Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Thematic (Sector/Industry)

Last Thursday, the BOJ <a href="https://www.boj.or.jp/en/announcements/release_2016/k160729a.pdf" target="_blank">announced</a> the results of its Monetary Policy Committee meeting for July. It was a "late" announcement, coming at 12:45, and led to some changes, but less than the market had expected (no helicopter money and no new bond buys). Stocks fell, then rose sharply with banks rallying across the board, but have since fallen (the media has ascribed the fall at the start of August to "disappointment" in Japan stimulus plans and the BOJ - a 'cause' I think spurious - there are other…

Last Thursday, the BOJ announced the results of its Monetary Policy Committee meeting for July. It was a "late" announcement, coming at 12:45, and led to some changes, but less than the market had expected (no helicopter money and no new bond buys). Stocks fell, then rose sharply with banks rallying across the board, but have since fallen (the media has ascribed the fall at the start of August to "disappointment" in Japan stimulus plans and the BOJ - a 'cause' I think spurious - there are other…

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

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of the stock, but few others. However, it could have considerable importance for the Japanese stock market in this era of negative interest rates. Although share buybacks are common enough in Japan, they normally represent 1~2% of shares outstanding, not ten times that amount. Melco Holdings, a company probably best known for being regularly confused with…

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of the stock, but few others. However, it could have considerable importance for the Japanese stock market in this era of negative interest rates. Although share buybacks are common enough in Japan, they normally represent 1~2% of shares outstanding, not ten times that amount. Melco Holdings, a company probably best known for being regularly confused with…

Melco Holdings BuyBack: Start of a Trend?

Founder and CEO, Europacifica Consulting

Naomi Fink

Founder and CEO

Europacifica Consulting

Macroeconomics

In the shadow of the EU referendum, rising support for conservative political factions among disaffected voters seems to have rubbed off on Japan, otherwise not known for exciting electoral outcomes, of late. Indeed, we must go back to 2003 to cite an example of where dollar-yen moved more than 1% in either direction in the wake of a Japanese election (moreover, in 2003 this was a Lower House election, generally of greater impact upon Japanese legislation).  The Nikkei 225 has tended to be…

In the shadow of the EU referendum, rising support for conservative political factions among disaffected voters seems to have rubbed off on Japan, otherwise not known for exciting electoral outcomes, of late.   Indeed, we must go back to 2003 to cite an example of where dollar-yen moved more than 1% in either direction in the wake of a Japanese election (moreover, in 2003 this was a Lower House election, generally of greater impact upon Japanese legislation).  The Nikkei 225 has tended to be…

Japanese Elections: "Abenomics" Versus a Move to the Right

Empirical data on the drivers of Japanese productivity are sadly not at the forefront of Abenomics, but they should be.  Europacifica CEO Naomi Fink has published, over the last year, two papers with Columbia University's CJEB which show exactly why this is.  The first of these papers illustrates why and where we find evidence that the BOJ's fight against deflation is insufficient (although it may be necessary) to cure Japan's ills:<h2>Why Overcoming Deflation Alone is Not Enough</h2>There is "bad…

Empirical data on the drivers of Japanese productivity are sadly not at the forefront of Abenomics, but they should be.  Europacifica CEO Naomi Fink has published, over the last year, two papers with Columbia University's CJEB which show exactly why this is.  The first of these papers illustrates why and where we find evidence that the BOJ's fight against deflation is insufficient (although it may be necessary) to cure Japan's ills:Why Overcoming Deflation Alone is Not EnoughThere is "bad…

Japan Non-IT Industries: Overcoming Deflation Not Enough

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/009/352/original/mp2.JPG?1466125882" class="editor-image img-responsive" data-smartkarma-image-id="9352"></figure><ul><li>
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…</li></ul>

Adding risk with upgrade on Dry bulk and downgrade on Tanker shipping
The main change in our stance from the one shared at the start of this year is that we have increased allocation to the dry bulk sector (from 6% to 30%), while pruned exposure to the tankers (from 35% to 20%) in view of the changing market landscape, even though we would favour both the sectors for 2016. We recommend investors to take incremental exposure in the Dry bulk segment, which could be the outperformer in 2016.…

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

Japan

West Japan Railway Company provides rail transportation services including the shinkansen network (bullet train) in North Kyushu, Kinki, Chugoku, and Hokuriku including Kyoto and Osaka.  The Company also operates ferries in Miyajima, manages real estate, shopping centers, and hotels, and offers leisure-related services such as travel packaging products.

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West Japan Railway Co (9021 JP)

JAPAN FLOW I: The BOJ's New ETF Buying

Last Thursday, the BOJ announced the results of its Monetary Policy Committee meeting for July. It was a "late" announcement, coming at 12:45, and...

Travis Lundy

Melco Holdings BuyBack: Start of a Trend?

The decision by Melco Holdings to buy back 15% of outstanding shares is an announcement that is likely to be picked up by a few lucky holders of...

Pelham Smithers Associates

Japanese Elections: "Abenomics" Versus a Move to the Right

In the shadow of the EU referendum, rising support for conservative political factions among disaffected voters seems to have rubbed off on Japan,...

Naomi Fink

Japan Non-IT Industries: Overcoming Deflation Not Enough

Empirical data on the drivers of Japanese productivity are sadly not at the forefront of Abenomics, but they should be. Europacifica CEO Naomi...

Naomi Fink

Maritime Model Portfolio - Adding Risk with Upgrade on Dry Bulk and Downgrade on Tanker Shipping

Adding risk with upgrade on Dry bulk and downgrade on Tanker shippingThe main change in our stance from the one shared at the start of this year is...

Drewry Maritime Financial Research

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