Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

Equity Bottom-Up

<ul>
<li>Silicon carbide chips and new electric vehicles are dominating the news in deep value space, highlighting Rohm, Honda, and Aisin.</li>
<li>We also highlight some juicy dividends that we think need to be taken seriously by growth managers.</li>
<li>This round-up is provided for thought provocation only. Comprehensive deep-dive analysis available to clients on request. </li>
</ul>


Silicon carbide chips and new electric vehicles are dominating the news in deep value space, highlighting Rohm, Honda, and Aisin.
We also highlight some juicy dividends that we think need to be taken seriously by growth managers.
This round-up is provided for thought provocation only. Comprehensive deep-dive analysis available to clients on request. 


Unloved Japan Roundup: Rohm, Honda, Aisin, Jtekt

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>A disastrous election outcome for the LDP may be the end for PM Ishiba</li>
<li>Expect weak yen beneficiaries to gain, but markets overall to be weak as foreigners de-risk on the political instability</li>
<li>Unwitting TSMC exports to Huawei may put the spotlight back on US export restrictions for allies</li>
</ul>


A disastrous election outcome for the LDP may be the end for PM Ishiba
Expect weak yen beneficiaries to gain, but markets overall to be weak as foreigners de-risk on the political instability
Unwitting TSMC exports to Huawei may put the spotlight back on US export restrictions for allies


Japan Morning Connection: Political Bungling Par Excellence

<ul>
<li>Markets back to risk-on after big earnings from Tesla, Lam, and UPS.</li>
<li>Strong US new home sales data and good earnings for CBRE sets a positive tone for R/E.</li>
<li>Good Siltronics numbers yesterday a positive read for wafer makers Sumco and Shin-Etsu ahead of numbers today.</li>
</ul>


Markets back to risk-on after big earnings from Tesla, Lam, and UPS.
Strong US new home sales data and good earnings for CBRE sets a positive tone for R/E.
Good Siltronics numbers yesterday a positive read for wafer makers Sumco and Shin-Etsu ahead of numbers today.


Japan Morning Connection: Risk-On to Finish the Week

<ul>
<li>Apple down hitting suppliers, with ARM and Qualcomm spat taking both lower. Watch Softbank for weakness.</li>
<li>Tesla earnings smashing it out of the park, will help buoy EV related including Nidec - whose own numbers yesterday were positive.</li>
<li>Texas Instruments +4% on numbers beat should help industrial elec names such as Rohm and Fuji Elec, despite lingering concerns.</li>
</ul>


Apple down hitting suppliers, with ARM and Qualcomm spat taking both lower. Watch Softbank for weakness.
Tesla earnings smashing it out of the park, will help buoy EV related including Nidec - whose own numbers yesterday were positive.
Texas Instruments +4% on numbers beat should help industrial elec names such as Rohm and Fuji Elec, despite lingering concerns.


Japan Morning Connection: Tesla Big Beat and SK Hynix Numbers to Buoy Sentiment

<ul>
<li>Nervous markets overnight with a number of earnings misses adding downside pressure.</li>
<li>Tokyo Metro IPO kicks off today which should see strong demand especially from risk-adverse retail investors.</li>
<li>Tokyo Metro grey market last Y1400 vs Y1200 listing price, although bookrunners are calling higher levels to start.</li>
</ul>


Nervous markets overnight with a number of earnings misses adding downside pressure.
Tokyo Metro IPO kicks off today which should see strong demand especially from risk-adverse retail investors.
Tokyo Metro grey market last Y1400 vs Y1200 listing price, although bookrunners are calling higher levels to start.


Japan Morning Connection: Tokyo Metro IPO Should See Strong Demand

Japan

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

ROHM Co Ltd (6963 JP)

Unloved Japan Roundup: Rohm, Honda, Aisin, Jtekt

New product launches could be the start of a deluge of Silicon carbide-based chips that improve performance and reduce costs of high-powered...

Michael Allen

Japan Morning Connection: Political Bungling Par Excellence

Potential end for PM Ishiba. Expect weak yen beneficiaries to gain but overall market to be weak due to political instability. Unwitting TSMC...

Andrew Jackson

Japan Morning Connection: Risk-On to Finish the Week

Markets risk on after big earnings from Tesla, Lam and UPS. Positive tone for R/E after strong US home sales data and for wafer makers such as...

Andrew Jackson

Japan Morning Connection: Tesla Big Beat and SK Hynix Numbers to Buoy Sentiment

Watch Softbank for weakness as ARM and Qualcomm brought lower by spat, Tesla's strong earnings will buoy EV related, Texas Instruments' positive...

Andrew Jackson

Japan Morning Connection: Tokyo Metro IPO Should See Strong Demand

Nervous markets overnight due to a number of earnings misses. Tokyo Metro IPO expected to see strong demand, especially from risk-adverse retail...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Unloved Japan Roundup: Rohm, Honda, Aisin, Jtekt

New product launches could be the start of a deluge of Silicon carbide-based chips that improve performance and reduce costs of high-powered...

Michael Allen

Japan Morning Connection: Political Bungling Par Excellence

​Potential end for PM Ishiba. Expect weak yen beneficiaries to gain but overall market to be weak due to political instability. Unwitting TSMC...

Andrew Jackson

Japan Morning Connection: Risk-On to Finish the Week

Markets risk on after big earnings from Tesla, Lam and UPS. Positive tone for R/E after strong US home sales data and for wafer makers such as...

Andrew Jackson

Japan Morning Connection: Tesla Big Beat and SK Hynix Numbers to Buoy Sentiment

Watch Softbank for weakness as ARM and Qualcomm brought lower by spat, Tesla's strong earnings will buoy EV related, Texas Instruments' positive...

Andrew Jackson

Japan Morning Connection: Tokyo Metro IPO Should See Strong Demand

​Nervous markets overnight due to a number of earnings misses. Tokyo Metro IPO expected to see strong demand, especially from risk-adverse retail...

Andrew Jackson

Potential end for PM Ishiba. Expect weak yen beneficiaries to gain but overall market to be weak due to political instability. Unwitting TSMC...

Nervous markets overnight due to a number of earnings misses. Tokyo Metro IPO expected to see strong demand, especially from risk-adverse retail...