Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS. SPX +0.7% with all sectors in the green ahead of expected soft CPI print on Wed; Oil strong with weaker USD; MSFT wins as Activision purchase progresses</li>
<li>JAPAN. NKY Futures +0.4% vs Cash; USDJPY 140.3; Markets start coalesing around BOJ policy shift; TSE kicks out 48 companies from Prime listing; Big Earnings Beat from Lawson(2651)</li>
<li>NUGGET. Building a global semi-supply chain is a central tenet of Japan's industrial policy. We think focusing on short term cyclical semi-weakness risks missing out on the home runs</li>
</ul>


OVERSEAS. SPX +0.7% with all sectors in the green ahead of expected soft CPI print on Wed; Oil strong with weaker USD; MSFT wins as Activision purchase progresses
JAPAN. NKY Futures +0.4% vs Cash; USDJPY 140.3; Markets start coalesing around BOJ policy shift; TSE kicks out 48 companies from Prime listing; Big Earnings Beat from Lawson(2651)
NUGGET. Building a global semi-supply chain is a central tenet of Japan's industrial policy. We think focusing on short term cyclical semi-weakness risks missing out on the home runs


Ohayo Japan|Equities Bid Ahead of CPI Print; NUGGET:China Semi Derisking - The Winner Is…Yes, Japan!

<ul>
<li>OVERSEAS. SPX ,-0.6% overnight, manages +0.3% for May; Debt Ceiling Passage on Track; 2 Fed Officials express dovish view; Weak China Factory PMI puts a Damper on Sentiment</li>
<li>JAPAN. NKY Futs -0.4% vs Cash; JP Equities Best Globally in May; USDJPY strenghtens after intervention warning; Bullish Daikin MTP growth plan; JP Autos rank worst in BEV transition ranking </li>
<li>NUGGET. Revisiting our thesis on Seiko Epson in light of HP Inc(HPQ) 2Q earnings and IDC April report on PCs</li>
</ul>


OVERSEAS. SPX ,-0.6% overnight, manages +0.3% for May; Debt Ceiling Passage on Track; 2 Fed Officials express dovish view; Weak China Factory PMI puts a Damper on Sentiment
JAPAN. NKY Futs -0.4% vs Cash; JP Equities Best Globally in May; USDJPY strenghtens after intervention warning; Bullish Daikin MTP growth plan; JP Autos rank worst in BEV transition ranking 
NUGGET. Revisiting our thesis on Seiko Epson in light of HP Inc(HPQ) 2Q earnings and IDC April report on PCs


Ohayo Japan |SPX Sells off on AI Rally Pause to Close May +0.3%;NUGGET: Seiko Epson-Headwinds Abound

<ul>
<li>
<strong> Good Morning Japan: </strong> We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan.<strong> FOLLOW US to keep abreast!</strong>
</li>
<li>OVERNIGHT.  Trump is back on Twitter ! Sentiment mixed on Fed Pivot -bulls still in charge - market underweight equities; Things not as bad in TECH; Thanksgiving =consumer stock volatility</li>
<li>JAPAN. NKY to open flat; Yen stable;  PM Kishida in danger of the sack ? Not yet; Inflation approaching BOJ's 2% tgt - still need wages to rise</li>
</ul>



 Good Morning Japan:  We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in Japan. FOLLOW US to keep abreast!

OVERNIGHT.  Trump is back on Twitter ! Sentiment mixed on Fed Pivot -bulls still in charge - market underweight equities; Things not as bad in TECH; Thanksgiving =consumer stock volatility
JAPAN. NKY to open flat; Yen stable;  PM Kishida in danger of the sack ? Not yet; Inflation approaching BOJ's 2% tgt - still need wages to rise


Good Morning Japan | Shifting Sentiments but Bullish Price Action

<ul>
<li>Yen weakness and stronger macro data propels Japanese stocks to two month high</li>
<li>Two themes to keep an eye on: Nuclear restarts and share buybacks</li>
<li>The IMF believes that Japan needs to embrace digitalisation to spur productivity and growth</li>
</ul>


Yen weakness and stronger macro data propels Japanese stocks to two month high
Two themes to keep an eye on: Nuclear restarts and share buybacks
The IMF believes that Japan needs to embrace digitalisation to spur productivity and growth


Japan Weekly: Nikkei Hits a Two Month High

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>The market is pricing Ricoh as a terminal print asset, but the company has demonstrated an ability to harvest this asset and grow its cash flows.</li>
<li>Bears confuse managed IT's commodity perimeter with Ricoh's real core. Japanese enterprise document workflows are contractually and culturally sticky, resisting platform automation.</li>
<li>Activist Investors own shares of Ricoh equal to 57 days ADV, and they've increased their position as the stock under-performed. They were too early, but the consensus is late.</li>
</ul>


The market is pricing Ricoh as a terminal print asset, but the company has demonstrated an ability to harvest this asset and grow its cash flows.
Bears confuse managed IT's commodity perimeter with Ricoh's real core. Japanese enterprise document workflows are contractually and culturally sticky, resisting platform automation.
Activist Investors own shares of Ricoh equal to 57 days ADV, and they've increased their position as the stock under-performed. They were too early, but the consensus is late.


Ricoh (7752):  Activists Were Early, the Consensus Is Late

Japan

Seiko Epson Corporation manufactures communications equipment, electronic devices, and precision products.  The Company's products include printers, scanners, Liquid Crystal Projectors, semiconductors, quartz devices, and watches.

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Seiko Epson (6724 JP)

Ohayo Japan|Equities Bid Ahead of CPI Print; NUGGET:China Semi Derisking - The Winner Is…Yes, Japan!

SPX bid ahead of CPI as soft landing narrarive dominates; NKY Futures +0.4% vs Cash; USDJPY 140.3; Markets start coalesing around BOJ policy shift;...

Mark Chadwick

Ohayo Japan |SPX Sells off on AI Rally Pause to Close May +0.3%;NUGGET: Seiko Epson-Headwinds Abound

Debt deal in sight. NKY Futs -0.4% vs Cash; JP Equities Best Globally in May; USDJPY strenghtens after intervention warning; Bullish Daikin MTP...

Mark Chadwick

Good Morning Japan | Shifting Sentiments but Bullish Price Action

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in...

Mark Chadwick

Japan Weekly: Nikkei Hits a Two Month High

Japanese stocks rose to a two year high on the back of stronger economic data and weakness in the JPY. We highlight nuclear restarts and share...

Mark Chadwick

Ricoh (7752): Activists Were Early, the Consensus Is Late

Market undervaluing Ricoh as print asset, but company showing ability to grow cash flows. Bears misunderstanding core business. Activist investors...

Michael Allen

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ohayo Japan|Equities Bid Ahead of CPI Print; NUGGET:China Semi Derisking - The Winner Is…Yes, Japan!

SPX bid ahead of CPI as soft landing narrarive dominates; NKY Futures +0.4% vs Cash; USDJPY 140.3; Markets start coalesing around BOJ policy shift;...

Mark Chadwick

Ohayo Japan |SPX Sells off on AI Rally Pause to Close May +0.3%;NUGGET: Seiko Epson-Headwinds Abound

Debt deal in sight. NKY Futs -0.4% vs Cash; JP Equities Best Globally in May; USDJPY strenghtens after intervention warning; Bullish Daikin MTP...

Mark Chadwick

Good Morning Japan | Shifting Sentiments but Bullish Price Action

Good Morning Japan: We strive to provide the very best breaking macro, stock and thematic overnight news that will impact your trading day in...

Mark Chadwick

Japan Weekly: Nikkei Hits a Two Month High

Japanese stocks rose to a two year high on the back of stronger economic data and weakness in the JPY. We highlight nuclear restarts and share...

Mark Chadwick

Ricoh (7752): Activists Were Early, the Consensus Is Late

​Market undervaluing Ricoh as print asset, but company showing ability to grow cash flows. Bears misunderstanding core business. Activist investors...

Michael Allen

Market undervaluing Ricoh as print asset, but company showing ability to grow cash flows. Bears misunderstanding core business. Activist investors...