartkarma.com/profiles/25" target="_blank" data-smartkarma-citation="accounts:25">Travis Lundy</a> continues his crusade against underpriced parent takeovers in Japan, taking <a href="https://www.smartkarma.com/entities/1332" target="_blank" data-smartkarma-citation="entities:1332:1">Obayashi Corp (1802 JP)</a> to task, <a href="https://www.smartkarma.com/profiles/710" target="_blank" data-smartkarma-citation="accounts:710">Pelham Smithers</a> peers into <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank Group Corp (9984 JP)</a>'s soul, analysing potential <a href="https://www.smartkarma.com/entities/921" target="_blank" data-smartkarma-citation="entities:921:1">Sprint Corp (S US)</a> mergers and the company's similarity to PE funds, Mio continues to dissect <a href="https://www.smartkarma.com/entities/752" target="_blank" data-smartkarma-citation="entities:752:1">Fanuc Corp (6954 JP)</a>'s potential structural challenges, and <a href="https://www.smartkarma.com/profiles/673" target="_blank" data-smartkarma-citation="accounts:673">Toh Zhen Zhou</a> looks at <a href="https://www.smartkarma.com/entities/7497" target="_blank" data-smartkarma-citation="entities:7497:1">Sekisui House Reit Inc (3309 JP)</a>'s placement to conclude The Week That Was in NorthAsia@Smartkarma.

Korean coverage continued to focus on politics as this week the election of Moon Jae-In took centre stage with Douglas Kim and Prasenjit K. Basu discussing the implications of the broadly expected outcome. Lineage M and L2R continued to receive attention from Douglas and Sanghyun Park, while Andrew Lu discussed memory pricing and the implications of Samsung Electronics Co Ltd (005930 KS)'s spin-off of its foundry business. Other coverage include Hanwha Techwin Co Ltd (012450 KS)'s valuation, SK Telecom (017670 KS)'s technicals, pureplay OLED IPO Philoptics Co. Ltd. (161580 KS) and the taste of Choheung Corp (002600 KS)'s frozen pizzas.Japan's earnings season continued to receive attention on Smartkarma, with the auto sector, in particular, being the subject of 12 insights this week, courtesy of the trio of Noriaki Hirakata, CFA, SC Capital and Mio Kato, CFA. Travis Lundy continues his crusade against underpriced parent takeovers in Japan, taking Obayashi Corp (1802 JP) to task, Pelham Smithers peers into Softbank Group Corp (9984 JP)'s soul, analysing potential Sprint Corp (S US) mergers and the company's similarity to PE funds, Mio continues to dissect Fanuc Corp (6954 JP)'s potential structural challenges, and Toh Zhen Zhou looks at Sekisui House Reit Inc (3309 JP)'s placement to conclude The Week That Was in NorthAsia@Smartkarma.

The Week That Was in NorthAsia@Smartkarma - Moon Wins, JPN Autos Report and Obayashi Rd Holders Lose

Japan

OBAYASHI CORPORATION is a general contractor operating nationwide and overseas. The Company builds commercial, residential, institutional buildings with earthquake-resistant technology.  Obayashi also performs civil engineering works for such as railroads.  The Company, through its subsidiaries, operates real estate, golf course, and financial businesses.

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Obayashi Corp (1802 JP)

Overweight Global Technology & Industrials

In this report we highlight attractive and actionable themes within developed int’l markets: Technology and Industrials continue to be two of the...

Vermilion Research

Japan: Results & Revision Scores Summer 2018 Update - Market Composite, Sectors & Peer Groups

A GOOD QUARTER - The Composite Results Score has now declined for seven months in a row and is implying a slowing of the upward momentum in...

Campbell Gunn

Cyberdyne (7779) - Is This the Death-Knell for Short Sell Reports on Japanese Stocks?

Shares in Cyberdyne (7779 JP) have surged following the news that it has gained approval in the US for its "Medical HAL" exoskeleton suit to be...

Pelham Smithers Associates

Indonesian Infrastructure - UnUsual Suspects

Which companies come into your portfolio when you want to invest in Indonesian infrastructure...

Henry Soediarko

The Week That Was in NorthAsia@Smartkarma - Moon Wins, JPN Autos Report and Obayashi Rd Holders Lose

Korean coverage continued to focus on politics as this week the election of Moon Jae-In took centre stage with Douglas Kim and Prasenjit K. Basu...

Mio Kato

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