Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>JR East continues to deliver steady growth in its core rail and retail businesses. Management is reshaping both operations and HR.</li>
<li>Catalysts ahead: Fruition of asset‑utilisation initiatives are set to drive incremental earnings growth over the next 2–3 years.</li>
<li>Strong share price performance, with lower volatility and no AI hype!</li>
</ul>


JR East continues to deliver steady growth in its core rail and retail businesses. Management is reshaping both operations and HR.
Catalysts ahead: Fruition of asset‑utilisation initiatives are set to drive incremental earnings growth over the next 2–3 years.
Strong share price performance, with lower volatility and no AI hype!


JR East (9020.T): Staying on Track &Picking Up Speed

<ul>
<li>Company continues to outperform as a new management plan is released</li>
<li>Focus on cash flow generation, increased dividends and flexible buybacks</li>
<li>Continued execution in their real-estate business is key to success</li>
</ul>


Company continues to outperform as a new management plan is released
Focus on cash flow generation, increased dividends and flexible buybacks
Continued execution in their real-estate business is key to success


Thematic (Sector/Industry)

<ul>
<li>This domestic sector has been  outperforming the Topix and should continue</li>
<li>Fits the current investment zeitgeist for Japan amidst the market turbulence</li>
<li>The Japanese Yen will continue to strengthen against the USD </li>
</ul>


This domestic sector has been  outperforming the Topix and should continue
Fits the current investment zeitgeist for Japan amidst the market turbulence
The Japanese Yen will continue to strengthen against the USD 


Japanese Railway Companies – Back on Track

<ul>
<li>One of the sectors we like for the next phase of the Japanese stock market</li>
<li>The market is not giving the benefit of the doubt to monetisation of its property portfolio</li>
<li>The core  railway business is back to pre-Covid 19  levels</li>
</ul>


One of the sectors we like for the next phase of the Japanese stock market
The market is not giving the benefit of the doubt to monetisation of its property portfolio
The core  railway business is back to pre-Covid 19  levels


All Aboard! JR East and the Monetisation of Its Property Assets

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.</li>
<li>Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.</li>
<li>Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.</li>
</ul>


Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.
Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.
Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.


Japan Morning Connection: Market Expected to Recover After Fed Announcement

Japan

Seibu Holdings Inc. offers diversified operation. The Company through its subsidiary companies operates transportation, construction, hotel, leisure facilities, and real estate business. Seibu Holdings provides group enterprises strategy planning, operation management, asset management and supply, and business promotions.

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Seibu Holdings (9024 JP)

JR East (9020.T): Staying on Track &Picking Up Speed

JR East is seeing growth in its core rail and associated retail business. Asset-utilization initiatives are expected to drive earnings growth.

Rikki Malik

JR East – Full Steam Ahead!

Company continues to do well with the new management plan emphasizing cash flow, dividends, buybacks. Real estate execution is key

Rikki Malik

Japanese Railway Companies – Back on Track

Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Rikki Malik

All Aboard! JR East and the Monetisation of Its Property Assets

An undervalued sector in the Japanese stock market which is at the intersection of a few key themes including activism, raising returns and...

Rikki Malik

Japan Morning Connection: Market Expected to Recover After Fed Announcement

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JR East (9020.T): Staying on Track &Picking Up Speed

​JR East is seeing growth in its core rail and associated retail business. Asset-utilization initiatives are expected to drive earnings growth.

Rikki Malik

JR East – Full Steam Ahead!

​Company continues to do well with the new management plan emphasizing cash flow, dividends, buybacks. Real estate execution is key

Rikki Malik

Japanese Railway Companies – Back on Track

​Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Rikki Malik

All Aboard! JR East and the Monetisation of Its Property Assets

An undervalued sector in the Japanese stock market which is at the intersection of a few key themes including activism, raising returns and...

Rikki Malik

Japan Morning Connection: Market Expected to Recover After Fed Announcement

​Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

JR East is seeing growth in its core rail and associated retail business. Asset-utilization initiatives are expected to drive earnings growth.

Company continues to do well with the new management plan emphasizing cash flow, dividends, buybacks. Real estate execution is key

Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...