https://www.smartkarma.com/segment/feeds/japan.rssSmartkarma Feed JAPAN2024-03-28T14:17:28.542092+00:00Smartkarma Analystsinsights@smartkarma.compython-feedgenhttps://www.smartkarma.com/segment/feeds/japan.rss/8a517f40-3fea-31a8-b2c0-51927caba5a5Brief Japan: Koito Mfg (7276) - New Medium Term Plan, BIG Buyback, Even Bigger Shareholder Returns Planned and more2024-03-28T14:17:29.199525+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/koito-mfg-7276-new-medium-term-plan-big-buyback-even-bigger-shareholder-returns-planned?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Koito Mfg (7276) - New Medium Term Plan, BIG Buyback, Even Bigger Shareholder Returns Planned</a></li><li><a href="https://www.smartkarma.com/insights/okinawa-cellular-9436-dominant-local-market-leader-enhancing-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Okinawa Cellular (9436) - Dominant Local Market Leader Enhancing Shareholder Value</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-mar-2024-estimates-and-another-trade-reco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco</a></li><li><a href="https://www.smartkarma.com/insights/familymart-ties-with-coca-cola-on-logistics-sells-laundromat-business?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Familymart Ties with Coca Cola on Logistics, Sells Laundromat Business</a></li><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/koito-mfg-7276-new-medium-term-plan-big-buyback-even-bigger-shareholder-returns-planned?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Koito Mfg (7276) - New Medium Term Plan, BIG Buyback, Even Bigger Shareholder Returns Planned </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/874/original/Screenshot%202024-03-28%20at%205.48.17%E2%80%AFPM.png?1711619312"/> <ul>
<li>
<a data-smartkarma-citation="entities:15841:1" href="https://www.smartkarma.com/entities/koito-manufacturing-co-ltd" rel="noopener" target="_blank">Koito Manufacturing (7276 JP)</a> is a $4bn marketcap (~$6bn sales) Toyota Group auto parts manufacturer specialising in lighting parts, famous for being a T.Boone Pickens target in the 1980s.</li>
<li>As Toyota Group's leaders restructure their cross-holdings and try to get to 1.0x PBR and a high enough ROE to sustain it, capital efficiency is on the block. </li>
<li>Koito today announced a revised Mid-Term Management Plan, a change in KPIs (higher), a large shareholder return plan, and a large buyback. As always, the fun is in the details.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/okinawa-cellular-9436-dominant-local-market-leader-enhancing-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Okinawa Cellular (9436) - Dominant Local Market Leader Enhancing Shareholder Value </a></h3><p></p><ul><li>50% mobile market share with scope to improve shareholder returns – Okinawa Cellular is the operating company for parent KDDI’s (9433) mobile and FTTH brands in Japan’s southernmost prefecture, with a dominant 50% mobile carrier market share.</li><li>The company benefits from the parent’s centralized R&D initiatives limiting its costs, and economies of scale through the joint procurement of handsets.</li><li>With sector-leading operating margins and a strong track record of free cash flow generation, management actively allocates capital to shareholder returns, resulting in an estimated total shareholder payout ratio of 127.8% for FY3/24. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-mar-2024-estimates-and-another-trade-reco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/871/original/image_20063589541711616760093.png?1711616756"/> <ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents, adjusted every year in August.</li>
<li>We look at the rankings of the potential ADDs/DELs every month for the next rebal, based on most recent trading data. </li>
<li>Every month we provide trade suggestions. The last three months have seen market-neutral returns of +3.0%, +6.5%, +3.2% respectively for the one-month periods. A new trade is suggested below.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/familymart-ties-with-coca-cola-on-logistics-sells-laundromat-business?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Familymart Ties with Coca Cola on Logistics, Sells Laundromat Business </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/575/original/familaundry.jpg?1711469795"/> <ul>
<li>In one of many ventures in response to the 2024 logistics problem, Familymart began an experimental collaboration with Coca Cola Bottlers in February, seeking to reduce delivery frequency in Kanagawa.</li>
<li>It is also streamlining its business, selling both its gyms and laundries recently.</li>
<li>While unlisted, its ongoing innovations provide an insight into the wider convenience store sector.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/koito-mfg-7276-new-medium-term-plan-big-buyback-even-bigger-shareholder-returns-planned?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Koito Mfg (7276) - New Medium Term Plan, BIG Buyback, Even Bigger Shareholder Returns Planned</a></li><li><a href="https://www.smartkarma.com/insights/okinawa-cellular-9436-dominant-local-market-leader-enhancing-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Okinawa Cellular (9436) - Dominant Local Market Leader Enhancing Shareholder Value</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-mar-2024-estimates-and-another-trade-reco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco</a></li><li><a href="https://www.smartkarma.com/insights/familymart-ties-with-coca-cola-on-logistics-sells-laundromat-business?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Familymart Ties with Coca Cola on Logistics, Sells Laundromat Business</a></li><li><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/koito-mfg-7276-new-medium-term-plan-big-buyback-even-bigger-shareholder-returns-planned?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Koito Mfg (7276) - New Medium Term Plan, BIG Buyback, Even Bigger Shareholder Returns Planned </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/874/original/Screenshot%202024-03-28%20at%205.48.17%E2%80%AFPM.png?1711619312"/> <ul>
<li>
<a data-smartkarma-citation="entities:15841:1" href="https://www.smartkarma.com/entities/koito-manufacturing-co-ltd" rel="noopener" target="_blank">Koito Manufacturing (7276 JP)</a> is a $4bn marketcap (~$6bn sales) Toyota Group auto parts manufacturer specialising in lighting parts, famous for being a T.Boone Pickens target in the 1980s.</li>
<li>As Toyota Group's leaders restructure their cross-holdings and try to get to 1.0x PBR and a high enough ROE to sustain it, capital efficiency is on the block. </li>
<li>Koito today announced a revised Mid-Term Management Plan, a change in KPIs (higher), a large shareholder return plan, and a large buyback. As always, the fun is in the details.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/okinawa-cellular-9436-dominant-local-market-leader-enhancing-shareholder-value?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Okinawa Cellular (9436) - Dominant Local Market Leader Enhancing Shareholder Value </a></h3><p></p><ul><li>50% mobile market share with scope to improve shareholder returns – Okinawa Cellular is the operating company for parent KDDI’s (9433) mobile and FTTH brands in Japan’s southernmost prefecture, with a dominant 50% mobile carrier market share.</li><li>The company benefits from the parent’s centralized R&D initiatives limiting its costs, and economies of scale through the joint procurement of handsets.</li><li>With sector-leading operating margins and a strong track record of free cash flow generation, management actively allocates capital to shareholder returns, resulting in an estimated total shareholder payout ratio of 127.8% for FY3/24. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-mar-2024-estimates-and-another-trade-reco?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/871/original/image_20063589541711616760093.png?1711616756"/> <ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents, adjusted every year in August.</li>
<li>We look at the rankings of the potential ADDs/DELs every month for the next rebal, based on most recent trading data. </li>
<li>Every month we provide trade suggestions. The last three months have seen market-neutral returns of +3.0%, +6.5%, +3.2% respectively for the one-month periods. A new trade is suggested below.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/familymart-ties-with-coca-cola-on-logistics-sells-laundromat-business?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Familymart Ties with Coca Cola on Logistics, Sells Laundromat Business </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/575/original/familaundry.jpg?1711469795"/> <ul>
<li>In one of many ventures in response to the 2024 logistics problem, Familymart began an experimental collaboration with Coca Cola Bottlers in February, seeking to reduce delivery frequency in Kanagawa.</li>
<li>It is also streamlining its business, selling both its gyms and laundries recently.</li>
<li>While unlisted, its ongoing innovations provide an insight into the wider convenience store sector.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-semiconductors-winners-emerge-as-fund-allocations-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Global Semiconductors: Winners Emerge as Fund Allocations Hit Record Highs </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/740/original/image_91026627421711571928910.png?1711571928"/> <ul>
<li>Semiconductor Sector Hits Historic Highs: Record allocations highlight investor confidence in the sector as second phase of bull market drives allocations to fresh peak.</li>
<li>Country Dynamics Shift: Peak Ownership in Taiwan, USA, Netherlands, while German Semiconductor holdings see strategic pullback through Infineon closures. </li>
<li>TSMC, ASML, and NVIDIA establish dominance, reflecting investors’ preference for companies at the forefront of technological innovation, while traditional players like Infineon, Intel, and Texas Instruments face declining investor interest.</li>
</ul>2024-03-28T20:40:06+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "7276@JP"}, {"term": "7282@JP"}, {"term": "6201@JP"}, {"term": "6902@JP"}, {"term": "7259@JP"}, {"term": "7203@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9436@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "UTILITIES"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9519@JP"}, {"term": "4205@JP"}, {"term": "2146@JP"}, {"term": "8133@JP"}, {"term": "6750@JP"}, {"term": "3923@JP"}, {"term": "8585@JP"}, {"term": "9517@JP"}, {"term": "3962@JP"}, {"term": "4005@JP"}, {"term": "4739@JP"}, {"term": "Private Capital Markets"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "8028@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "INTC@US"}, {"term": "IFX@GR"}, {"term": "LRCX@US"}, {"term": "TXN@US"}, {"term": "AVGO@US"}, {"term": "ASML@NA"}, {"term": "NVDA@US"}, {"term": "2330@TT"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7203@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9436@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4739@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8028@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2330@TT"}]https://www.smartkarma.com/segment/feeds/japan.rss/ccd9e0b8-8747-3d2c-b702-915ea79ef0e4Brief Japan: NTV's Change of Policy Is a Positive Effect Of TSE's Request, But Its Seriousness Will Be Tested Now and more2024-03-28T14:17:29.190231+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ntv-s-change-of-policy-is-a-positive-effect-of-tse-s-request-but-its-seriousness-will-be-tested-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">NTV's Change of Policy Is a Positive Effect Of TSE's Request, But Its Seriousness Will Be Tested Now</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-set-new-record?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/consolidation-in-the-med-tech-sector-eiken-and-hogy-to-benefit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Consolidation in the Med-Tech Sector? Eiken and Hogy to Benefit</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment</a></li><li><a href="https://www.smartkarma.com/insights/kddi-launches-tender-to-buy-out-lawson-2651-still-far-too-cheap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">KDDI Launches Tender To Buy Out Lawson (2651) - Still Far Too Cheap</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ntv-s-change-of-policy-is-a-positive-effect-of-tse-s-request-but-its-seriousness-will-be-tested-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. NTV's Change of Policy Is a Positive Effect Of TSE's Request, But Its Seriousness Will Be Tested Now </a></h3><p></p><ul>
<li>Although unavoidable under the provisions of Broadcasting Act, the fact that the right to receive dividends as interest-bearing securities was inhibited was problematic in terms of fairness with other shareholders.</li>
<li>NTV Holdings, which has ignored this issue, changes its policy, which is a positive impact of "TSE's request," but NTV's seriousness can be measured by whether it raises its ROE.</li>
<li>If the intention is to leave cross-shareholdings intact and attract overseas investor purchases through some share repurchases, there would be little prospect of a serious increase in ROE.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-set-new-record?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/746/original/image_64831642621711576180195.png?1711576180"/> <ul>
<li>US stocks rebounded Wednesday, with the S&P 500 setting a new record and the Dow surging over 475 points.</li>
<li>Japan plans to ease residency rules for foreign entrepreneurs, expanding eligible funding sources to meet capital requirements, often challenging for startups.</li>
<li>Mitsubishi Heavy Industries (7011) aims to develop a next-generation airliner by 2035, involving multiple private-sector companies.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/consolidation-in-the-med-tech-sector-eiken-and-hogy-to-benefit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Consolidation in the Med-Tech Sector? Eiken and Hogy to Benefit </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/739/original/image_61368291131711571758380.png?1711571758"/> <ul>
<li>The med-tech sector is ripe for consolidation. Smaller players like <a data-smartkarma-citation="entities:10493:1" href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" rel="noopener" target="_blank">Hogy Medical (3593 JP)</a> , and <a data-smartkarma-citation="entities:12675:1" href="https://www.smartkarma.com/entities/eiken-chemical-co-ltd" rel="noopener" target="_blank">Eiken Chemical (4549 JP)</a> exhibit sub-par growth and lagging valuations</li>
<li>Activist investors like ValueAct Capital, Dalton and Asset Value have recognized an opportunity for growth and potential M&A</li>
<li>Both Hogy and Eiken trades at a deep discount to larger domestic peers and stand to benefit the most from any consolidation</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. 5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment </a></h3><p></p><ul><li>Loads of stuff are going on in Global Macro, with global equities on the rise yet again, the JPY struggling a bit after unsuccessful attempts from policymakers, including the verbal FX intervention from MoF and BoJ today, and the Spanish HICP numbers, which we hit right on the mark! The benign base effects and dovish outlook has potentially paved the way for a cut in June, but what should you look out for in the meantime?</li><li>We give you 5 topics from our watchlist.</li><li>This week we are watching out for the following 5 topics within global macro.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/kddi-launches-tender-to-buy-out-lawson-2651-still-far-too-cheap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. KDDI Launches Tender To Buy Out Lawson (2651) - Still Far Too Cheap </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/723/original/image?1711540996"/> <ul>
<li>KDDI has announced the launch tomorrow of its Tender Offer to buy out the minorities in <a data-smartkarma-citation="entities:1040:1" href="https://www.smartkarma.com/entities/lawson-inc" rel="noopener" target="_blank">Lawson Inc (2651 JP)</a>. </li>
<li>It's still too cheap. It is still a somewhat non-transparent and unfair process as far as I can tell. And it does not adhere to the METI Fair M&A Guidelines. </li>
<li>There SHOULD BE some activist interest to get KDDI to bump but it is not clear that will show up. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ntv-s-change-of-policy-is-a-positive-effect-of-tse-s-request-but-its-seriousness-will-be-tested-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">NTV's Change of Policy Is a Positive Effect Of TSE's Request, But Its Seriousness Will Be Tested Now</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-set-new-record?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/consolidation-in-the-med-tech-sector-eiken-and-hogy-to-benefit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Consolidation in the Med-Tech Sector? Eiken and Hogy to Benefit</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment</a></li><li><a href="https://www.smartkarma.com/insights/kddi-launches-tender-to-buy-out-lawson-2651-still-far-too-cheap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">KDDI Launches Tender To Buy Out Lawson (2651) - Still Far Too Cheap</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ntv-s-change-of-policy-is-a-positive-effect-of-tse-s-request-but-its-seriousness-will-be-tested-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. NTV's Change of Policy Is a Positive Effect Of TSE's Request, But Its Seriousness Will Be Tested Now </a></h3><p></p><ul>
<li>Although unavoidable under the provisions of Broadcasting Act, the fact that the right to receive dividends as interest-bearing securities was inhibited was problematic in terms of fairness with other shareholders.</li>
<li>NTV Holdings, which has ignored this issue, changes its policy, which is a positive impact of "TSE's request," but NTV's seriousness can be measured by whether it raises its ROE.</li>
<li>If the intention is to leave cross-shareholdings intact and attract overseas investor purchases through some share repurchases, there would be little prospect of a serious increase in ROE.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-set-new-record?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/746/original/image_64831642621711576180195.png?1711576180"/> <ul>
<li>US stocks rebounded Wednesday, with the S&P 500 setting a new record and the Dow surging over 475 points.</li>
<li>Japan plans to ease residency rules for foreign entrepreneurs, expanding eligible funding sources to meet capital requirements, often challenging for startups.</li>
<li>Mitsubishi Heavy Industries (7011) aims to develop a next-generation airliner by 2035, involving multiple private-sector companies.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/consolidation-in-the-med-tech-sector-eiken-and-hogy-to-benefit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Consolidation in the Med-Tech Sector? Eiken and Hogy to Benefit </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/739/original/image_61368291131711571758380.png?1711571758"/> <ul>
<li>The med-tech sector is ripe for consolidation. Smaller players like <a data-smartkarma-citation="entities:10493:1" href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" rel="noopener" target="_blank">Hogy Medical (3593 JP)</a> , and <a data-smartkarma-citation="entities:12675:1" href="https://www.smartkarma.com/entities/eiken-chemical-co-ltd" rel="noopener" target="_blank">Eiken Chemical (4549 JP)</a> exhibit sub-par growth and lagging valuations</li>
<li>Activist investors like ValueAct Capital, Dalton and Asset Value have recognized an opportunity for growth and potential M&A</li>
<li>Both Hogy and Eiken trades at a deep discount to larger domestic peers and stand to benefit the most from any consolidation</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/5-things-we-watch-cyclicals-baltimore-bridge-ecb-usdjpy-sentiment?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. 5 Things We Watch – Cyclicals, Baltimore Bridge, ECB, USDJPY & Sentiment </a></h3><p></p><ul><li>Loads of stuff are going on in Global Macro, with global equities on the rise yet again, the JPY struggling a bit after unsuccessful attempts from policymakers, including the verbal FX intervention from MoF and BoJ today, and the Spanish HICP numbers, which we hit right on the mark! The benign base effects and dovish outlook has potentially paved the way for a cut in June, but what should you look out for in the meantime?</li><li>We give you 5 topics from our watchlist.</li><li>This week we are watching out for the following 5 topics within global macro.</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/kddi-launches-tender-to-buy-out-lawson-2651-still-far-too-cheap?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. KDDI Launches Tender To Buy Out Lawson (2651) - Still Far Too Cheap </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/723/original/image?1711540996"/> <ul>
<li>KDDI has announced the launch tomorrow of its Tender Offer to buy out the minorities in <a data-smartkarma-citation="entities:1040:1" href="https://www.smartkarma.com/entities/lawson-inc" rel="noopener" target="_blank">Lawson Inc (2651 JP)</a>. </li>
<li>It's still too cheap. It is still a somewhat non-transparent and unfair process as far as I can tell. And it does not adhere to the METI Fair M&A Guidelines. </li>
<li>There SHOULD BE some activist interest to get KDDI to bump but it is not clear that will show up. </li>
</ul>2024-03-28T06:48:27+08:00[{"term": "ESG"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9404@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4549@JP"}, {"term": "3593@JP"}, {"term": "Macroeconomics"}, {"term": "GERMANY"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "SPX@INDEX"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "2651@JP"}, {"term": "9433@JP"}, {"term": "8058@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9404@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3593@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8058@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/512264bb-f2cb-369a-b067-0ede1af3ecfcBrief Japan: FX Snapshot - The JPY is Cheap—But Might Stay Cheap for a Little Longer and more2024-03-28T14:17:29.177516+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fx-snapshot-the-jpy-is-cheap-but-might-stay-cheap-for-a-little-longer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">FX Snapshot - The JPY is Cheap—But Might Stay Cheap for a Little Longer</a></li><li><a href="https://www.smartkarma.com/insights/fast-retailing-earnings-preview-487bb638-ee62-48de-b731-e69049e5ccb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Fast Retailing: Earnings Preview</a></li><li><a href="https://www.smartkarma.com/insights/lawson-2651-jp-kddi-corp-9433-jp-tender-offer-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Lawson (2651 JP): KDDI Corp (9433 JP) Tender Offer Launches</a></li><li><a href="https://www.smartkarma.com/insights/mitsubishi-heavy-industries-7011-jp-take-profits-and-wait-for-reality-to-catch-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsubishi Heavy Industries (7011 JP): Take Profits and Wait for Reality to Catch Up</a></li><li><a href="https://www.smartkarma.com/insights/look-hd-bullish-on-fashion-imports-and-exports?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Look HD Bullish on Fashion Imports and Exports</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fx-snapshot-the-jpy-is-cheap-but-might-stay-cheap-for-a-little-longer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. FX Snapshot - The JPY is Cheap—But Might Stay Cheap for a Little Longer </a></h3><p></p><ul><li>The JPY continues to languish. Despite lower US bond yields since Q4 last year, when 10Y yields were trading around 5%, USDJPY remains close to its Q4 peaks near 152.</li><li>A BoJ rate hike—the first in 17 years—failed to budge the currency materially. By many measures, the currency looks cheap— very cheap.</li><li>So, what will it take to push the JPY higher? In no particular order, the following factors are liable to shape JPY trends in the next few months.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fast-retailing-earnings-preview-487bb638-ee62-48de-b731-e69049e5ccb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Fast Retailing: Earnings Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/709/original/image_17156940771711532303371.png?1711532302"/> <ul>
<li>While domestic revenues may have slowed, Uniqlo's domestic OP shows upside potential driven by upside to GM and a gradual reduction in SG&A expenditure.</li>
<li>Simultaneously, Uniqlo International is exhibiting strong performance, with anticipated revenue and OP growth of 21% and 30% YoY respectively.</li>
<li>Despite expecting a strong earnings beat, concerns over high valuations and index issues make us cautious about trading <a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a> in the current earnings cycle.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lawson-2651-jp-kddi-corp-9433-jp-tender-offer-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Lawson (2651 JP): KDDI Corp (9433 JP) Tender Offer Launches </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/704/original/Launch%202.png?1711531834"/> <ul>
<li>
<a data-smartkarma-citation="entities:1040:1" href="https://www.smartkarma.com/entities/lawson-inc" rel="noopener" target="_blank">Lawson Inc (2651 JP)</a> has announced that the pre-condition for the <a data-smartkarma-citation="entities:639:1" href="https://www.smartkarma.com/entities/kddi-corp" rel="noopener" target="_blank">KDDI Corp (9433 JP)</a> tender offer is satisfied. The offer terms are unchanged at JPY10,360 per share. </li>
<li>The offer is arguably light due to the market re-rating, does not reflect significant synergies and is below the midpoint of the IFA DCF valuation range. </li>
<li>Nevertheless, the offer will likely succeed as it represents an all-time high, with no vocal opposition, an achievable 30.2% minority acceptance rate, and the shares never trading through terms. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mitsubishi-heavy-industries-7011-jp-take-profits-and-wait-for-reality-to-catch-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Mitsubishi Heavy Industries (7011 JP): Take Profits and Wait for Reality to Catch Up </a></h3><p></p><ul>
<li>MHI's share price has risen more than 60% year-to-date and nearly tripled over the past 12 months on the improving outlook for Japanese defense contractors.</li>
<li>A huge increase in new orders, prospects for a doubling of sales and a rapidly rising operating margin on Aircraft, Defense & Space have been factored into the price.</li>
<li>The shares do not look expensive compared with international comparables, but neither are they particularly cheap. Potential problems, from Japanese defense budget constraints to production glitches, have been ignored. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/look-hd-bullish-on-fashion-imports-and-exports?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Look HD Bullish on Fashion Imports and Exports </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/573/original/Screenshot%202024-03-26%20at%2017.03.54.png?1711469129"/> <ul>
<li>It has been a tough few years for premium fashion importers. </li>
<li>Decimated sales during Covid were followed by a sharp depreciation in the Yen that has forced a hike in prices and/or a squeeze on profits.</li>
<li>Look has found some solutions, adding new brands while exploring new markets and expects significant upside in revenues and profits.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fx-snapshot-the-jpy-is-cheap-but-might-stay-cheap-for-a-little-longer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">FX Snapshot - The JPY is Cheap—But Might Stay Cheap for a Little Longer</a></li><li><a href="https://www.smartkarma.com/insights/fast-retailing-earnings-preview-487bb638-ee62-48de-b731-e69049e5ccb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Fast Retailing: Earnings Preview</a></li><li><a href="https://www.smartkarma.com/insights/lawson-2651-jp-kddi-corp-9433-jp-tender-offer-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Lawson (2651 JP): KDDI Corp (9433 JP) Tender Offer Launches</a></li><li><a href="https://www.smartkarma.com/insights/mitsubishi-heavy-industries-7011-jp-take-profits-and-wait-for-reality-to-catch-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsubishi Heavy Industries (7011 JP): Take Profits and Wait for Reality to Catch Up</a></li><li><a href="https://www.smartkarma.com/insights/look-hd-bullish-on-fashion-imports-and-exports?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Look HD Bullish on Fashion Imports and Exports</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fx-snapshot-the-jpy-is-cheap-but-might-stay-cheap-for-a-little-longer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. FX Snapshot - The JPY is Cheap—But Might Stay Cheap for a Little Longer </a></h3><p></p><ul><li>The JPY continues to languish. Despite lower US bond yields since Q4 last year, when 10Y yields were trading around 5%, USDJPY remains close to its Q4 peaks near 152.</li><li>A BoJ rate hike—the first in 17 years—failed to budge the currency materially. By many measures, the currency looks cheap— very cheap.</li><li>So, what will it take to push the JPY higher? In no particular order, the following factors are liable to shape JPY trends in the next few months.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fast-retailing-earnings-preview-487bb638-ee62-48de-b731-e69049e5ccb6?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Fast Retailing: Earnings Preview </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/709/original/image_17156940771711532303371.png?1711532302"/> <ul>
<li>While domestic revenues may have slowed, Uniqlo's domestic OP shows upside potential driven by upside to GM and a gradual reduction in SG&A expenditure.</li>
<li>Simultaneously, Uniqlo International is exhibiting strong performance, with anticipated revenue and OP growth of 21% and 30% YoY respectively.</li>
<li>Despite expecting a strong earnings beat, concerns over high valuations and index issues make us cautious about trading <a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a> in the current earnings cycle.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lawson-2651-jp-kddi-corp-9433-jp-tender-offer-launches?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Lawson (2651 JP): KDDI Corp (9433 JP) Tender Offer Launches </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/704/original/Launch%202.png?1711531834"/> <ul>
<li>
<a data-smartkarma-citation="entities:1040:1" href="https://www.smartkarma.com/entities/lawson-inc" rel="noopener" target="_blank">Lawson Inc (2651 JP)</a> has announced that the pre-condition for the <a data-smartkarma-citation="entities:639:1" href="https://www.smartkarma.com/entities/kddi-corp" rel="noopener" target="_blank">KDDI Corp (9433 JP)</a> tender offer is satisfied. The offer terms are unchanged at JPY10,360 per share. </li>
<li>The offer is arguably light due to the market re-rating, does not reflect significant synergies and is below the midpoint of the IFA DCF valuation range. </li>
<li>Nevertheless, the offer will likely succeed as it represents an all-time high, with no vocal opposition, an achievable 30.2% minority acceptance rate, and the shares never trading through terms. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mitsubishi-heavy-industries-7011-jp-take-profits-and-wait-for-reality-to-catch-up?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Mitsubishi Heavy Industries (7011 JP): Take Profits and Wait for Reality to Catch Up </a></h3><p></p><ul>
<li>MHI's share price has risen more than 60% year-to-date and nearly tripled over the past 12 months on the improving outlook for Japanese defense contractors.</li>
<li>A huge increase in new orders, prospects for a doubling of sales and a rapidly rising operating margin on Aircraft, Defense & Space have been factored into the price.</li>
<li>The shares do not look expensive compared with international comparables, but neither are they particularly cheap. Potential problems, from Japanese defense budget constraints to production glitches, have been ignored. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/look-hd-bullish-on-fashion-imports-and-exports?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Look HD Bullish on Fashion Imports and Exports </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/573/original/Screenshot%202024-03-26%20at%2017.03.54.png?1711469129"/> <ul>
<li>It has been a tough few years for premium fashion importers. </li>
<li>Decimated sales during Covid were followed by a sharp depreciation in the Yen that has forced a hike in prices and/or a squeeze on profits.</li>
<li>Look has found some solutions, adding new brands while exploring new markets and expects significant upside in revenues and profits.</li>
</ul>2024-03-27T19:05:41+08:00[{"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9983@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "2651@JP"}, {"term": "3382@JP"}, {"term": "8058@JP"}, {"term": "4581@JP"}, {"term": "9433@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "7011@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "8029@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9983@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9433@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7011@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8029@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/065de9ef-8095-3821-aebf-3c371d4697baBrief Japan: Ohayo Japan and more2024-03-28T14:17:29.164637+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-nvidia-loses-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-taiyo-hoping-for-the-best-as-brother-plays-the-waiting-game?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Roland DG (6789 JP): Taiyo Hoping for the Best as Brother Plays the Waiting Game</a></li><li><a href="https://www.smartkarma.com/insights/shareholder-returns-should-be-examined-on-a-cash-basis-not-on-a-net-profit-basis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Shareholder Returns Should Be Examined on a Cash Basis, Not on a Net Profit Basis</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Are Chair Powell and I on the Same Page?</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-nvidia-loses-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/589/original/image_6235433721711492566892.png?1711492566"/> <ul>
<li>The S&P 500 closed lower for the third consecutive session. Consumer confidence slips to lowest level since November</li>
<li>Meiji's chocolate-themed "Mushroom Mountain" earphones vanished in 10 minutes, leaving fans craving more of the sweet sound experience.</li>
<li>Kirin's "Sunny Wind" beer blows in with a refreshing taste and a breeze of tradition preservation.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-taiyo-hoping-for-the-best-as-brother-plays-the-waiting-game?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Roland DG (6789 JP): Taiyo Hoping for the Best as Brother Plays the Waiting Game </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/554/original/Update%201.png?1711454937"/> <ul>
<li>In response to <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a> request, on 22 March, Taiyo said it was considering a revised offer. However, Taiyo has since remained silent. </li>
<li>Despite discussions with <a data-smartkarma-citation="entities:6114:1" href="https://www.smartkarma.com/entities/brother-industries-ltd" rel="noopener" target="_blank">Brother Industries (6448 JP)</a>, the Board have not been able to eliminate dis-synergies concerns. The Board has left the decision to accept the Taiyo offer to shareholders.</li>
<li>While the Board is trying to dissuade Brother, Brother will take its offer directly to shareholders if the Taiyo offer fails. Taiyo’s behaviour suggests a reluctance to bump. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/shareholder-returns-should-be-examined-on-a-cash-basis-not-on-a-net-profit-basis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Shareholder Returns Should Be Examined on a Cash Basis, Not on a Net Profit Basis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/389/489/original/image_99702272721706583976884.png?1706583977"/> <ul>
<li>The pace of share repurchases in 2023 (+1.4%, YoY) is not sufficient compared to the increase in corporate profits, and there is much room for reconsideration of cash allocations.</li>
<li>In Japan, where many manufacturers keep CapEx within the depreciation, it's more important to verify whether shareholder return is appropriate on a cash basis rather than a net income basis.</li>
<li>Companies that fail to formulate measures to generate ROE that exceeds the cost of capital in accordance with TSE requests are not able to achieve an appropriate cash allocation.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-nvidia-loses-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-taiyo-hoping-for-the-best-as-brother-plays-the-waiting-game?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Roland DG (6789 JP): Taiyo Hoping for the Best as Brother Plays the Waiting Game</a></li><li><a href="https://www.smartkarma.com/insights/shareholder-returns-should-be-examined-on-a-cash-basis-not-on-a-net-profit-basis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Shareholder Returns Should Be Examined on a Cash Basis, Not on a Net Profit Basis</a></li><li><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Are Chair Powell and I on the Same Page?</a></li><li><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-nvidia-loses-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/589/original/image_6235433721711492566892.png?1711492566"/> <ul>
<li>The S&P 500 closed lower for the third consecutive session. Consumer confidence slips to lowest level since November</li>
<li>Meiji's chocolate-themed "Mushroom Mountain" earphones vanished in 10 minutes, leaving fans craving more of the sweet sound experience.</li>
<li>Kirin's "Sunny Wind" beer blows in with a refreshing taste and a breeze of tradition preservation.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-taiyo-hoping-for-the-best-as-brother-plays-the-waiting-game?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Roland DG (6789 JP): Taiyo Hoping for the Best as Brother Plays the Waiting Game </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/554/original/Update%201.png?1711454937"/> <ul>
<li>In response to <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a> request, on 22 March, Taiyo said it was considering a revised offer. However, Taiyo has since remained silent. </li>
<li>Despite discussions with <a data-smartkarma-citation="entities:6114:1" href="https://www.smartkarma.com/entities/brother-industries-ltd" rel="noopener" target="_blank">Brother Industries (6448 JP)</a>, the Board have not been able to eliminate dis-synergies concerns. The Board has left the decision to accept the Taiyo offer to shareholders.</li>
<li>While the Board is trying to dissuade Brother, Brother will take its offer directly to shareholders if the Taiyo offer fails. Taiyo’s behaviour suggests a reluctance to bump. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/shareholder-returns-should-be-examined-on-a-cash-basis-not-on-a-net-profit-basis?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Shareholder Returns Should Be Examined on a Cash Basis, Not on a Net Profit Basis </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/389/489/original/image_99702272721706583976884.png?1706583977"/> <ul>
<li>The pace of share repurchases in 2023 (+1.4%, YoY) is not sufficient compared to the increase in corporate profits, and there is much room for reconsideration of cash allocations.</li>
<li>In Japan, where many manufacturers keep CapEx within the depreciation, it's more important to verify whether shareholder return is appropriate on a cash basis rather than a net income basis.</li>
<li>Companies that fail to formulate measures to generate ROE that exceeds the cost of capital in accordance with TSE requests are not able to achieve an appropriate cash allocation.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/are-chair-powell-and-i-on-the-same-page?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Are Chair Powell and I on the Same Page? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/438/original/image_68336532531711414100378.png?1711414100"/> <ul>
<li>The ongoing Fed pause puts emphasis on the interactions between financial conditions and headline growth </li>
<li>My proprietary measure of financial market conditions seems to be broadly consistent with the Fed Board’s indicator of financial conditions </li>
<li>Chair Powell alluded to the prospect that financial conditions are currently "weighing on economic activity" </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/global-easing-combined-with-a-resumption-of-industrial-growth-is-a-good-set-up-for-commodities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Global Easing Combined with a Resumption of Industrial Growth Is a Good Set-Up for Commodities </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/353/original/image_24348615151711362500160.png?1711362501"/> <ul>
<li>Central banks have set the stage for the next inflationary wave by moving to an easing bias despite higher inflation</li>
<li>The Federal Reserve, the BoJ, the ECB and the SNB all tilt to easing</li>
<li>US deficit spending together with China and Germany exiting an industrial recession bode well for industrial commodities</li>
</ul>2024-03-27T06:39:01+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6789@JP"}, {"term": "1890@JP"}, {"term": "6448@JP"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "HK"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MALAYSIA"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "THAILAND"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "PHILIPPINES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "TURKEY"}, {"term": "KOREA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "BRAZIL"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "PUERTO RICO"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "3330@HK"}, {"term": "2099@HK"}, {"term": "601088@CH"}, {"term": "1088@HK"}, {"term": "1898@HK"}, {"term": "1171@HK"}, {"term": "883@HK"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6448@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "883@HK"}]https://www.smartkarma.com/segment/feeds/japan.rss/cd05d606-3d42-3308-ae58-8bae5772f645Brief Japan: Ohayo Japan and more2024-03-28T14:17:29.156181+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-wall-street-ends-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/a-dicey-short-term-fx-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">A Dicey Short-Term FX Trade</a></li><li><a href="https://www.smartkarma.com/insights/japanese-banks-cash-balances-and-the-boj-s-negative-interest-rate-policy-exit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Banks – Cash Balances and the BoJ’s Negative Interest Rate Policy Exit</a></li><li><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-carta-holdings-3688-jp-3b3ea878-2cc7-460b-b364-5bacaaef0532?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3q Follow-Up - CARTA HOLDINGS (3688 JP)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-wall-street-ends-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/428/original/image_72423654921711404584265.png?1711404583"/> <ul>
<li>US stocks lost ground on Monday, the start of a holiday-shortened week, as investors await Friday’s inflation data</li>
<li>The Personal Consumption Expenditures (PCE) report is due on Friday, despite it being a market holiday. Core PCE expected to be up 2.8%</li>
<li>IHI Corp (7013) anticipates a 110 billion yen operating profit in fiscal year ending March 2025, rebounding from an 80 billion yen loss due to engine quality issue</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/a-dicey-short-term-fx-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. A Dicey Short-Term FX Trade </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/418/original/image?1711400628"/> <ul>
<li>The catalyst: Japan’s Vice Finance Minister. ‘The current weakening of the yen is not in line with fundamentals and is clearly driven by speculation.’</li>
<li>As the Bank of Japan will not or only marginally hike its policy rate from here, the interest rate differential can only go one way. </li>
<li>China to the rescue? China needs a stable currency, at least not a weaker one. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japanese-banks-cash-balances-and-the-boj-s-negative-interest-rate-policy-exit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japanese Banks – Cash Balances and the BoJ’s Negative Interest Rate Policy Exit </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/412/original/image_35186105751711393694196.png?1711393694"/> <ul>
<li>The Japanese banks’ share prices have barely moved following the Bank of Japan’s exit from negative interest rates; is it largely discounted or does the continued accommodative stance instil caution? </li>
<li>Japanese banks will benefit from 100% of their deposits at the BoJ earning 0.1%, as opposed to 40% of bank deposits which was the case up to the 20th March</li>
<li>We believe our positive recommendations are all geared into higher domestic interest rates; we highlight Resona, Mizuho and Suruga in this report for their high cash and at bank balances</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024 </a></h3><p></p><ul><li><strong>China</strong>: As a result of the economic stimulus, China’s economic figures in February 2024 recovered, with exports at +7.1% YoY (vs. +2.3% YoY in January), headline inflation at +0.7% YoY (vs. -0.8% YoY in the previous month), industrial output at +7.0% YoY (vs. +6.8% YoY), the Caixin manufacturing PMI at 50.9 (vs. 50.8), and fixed asset investment at +4.2% YoY (vs. +3.0% YoY) (Figure 1).</li><li><strong>Japan</strong>: The BoJ ended its ultra-low interest rate policy after key economic data returned to normal: i) the Tokyo CPI marked at +2.6% YoY in February, higher than the average of +2.4% during 1971-2024 and the target of +2.0%; ii) the economy managed to avoid a technical recession after the 4Q23 GDP returned to expansion at +0.1% QoQ; and iii) Japan’s largest labor union reached an agreement to increase wages by 5.25%, the highest in 30 years (Figure 2).</li><li><p><strong>The UK</strong>: The economy has begun to show signs of recovery in 1Q24 after GDP in January 2024 managed to expand again (+0.2% MoM vs. -0.1% MoM in December 2023). Meanwhile, monthly inflation in February returned to accelerate sharply at +0.6% MoM (vs. -0.6% MoM in January); this prompted the BoE to maintain its policy interest rate at the highest level of 5.25% for the fifth consecutive month.</p></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/3q-follow-up-carta-holdings-3688-jp-3b3ea878-2cc7-460b-b364-5bacaaef0532?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. 3q Follow-Up - CARTA HOLDINGS (3688 JP) </a></h3><p></p><ul><li>FY23/12 saw a strong push towards management initiatives aimed at a V-shaped recovery in financial performance.</li><li>On the other hand, conservative guidance was provided for FY24/12, due to the uncertain market sentiment, strategic cost increases, and the need to avoid downward revisions for three consecutive terms in the mid-year.</li><li>Although the stock price fell sharply after the 4Q FY23/12 earnings announcement, it has recently been recovering somewhat, perhaps fueled by the recognition and understanding of the conservatism of the guidance and the company's true earnings potential.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-wall-street-ends-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/a-dicey-short-term-fx-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">A Dicey Short-Term FX Trade</a></li><li><a href="https://www.smartkarma.com/insights/japanese-banks-cash-balances-and-the-boj-s-negative-interest-rate-policy-exit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Banks – Cash Balances and the BoJ’s Negative Interest Rate Policy Exit</a></li><li><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-carta-holdings-3688-jp-3b3ea878-2cc7-460b-b364-5bacaaef0532?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3q Follow-Up - CARTA HOLDINGS (3688 JP)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-wall-street-ends-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/428/original/image_72423654921711404584265.png?1711404583"/> <ul>
<li>US stocks lost ground on Monday, the start of a holiday-shortened week, as investors await Friday’s inflation data</li>
<li>The Personal Consumption Expenditures (PCE) report is due on Friday, despite it being a market holiday. Core PCE expected to be up 2.8%</li>
<li>IHI Corp (7013) anticipates a 110 billion yen operating profit in fiscal year ending March 2025, rebounding from an 80 billion yen loss due to engine quality issue</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/a-dicey-short-term-fx-trade?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. A Dicey Short-Term FX Trade </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/418/original/image?1711400628"/> <ul>
<li>The catalyst: Japan’s Vice Finance Minister. ‘The current weakening of the yen is not in line with fundamentals and is clearly driven by speculation.’</li>
<li>As the Bank of Japan will not or only marginally hike its policy rate from here, the interest rate differential can only go one way. </li>
<li>China to the rescue? China needs a stable currency, at least not a weaker one. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japanese-banks-cash-balances-and-the-boj-s-negative-interest-rate-policy-exit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japanese Banks – Cash Balances and the BoJ’s Negative Interest Rate Policy Exit </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/412/original/image_35186105751711393694196.png?1711393694"/> <ul>
<li>The Japanese banks’ share prices have barely moved following the Bank of Japan’s exit from negative interest rates; is it largely discounted or does the continued accommodative stance instil caution? </li>
<li>Japanese banks will benefit from 100% of their deposits at the BoJ earning 0.1%, as opposed to 40% of bank deposits which was the case up to the 20th March</li>
<li>We believe our positive recommendations are all geared into higher domestic interest rates; we highlight Resona, Mizuho and Suruga in this report for their high cash and at bank balances</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ktx-ahead-commodities-from-destocking-to-restocking-march-25-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ktx Ahead - Commodities: From “destocking to Restocking” - MARCH 25, 2024 </a></h3><p></p><ul><li><strong>China</strong>: As a result of the economic stimulus, China’s economic figures in February 2024 recovered, with exports at +7.1% YoY (vs. +2.3% YoY in January), headline inflation at +0.7% YoY (vs. -0.8% YoY in the previous month), industrial output at +7.0% YoY (vs. +6.8% YoY), the Caixin manufacturing PMI at 50.9 (vs. 50.8), and fixed asset investment at +4.2% YoY (vs. +3.0% YoY) (Figure 1).</li><li><strong>Japan</strong>: The BoJ ended its ultra-low interest rate policy after key economic data returned to normal: i) the Tokyo CPI marked at +2.6% YoY in February, higher than the average of +2.4% during 1971-2024 and the target of +2.0%; ii) the economy managed to avoid a technical recession after the 4Q23 GDP returned to expansion at +0.1% QoQ; and iii) Japan’s largest labor union reached an agreement to increase wages by 5.25%, the highest in 30 years (Figure 2).</li><li><p><strong>The UK</strong>: The economy has begun to show signs of recovery in 1Q24 after GDP in January 2024 managed to expand again (+0.2% MoM vs. -0.1% MoM in December 2023). Meanwhile, monthly inflation in February returned to accelerate sharply at +0.6% MoM (vs. -0.6% MoM in January); this prompted the BoE to maintain its policy interest rate at the highest level of 5.25% for the fifth consecutive month.</p></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/3q-follow-up-carta-holdings-3688-jp-3b3ea878-2cc7-460b-b364-5bacaaef0532?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. 3q Follow-Up - CARTA HOLDINGS (3688 JP) </a></h3><p></p><ul><li>FY23/12 saw a strong push towards management initiatives aimed at a V-shaped recovery in financial performance.</li><li>On the other hand, conservative guidance was provided for FY24/12, due to the uncertain market sentiment, strategic cost increases, and the need to avoid downward revisions for three consecutive terms in the mid-year.</li><li>Although the stock price fell sharply after the 4Q FY23/12 earnings announcement, it has recently been recovering somewhat, perhaps fueled by the recognition and understanding of the conservatism of the guidance and the company's true earnings potential.</li></ul>2024-03-26T06:12:19+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "8308@JP"}, {"term": "8304@JP"}, {"term": "7173@JP"}, {"term": "8334@JP"}, {"term": "8358@JP"}, {"term": "7186@JP"}, {"term": "8411@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "THAILAND"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "CHINA"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3688@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8411@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3688@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/384b6152-e165-30f9-b61b-3c820642b5b5Brief Japan: United Arrows (7606): Q3 FY03/24 Update and more2024-03-28T14:17:29.144269+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/united-arrows-7606-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">United Arrows (7606): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/japanese-banks-improved-on-rate-hike-bets-although-true-impact-yet-to-materialize?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Banks Improved on Rate Hike Bets, Although True Impact Yet to Materialize</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #92 – The head fake reflation?</a></li><li><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-zozo-3092-and-other-adds-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update</a></li><li><a href="https://www.smartkarma.com/insights/hogy-medical-3593-a-prescription-for-renewed-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Hogy Medical (3593): A Prescription for Renewed Growth</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/united-arrows-7606-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. United Arrows (7606): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:4887:1" href="https://www.smartkarma.com/entities/united-arrows-ltd" rel="noopener" target="_blank">United Arrows (7606 JP)</a> is an industry leader in operating clothing select shops in Japan, and is the eighth largest apparel company in the country in terms of sales value.</li>
<li>In FY03/23, United Arrows reported revenue of JPY130.1bn, operating profit of JPY6.4bn, recurring profit of JPY6.9bn, and net income attributable to owners of the parent of JPY4.3bn</li>
<li>In May 2023, the company announced its long-term vision ending in FY03/33 and medium-term management plan ending in FY03/26 as the first step.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japanese-banks-improved-on-rate-hike-bets-although-true-impact-yet-to-materialize?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Japanese Banks Improved on Rate Hike Bets, Although True Impact Yet to Materialize </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/277/original/ATT00006%20%285%29.png?1711334067"/> <ul>
<li>For the first time since 2016, the Bank of Japan has decided to raise interest rates, becoming the last country in the world to end its loose monetary policy stance, and signaling an end to the country’s deflationary cycle that has dominated policy decisions for the better part of the last decade. The impact of the BoJ’s policy move this week has led to volatility in global markets.</li>
<li>The Japanese Yen (JPY) has also depreciated against major currencies since the central bank raised its policy rate, as the policy move is suggestive of a gradual transition from accommodative policy by the central bank, rather than a hard exit into a tighter monetary environment.</li>
<li>Prior to the rate hike, the JPY has also seen a relatively softer appreciation against many developed currencies, especially the USD, as global markets priced in fewer than expected rate cuts by the Fed over the year making the interest rate differential still attractive.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Steno Signals #92 – The head fake reflation? </a></h3><p></p><ul><li>It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found out there.</li><li>I went to London to meet with a bunch of the big funds in town, hot on the heels of Powell’s reflationary Fed meeting on Wednesday.</li><li>It almost annoyed me how “vanilla” my analysis had to be on the back of it, as the Fed is moving the needle lower and lower and lower on the implied Real Fed Funds rate every meeting currently, no matter the underlying developments in inflation and/or growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-zozo-3092-and-other-adds-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/245/original/Screenshot%202024-03-24%20at%2010.20.53%E2%80%AFPM.png?1711290077"/> <ul>
<li>
<a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO Inc (3092 JP)</a> is +10% since the close <em>after</em> the Nikkei 225 inclusion announcement vs Nikkei225 +2%. Fellow upweight Nitori is up too. Disco and Socionext are up less.</li>
<li>All three inclusions and one upweight see considerable inclusion demand when compared to active holdings. Some more than others. </li>
<li>Some trades here are more interesting than others, still. Cumulative excess volumes are one guide. Fundamentals, and flow dynamics are another.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hogy-medical-3593-a-prescription-for-renewed-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Hogy Medical (3593): A Prescription for Renewed Growth </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/251/original/image_86761176241711295214758.png?1711295215"/> <ul>
<li>NAVF and Dalton invest heavily in Hogy Medical, eyeing its market dominance and growth potential in disposable surgical equipment</li>
<li>Despite past underperformance, NAVF's proactive engagement signals a push for a more aggressive overseas expansion</li>
<li>We see a number of continued catalysts for future shareholder value enhancement and improved corporate governance position</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/united-arrows-7606-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">United Arrows (7606): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/japanese-banks-improved-on-rate-hike-bets-although-true-impact-yet-to-materialize?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Banks Improved on Rate Hike Bets, Although True Impact Yet to Materialize</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #92 – The head fake reflation?</a></li><li><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-zozo-3092-and-other-adds-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update</a></li><li><a href="https://www.smartkarma.com/insights/hogy-medical-3593-a-prescription-for-renewed-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Hogy Medical (3593): A Prescription for Renewed Growth</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/united-arrows-7606-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. United Arrows (7606): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:4887:1" href="https://www.smartkarma.com/entities/united-arrows-ltd" rel="noopener" target="_blank">United Arrows (7606 JP)</a> is an industry leader in operating clothing select shops in Japan, and is the eighth largest apparel company in the country in terms of sales value.</li>
<li>In FY03/23, United Arrows reported revenue of JPY130.1bn, operating profit of JPY6.4bn, recurring profit of JPY6.9bn, and net income attributable to owners of the parent of JPY4.3bn</li>
<li>In May 2023, the company announced its long-term vision ending in FY03/33 and medium-term management plan ending in FY03/26 as the first step.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japanese-banks-improved-on-rate-hike-bets-although-true-impact-yet-to-materialize?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Japanese Banks Improved on Rate Hike Bets, Although True Impact Yet to Materialize </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/277/original/ATT00006%20%285%29.png?1711334067"/> <ul>
<li>For the first time since 2016, the Bank of Japan has decided to raise interest rates, becoming the last country in the world to end its loose monetary policy stance, and signaling an end to the country’s deflationary cycle that has dominated policy decisions for the better part of the last decade. The impact of the BoJ’s policy move this week has led to volatility in global markets.</li>
<li>The Japanese Yen (JPY) has also depreciated against major currencies since the central bank raised its policy rate, as the policy move is suggestive of a gradual transition from accommodative policy by the central bank, rather than a hard exit into a tighter monetary environment.</li>
<li>Prior to the rate hike, the JPY has also seen a relatively softer appreciation against many developed currencies, especially the USD, as global markets priced in fewer than expected rate cuts by the Fed over the year making the interest rate differential still attractive.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-92-the-head-fake-reflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Steno Signals #92 – The head fake reflation? </a></h3><p></p><ul><li>It is always lovely to get back on the road and meet a load of fund managers, and it is nice to see that a few reflation skepticals are still found out there.</li><li>I went to London to meet with a bunch of the big funds in town, hot on the heels of Powell’s reflationary Fed meeting on Wednesday.</li><li>It almost annoyed me how “vanilla” my analysis had to be on the back of it, as the Fed is moving the needle lower and lower and lower on the implied Real Fed Funds rate every meeting currently, no matter the underlying developments in inflation and/or growth.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-zozo-3092-and-other-adds-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Mar24 Nikkei 225 Rebal: Zozo (3092) And Other ADDs Update </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/245/original/Screenshot%202024-03-24%20at%2010.20.53%E2%80%AFPM.png?1711290077"/> <ul>
<li>
<a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO Inc (3092 JP)</a> is +10% since the close <em>after</em> the Nikkei 225 inclusion announcement vs Nikkei225 +2%. Fellow upweight Nitori is up too. Disco and Socionext are up less.</li>
<li>All three inclusions and one upweight see considerable inclusion demand when compared to active holdings. Some more than others. </li>
<li>Some trades here are more interesting than others, still. Cumulative excess volumes are one guide. Fundamentals, and flow dynamics are another.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/hogy-medical-3593-a-prescription-for-renewed-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Hogy Medical (3593): A Prescription for Renewed Growth </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/251/original/image_86761176241711295214758.png?1711295215"/> <ul>
<li>NAVF and Dalton invest heavily in Hogy Medical, eyeing its market dominance and growth potential in disposable surgical equipment</li>
<li>Despite past underperformance, NAVF's proactive engagement signals a push for a more aggressive overseas expansion</li>
<li>We see a number of continued catalysts for future shareholder value enhancement and improved corporate governance position</li>
</ul>2024-03-25T12:58:07+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "7606@JP"}, {"term": "Cross Asset Strategy"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8316@JP"}, {"term": "MUFG@US"}, {"term": "8411@JP"}, {"term": "JAPAN@GOVT"}, {"term": "USDJPY@CURNCY"}, {"term": "Macroeconomics"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "FRANCE"}, {"term": "ITALY"}, {"term": "GERMANY"}, {"term": "UNITED KINGDOM"}, {"term": "CHINA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "COPPER@COMDTY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "NDX@INDEX"}, {"term": "GT10@GOVT"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "3092@JP"}, {"term": "4689@JP"}, {"term": "9983@JP"}, {"term": "7606@JP"}, {"term": "6146@JP"}, {"term": "7735@JP"}, {"term": "6857@JP"}, {"term": "8035@JP"}, {"term": "2531@JP"}, {"term": "5541@JP"}, {"term": "5232@JP"}, {"term": "6526@JP"}, {"term": "9843@JP"}, {"term": "7453@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3593@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7606@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "GT10@GOVT"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7453@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3593@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/38228f2f-24c6-3f6f-b6ce-50ddd304aa12Brief Japan: Ohayo Japan and more2024-03-28T14:17:29.131203+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-new-tech-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-fast-retailing-giordano-c-f-logistics-swire-japan-s-big-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend</a></li><li><a href="https://www.smartkarma.com/insights/first-step-in-engagement-in-term-of-listening-to-overseas-investors-is-seeking-disclosure-in-english?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">First Step in Engagement in Term of Listening to Overseas Investors Is Seeking Disclosure in English</a></li><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-24-mar-shinko-c-f-logistics-jsr-intellicentrics-sciclone-link-admin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (24 Mar) - Shinko, C&F Logistics, JSR, IntelliCentrics, SciClone, Link Admin</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-new-tech-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/252/original/image_76140093621711303458279.png?1711303458"/> <ul>
<li>US stocks closed mixed on Friday with the Nasdaq Composite hitting a new high amidst optimism over a potential reversal in interest rate hikes</li>
<li>Analysts anticipate a 10% rise in EPS for the Nikkei's 225 constituents in fiscal 2024, with electronics and precision instruments leading the charge, driven by expected semiconductor demand growth</li>
<li>ANA Holdings, parent company of All Nippon Airways, announced plans to slash daytime air cargo rates, aligning them with trucking costs, in anticipation of an impending truck driver shortage</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-fast-retailing-giordano-c-f-logistics-swire-japan-s-big-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/928/original/image_38809342521711094164014.png?1711094164"/> <ul>
<li>The trade of being short <strong><a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a></strong> vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.</li>
<li>
<strong><a data-smartkarma-citation="entities:13899:1" href="https://www.smartkarma.com/entities/giordano-international-ltd" rel="noopener" target="_blank">Giordano (709 HK)</a></strong>'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.</li>
<li>
<strong><a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a></strong> intends to launch a Tender Offer on <strong><a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a></strong> without having contacted C&F first. A HOSTILE deal. Yum!</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-step-in-engagement-in-term-of-listening-to-overseas-investors-is-seeking-disclosure-in-english?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. First Step in Engagement in Term of Listening to Overseas Investors Is Seeking Disclosure in English </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/388/846/original/image_37430158631706239447680.png?1706239448"/> <ul>
<li>Companies with the highest Disclosure in English scores have the highest ROE, Tobin's Q, Market Capitalization, and Foreign Shareholder Ratio, while companies with the lowest scores have the lowest values.</li>
<li>Companies with the highest Disclosure in English scores also show generally higher Board Practices and Key Actions. Both Disclosure in English and these practices are the result of engagement efforts.</li>
<li>If Disclosure in English and corporate governance efforts are advanced through engagement, it can be hypothesized that profitability will also increase through engagement with overseas investors.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-24-mar-shinko-c-f-logistics-jsr-intellicentrics-sciclone-link-admin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Weekly Deals Digest (24 Mar) - Shinko, C&F Logistics, JSR, IntelliCentrics, SciClone, Link Admin </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <strong><em><a data-smartkarma-citation="entities:39940:1" href="https://www.smartkarma.com/entities/lianlian-digitech" rel="noopener" target="_blank">Lianlian DigiTech (2104619D CH)</a></em></strong> launches a US$78 million IPO.</li>
<li>Event-Driven developments: <em><strong><a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a>, <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, <a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a>, <a data-smartkarma-citation="entities:40901:1" href="https://www.smartkarma.com/entities/intellicentrics-global-holding" rel="noopener" target="_blank">IntelliCentrics Global Holding (6819 HK)</a>, <a data-smartkarma-citation="entities:17351:1" href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" rel="noopener" target="_blank">Sciclone Pharmaceuticals (6600 HK)</a></strong></em>. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-new-tech-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Siltronic To Exit Small Diameter Wafer Market by 2025</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-fast-retailing-giordano-c-f-logistics-swire-japan-s-big-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend</a></li><li><a href="https://www.smartkarma.com/insights/first-step-in-engagement-in-term-of-listening-to-overseas-investors-is-seeking-disclosure-in-english?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">First Step in Engagement in Term of Listening to Overseas Investors Is Seeking Disclosure in English</a></li><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-24-mar-shinko-c-f-logistics-jsr-intellicentrics-sciclone-link-admin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (24 Mar) - Shinko, C&F Logistics, JSR, IntelliCentrics, SciClone, Link Admin</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-new-tech-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/252/original/image_76140093621711303458279.png?1711303458"/> <ul>
<li>US stocks closed mixed on Friday with the Nasdaq Composite hitting a new high amidst optimism over a potential reversal in interest rate hikes</li>
<li>Analysts anticipate a 10% rise in EPS for the Nikkei's 225 constituents in fiscal 2024, with electronics and precision instruments leading the charge, driven by expected semiconductor demand growth</li>
<li>ANA Holdings, parent company of All Nippon Airways, announced plans to slash daytime air cargo rates, aligning them with trucking costs, in anticipation of an impending truck driver shortage</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/siltronic-to-exit-small-diameter-wafer-market-by-2025?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Siltronic To Exit Small Diameter Wafer Market by 2025 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/230/original/image?1711269313"/> <ul>
<li>Ferrotec's production of 150mm wafers in China has increased >6x since 2019</li>
<li>Siltronic's production of 150mm and smaller wafer diameters is no longer profitable</li>
<li>China likely now self-sufficient in the supply of 150mm and smaller diameter silicon wafers. Next milestone: 200mm wafers. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-fast-retailing-giordano-c-f-logistics-swire-japan-s-big-dividend?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Last Week in Event SPACE: Fast Retailing, Giordano, C&F Logistics, Swire, Japan's Big Dividend </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/928/original/image_38809342521711094164014.png?1711094164"/> <ul>
<li>The trade of being short <strong><a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a></strong> vs Nikkei 225 or Sector Basket is fundamentally slightly short Nikkei 225 froth.</li>
<li>
<strong><a data-smartkarma-citation="entities:13899:1" href="https://www.smartkarma.com/entities/giordano-international-ltd" rel="noopener" target="_blank">Giordano (709 HK)</a></strong>'s SGM will likely pivot off how the shareholders under Halcyon Securities vote. Digging a little deeper as to who these shareholders are, provides some (not-altogether) surprising results.</li>
<li>
<strong><a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a></strong> intends to launch a Tender Offer on <strong><a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a></strong> without having contacted C&F first. A HOSTILE deal. Yum!</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/first-step-in-engagement-in-term-of-listening-to-overseas-investors-is-seeking-disclosure-in-english?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. First Step in Engagement in Term of Listening to Overseas Investors Is Seeking Disclosure in English </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/388/846/original/image_37430158631706239447680.png?1706239448"/> <ul>
<li>Companies with the highest Disclosure in English scores have the highest ROE, Tobin's Q, Market Capitalization, and Foreign Shareholder Ratio, while companies with the lowest scores have the lowest values.</li>
<li>Companies with the highest Disclosure in English scores also show generally higher Board Practices and Key Actions. Both Disclosure in English and these practices are the result of engagement efforts.</li>
<li>If Disclosure in English and corporate governance efforts are advanced through engagement, it can be hypothesized that profitability will also increase through engagement with overseas investors.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-24-mar-shinko-c-f-logistics-jsr-intellicentrics-sciclone-link-admin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Weekly Deals Digest (24 Mar) - Shinko, C&F Logistics, JSR, IntelliCentrics, SciClone, Link Admin </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <strong><em><a data-smartkarma-citation="entities:39940:1" href="https://www.smartkarma.com/entities/lianlian-digitech" rel="noopener" target="_blank">Lianlian DigiTech (2104619D CH)</a></em></strong> launches a US$78 million IPO.</li>
<li>Event-Driven developments: <em><strong><a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a>, <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, <a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a>, <a data-smartkarma-citation="entities:40901:1" href="https://www.smartkarma.com/entities/intellicentrics-global-holding" rel="noopener" target="_blank">IntelliCentrics Global Holding (6819 HK)</a>, <a data-smartkarma-citation="entities:17351:1" href="https://www.smartkarma.com/entities/sciclone-pharmaceuticals-holdings-limited" rel="noopener" target="_blank">Sciclone Pharmaceuticals (6600 HK)</a></strong></em>. </li>
</ul>2024-03-25T06:00:02+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOI@FP"}, {"term": "4063@JP"}, {"term": "6488@TT"}, {"term": "3436@JP"}, {"term": "WAF@GR"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9983@JP"}, {"term": "KEX@TB"}, {"term": "PSQ@AU"}, {"term": "OPDE@SM"}, {"term": "3331@HK"}, {"term": "906@HK"}, {"term": "PBP@AU"}, {"term": "EGH@AU"}, {"term": "A2B@AU"}, {"term": "GXO@US"}, {"term": "PRU@AU"}, {"term": "SLR@AU"}, {"term": "WIN@LN"}, {"term": "PSG@SM"}, {"term": "762@HK"}, {"term": "AZN@LN"}, {"term": "FUSN@US"}, {"term": "6819@HK"}, {"term": "RED@AU"}, {"term": "OLG@SP"}, {"term": "601111@CH"}, {"term": "6118@JP"}, {"term": "19@HK"}, {"term": "6600@HK"}, {"term": "7816@JP"}, {"term": "BLD@AU"}, {"term": "4185@JP"}, {"term": "SVM@CN"}, {"term": "SVW@AU"}, {"term": "1972@HK"}, {"term": "293@HK"}, {"term": "1910@HK"}, {"term": "NAM@AU"}, {"term": "NPR@AU"}, {"term": "LNK@AU"}, {"term": "ORR@AU"}, {"term": "9099@JP"}, {"term": "9090@JP"}, {"term": "709@HK"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6967@JP"}, {"term": "6702@JP"}, {"term": "4183@JP"}, {"term": "7912@JP"}, {"term": "9090@JP"}, {"term": "A1N@AU"}, {"term": "SXL@AU"}, {"term": "8306@JP"}, {"term": "LNK@AU"}, {"term": "6600@HK"}, {"term": "6819@HK"}, {"term": "4185@JP"}, {"term": "9099@JP"}, {"term": "2104619D@CH"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "WAF@GR"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "709@HK"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2104619D@CH"}]https://www.smartkarma.com/segment/feeds/japan.rss/b704418d-4cc8-35d8-baa7-8476f37fe0abBrief Japan: (Mostly) Asia-Pac M&A: IntelliCentrics, Chilled & Frozen Logistics, Boral, Orecorp, Link Admin, JSR and more2024-03-28T14:17:29.120647+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-intellicentrics-chilled-frozen-logistics-boral-orecorp-link-admin-jsr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Asia-Pac M&A: IntelliCentrics, Chilled & Frozen Logistics, Boral, Orecorp, Link Admin, JSR</a></li><li><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-flying-high-don-t-burn-your-wings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EQD</a></li><li><a href="https://www.smartkarma.com/insights/japan-weekly-real-estate-inflates-nidec-benefits-from-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Weekly</a></li><li><a href="https://www.smartkarma.com/insights/japan-airlines-encouraging-lifting-of-medium-term-expectations-to-narrow-recovery-gap-to-ana?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Weekly Market Monitor – Global Monetary Policy Easing Has Begun!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-intellicentrics-chilled-frozen-logistics-boral-orecorp-link-admin-jsr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. (Mostly) Asia-Pac M&A: IntelliCentrics, Chilled & Frozen Logistics, Boral, Orecorp, Link Admin, JSR </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/014/original/image_26532026151711158038401.png?1711158039"/> <ul>
<li>I tally 52 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were discussed this week on Smartkarma: <strong><a data-smartkarma-citation="entities:40901:1" href="https://www.smartkarma.com/entities/intellicentrics-global-holding" rel="noopener" target="_blank">IntelliCentrics Global Holding (6819 HK)</a></strong> disposal/winding-up/special dividend arb; and <strong><a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a></strong>'s hostile Offer.</li>
<li>Key updates took place on: <strong><a data-smartkarma-citation="entities:1487:1" href="https://www.smartkarma.com/entities/boral-ltd" rel="noopener" target="_blank">Boral Ltd (BLD AU)</a></strong>, <strong><a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp Ltd (ORR AU)</a></strong>, <strong><a data-smartkarma-citation="entities:970:1" href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" rel="noopener" target="_blank">Link Administration (LNK AU)</a></strong>, and <strong><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a></strong>.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-flying-high-don-t-burn-your-wings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/009/original/image_43364547151711138205790.png?1711138206"/> <ul>
<li>The <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225 INDEX</a> has been rallying for >3 months, rising more than 28%. Is it too much, too fast?</li>
<li>Short-Term, if we look at the Market Reversal Matrix's SHORT WEEKLY model for the index, it looks like it could either reverse within a couple of weeks, or stall.</li>
<li>Look for the ~41000 resistance area to place SHORT or hedge your LONG positions.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-weekly-real-estate-inflates-nidec-benefits-from-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japan Weekly </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/991/original/image_22249815131711125764106.png?1711125763"/> <ul>
<li>The Nikkei and Topix indexes surged by 5.63% and 5.33% reaching all-time highs</li>
<li>Real Estate majors were the biggest movers in Japan. Beneficiaries of higher inflation and continuation of easy monetary policy</li>
<li>Nidec is reinventing itself again. EV traction motors will remain a core driver, but investors can now get excited by the AI thematic</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-airlines-encouraging-lifting-of-medium-term-expectations-to-narrow-recovery-gap-to-ana?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA </a></h3><p></p><ul>
<li>JAL finishing FY24 strongly with another guidance upgrade – upgraded FY26 targets more logical in light of existing ANA targets</li>
<li>Demand momentum particularly helpful as wages rise across Japan and cost control to remain impressive over FY25-FY26 as LCC growth set to dilute FSC inflation</li>
<li>Detailed analysis of JAL’s widening margin gap to ANA suggests revenue solution required – momentum helpful and needs to be watched carefully</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. The Weekly Market Monitor – Global Monetary Policy Easing Has Begun! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/958/original/image?1711108761"/> <ul>
<li>Switzerland sparks the start of a global wave of monetary policy easing. And it’s only March!</li>
<li>Why are central banks already contemplating rate cuts when inflation levels are significantly above target, and the global economy is at full employment?</li>
<li>I explain why investors should pay more attention to the MOVE Index and less to the VIX Index. It comes down to the answer to the question above.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-intellicentrics-chilled-frozen-logistics-boral-orecorp-link-admin-jsr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Asia-Pac M&A: IntelliCentrics, Chilled & Frozen Logistics, Boral, Orecorp, Link Admin, JSR</a></li><li><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-flying-high-don-t-burn-your-wings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EQD</a></li><li><a href="https://www.smartkarma.com/insights/japan-weekly-real-estate-inflates-nidec-benefits-from-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Weekly</a></li><li><a href="https://www.smartkarma.com/insights/japan-airlines-encouraging-lifting-of-medium-term-expectations-to-narrow-recovery-gap-to-ana?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Weekly Market Monitor – Global Monetary Policy Easing Has Begun!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-intellicentrics-chilled-frozen-logistics-boral-orecorp-link-admin-jsr?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. (Mostly) Asia-Pac M&A: IntelliCentrics, Chilled & Frozen Logistics, Boral, Orecorp, Link Admin, JSR </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/014/original/image_26532026151711158038401.png?1711158039"/> <ul>
<li>I tally 52 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were discussed this week on Smartkarma: <strong><a data-smartkarma-citation="entities:40901:1" href="https://www.smartkarma.com/entities/intellicentrics-global-holding" rel="noopener" target="_blank">IntelliCentrics Global Holding (6819 HK)</a></strong> disposal/winding-up/special dividend arb; and <strong><a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a></strong>'s hostile Offer.</li>
<li>Key updates took place on: <strong><a data-smartkarma-citation="entities:1487:1" href="https://www.smartkarma.com/entities/boral-ltd" rel="noopener" target="_blank">Boral Ltd (BLD AU)</a></strong>, <strong><a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp Ltd (ORR AU)</a></strong>, <strong><a data-smartkarma-citation="entities:970:1" href="https://www.smartkarma.com/entities/link-administration-holdings-ltd" rel="noopener" target="_blank">Link Administration (LNK AU)</a></strong>, and <strong><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a></strong>.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-flying-high-don-t-burn-your-wings?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/399/009/original/image_43364547151711138205790.png?1711138206"/> <ul>
<li>The <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225 INDEX</a> has been rallying for >3 months, rising more than 28%. Is it too much, too fast?</li>
<li>Short-Term, if we look at the Market Reversal Matrix's SHORT WEEKLY model for the index, it looks like it could either reverse within a couple of weeks, or stall.</li>
<li>Look for the ~41000 resistance area to place SHORT or hedge your LONG positions.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-weekly-real-estate-inflates-nidec-benefits-from-ai?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japan Weekly </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/991/original/image_22249815131711125764106.png?1711125763"/> <ul>
<li>The Nikkei and Topix indexes surged by 5.63% and 5.33% reaching all-time highs</li>
<li>Real Estate majors were the biggest movers in Japan. Beneficiaries of higher inflation and continuation of easy monetary policy</li>
<li>Nidec is reinventing itself again. EV traction motors will remain a core driver, but investors can now get excited by the AI thematic</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-airlines-encouraging-lifting-of-medium-term-expectations-to-narrow-recovery-gap-to-ana?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japan Airlines – Encouraging Lifting of Medium Term Expectations to Narrow Recovery Gap to ANA </a></h3><p></p><ul>
<li>JAL finishing FY24 strongly with another guidance upgrade – upgraded FY26 targets more logical in light of existing ANA targets</li>
<li>Demand momentum particularly helpful as wages rise across Japan and cost control to remain impressive over FY25-FY26 as LCC growth set to dilute FSC inflation</li>
<li>Detailed analysis of JAL’s widening margin gap to ANA suggests revenue solution required – momentum helpful and needs to be watched carefully</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-global-monetary-policy-easing-has-begun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. The Weekly Market Monitor – Global Monetary Policy Easing Has Begun! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/958/original/image?1711108761"/> <ul>
<li>Switzerland sparks the start of a global wave of monetary policy easing. And it’s only March!</li>
<li>Why are central banks already contemplating rate cuts when inflation levels are significantly above target, and the global economy is at full employment?</li>
<li>I explain why investors should pay more attention to the MOVE Index and less to the VIX Index. It comes down to the answer to the question above.</li>
</ul>2024-03-23T15:00:01+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "TIE@AU"}, {"term": "MFIN@IJ"}, {"term": "2651@JP"}, {"term": "SIG@AU"}, {"term": "6789@JP"}, {"term": "2427@JP"}, {"term": "TDCX@US"}, {"term": "HOLI@US"}, {"term": "PGH@AU"}, {"term": "VHT@AU"}, {"term": "570@HK"}, {"term": "GNX@AU"}, {"term": "TSK@AU"}, {"term": "EGH@AU"}, {"term": "UMWH@MK"}, {"term": "ALU@AU"}, {"term": "ABC@AU"}, {"term": "6967@JP"}, {"term": "003410@KS"}, {"term": "PPT@AU"}, {"term": "1890@JP"}, {"term": "SLR@AU"}, {"term": "AWC@AU"}, {"term": "KEX@TB"}, {"term": "A11@AU"}, {"term": "6556@JP"}, {"term": "1839@HK"}, {"term": "OLG@SP"}, {"term": "SVW@AU"}, {"term": "SVM@CN"}, {"term": "SLC@AU"}, {"term": "QIP@AU"}, {"term": "AZS@AU"}, {"term": "AND@AU"}, {"term": "PSQ@AU"}, {"term": "QVE@AU"}, {"term": "CSR@AU"}, {"term": "6600@HK"}, {"term": "SXL@AU"}, {"term": "7816@JP"}, {"term": "BLY@AU"}, {"term": "A2B@AU"}, {"term": "PRU@AU"}, {"term": "APM@AU"}, {"term": "3331@HK"}, {"term": "PBP@AU"}, {"term": "ICLK@US"}, {"term": "GTH@US"}, {"term": "906@HK"}, {"term": "9090@JP"}, {"term": "1910@HK"}, {"term": "NAM@AU"}, {"term": "NPR@AU"}, {"term": "LNK@AU"}, {"term": "ORR@AU"}, {"term": "BLD@AU"}, {"term": "9099@JP"}, {"term": "6819@HK"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MEAN-REVERSION"}, {"term": "ASIA PACIFIC"}, {"term": "NKY@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9201@JP"}, {"term": "9202@JP"}, {"term": "Cross Asset Strategy"}, {"term": "UNITED KINGDOM"}, {"term": "SWITZERLAND"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "SPX@INDEX"}, {"term": "ICOM@LN"}, {"term": "REET@US"}, {"term": "XBTUSD@CURNCY"}, {"term": "TLT@US"}, {"term": "MOVE@INDEX"}, {"term": "VIX@INDEX"}, {"term": "DXY@CURNCY"}, {"term": "GOLD@COMDTY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6819@HK"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NKY@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9202@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "GOLD@COMDTY"}]https://www.smartkarma.com/segment/feeds/japan.rss/dc1ddc9c-effc-3d3c-aab0-889fb2316da8Brief Japan: Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised and more2024-03-28T14:17:29.106694+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nippon-suisan-kaisha-1332-jp-food-products-business-to-drive-growth-in-near-term-guidance-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-stock-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/a-change-in-manager-s-mindset-that-has-begun-will-lower-the-investment-risk-for-activist-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">A Change in Manager's Mindset that Has Begun Will Lower the Investment Risk for Activist Investors</a></li><li><a href="https://www.smartkarma.com/insights/show-me-the-dividend-money-part-ii-play-on-japanese-high-dividend-yielding-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Show Me The (Dividend) Money (Part II) - Play on Japanese High Dividend Yielding Stocks</a></li><li><a href="https://www.smartkarma.com/insights/japan-no-longer-cheap-at-fair-value-territory-time-to-be-selective?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan No Longer Cheap, at Fair Value Territory. Time to Be Selective!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nippon-suisan-kaisha-1332-jp-food-products-business-to-drive-growth-in-near-term-guidance-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/827/original/Pic%201.png?1711028084"/> <ul>
<li>
<a data-smartkarma-citation="entities:5095:1" href="https://www.smartkarma.com/entities/nippon-suisan-kaisha-ltd" rel="noopener" target="_blank">Nippon Suisan Kaisha (1332 JP)</a> reported 8% YoY revenue growth in 9MFY23, driven by 17% YoY growth in food products business on higher commercial volume and prices.</li>
<li>However, marine products profits tumbled 39% YoY on weakening fish prices and accounting adjustments.</li>
<li>The company raised FY23 sales and operating profit guidance to ¥825B (up 7% YoY) and ¥29B (up 18% YoY), respectively.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-stock-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/861/original/image_4194358621711061672726.png?1711061672"/> <ul>
<li>Stocks continued their upward trajectory on Thursday, extending gains from the previous session to reach new record highs.</li>
<li>Micron Technology soared 14% on strong earnings, bolstering the semiconductor sector, while megacap tech stocks like Microsoft contributed to gains</li>
<li>The U.S. has accused Apple (AAPL -4.09%) of monopolizing the smartphone market, potentially upending the tech giant's business model</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/a-change-in-manager-s-mindset-that-has-begun-will-lower-the-investment-risk-for-activist-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. A Change in Manager's Mindset that Has Begun Will Lower the Investment Risk for Activist Investors </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/388/795/original/image_78122120221706228837658.png?1706228837"/> <ul>
<li>In the past, value traps were macro environment that couldn't generate profits in deflationary economy, and micro problem of managers who didn't listen to constructive management improvement proposals from investors.</li>
<li>The introduction of Stewardship Code and Corporate Governance Code, and TSE's request for change in awareness of companies, has reduced the risk of activist investors' investment strategies flailing around in vain.</li>
<li>Management awareness has just begun to change, and few companies generate intrinsic value, as evidenced by the fact that ROE hasn’t begun to improve. Activist investors will continue taking interest.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/show-me-the-dividend-money-part-ii-play-on-japanese-high-dividend-yielding-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Show Me The (Dividend) Money (Part II) - Play on Japanese High Dividend Yielding Stocks </a></h3><p></p><ul>
<li>Given Japan's meteoric share price surge in 2024, it is harder to find high yielding stocks</li>
<li>The high-yielding blue chip stocks were extremely popular with retail investors, and the value is now on the lesser known small-cap stocks </li>
<li>Our recommendations are <a data-smartkarma-citation="entities:13498:1" href="https://www.smartkarma.com/entities/japan-tobacco-inc" rel="noopener" target="_blank">Japan Tobacco (2914 JP)</a> and <a data-smartkarma-citation="entities:12385:1" href="https://www.smartkarma.com/entities/sankyo-co-ltd" rel="noopener" target="_blank">Sankyo Co Ltd (6417 JP). </a>For financial stocks, <a data-smartkarma-citation="entities:18815:1" href="https://www.smartkarma.com/entities/tokai-tokyo-financial-holdin" rel="noopener" target="_blank">Tokai Tokyo Financial Holdin (8616 JP)</a> . </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/japan-no-longer-cheap-at-fair-value-territory-time-to-be-selective?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Japan No Longer Cheap, at Fair Value Territory. Time to Be Selective! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/766/original/image_30498618671711015140865.png?1711015141"/> <ul>
<li>Tokyo Stock Exchange (TSE) and Bank of Japan (BOJ) coordinated efforts are working: deflation is over, equity values surging, and cash ratio as percentage of household assets is declining </li>
<li>Japanese investors' participation in the equity run is modest, foreigners are buying more. While it seems unlikely at the moment, the pertinent question remains, "When will they stop dancing?" </li>
<li>Valuations are on par with historical averages and at similar gaps against developed market peers. The easy money had been made, Japan should be moved to tactically NEUTRAL soon. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nippon-suisan-kaisha-1332-jp-food-products-business-to-drive-growth-in-near-term-guidance-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-stock-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/a-change-in-manager-s-mindset-that-has-begun-will-lower-the-investment-risk-for-activist-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">A Change in Manager's Mindset that Has Begun Will Lower the Investment Risk for Activist Investors</a></li><li><a href="https://www.smartkarma.com/insights/show-me-the-dividend-money-part-ii-play-on-japanese-high-dividend-yielding-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Show Me The (Dividend) Money (Part II) - Play on Japanese High Dividend Yielding Stocks</a></li><li><a href="https://www.smartkarma.com/insights/japan-no-longer-cheap-at-fair-value-territory-time-to-be-selective?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan No Longer Cheap, at Fair Value Territory. Time to Be Selective!</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nippon-suisan-kaisha-1332-jp-food-products-business-to-drive-growth-in-near-term-guidance-raised?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nippon Suisan Kaisha (1332 JP): Food Products Business to Drive Growth In Near Term, Guidance Raised </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/827/original/Pic%201.png?1711028084"/> <ul>
<li>
<a data-smartkarma-citation="entities:5095:1" href="https://www.smartkarma.com/entities/nippon-suisan-kaisha-ltd" rel="noopener" target="_blank">Nippon Suisan Kaisha (1332 JP)</a> reported 8% YoY revenue growth in 9MFY23, driven by 17% YoY growth in food products business on higher commercial volume and prices.</li>
<li>However, marine products profits tumbled 39% YoY on weakening fish prices and accounting adjustments.</li>
<li>The company raised FY23 sales and operating profit guidance to ¥825B (up 7% YoY) and ¥29B (up 18% YoY), respectively.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-stock-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/861/original/image_4194358621711061672726.png?1711061672"/> <ul>
<li>Stocks continued their upward trajectory on Thursday, extending gains from the previous session to reach new record highs.</li>
<li>Micron Technology soared 14% on strong earnings, bolstering the semiconductor sector, while megacap tech stocks like Microsoft contributed to gains</li>
<li>The U.S. has accused Apple (AAPL -4.09%) of monopolizing the smartphone market, potentially upending the tech giant's business model</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/a-change-in-manager-s-mindset-that-has-begun-will-lower-the-investment-risk-for-activist-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. A Change in Manager's Mindset that Has Begun Will Lower the Investment Risk for Activist Investors </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/388/795/original/image_78122120221706228837658.png?1706228837"/> <ul>
<li>In the past, value traps were macro environment that couldn't generate profits in deflationary economy, and micro problem of managers who didn't listen to constructive management improvement proposals from investors.</li>
<li>The introduction of Stewardship Code and Corporate Governance Code, and TSE's request for change in awareness of companies, has reduced the risk of activist investors' investment strategies flailing around in vain.</li>
<li>Management awareness has just begun to change, and few companies generate intrinsic value, as evidenced by the fact that ROE hasn’t begun to improve. Activist investors will continue taking interest.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/show-me-the-dividend-money-part-ii-play-on-japanese-high-dividend-yielding-stocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Show Me The (Dividend) Money (Part II) - Play on Japanese High Dividend Yielding Stocks </a></h3><p></p><ul>
<li>Given Japan's meteoric share price surge in 2024, it is harder to find high yielding stocks</li>
<li>The high-yielding blue chip stocks were extremely popular with retail investors, and the value is now on the lesser known small-cap stocks </li>
<li>Our recommendations are <a data-smartkarma-citation="entities:13498:1" href="https://www.smartkarma.com/entities/japan-tobacco-inc" rel="noopener" target="_blank">Japan Tobacco (2914 JP)</a> and <a data-smartkarma-citation="entities:12385:1" href="https://www.smartkarma.com/entities/sankyo-co-ltd" rel="noopener" target="_blank">Sankyo Co Ltd (6417 JP). </a>For financial stocks, <a data-smartkarma-citation="entities:18815:1" href="https://www.smartkarma.com/entities/tokai-tokyo-financial-holdin" rel="noopener" target="_blank">Tokai Tokyo Financial Holdin (8616 JP)</a> . </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/japan-no-longer-cheap-at-fair-value-territory-time-to-be-selective?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Japan No Longer Cheap, at Fair Value Territory. Time to Be Selective! </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/766/original/image_30498618671711015140865.png?1711015141"/> <ul>
<li>Tokyo Stock Exchange (TSE) and Bank of Japan (BOJ) coordinated efforts are working: deflation is over, equity values surging, and cash ratio as percentage of household assets is declining </li>
<li>Japanese investors' participation in the equity run is modest, foreigners are buying more. While it seems unlikely at the moment, the pertinent question remains, "When will they stop dancing?" </li>
<li>Valuations are on par with historical averages and at similar gaps against developed market peers. The easy money had been made, Japan should be moved to tactically NEUTRAL soon. </li>
</ul>2024-03-22T08:30:02+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "VALUE"}, {"term": "ASIA PACIFIC"}, {"term": "1332@JP"}, {"term": "2002@JP"}, {"term": "2875@JP"}, {"term": "2282@JP"}, {"term": "2871@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "8616@JP"}, {"term": "6417@JP"}, {"term": "2914@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2871@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2914@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/85da1670-8e84-39b0-95a9-2170ced72d79Brief Japan: Japan - BoJ March moves do not change our view of cautious hiking path and more2024-03-28T14:17:29.092329+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/japan-boj-march-moves-do-not-change-our-view-of-cautious-hiking-path?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan - BoJ March moves do not change our view of cautious hiking path</a></li><li><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-hostile-takeover-launched-by-az-com-maruwa-9090?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090)</a></li><li><a href="https://www.smartkarma.com/insights/nippon-shokubai-4114-business-transformation-and-scope-for-improving-capital-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Shokubai (4114) - Business Transformation and Scope for Improving Capital Management</a></li><li><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-jp-az-com-maruwa-9090-jp-s-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Chilled & Frozen Logistics (9099 JP): AZ-COM Maruwa (9090 JP)’s Hostile Offer</a></li><li><a href="https://www.smartkarma.com/insights/sourcenext-4344-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">SOURCENEXT (4344): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/japan-boj-march-moves-do-not-change-our-view-of-cautious-hiking-path?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Japan - BoJ March moves do not change our view of cautious hiking path </a></h3><p></p><ul><li>BoJ hikes policy rate in March, ends yield-curve-control, driven by signals of a strong rise in wage growth. Governor Ueda: Accommodative policy to be maintained.</li><li>March hike does not change the likelihood of a cautious, modest hiking path for the BoJ.</li><li>Still, the currency is a bone of contention. Market impact: Still room for yen recovery, BoJ looks comfortable with gradual increase in JGB yields</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-hostile-takeover-launched-by-az-com-maruwa-9090?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/844/original/Screenshot%202024-03-21%20at%2010.07.52%E2%80%AFPM.png?1711030106"/> <ul>
<li>
<a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a> last week announced its <em>"Action to Implement Management That is Conscious of Cost of Capital and Stock Price".</em>
</li>
<li>Today it announced <a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a> had announced its intention to launch a Tender Offer on C&F Logistics without having contacted C&F first. A HOSTILE deal. Yum.</li>
<li>The deal is proposed at a 50% premium, with the goal of getting to a minimum of 50.00%. This will be interesting.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nippon-shokubai-4114-business-transformation-and-scope-for-improving-capital-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Nippon Shokubai (4114) - Business Transformation and Scope for Improving Capital Management </a></h3><p></p><ul><li>Driving strategic revitalization – Nippon Shokubai is a global chemical company with competitive proprietary technology, a track record of sustained free cash flow generation, and a balance sheet with room for optimization.</li><li>It has embarked on a business transformation, strategically focused on expanding its Solutions business with higher- margin performance chemicals and identifying energy, electronics, and life science sectors as growth markets.</li><li>Organizational changes being conducted aim to enhance human resource development and conduct quicker decision-making. </li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-jp-az-com-maruwa-9090-jp-s-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Chilled & Frozen Logistics (9099 JP): AZ-COM Maruwa (9090 JP)’s Hostile Offer </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a> has launched a pre-conditional hostile offer for <a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a> at JPY3,000 per share, a 47.0% premium to the last close.</li>
<li>The pre-conditions primarily relate to regulatory approvals. The tender is expected to start in early May. The Board responded that it will evaluate the offer.</li>
<li>The hostile offer was a reaction to the Board’s lack of engagement. The Board will struggle to reject an attractive offer, which is 37.5% higher than the all-time high. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sourcenext-4344-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. SOURCENEXT (4344): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:11034:1" href="https://www.smartkarma.com/entities/sourcenext-corp" rel="noopener" target="_blank">Sourcenext Corp (4344 JP)</a> plans, develops, and sells PC software, smartphone apps, and IoT products.</li>
<li>In POCKETALK®, besides the existing device business, the company will focus on sales of software products, including Simultaneous Interpreter for the POCKETALK® for BUSINESS series for corporate customers.</li>
<li>The revision is mainly due to the extended lead time from inquiry to full-scale orders for the POCKETALK for BUSINESS Simultaneous Interpretation web browser version.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/japan-boj-march-moves-do-not-change-our-view-of-cautious-hiking-path?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan - BoJ March moves do not change our view of cautious hiking path</a></li><li><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-hostile-takeover-launched-by-az-com-maruwa-9090?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090)</a></li><li><a href="https://www.smartkarma.com/insights/nippon-shokubai-4114-business-transformation-and-scope-for-improving-capital-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Shokubai (4114) - Business Transformation and Scope for Improving Capital Management</a></li><li><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-jp-az-com-maruwa-9090-jp-s-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Chilled & Frozen Logistics (9099 JP): AZ-COM Maruwa (9090 JP)’s Hostile Offer</a></li><li><a href="https://www.smartkarma.com/insights/sourcenext-4344-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">SOURCENEXT (4344): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/japan-boj-march-moves-do-not-change-our-view-of-cautious-hiking-path?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Japan - BoJ March moves do not change our view of cautious hiking path </a></h3><p></p><ul><li>BoJ hikes policy rate in March, ends yield-curve-control, driven by signals of a strong rise in wage growth. Governor Ueda: Accommodative policy to be maintained.</li><li>March hike does not change the likelihood of a cautious, modest hiking path for the BoJ.</li><li>Still, the currency is a bone of contention. Market impact: Still room for yen recovery, BoJ looks comfortable with gradual increase in JGB yields</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-hostile-takeover-launched-by-az-com-maruwa-9090?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Chilled & Frozen Logistics (9099) - Hostile Takeover Launched by AZ-Com Maruwa (9090) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/844/original/Screenshot%202024-03-21%20at%2010.07.52%E2%80%AFPM.png?1711030106"/> <ul>
<li>
<a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a> last week announced its <em>"Action to Implement Management That is Conscious of Cost of Capital and Stock Price".</em>
</li>
<li>Today it announced <a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a> had announced its intention to launch a Tender Offer on C&F Logistics without having contacted C&F first. A HOSTILE deal. Yum.</li>
<li>The deal is proposed at a 50% premium, with the goal of getting to a minimum of 50.00%. This will be interesting.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nippon-shokubai-4114-business-transformation-and-scope-for-improving-capital-management?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Nippon Shokubai (4114) - Business Transformation and Scope for Improving Capital Management </a></h3><p></p><ul><li>Driving strategic revitalization – Nippon Shokubai is a global chemical company with competitive proprietary technology, a track record of sustained free cash flow generation, and a balance sheet with room for optimization.</li><li>It has embarked on a business transformation, strategically focused on expanding its Solutions business with higher- margin performance chemicals and identifying energy, electronics, and life science sectors as growth markets.</li><li>Organizational changes being conducted aim to enhance human resource development and conduct quicker decision-making. </li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/chilled-frozen-logistics-9099-jp-az-com-maruwa-9090-jp-s-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Chilled & Frozen Logistics (9099 JP): AZ-COM Maruwa (9090 JP)’s Hostile Offer </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a> has launched a pre-conditional hostile offer for <a data-smartkarma-citation="entities:40987:1" href="https://www.smartkarma.com/entities/chilled-frozen-logistics-holdings-co-ltd" rel="noopener" target="_blank">Chilled & Frozen Logistics Holdings (9099 JP)</a> at JPY3,000 per share, a 47.0% premium to the last close.</li>
<li>The pre-conditions primarily relate to regulatory approvals. The tender is expected to start in early May. The Board responded that it will evaluate the offer.</li>
<li>The hostile offer was a reaction to the Board’s lack of engagement. The Board will struggle to reject an attractive offer, which is 37.5% higher than the all-time high. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sourcenext-4344-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. SOURCENEXT (4344): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:11034:1" href="https://www.smartkarma.com/entities/sourcenext-corp" rel="noopener" target="_blank">Sourcenext Corp (4344 JP)</a> plans, develops, and sells PC software, smartphone apps, and IoT products.</li>
<li>In POCKETALK®, besides the existing device business, the company will focus on sales of software products, including Simultaneous Interpreter for the POCKETALK® for BUSINESS series for corporate customers.</li>
<li>The revision is mainly due to the extended lead time from inquiry to full-scale orders for the POCKETALK for BUSINESS Simultaneous Interpretation web browser version.</li>
</ul>2024-03-21T22:43:18+08:00[{"term": "Macroeconomics"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9099@JP"}, {"term": "4636@JP"}, {"term": "9792@JP"}, {"term": "6789@JP"}, {"term": "6121@JP"}, {"term": "6594@JP"}, {"term": "9090@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4114@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9099@JP"}, {"term": "4423@JP"}, {"term": "8842@JP"}, {"term": "9064@JP"}, {"term": "9058@JP"}, {"term": "2384@JP"}, {"term": "2871@JP"}, {"term": "9369@JP"}, {"term": "9037@JP"}, {"term": "1333@JP"}, {"term": "9090@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4344@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9090@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4114@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9090@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4344@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/79229c47-ad8c-37ed-a95e-978efb6ed7d8Brief Japan: Fed Snap (March 20 Meeting): Current & Future Takeaways and more2024-03-28T14:17:29.078775+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/sun-4053-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sun* (4053): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/lakeel-4074-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">LaKeel (4074): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/organo-6368-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Organo (6368): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/azbil-6845-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Azbil (6845): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/sun-4053-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Sun* (4053): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:36668:1" href="https://www.smartkarma.com/entities/sun-inc" rel="noopener" target="_blank">Sun* (4053 JP)</a> provides consulting, software development, recruiting, and other services to companies that seek to create value or businesses, including startups.</li>
<li>In FY12/23, revenue was JPY12.5bn (+16.5% YoY), operating profit JPY1.8bn (+96.8% YoY), recurring profit JPY2.3bn (+99.1% YoY), and net income attributable to owners of the parent JPY1.6bn (+90.4% YoY).</li>
<li>Sun* does not disclose a medium-term business plan with quantitative targets, but it releases qualitative targets related to KPI growth.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lakeel-4074-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. LaKeel (4074): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:40022:1" href="https://www.smartkarma.com/entities/lakeel-inc" rel="noopener" target="_blank">LaKeel (4074 JP)</a> is a software development company that uses a new system development method called microservices.</li>
<li>In FY12/23, revenue was JPY7.7bn (+11.2% YoY), operating profit JPY775mn (+0.3% YoY), recurring profit JPY807mn (+10.3% YoY), and net income attributable to owners of the parent JPY540mn.</li>
<li>The company has not announced a medium-term business plan, but has medium-term targets of JPY10.0bn in revenue and an OPM of 15% to be achieved.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/organo-6368-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Organo (6368): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>As a comprehensive water treatment engineering company, <a data-smartkarma-citation="entities:1972:1" href="https://www.smartkarma.com/entities/organo-corp" rel="noopener" target="_blank">Organo Corp (6368 JP)</a> engages in the planning, design, procurement, construction, operational management, and maintenance of water treatment plants.</li>
<li>In FY03/23, orders received were JPY173.5bn, revenue was JPY132.4bn, operating profit was JPY15.2bn, recurring profit was JPY16.0bn, and net income attributable to owners of the parent was JPY11.7bn.</li>
<li>Organo Corporation announced revisions to its full-year forecast for FY03/24.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/azbil-6845-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Azbil (6845): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:8951:1" href="https://www.smartkarma.com/entities/azbil-corp" rel="noopener" target="_blank">Azbil Corp (6845 JP)</a> provides automation services for buildings, factories, and plants and also offers subsistence-related automation services in the lifestyle area.</li>
<li>In FY03/23, sales were JPY278.4bn (+8.5% YoY), operating profit was JPY31.3bn (+10.7% YoY), recurring profit was JPY32.1bn (+8.9% YoY), and net income attributable to owners of the parent was JPY22.6bn.</li>
<li>Azbil in May 2021 announced a new medium-term management plan to cover the four fiscal years from FY03/22 to FY03/25 and new long-term targets for FY03/31.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Fed Snap (March 20 Meeting): Current & Future Takeaways</a></li><li><a href="https://www.smartkarma.com/insights/sun-4053-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sun* (4053): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/lakeel-4074-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">LaKeel (4074): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/organo-6368-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Organo (6368): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/azbil-6845-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Azbil (6845): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/fed-snap-march-20-meeting-current-future-takeaways?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Fed Snap (March 20 Meeting): Current & Future Takeaways </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/724/original/image_42216944631710993089093.png?1710993091"/> <ul>
<li>Financial markets reacted partly to Chair Powell's presser and the updated projections </li>
<li>The new median dot, while still anticipating three rate cuts in 2024, shows a somewhat shallower Fed easing path in 2025 and 2026</li>
<li>The current market implied odds, though fluid and unsettled, repriced aggressively following the March meeting</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/sun-4053-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Sun* (4053): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:36668:1" href="https://www.smartkarma.com/entities/sun-inc" rel="noopener" target="_blank">Sun* (4053 JP)</a> provides consulting, software development, recruiting, and other services to companies that seek to create value or businesses, including startups.</li>
<li>In FY12/23, revenue was JPY12.5bn (+16.5% YoY), operating profit JPY1.8bn (+96.8% YoY), recurring profit JPY2.3bn (+99.1% YoY), and net income attributable to owners of the parent JPY1.6bn (+90.4% YoY).</li>
<li>Sun* does not disclose a medium-term business plan with quantitative targets, but it releases qualitative targets related to KPI growth.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/lakeel-4074-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. LaKeel (4074): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:40022:1" href="https://www.smartkarma.com/entities/lakeel-inc" rel="noopener" target="_blank">LaKeel (4074 JP)</a> is a software development company that uses a new system development method called microservices.</li>
<li>In FY12/23, revenue was JPY7.7bn (+11.2% YoY), operating profit JPY775mn (+0.3% YoY), recurring profit JPY807mn (+10.3% YoY), and net income attributable to owners of the parent JPY540mn.</li>
<li>The company has not announced a medium-term business plan, but has medium-term targets of JPY10.0bn in revenue and an OPM of 15% to be achieved.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/organo-6368-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Organo (6368): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>As a comprehensive water treatment engineering company, <a data-smartkarma-citation="entities:1972:1" href="https://www.smartkarma.com/entities/organo-corp" rel="noopener" target="_blank">Organo Corp (6368 JP)</a> engages in the planning, design, procurement, construction, operational management, and maintenance of water treatment plants.</li>
<li>In FY03/23, orders received were JPY173.5bn, revenue was JPY132.4bn, operating profit was JPY15.2bn, recurring profit was JPY16.0bn, and net income attributable to owners of the parent was JPY11.7bn.</li>
<li>Organo Corporation announced revisions to its full-year forecast for FY03/24.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/azbil-6845-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Azbil (6845): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:8951:1" href="https://www.smartkarma.com/entities/azbil-corp" rel="noopener" target="_blank">Azbil Corp (6845 JP)</a> provides automation services for buildings, factories, and plants and also offers subsistence-related automation services in the lifestyle area.</li>
<li>In FY03/23, sales were JPY278.4bn (+8.5% YoY), operating profit was JPY31.3bn (+10.7% YoY), recurring profit was JPY32.1bn (+8.9% YoY), and net income attributable to owners of the parent was JPY22.6bn.</li>
<li>Azbil in May 2021 announced a new medium-term management plan to cover the four fiscal years from FY03/22 to FY03/25 and new long-term targets for FY03/31.</li>
</ul>2024-03-21T12:29:01+08:00[{"term": "Macroeconomics"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "HK"}, {"term": "BRUNEI"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "KOREA"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4053@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4074@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "6368@JP"}, {"term": "6254@JP"}, {"term": "6370@JP"}, {"term": "4042@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "6845@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4053@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4074@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4042@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6845@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/32fc1833-a585-38b3-9f46-ab551a4a08c0Brief Japan: Hochiki (6745): Q3 FY03/24 Update and more2024-03-28T14:17:29.070543+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hochiki-6745-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Hochiki (6745): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/kobe-bussan-expect-more-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Kobe Bussan: Expect More Growth</a></li><li><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-fed-holds-the-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/the-bigly-march-2024-wednesday-friday-trade-surprising-flows?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Bigly March 2024 "Wednesday-Friday Trade" (Surprising Flows)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hochiki-6745-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Hochiki (6745): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:9827:1" href="https://www.smartkarma.com/entities/hochiki-corp" rel="noopener" target="_blank">Hochiki Corp (6745 JP)</a> is a major manufacturer of fire alarm and fire extinguishing systems.</li>
<li>In FY03/23, the company posted revenue of JPY85.5bn, operating profit of JPY5.6bn, recurring profit of JPY5.9bn, and net income attributable to owners of the parent of JPY4.4bn.</li>
<li>Hochiki Corporation announced an upward revision of its full-year FY03/24 earnings forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/kobe-bussan-expect-more-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Kobe Bussan: Expect More Growth </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/281/original/Screenshot%202024-03-19%20at%2013.55.44.png?1710853127"/> <ul>
<li>Discount cash and carry wholesaler/franchisor, Kobe Bussan, posted more record results for FY2023, a reflection of the demand for discount retailing.</li>
<li>Net profits were down due to foreign exchange costs, but the company continues to expand to meet the growing demand for discount retailing,</li>
<li>Kobe is also now building domestic factories to counter exchange rate fluctuations, and a new restaurant and food services arm with big potential to grow its wholesale business.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/694/original/image_57888415571710977195774.jpg?1710977197"/> <ul>
<li>Three 25 bps rate cuts signaled for the remainder of 2024 and 175bps by the end of 2025</li>
<li>Bank of Japan, despite a rate hike keeps monetary policy extremely accommodative</li>
<li>Reported inflation will return making sector selection in equities key</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-fed-holds-the-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/685/original/image_77787066621710973009392.png?1710973008"/> <ul>
<li>US markets surged to new all-time highs on Wednesday following the Federal Reserve's decision to maintain its benchmark lending rate at 5.25%</li>
<li>The Japanese government faces pressure to streamline finances following the Bank of Japan's decision to end negative rates</li>
<li>Japan welcomed 2.79 million visitors in February, a record for the month since the start of the COVID-19 pandemic, driven by travel during Lunar New Year holidays</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-bigly-march-2024-wednesday-friday-trade-surprising-flows?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. The Bigly March 2024 "Wednesday-Friday Trade" (Surprising Flows) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/641/original/Screenshot%202024-03-20%20at%2010.37.36%E2%80%AFPM.png?1710945555"/> <ul>
<li>Every year it's the same trade. This year it is Wednesday and Thursday. There are risks to the analysis - notably allocation.</li>
<li>But there may be ¥1.0-1.2trln+ to buy on one day into the close later this month, then ad hoc buys of ¥630bn and index sells of ~¥600bn 2 days later.</li>
<li>Over the past ten years, the two day return on the March trade is great. This year the Nikkei funding trade makes things more complicated. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/hochiki-6745-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Hochiki (6745): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/kobe-bussan-expect-more-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Kobe Bussan: Expect More Growth</a></li><li><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-fed-holds-the-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/the-bigly-march-2024-wednesday-friday-trade-surprising-flows?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Bigly March 2024 "Wednesday-Friday Trade" (Surprising Flows)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/hochiki-6745-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Hochiki (6745): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:9827:1" href="https://www.smartkarma.com/entities/hochiki-corp" rel="noopener" target="_blank">Hochiki Corp (6745 JP)</a> is a major manufacturer of fire alarm and fire extinguishing systems.</li>
<li>In FY03/23, the company posted revenue of JPY85.5bn, operating profit of JPY5.6bn, recurring profit of JPY5.9bn, and net income attributable to owners of the parent of JPY4.4bn.</li>
<li>Hochiki Corporation announced an upward revision of its full-year FY03/24 earnings forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/kobe-bussan-expect-more-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Kobe Bussan: Expect More Growth </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/281/original/Screenshot%202024-03-19%20at%2013.55.44.png?1710853127"/> <ul>
<li>Discount cash and carry wholesaler/franchisor, Kobe Bussan, posted more record results for FY2023, a reflection of the demand for discount retailing.</li>
<li>Net profits were down due to foreign exchange costs, but the company continues to expand to meet the growing demand for discount retailing,</li>
<li>Kobe is also now building domestic factories to counter exchange rate fluctuations, and a new restaurant and food services arm with big potential to grow its wholesale business.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/federal-reserve-signals-victory-over-inflation-setting-the-stage-for-the-next-round-of-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Federal Reserve Signals “Victory” over Inflation Setting the Stage for the Next Round of Inflation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/694/original/image_57888415571710977195774.jpg?1710977197"/> <ul>
<li>Three 25 bps rate cuts signaled for the remainder of 2024 and 175bps by the end of 2025</li>
<li>Bank of Japan, despite a rate hike keeps monetary policy extremely accommodative</li>
<li>Reported inflation will return making sector selection in equities key</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-fed-holds-the-line?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/685/original/image_77787066621710973009392.png?1710973008"/> <ul>
<li>US markets surged to new all-time highs on Wednesday following the Federal Reserve's decision to maintain its benchmark lending rate at 5.25%</li>
<li>The Japanese government faces pressure to streamline finances following the Bank of Japan's decision to end negative rates</li>
<li>Japan welcomed 2.79 million visitors in February, a record for the month since the start of the COVID-19 pandemic, driven by travel during Lunar New Year holidays</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/the-bigly-march-2024-wednesday-friday-trade-surprising-flows?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. The Bigly March 2024 "Wednesday-Friday Trade" (Surprising Flows) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/641/original/Screenshot%202024-03-20%20at%2010.37.36%E2%80%AFPM.png?1710945555"/> <ul>
<li>Every year it's the same trade. This year it is Wednesday and Thursday. There are risks to the analysis - notably allocation.</li>
<li>But there may be ¥1.0-1.2trln+ to buy on one day into the close later this month, then ad hoc buys of ¥630bn and index sells of ~¥600bn 2 days later.</li>
<li>Over the past ten years, the two day return on the March trade is great. This year the Nikkei funding trade makes things more complicated. </li>
</ul>2024-03-21T10:18:21+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "6745@JP"}, {"term": "6744@JP"}, {"term": "9735@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3038@JP"}, {"term": "9267@JP"}, {"term": "3349@JP"}, {"term": "Macroeconomics"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ASIA PACIFIC"}, {"term": "CRB@CMDT@INDEX"}, {"term": "TPX@INDEX"}, {"term": "FXY@US"}, {"term": "2099@HK"}, {"term": "3330@HK"}, {"term": "GDX@US"}, {"term": "GLD@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "3092@JP"}, {"term": "9983@JP"}, {"term": "9843@JP"}, {"term": "6146@JP"}, {"term": "6526@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9735@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3349@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "GLD@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6526@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/5fed6289-d6ff-3c93-9bf2-b585259bdec4Brief Japan: 5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation and more2024-03-28T14:17:29.057670+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-jpy-slides-after-boj-rate-hike?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">FX Daily - JPY Slides After BoJ Rate Hike</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-debut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO: Trading Debut</a></li><li><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-part-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">NEC (6701 JP): Generative AI (Part 2)</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation </a></h3><p></p><ul><li>This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy.</li><li>Afterwards we will have a look at the improving sentiment in Germany and then at a dive into the commodity rally currently underway.</li><li>The we’ll talk about Canada where rates finally look to be impacting the economy and then we’ll end up with a short look at US inflation expectations.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fx-daily-jpy-slides-after-boj-rate-hike?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. FX Daily - JPY Slides After BoJ Rate Hike </a></h3><p></p><ul><li>The JPY has weakened nearly 1% following the BoJ’s decision to ditch its negative rate policy.</li><li>The central bank will set a policy rate range of 0-0.1% from now on and will also abandon its YCC and ETF purchases, in line with the reports that emerged yesterday ahead of the decision.</li><li>This is the first rate hike in Japan in 17 years. BoJ Governor Ueda said it was important to keep policy settings accommodative, suggesting that there was little rush to add to rate hikes for now. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-debut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Trial Holdings IPO: Trading Debut </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/579/original/Trading%201.png?1710916353"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.</li>
<li>We previously discussed the IPO in <strong><em><a data-smartkarma-citation="insights:130521" href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" rel="noopener" target="_blank">Trial Holdings IPO: The Investment Case</a></em></strong> and <strong><em><a data-smartkarma-citation="insights:132126" href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts" rel="noopener" target="_blank">Trial Holdings IPO: Valuation Thoughts</a></em></strong>. </li>
<li>The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-part-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. NEC (6701 JP): Generative AI (Part 2) </a></h3><p></p><ul>
<li>CEO Jensen Huang's keynote address at Nvidia's GTC event on March 18 was a reminder that generative AI is about building secure and reliable systems, not chatting up the future.</li>
<li>NEC has spent three years developing its own AI supercomputer, creating the best performing Japanese-language large language model (LLM), and testing new AI products in-house before delivering them to clients.</li>
<li>The introduction of generative AI and LLMs into business- and industry-specific solutions should provide meaningful additions to NEC’s telecom services, social infrastructure, aerospace and national security related businesses. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/263/original/image?1710840828"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-jpy-slides-after-boj-rate-hike?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">FX Daily - JPY Slides After BoJ Rate Hike</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-debut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO: Trading Debut</a></li><li><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-part-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">NEC (6701 JP): Generative AI (Part 2)</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/5-things-we-watch-boj-germany-commodities-canada-inflation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 5 Things We Watch: BoJ, Germany, Commodities, Canada, Inflation </a></h3><p></p><ul><li>This week we are looking at the BoJ hiking rates for the first time since 2007 and its effects on the Japanese economy.</li><li>Afterwards we will have a look at the improving sentiment in Germany and then at a dive into the commodity rally currently underway.</li><li>The we’ll talk about Canada where rates finally look to be impacting the economy and then we’ll end up with a short look at US inflation expectations.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/fx-daily-jpy-slides-after-boj-rate-hike?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. FX Daily - JPY Slides After BoJ Rate Hike </a></h3><p></p><ul><li>The JPY has weakened nearly 1% following the BoJ’s decision to ditch its negative rate policy.</li><li>The central bank will set a policy rate range of 0-0.1% from now on and will also abandon its YCC and ETF purchases, in line with the reports that emerged yesterday ahead of the decision.</li><li>This is the first rate hike in Japan in 17 years. BoJ Governor Ueda said it was important to keep policy settings accommodative, suggesting that there was little rush to add to rate hikes for now. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-debut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Trial Holdings IPO: Trading Debut </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/579/original/Trading%201.png?1710916353"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> priced its IPO at JPY1,700 per share to raise gross proceeds of US$256 million. The shares will start trading on 21 March.</li>
<li>We previously discussed the IPO in <strong><em><a data-smartkarma-citation="insights:130521" href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" rel="noopener" target="_blank">Trial Holdings IPO: The Investment Case</a></em></strong> and <strong><em><a data-smartkarma-citation="insights:132126" href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts" rel="noopener" target="_blank">Trial Holdings IPO: Valuation Thoughts</a></em></strong>. </li>
<li>The peers have modestly re-rated since the prospectus was released on February 19. The IPO price remains attractive. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-part-2?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. NEC (6701 JP): Generative AI (Part 2) </a></h3><p></p><ul>
<li>CEO Jensen Huang's keynote address at Nvidia's GTC event on March 18 was a reminder that generative AI is about building secure and reliable systems, not chatting up the future.</li>
<li>NEC has spent three years developing its own AI supercomputer, creating the best performing Japanese-language large language model (LLM), and testing new AI products in-house before delivering them to clients.</li>
<li>The introduction of generative AI and LLMs into business- and industry-specific solutions should provide meaningful additions to NEC’s telecom services, social infrastructure, aerospace and national security related businesses. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-trading-demand-and-valuation-are-towards-the-higher-side?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Trial Holdings IPO Trading - Demand and Valuation Are Towards the Higher Side </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/263/original/image?1710840828"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) raised around US$259m after pricing its IPO at the top-end in its Japan IPO.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>2024-03-20T22:10:14+08:00[{"term": "Macroeconomics"}, {"term": "US"}, {"term": "CANADA"}, {"term": "GERMANY"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "COPPER@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "XLB@US"}, {"term": "USD@CURNCY"}, {"term": "BNO@US"}, {"term": "CL1@COM@COMDTY"}, {"term": "NKY@INDEX"}, {"term": "USDJPY@CURNCY"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"term": "Equity Capital Markets"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "5882@JP"}, {"term": "DLTR@US"}, {"term": "7383@JP"}, {"term": "TSCO@LN"}, {"term": "@5842@JP"}, {"term": "6526@JP"}, {"term": "WMT@US"}, {"term": "6525@JP"}, {"term": "9336@JP"}, {"term": "@9164@JP"}, {"term": "TGT@US"}, {"term": "OLLI@US"}, {"term": "4259@JP"}, {"term": "7532@JP"}, {"term": "DG@US"}, {"term": "DOL@CN"}, {"term": "4194@JP"}, {"term": "FIVE@US"}, {"term": "ROST@US"}, {"term": "3382@JP"}, {"term": "8267@JP"}, {"term": "@7163@JP"}, {"term": "GO@US"}, {"term": "2651@JP"}, {"term": "6523@JP"}, {"term": "4373@JP"}, {"term": "COST@US"}, {"term": "9204@JP"}, {"term": "@5838@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6701@JP"}, {"term": "Equity Capital Markets"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "5882@JP"}, {"term": "7203@JP"}, {"term": "7181@JP"}, {"term": "7182@JP"}, {"term": "6178@JP"}, {"term": "9956@JP"}, {"term": "3222@JP"}, {"term": "8842@JP"}, {"term": "6758@JP"}, {"term": "9984@JP"}, {"term": "6098@JP"}, {"term": "4755@JP"}, {"term": "@5838@JP"}, {"term": "6752@JP"}, {"term": "4385@JP"}, {"term": "7456@JP"}, {"term": "8194@JP"}, {"term": "2651@JP"}, {"term": "8273@JP"}, {"term": "8276@JP"}, {"term": "9983@JP"}, {"term": "7751@JP"}, {"term": "9974@JP"}, {"term": "8255@JP"}, {"term": "9948@JP"}, {"term": "8279@JP"}, {"term": "3349@JP"}, {"term": "7532@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDCAD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "@5838@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6701@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7532@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/d3716f06-0c2f-324b-bb7e-ec79bc97dee0Brief Japan: Snow Peak: Cheap MBO and more2024-03-28T14:17:29.044438+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/snow-peak-cheap-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Snow Peak: Cheap MBO</a></li><li><a href="https://www.smartkarma.com/insights/continued-creation-of-jpx-prime-150-type-passive-funds-will-help-solve-topix-challenges?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Continued Creation of JPX Prime 150-Type Passive Funds Will Help Solve TOPIX Challenges</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Positioning Watch – Commodities are back on, and so are cyclical equities</a></li><li><a href="https://www.smartkarma.com/insights/shinko-electric-6967-jp-tender-state-of-play?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Shinko Electric (6967 JP): Tender State of Play</a></li><li><a href="https://www.smartkarma.com/insights/sakura-internet-3778-estimating-the-value-of-2-500-gpus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sakura Internet (3778)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/snow-peak-cheap-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Snow Peak: Cheap MBO </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/276/original/Screenshot%202024-03-19%20at%2013.41.15.png?1710852122"/> <ul>
<li>Snow Peak agreement with Bain Capital to take the outdoor brand private next month seems to have been in the works for a couple of years. </li>
<li>Although sales are expected to rebound this year to near record highs, Snow Peak insists the domestic camping boom is over and will look at long-term growth overseas instead.</li>
<li>Even so, the MBO price looks cheap. Snow Peak is likely to see a rebound in domestic sales in FY2024 and its plans for overseas expansion are solid.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/continued-creation-of-jpx-prime-150-type-passive-funds-will-help-solve-topix-challenges?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Continued Creation of JPX Prime 150-Type Passive Funds Will Help Solve TOPIX Challenges </a></h3><p></p><ul>
<li>TOPIX-Type passive funds have the challenges of buying stocks that aren't of high quality and of not providing sufficient engagement. JPX Prime 150 is expected to resolve these issues.</li>
<li>Some believe that JPX Prime 150, a market capitalization-weighted index, shows little difference in performance from TOPIX. However, more careful engagement will contribute to value creation in the long run.</li>
<li>The continued creation of passive funds linked to the JPX Prime 150 Index is expected to further highlight high quality companies.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Positioning Watch – Commodities are back on, and so are cyclical equities </a></h3><p></p><ul><li>Finally some action from the BoJ earlier today with a 10 bps hike, in line with market expectations after it was rumored that they would tweak policy last week.</li><li>The BoJ has, with barely no exceptions, leaked all their policy moves to the press before actually moving the needle, and dynamics post the meeting is nothing less than a classic “buy the rumor sell the news”.</li><li>It looks like markets had hoped for some clarity on the path for the policy rate, which they weren’t given this morning (more on the BoJ meeting here).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/shinko-electric-6967-jp-tender-state-of-play?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Shinko Electric (6967 JP): Tender State of Play </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/282/original/image?1710853189"/> <ul>
<li>
<a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a> pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread has narrowed from a high of 10.4% to the current 4.2%. </li>
<li>The narrowing spread can be attributed to the <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> tender launch, which suggests likely China SAMR approval, and <a data-smartkarma-citation="entities:16630:1" href="https://www.smartkarma.com/entities/ibiden-co-ltd" rel="noopener" target="_blank">Ibiden Co Ltd (4062 JP) </a>giving up recent gains. </li>
<li>Like JSR, we expect China SAMR to allow JIC to withdraw its Shinko merger control filing. There is a good chance the tender launches before the guided late August start.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sakura-internet-3778-estimating-the-value-of-2-500-gpus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Sakura Internet (3778) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/275/original/image_40323652231710850679516.png?1710850679"/> <ul>
<li>The share price of Sakura Internet has risen by over 500%, adding Y230 billion in market cap, since investors began pricing in the AI opportunity</li>
<li>We use pricing data from Amazon AWS to model the revenue opportunity for Sakura’s GPU AI-cloud</li>
<li>We estimate that 2,500 H100 GPUs could yield an equity value of Y49 billion, far less than the value the market has ascribed</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/snow-peak-cheap-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Snow Peak: Cheap MBO</a></li><li><a href="https://www.smartkarma.com/insights/continued-creation-of-jpx-prime-150-type-passive-funds-will-help-solve-topix-challenges?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Continued Creation of JPX Prime 150-Type Passive Funds Will Help Solve TOPIX Challenges</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Positioning Watch – Commodities are back on, and so are cyclical equities</a></li><li><a href="https://www.smartkarma.com/insights/shinko-electric-6967-jp-tender-state-of-play?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Shinko Electric (6967 JP): Tender State of Play</a></li><li><a href="https://www.smartkarma.com/insights/sakura-internet-3778-estimating-the-value-of-2-500-gpus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sakura Internet (3778)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/snow-peak-cheap-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Snow Peak: Cheap MBO </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/276/original/Screenshot%202024-03-19%20at%2013.41.15.png?1710852122"/> <ul>
<li>Snow Peak agreement with Bain Capital to take the outdoor brand private next month seems to have been in the works for a couple of years. </li>
<li>Although sales are expected to rebound this year to near record highs, Snow Peak insists the domestic camping boom is over and will look at long-term growth overseas instead.</li>
<li>Even so, the MBO price looks cheap. Snow Peak is likely to see a rebound in domestic sales in FY2024 and its plans for overseas expansion are solid.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/continued-creation-of-jpx-prime-150-type-passive-funds-will-help-solve-topix-challenges?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Continued Creation of JPX Prime 150-Type Passive Funds Will Help Solve TOPIX Challenges </a></h3><p></p><ul>
<li>TOPIX-Type passive funds have the challenges of buying stocks that aren't of high quality and of not providing sufficient engagement. JPX Prime 150 is expected to resolve these issues.</li>
<li>Some believe that JPX Prime 150, a market capitalization-weighted index, shows little difference in performance from TOPIX. However, more careful engagement will contribute to value creation in the long run.</li>
<li>The continued creation of passive funds linked to the JPX Prime 150 Index is expected to further highlight high quality companies.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-back-on-and-so-are-cyclical-equities?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Positioning Watch – Commodities are back on, and so are cyclical equities </a></h3><p></p><ul><li>Finally some action from the BoJ earlier today with a 10 bps hike, in line with market expectations after it was rumored that they would tweak policy last week.</li><li>The BoJ has, with barely no exceptions, leaked all their policy moves to the press before actually moving the needle, and dynamics post the meeting is nothing less than a classic “buy the rumor sell the news”.</li><li>It looks like markets had hoped for some clarity on the path for the policy rate, which they weren’t given this morning (more on the BoJ meeting here).</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/shinko-electric-6967-jp-tender-state-of-play?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Shinko Electric (6967 JP): Tender State of Play </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/282/original/image?1710853189"/> <ul>
<li>
<a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a> pre-conditional tender offer from the JIC alliance is JPY5,920 per share. The gross spread has narrowed from a high of 10.4% to the current 4.2%. </li>
<li>The narrowing spread can be attributed to the <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> tender launch, which suggests likely China SAMR approval, and <a data-smartkarma-citation="entities:16630:1" href="https://www.smartkarma.com/entities/ibiden-co-ltd" rel="noopener" target="_blank">Ibiden Co Ltd (4062 JP) </a>giving up recent gains. </li>
<li>Like JSR, we expect China SAMR to allow JIC to withdraw its Shinko merger control filing. There is a good chance the tender launches before the guided late August start.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sakura-internet-3778-estimating-the-value-of-2-500-gpus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Sakura Internet (3778) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/275/original/image_40323652231710850679516.png?1710850679"/> <ul>
<li>The share price of Sakura Internet has risen by over 500%, adding Y230 billion in market cap, since investors began pricing in the AI opportunity</li>
<li>We use pricing data from Amazon AWS to model the revenue opportunity for Sakura’s GPU AI-cloud</li>
<li>We estimate that 2,500 H100 GPUs could yield an equity value of Y49 billion, far less than the value the market has ascribed</li>
</ul>2024-03-20T09:00:04+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "7816@JP"}, {"term": "8114@JP"}, {"term": "7564@JP"}, {"term": "8111@JP"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "AUDSGD@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "QQQ@US"}, {"term": "XLB@US"}, {"term": "SLV@US"}, {"term": "SILVER@COMDTY"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6967@JP"}, {"term": "8046@TT"}, {"term": "3189@TT"}, {"term": "009150@KS"}, {"term": "3037@TT"}, {"term": "222800@KS"}, {"term": "6971@JP"}, {"term": "6702@JP"}, {"term": "4183@JP"}, {"term": "7912@JP"}, {"term": "4062@JP"}, {"term": "4185@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3778@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8111@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "SILVER@COMDTY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4185@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3778@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/026c14ed-3d4d-3745-9153-2676cc4f74c0Brief Japan: 1Q Follow-Up - LIFUL (2120 JP) and more2024-03-28T14:17:29.011706+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/1q-follow-up-liful-2120-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1Q Follow-Up - LIFUL (2120 JP)</a></li><li><a href="https://www.smartkarma.com/insights/japan-policy-rate-0-0-consensus-0-0-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Policy Rate 0.0% (consensus 0.0%) in Mar-24</a></li><li><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen?</a></li><li><a href="https://www.smartkarma.com/insights/japan-rising-rates-focus-on-banks-with-high-cash-and-low-margins?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan - Rising Rates: Focus On Banks With High Cash And Low Margins</a></li><li><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Democracy's Market Dance: Elections and Economic Sentiment in India</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/1q-follow-up-liful-2120-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 1Q Follow-Up - LIFUL (2120 JP) </a></h3><p></p><ul><li>LIFULL reported an 8% increase in net sales to ¥8.1 bn, driven by overseas acquisitions made during the second quarter of the previous FY.</li><li>OP from comparable operations remained steady at around ¥0.15bn. In the previous year, the company recorded an operating profit of ¥0.8bn, but this included ¥0.66bn in profits from the sale of Rakuten LIFULL STAY, a hotel and lodging platform operator, in October of 2022.</li><li>In the current term, the company recorded a net loss of ¥0.05bn, but this included about ¥0.2bn in one-off costs for the transition to a new management structure in the overseas business. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japan-policy-rate-0-0-consensus-0-0-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Japan Policy Rate 0.0% (consensus 0.0%) in Mar-24 </a></h3><p></p><ul><li>The Bank of Japan has raised its policy rate to 0.0%, ending the negative interest rate policy in anticipation of achieving its 2% price stability target sustainably.</li><li>This policy shift reflects the BOJ's confidence in Japan's economic recovery, underpinned by improved corporate profits, likely continued wage increases, and the formation of a more solid virtuous cycle between wages and prices.</li><li>Future BOJ policy decisions will hinge on economic activity and price developments, global economic conditions, and the trajectory of inflation expectations and wage growth, with a continued focus on achieving sustainable price stability.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/267/original/image?1710844175"/> <ul>
<li>Zooming out reveals that the Bank of Japan has not shifted to a different monetary policy regime.</li>
<li>The negative relationship between total debt-to-GDP and interest rates has been confirmed once again.</li>
<li>With the Federal Reserve poised to cut rates more than three times this year, the case for a short yen position is thin.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-rising-rates-focus-on-banks-with-high-cash-and-low-margins?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japan - Rising Rates: Focus On Banks With High Cash And Low Margins </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/199/original/image_28834348731710819133000.png?1710819133"/> <ul>
<li>We look at which Japan banks have the most cash which can see a major boost to returns. </li>
<li>Banks with lower margins can see a higher net interest income pick up from rising rates. </li>
<li>Loan growth in Japan has been relatively strong, supportive of rising rates from BOJ.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Democracy's Market Dance: Elections and Economic Sentiment in India </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/117/original/image?1710758901"/> <ul>
<li>Indian elections significantly sway stock markets, with pre-election rallies and post-election stability reflecting investor sentiment and policy expectations.</li>
<li>Historical data unveils market surges preceding elections, highlighting the importance of economic reforms and policy promises in driving investor confidence.</li>
<li>Amidst market volatility, strategic investing demands a focus on long-term fundamentals over short-term fluctuations, emphasizing informed, adaptable approaches for sustainable growth.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/1q-follow-up-liful-2120-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1Q Follow-Up - LIFUL (2120 JP)</a></li><li><a href="https://www.smartkarma.com/insights/japan-policy-rate-0-0-consensus-0-0-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Policy Rate 0.0% (consensus 0.0%) in Mar-24</a></li><li><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen?</a></li><li><a href="https://www.smartkarma.com/insights/japan-rising-rates-focus-on-banks-with-high-cash-and-low-margins?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan - Rising Rates: Focus On Banks With High Cash And Low Margins</a></li><li><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Democracy's Market Dance: Elections and Economic Sentiment in India</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/1q-follow-up-liful-2120-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 1Q Follow-Up - LIFUL (2120 JP) </a></h3><p></p><ul><li>LIFULL reported an 8% increase in net sales to ¥8.1 bn, driven by overseas acquisitions made during the second quarter of the previous FY.</li><li>OP from comparable operations remained steady at around ¥0.15bn. In the previous year, the company recorded an operating profit of ¥0.8bn, but this included ¥0.66bn in profits from the sale of Rakuten LIFULL STAY, a hotel and lodging platform operator, in October of 2022.</li><li>In the current term, the company recorded a net loss of ¥0.05bn, but this included about ¥0.2bn in one-off costs for the transition to a new management structure in the overseas business. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japan-policy-rate-0-0-consensus-0-0-in-mar-24?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Japan Policy Rate 0.0% (consensus 0.0%) in Mar-24 </a></h3><p></p><ul><li>The Bank of Japan has raised its policy rate to 0.0%, ending the negative interest rate policy in anticipation of achieving its 2% price stability target sustainably.</li><li>This policy shift reflects the BOJ's confidence in Japan's economic recovery, underpinned by improved corporate profits, likely continued wage increases, and the formation of a more solid virtuous cycle between wages and prices.</li><li>Future BOJ policy decisions will hinge on economic activity and price developments, global economic conditions, and the trajectory of inflation expectations and wage growth, with a continued focus on achieving sustainable price stability.</li></ul><div><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></div><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-removes-negative-interest-rate-policy-the-end-of-an-era-and-long-yen?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japan Removes Negative Interest Rate Policy – The End of an Era and Long Yen? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/267/original/image?1710844175"/> <ul>
<li>Zooming out reveals that the Bank of Japan has not shifted to a different monetary policy regime.</li>
<li>The negative relationship between total debt-to-GDP and interest rates has been confirmed once again.</li>
<li>With the Federal Reserve poised to cut rates more than three times this year, the case for a short yen position is thin.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-rising-rates-focus-on-banks-with-high-cash-and-low-margins?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japan - Rising Rates: Focus On Banks With High Cash And Low Margins </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/199/original/image_28834348731710819133000.png?1710819133"/> <ul>
<li>We look at which Japan banks have the most cash which can see a major boost to returns. </li>
<li>Banks with lower margins can see a higher net interest income pick up from rising rates. </li>
<li>Loan growth in Japan has been relatively strong, supportive of rising rates from BOJ.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/democracy-s-market-dance-elections-and-economic-sentiment-in-india?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Democracy's Market Dance: Elections and Economic Sentiment in India </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/117/original/image?1710758901"/> <ul>
<li>Indian elections significantly sway stock markets, with pre-election rallies and post-election stability reflecting investor sentiment and policy expectations.</li>
<li>Historical data unveils market surges preceding elections, highlighting the importance of economic reforms and policy promises in driving investor confidence.</li>
<li>Amidst market volatility, strategic investing demands a focus on long-term fundamentals over short-term fluctuations, emphasizing informed, adaptable approaches for sustainable growth.</li>
</ul>2024-03-19T20:47:55+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "2120@JP"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8308@JP"}, {"term": "8331@JP"}, {"term": "8316@JP"}, {"term": "8306@JP"}, {"term": "8418@JP"}, {"term": "5830@JP"}, {"term": "8411@JP"}, {"term": "7182@JP"}, {"term": "8341@JP"}, {"term": "5844@JP"}, {"term": "5831@JP"}, {"term": "@5838@JP"}, {"term": "8410@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "INDIA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2120@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8410@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/fe2f5a74-afb2-374c-ae15-ab2977d3473eBrief Japan: Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell and more2024-03-28T14:17:29.001904+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-woodstock-for-ai-kicks-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all?</a></li><li><a href="https://www.smartkarma.com/insights/4q-follow-up-d-western-therapeutics-institute-dwti-4576?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4Q Follow-Up -D. Western Therapeutics Institute (DWTI)</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-jic-tender-starts-and-should-succeed-despite-shin-etsu-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): JIC Tender Starts and Should Succeed Despite Shin-Etsu’s Re-Rating</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/094/original/image?1710750137"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:7591:1" href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" rel="noopener" target="_blank">Tokio Marine Holdings (8766 JP)</a> had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-woodstock-for-ai-kicks-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/163/original/image_41589716521710800064283.png?1710800063"/> <ul>
<li>Stocks rose on Monday as investors turned their attention to Nvidia's GTC Conference and awaited Federal Reserve's monetary policy guidance</li>
<li>The Bank of Japan is set to announce significant changes in its monetary policy, including the end of yield curve control, risk asset purchases, and negative interest rates</li>
<li>Nvidia's CEO Jensen Huang unveiled the Blackwell platform at the GTC 2024 conference, boasting its real-time generative AI capabilities and efficiency surpassing its predecessor, Hopper</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all? </a></h3><p></p><ul><li>The central bank outlook looks surprisingly uniform as the market has homed in on June as the first timing for the cutting cycle from most major central banks (except the BoJ).</li><li>Markets feel certain that the SNB and the ECB cuts in June (we agree), but Fed, RBA, BOC and BoE pricing is closing on 50/50 calls after a series of sticky inflation numbers from North America.</li><li>The Fed is priced hawkishly relative to the 75bps dot plot for 2024, while the ECB is the most dovish central bank in forward pricing for 2024 but yet falls short of the 100bps hinted by the Greek member Stournaras last week.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q-follow-up-d-western-therapeutics-institute-dwti-4576?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. 4Q Follow-Up -D. Western Therapeutics Institute (DWTI) </a></h3><p></p><ul><li>Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs</li><li> 2) 2024 application/approval and 2025 launch of DW- 1002 in Japan, 2023 application and 2024 approval/launch in China, as well as orphan drug designation for combination formula MembraneBlue-DualⓇ (DW-1002 + trypan blue) in the US</li><li>3) in Japan, start P2 clinical trials in 2024, P3 trials in late 2025 though 2026, and normal schedule application for approval for regenerative cell-therapy DWR-2206 in 2027</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-jic-tender-starts-and-should-succeed-despite-shin-etsu-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. JSR Corporation (4185 JP): JIC Tender Starts and Should Succeed Despite Shin-Etsu’s Re-Rating </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/101/original/Launch%201.png?1710752725"/> <ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> notes that the pre-condition for JIC’s tender has been satisfied. The offer price remains unchanged at JPY4,350 per share. </li>
<li>The offer remains attractive despite the material re-rating of peers. The tender should succeed when combined with shareholder fatigue and a lack of vocal opposition. </li>
<li>The tender requires a 66.7% minority acceptance rate. The gross and annualised spread for a 23 April payment is 0.6% and 7.1%, respectively.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-woodstock-for-ai-kicks-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all?</a></li><li><a href="https://www.smartkarma.com/insights/4q-follow-up-d-western-therapeutics-institute-dwti-4576?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4Q Follow-Up -D. Western Therapeutics Institute (DWTI)</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-jic-tender-starts-and-should-succeed-despite-shin-etsu-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): JIC Tender Starts and Should Succeed Despite Shin-Etsu’s Re-Rating</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tokio-marine-cross-shareholding-at-least-us-18bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Tokio Marine Cross-Shareholding - At Least US$18bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/094/original/image?1710750137"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:7591:1" href="https://www.smartkarma.com/entities/tokio-marine-holdings-inc" rel="noopener" target="_blank">Tokio Marine Holdings (8766 JP)</a> had a stake over US$100m in at least 33 listed Japanese stocks, amounting to a total of US$16.5bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-woodstock-for-ai-kicks-off?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/163/original/image_41589716521710800064283.png?1710800063"/> <ul>
<li>Stocks rose on Monday as investors turned their attention to Nvidia's GTC Conference and awaited Federal Reserve's monetary policy guidance</li>
<li>The Bank of Japan is set to announce significant changes in its monetary policy, including the end of yield curve control, risk asset purchases, and negative interest rates</li>
<li>Nvidia's CEO Jensen Huang unveiled the Blackwell platform at the GTC 2024 conference, boasting its real-time generative AI capabilities and efficiency surpassing its predecessor, Hopper</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/g5-rates-watch-mirror-mirror-on-the-wall-who-s-the-biggest-interest-rate-cutter-of-them-all?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. G5 Rates Watch: Mirror mirror on the wall, who’s the biggest interest rate cutter of them all? </a></h3><p></p><ul><li>The central bank outlook looks surprisingly uniform as the market has homed in on June as the first timing for the cutting cycle from most major central banks (except the BoJ).</li><li>Markets feel certain that the SNB and the ECB cuts in June (we agree), but Fed, RBA, BOC and BoE pricing is closing on 50/50 calls after a series of sticky inflation numbers from North America.</li><li>The Fed is priced hawkishly relative to the 75bps dot plot for 2024, while the ECB is the most dovish central bank in forward pricing for 2024 but yet falls short of the 100bps hinted by the Greek member Stournaras last week.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/4q-follow-up-d-western-therapeutics-institute-dwti-4576?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. 4Q Follow-Up -D. Western Therapeutics Institute (DWTI) </a></h3><p></p><ul><li>Major milestones with high expectations coming in the next 2-3 years: 1) Phase IIb US trials for H-1337 as “first choice as a second-line Glaucoma drug” for patients who do not respond to PGs</li><li> 2) 2024 application/approval and 2025 launch of DW- 1002 in Japan, 2023 application and 2024 approval/launch in China, as well as orphan drug designation for combination formula MembraneBlue-DualⓇ (DW-1002 + trypan blue) in the US</li><li>3) in Japan, start P2 clinical trials in 2024, P3 trials in late 2025 though 2026, and normal schedule application for approval for regenerative cell-therapy DWR-2206 in 2027</li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-jic-tender-starts-and-should-succeed-despite-shin-etsu-s-re-rating?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. JSR Corporation (4185 JP): JIC Tender Starts and Should Succeed Despite Shin-Etsu’s Re-Rating </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/101/original/Launch%201.png?1710752725"/> <ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> notes that the pre-condition for JIC’s tender has been satisfied. The offer price remains unchanged at JPY4,350 per share. </li>
<li>The offer remains attractive despite the material re-rating of peers. The tender should succeed when combined with shareholder fatigue and a lack of vocal opposition. </li>
<li>The tender requires a 66.7% minority acceptance rate. The gross and annualised spread for a 23 April payment is 0.6% and 7.1%, respectively.</li>
</ul>2024-03-19T09:44:01+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "8766@JP"}, {"term": "4911@JP"}, {"term": "8035@JP"}, {"term": "8015@JP"}, {"term": "2802@JP"}, {"term": "8802@JP"}, {"term": "TPX@INDEX"}, {"term": "9434@JP"}, {"term": "9984@JP"}, {"term": "3382@JP"}, {"term": "6723@JP"}, {"term": "@5838@JP"}, {"term": "4755@JP"}, {"term": "9532@JP"}, {"term": "4528@JP"}, {"term": "NKY@INDEX"}, {"term": "6981@JP"}, {"term": "8031@JP"}, {"term": "7181@JP"}, {"term": "7182@JP"}, {"term": "6178@JP"}, {"term": "HMC@US"}, {"term": "4901@JP"}, {"term": "6902@JP"}, {"term": "6367@JP"}, {"term": "4568@JP"}, {"term": "9022@JP"}, {"term": "7259@JP"}, {"term": "8630@JP"}, {"term": "8725@JP"}, {"term": "8267@JP"}, {"term": "8002@JP"}, {"term": "6201@JP"}, {"term": "4519@JP"}, {"term": "4543@JP"}, {"term": "8001@JP"}, {"term": "4063@JP"}, {"term": "7269@JP"}, {"term": "7267@JP"}, {"term": "8058@JP"}, {"term": "7203@JP"}, {"term": "3003@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "SPAIN"}, {"term": "FRANCE"}, {"term": "UNITED KINGDOM"}, {"term": "ITALY"}, {"term": "GERMANY"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "GBPUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4576@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "272290@KS"}, {"term": "4186@JP"}, {"term": "4423@JP"}, {"term": "4005@JP"}, {"term": "6988@JP"}, {"term": "DD@US"}, {"term": "4062@JP"}, {"term": "4063@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3003@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4576@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4063@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/2bd0bce1-d1f7-3b01-86f1-8d60c0b1fbbcBrief Japan: JSR (4185 JP) - Launch of The Official Tender Offer (And the Double Arb) and more2024-03-28T14:17:28.991988+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jsr-4185-jp-launch-of-the-official-tender-offer-and-the-double-arb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR (4185 JP) - Launch of The Official Tender Offer (And the Double Arb)</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #91 – No more recessions ever!?</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Portfolio Watch: Markets sniffing out the Chinese resurgence case</a></li><li><a href="https://www.smartkarma.com/insights/fast-retailing-9983-now-at-double-downweight-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Fast Retailing (9983) - Now At Double Downweight Levels</a></li><li><a href="https://www.smartkarma.com/insights/in-the-prime-market-disclosure-in-english-also-widens-the-gap-in-the-company-s-attitude?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">In the Prime Market, Disclosure in English Also Widens the Gap in the Company's Attitude</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jsr-4185-jp-launch-of-the-official-tender-offer-and-the-double-arb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. JSR (4185 JP) - Launch of The Official Tender Offer (And the Double Arb) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/090/original/Screenshot%202024-03-18%20at%203.59.51%E2%80%AFPM.png?1710748805"/> <ul>
<li>The Tender Offer is finally here. JIC announced the official launch after the close today.</li>
<li>JIC appears to be taking on the SUNY RF risk as-is. The Tender Offer details vs the original expectations in the late June 2023 document are unchanged. </li>
<li>Once started, unless a US court approves an injunction causing regulatory delay, this is done. But there are path events. And of course there is a double arb here.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Steno Signals #91 – No more recessions ever!? </a></h3><p></p><ul><li>Happy Sunday from Sunny Copenhagen and welcome to our flagship editorial! Is the business cycle dead?</li><li>It is a fair question to ask after what seems like years of recession chasing once again ending in tears for the macro bears.</li><li>This sublime graphic created by the great Lee Coppock is exceptionally telling.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Portfolio Watch: Markets sniffing out the Chinese resurgence case </a></h3><p></p><ul><li>Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.</li><li>The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.</li><li>An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fast-retailing-9983-now-at-double-downweight-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Fast Retailing (9983) - Now At Double Downweight Levels </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/997/original/Screenshot%202024-03-18%20at%201.05.37%E2%80%AFAM.png?1710695161"/> <ul>
<li>
<a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a> is the largest weight in the Nikkei 225. On Friday, it closed at 11.36% of the Nikkei 225, putting it well above the 10% cap level.</li>
<li>If the stock is above 10% on a pro-forma basis on the base date of 31 July 2024, it will get a capping coefficient. 8.4mm shares (US$2.5bn) to sell.</li>
<li>At Friday's close, we were borderline above a <em>double</em>-downweight trigger. At Monday's open, just below. 30mins later? Back well above. Lots of interesting issues and nuances here for a short.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/in-the-prime-market-disclosure-in-english-also-widens-the-gap-in-the-company-s-attitude?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. In the Prime Market, Disclosure in English Also Widens the Gap in the Company's Attitude </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/388/493/original/image_92794368021706149139262.png?1706149139"/> <ul>
<li>Most companies with large market capitalization (i.e., those with a high ratio of foreign shareholders) already disclose their financial statements, timely disclosure materials, and convocation notices in English.</li>
<li>Disclosure in English of corporate governance reports and annual securities reports, which have lagged behind, is gradually increasing among companies with large market capitalization.</li>
<li>Similar to the results of the recent disclosure regarding the ”TSE's request", there is also a difference in the disclosure stance between companies with large market capitalization and other companies.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/jsr-4185-jp-launch-of-the-official-tender-offer-and-the-double-arb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR (4185 JP) - Launch of The Official Tender Offer (And the Double Arb)</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #91 – No more recessions ever!?</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Portfolio Watch: Markets sniffing out the Chinese resurgence case</a></li><li><a href="https://www.smartkarma.com/insights/fast-retailing-9983-now-at-double-downweight-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Fast Retailing (9983) - Now At Double Downweight Levels</a></li><li><a href="https://www.smartkarma.com/insights/in-the-prime-market-disclosure-in-english-also-widens-the-gap-in-the-company-s-attitude?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">In the Prime Market, Disclosure in English Also Widens the Gap in the Company's Attitude</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/jsr-4185-jp-launch-of-the-official-tender-offer-and-the-double-arb?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. JSR (4185 JP) - Launch of The Official Tender Offer (And the Double Arb) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/090/original/Screenshot%202024-03-18%20at%203.59.51%E2%80%AFPM.png?1710748805"/> <ul>
<li>The Tender Offer is finally here. JIC announced the official launch after the close today.</li>
<li>JIC appears to be taking on the SUNY RF risk as-is. The Tender Offer details vs the original expectations in the late June 2023 document are unchanged. </li>
<li>Once started, unless a US court approves an injunction causing regulatory delay, this is done. But there are path events. And of course there is a double arb here.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/steno-signals-91-no-more-recessions-ever?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Steno Signals #91 – No more recessions ever!? </a></h3><p></p><ul><li>Happy Sunday from Sunny Copenhagen and welcome to our flagship editorial! Is the business cycle dead?</li><li>It is a fair question to ask after what seems like years of recession chasing once again ending in tears for the macro bears.</li><li>This sublime graphic created by the great Lee Coppock is exceptionally telling.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/portfolio-watch-markets-sniffing-out-the-chinese-resurgence-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Portfolio Watch: Markets sniffing out the Chinese resurgence case </a></h3><p></p><ul><li>Macro Portfolio: Markets sniffing out the Chinese resurgence case. Our conviction in pro-cyclical trends have been confirmed in markets this week, and the case for a Chinese revitalisation is becoming increasingly stronger.</li><li>The continued surge in Copper this morning is noteworthy, particularly given the buildup of inventory by China in the past few months.</li><li>An increasing stockpile can be a positive indicator, especially if it results from a deliberate effort by China to restock in anticipation of an economic stimulus.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/fast-retailing-9983-now-at-double-downweight-levels?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Fast Retailing (9983) - Now At Double Downweight Levels </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/997/original/Screenshot%202024-03-18%20at%201.05.37%E2%80%AFAM.png?1710695161"/> <ul>
<li>
<a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a> is the largest weight in the Nikkei 225. On Friday, it closed at 11.36% of the Nikkei 225, putting it well above the 10% cap level.</li>
<li>If the stock is above 10% on a pro-forma basis on the base date of 31 July 2024, it will get a capping coefficient. 8.4mm shares (US$2.5bn) to sell.</li>
<li>At Friday's close, we were borderline above a <em>double</em>-downweight trigger. At Monday's open, just below. 30mins later? Back well above. Lots of interesting issues and nuances here for a short.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/in-the-prime-market-disclosure-in-english-also-widens-the-gap-in-the-company-s-attitude?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. In the Prime Market, Disclosure in English Also Widens the Gap in the Company's Attitude </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/388/493/original/image_92794368021706149139262.png?1706149139"/> <ul>
<li>Most companies with large market capitalization (i.e., those with a high ratio of foreign shareholders) already disclose their financial statements, timely disclosure materials, and convocation notices in English.</li>
<li>Disclosure in English of corporate governance reports and annual securities reports, which have lagged behind, is gradually increasing among companies with large market capitalization.</li>
<li>Similar to the results of the recent disclosure regarding the ”TSE's request", there is also a difference in the disclosure stance between companies with large market capitalization and other companies.</li>
</ul>2024-03-18T16:10:23+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "6967@JP"}, {"term": "Macroeconomics"}, {"term": "UNITED KINGDOM"}, {"term": "GERMANY"}, {"term": "CHINA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "CL1@COM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "GT10@GOVT"}, {"term": "USD@CURNCY"}, {"term": "Macroeconomics"}, {"term": "KOREA"}, {"term": "CHINA"}, {"term": "SWITZERLAND"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "XETUSD@CURNCY"}, {"term": "XBTUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "CL1@COM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "COPPER@COMDTY"}, {"term": "USDCNY@CURNCY"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9983@JP"}, {"term": "8035@JP"}, {"term": "7564@JP"}, {"term": "7453@JP"}, {"term": "3092@JP"}, {"term": "7532@JP"}, {"term": "1332@JP"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6967@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDCNY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "1332@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}]https://www.smartkarma.com/segment/feeds/japan.rss/20410553-1acc-3f77-81f7-9724ad9bc21cBrief Japan: Ohayo Japan and more2024-03-28T14:17:28.979185+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-a-big-week-for-the-boj?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/aida-engineering-6118-buyback-not-big-enough-but-not-small-they-gotta-shrink-e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aida Engineering (6118) Buyback - Not Big Enough, But Not Small; They Gotta Shrink E.</a></li><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-18-mar-roland-dg-jsr-ysk-cimc-vehicles-alumina-qv-equities-qantm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Merger Arb Mondays (18 Mar) - Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm</a></li><li><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-a-big-week-for-the-boj?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/024/original/image_35589284821710711245212.png?1710711244"/> <ul>
<li>Last week, most major indices experienced slight declines, with the SPX down by 0.1% and the Nasdaq by 0.7%, on higher bond yields.</li>
<li>Looking ahead to this week, there are several key events that could drive market movement: both the Fed and BOJ hold monetary policy meetings. Elsewhere, focus on Nvidia GPU Conference</li>
<li>Nissan (7201) and Honda (7267), facing challenges in competing with rivals like Tesla in electric vehicle (EV) investments, are considering a partnership to collaborate on EVs</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/aida-engineering-6118-buyback-not-big-enough-but-not-small-they-gotta-shrink-e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Aida Engineering (6118) Buyback - Not Big Enough, But Not Small; They Gotta Shrink E. </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/022/original/Screenshot%202024-03-18%20at%202.14.18%E2%80%AFAM.png?1710699276"/> <ul>
<li>Late last week, machine tool and press maker <a data-smartkarma-citation="entities:8350:1" href="https://www.smartkarma.com/entities/aida-engineering-ltd" rel="noopener" target="_blank">Aida Engineering (6118 JP)</a> made an <a href="https://www.aida.co.jp/en/news/Notice%20of%20Repurchase%20and%20Cancellation%20of%20Treasury%20Stock.pdf" rel="noopener" target="_blank">announcement</a> of a share buyback. Up to 2.3mm shs (3.59%) spending up to ¥2bn.</li>
<li>The company has filed a policy for <em>"Action to Implement Management That is Conscious of Cost of Capital and Stock Price"</em> in its most recent CorpGov report available (J/E) <a href="https://www.smartkarma.com/insights/updated-tool-and-new-diff-file-generator-for-tse-mgmt-conscious-of-capital-cost-stock-price" rel="noopener" target="_blank">here</a>. </li>
<li>It will be a little smaller than that, but it is worth taking a closer look at the details, etc.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-18-mar-roland-dg-jsr-ysk-cimc-vehicles-alumina-qv-equities-qantm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Merger Arb Mondays (18 Mar) - Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, Silver Lake.</em></strong>
</li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a>, <a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a>, <a data-smartkarma-citation="entities:7218:1" href="https://www.smartkarma.com/entities/snow-peak-inc" rel="noopener" target="_blank">Snow Peak Inc (7816 JP)</a>.</em></strong> </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. China BIG-3 Mainland Airlines Traffic 18% Higher than 2019! </a></h3><p></p><ul>
<li>In aggregate, traffic among the Big-3 Chinese airlines was up 67% YoY in February and +18% vs 2019. Incontestable proof that China has regained its air travel mojo. </li>
<li>Published March schedules show total implied capacity is 31% higher YoY and 9% higher than 2019 levels. This is driven by domestic travel, international remains depressed. </li>
<li>Driven by domestic travel, international remains depressed. POSITIVE for China Eastern and other North Asian carriers that provide the missing North America link. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-a-big-week-for-the-boj?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/aida-engineering-6118-buyback-not-big-enough-but-not-small-they-gotta-shrink-e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aida Engineering (6118) Buyback - Not Big Enough, But Not Small; They Gotta Shrink E.</a></li><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-18-mar-roland-dg-jsr-ysk-cimc-vehicles-alumina-qv-equities-qantm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Merger Arb Mondays (18 Mar) - Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm</a></li><li><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">China BIG-3 Mainland Airlines Traffic 18% Higher than 2019!</a></li><li><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-a-big-week-for-the-boj?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/024/original/image_35589284821710711245212.png?1710711244"/> <ul>
<li>Last week, most major indices experienced slight declines, with the SPX down by 0.1% and the Nasdaq by 0.7%, on higher bond yields.</li>
<li>Looking ahead to this week, there are several key events that could drive market movement: both the Fed and BOJ hold monetary policy meetings. Elsewhere, focus on Nvidia GPU Conference</li>
<li>Nissan (7201) and Honda (7267), facing challenges in competing with rivals like Tesla in electric vehicle (EV) investments, are considering a partnership to collaborate on EVs</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/aida-engineering-6118-buyback-not-big-enough-but-not-small-they-gotta-shrink-e?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Aida Engineering (6118) Buyback - Not Big Enough, But Not Small; They Gotta Shrink E. </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/398/022/original/Screenshot%202024-03-18%20at%202.14.18%E2%80%AFAM.png?1710699276"/> <ul>
<li>Late last week, machine tool and press maker <a data-smartkarma-citation="entities:8350:1" href="https://www.smartkarma.com/entities/aida-engineering-ltd" rel="noopener" target="_blank">Aida Engineering (6118 JP)</a> made an <a href="https://www.aida.co.jp/en/news/Notice%20of%20Repurchase%20and%20Cancellation%20of%20Treasury%20Stock.pdf" rel="noopener" target="_blank">announcement</a> of a share buyback. Up to 2.3mm shs (3.59%) spending up to ¥2bn.</li>
<li>The company has filed a policy for <em>"Action to Implement Management That is Conscious of Cost of Capital and Stock Price"</em> in its most recent CorpGov report available (J/E) <a href="https://www.smartkarma.com/insights/updated-tool-and-new-diff-file-generator-for-tse-mgmt-conscious-of-capital-cost-stock-price" rel="noopener" target="_blank">here</a>. </li>
<li>It will be a little smaller than that, but it is worth taking a closer look at the details, etc.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-18-mar-roland-dg-jsr-ysk-cimc-vehicles-alumina-qv-equities-qantm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Merger Arb Mondays (18 Mar) - Roland DG, JSR, YSK, CIMC Vehicles, Alumina, QV Equities, Qantm </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, Silver Lake.</em></strong>
</li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a>, <a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a>, <a data-smartkarma-citation="entities:7218:1" href="https://www.smartkarma.com/entities/snow-peak-inc" rel="noopener" target="_blank">Snow Peak Inc (7816 JP)</a>.</em></strong> </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/china-big-3-mainland-airlines-traffic-18-higher-than-2019?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. China BIG-3 Mainland Airlines Traffic 18% Higher than 2019! </a></h3><p></p><ul>
<li>In aggregate, traffic among the Big-3 Chinese airlines was up 67% YoY in February and +18% vs 2019. Incontestable proof that China has regained its air travel mojo. </li>
<li>Published March schedules show total implied capacity is 31% higher YoY and 9% higher than 2019 levels. This is driven by domestic travel, international remains depressed. </li>
<li>Driven by domestic travel, international remains depressed. POSITIVE for China Eastern and other North Asian carriers that provide the missing North America link. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/what-really-matters-is-global-liquidity-but-it-looks-set-to-zag-before-it-zigs-higher?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. What Really Matters Is Global Liquidity...But It Looks Set to Zag Before It Zigs Higher </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/979/original/image_52331875141710676400058.png?1710676399"/> <ul>
<li>The main driver of asset prices looks set to stall, albeit temporarily. Global Liquidity is at a new all-time peak, but it is flat-lining</li>
<li>Global Liquidity compromised by a stumbling US Fed as it copes with the errant RRP and TGA, and by an erratic People's Bank of China. Q2 could prove tricky</li>
<li>Look to diversify elsewhere. Commodity markets are on the move. But strong economies do not always have strong financial markets</li>
</ul>2024-03-18T05:38:29+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6118@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6789@JP"}, {"term": "NPR@AU"}, {"term": "VHT@AU"}, {"term": "CD@SP"}, {"term": "2318@HK"}, {"term": "1205@HK"}, {"term": "BLD@AU"}, {"term": "CSR@AU"}, {"term": "2651@JP"}, {"term": "SQM@US"}, {"term": "SVW@AU"}, {"term": "WLE@AU"}, {"term": "A2B@AU"}, {"term": "GTH@US"}, {"term": "6556@JP"}, {"term": "AND@AU"}, {"term": "8306@JP"}, {"term": "AZS@AU"}, {"term": "2812@JP"}, {"term": "PYFA@IJ"}, {"term": "1818@HK"}, {"term": "9433@JP"}, {"term": "BWP@AU"}, {"term": "SGO@FP"}, {"term": "328130@KS"}, {"term": "LNK@AU"}, {"term": "SVM@US"}, {"term": "PRU@AU"}, {"term": "AA@US"}, {"term": "6723@JP"}, {"term": "ORR@AU"}, {"term": "CRH@LN"}, {"term": "9513@JP"}, {"term": "1839@HK"}, {"term": "ABC@AU"}, {"term": "ALU@AU"}, {"term": "570@HK"}, {"term": "HOLI@US"}, {"term": "6448@JP"}, {"term": "2427@JP"}, {"term": "4185@JP"}, {"term": "6967@JP"}, {"term": "QVE@AU"}, {"term": "RED@AU"}, {"term": "SLR@AU"}, {"term": "7816@JP"}, {"term": "3331@HK"}, {"term": "PGH@AU"}, {"term": "906@HK"}, {"term": "TIE@AU"}, {"term": "AWC@AU"}, {"term": "PBP@AU"}, {"term": "GNX@AU"}, {"term": "QIP@AU"}, {"term": "APM@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "600009@CH"}, {"term": "600115@CH"}, {"term": "9201@JP"}, {"term": "2618@TT"}, {"term": "2610@TT"}, {"term": "003490@KS"}, {"term": "293@HK"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "ARGENTINA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "TUNISIA"}, {"term": "BERMUDA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "MEXICO"}, {"term": "EGYPT"}, {"term": "CHILE"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "GBTC@US"}, {"term": "MXWO@LN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6118@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "APM@AU"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "293@HK"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "MXWO@LN"}]https://www.smartkarma.com/segment/feeds/japan.rss/993202c3-d806-3854-beeb-5f7491e4b7bfBrief Japan: Weekly Deals Digest (17 Mar) - JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa and more2024-03-28T14:17:28.962728+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-17-mar-jsr-roland-dg-cimc-vehicles-li-ning-alumina-qv-equities-japfa?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (17 Mar) - JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa</a></li><li><a href="https://www.smartkarma.com/insights/updated-tool-and-new-diff-file-generator-for-tse-mgmt-conscious-of-capital-cost-stock-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Updated Tool and New "Diff File Generator" for TSE "Mgmt Conscious of Capital Cost/Stock Price"</a></li><li><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-qv-equities-task-qantm-superloop-cimc-vehicle-jsr-roland-dg-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Weekly Market Monitor – The End of Goldilocks?</a></li><li><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-is-the-spark-not-the-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">NEC (6701 JP): Generative AI Is the Spark, Not the Driver</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-17-mar-jsr-roland-dg-cimc-vehicles-li-ning-alumina-qv-equities-japfa?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Weekly Deals Digest (17 Mar) - JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <em><strong><a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a></strong></em> and <strong><em><a data-smartkarma-citation="entities:39940:1" href="https://www.smartkarma.com/entities/lianlian-digitech" rel="noopener" target="_blank">Lianlian DigiTech (2104619D CH)</a></em></strong> IPOs.</li>
<li>Event-Driven developments: <strong><em><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a>, <a data-smartkarma-citation="entities:20044:1" href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" rel="noopener" target="_blank">Yaizu Suisankagaku Industry (2812 JP)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities Ltd (QVE AU)</a>, CIMC Vehicles.</em></strong>
</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/updated-tool-and-new-diff-file-generator-for-tse-mgmt-conscious-of-capital-cost-stock-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Updated Tool and New "Diff File Generator" for TSE "Mgmt Conscious of Capital Cost/Stock Price" </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/464/original/Screenshot%202024-03-14%20at%207.03.01%E2%80%AFPM.png?1710414847"/> <ul>
<li>In mid-January, the TSE announced a "name-and-shame" list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.</li>
<li>The list shows which companies have disclosed a policy/consideration. But no data/links. We have the links. On Feb 1, the TSE put out a presentation and set of case studies.</li>
<li>We created a tool to name everyone, show their reports, provide links, and now a new tool. Put in a name, see the difference between the Old/New Reports.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-qv-equities-task-qantm-superloop-cimc-vehicle-jsr-roland-dg-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. (Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/708/original/image_29020493661710557002308.png?1710557001"/> <ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were discussed this week on Smartkarma: <strong><a data-smartkarma-citation="entities:24274:1" href="https://www.smartkarma.com/entities/wam-leaders-ltd" rel="noopener" target="_blank">WAM Leaders (WLE AU)</a></strong> scrip-deal for <strong><a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities (QVE AU)</a></strong>; and <strong><a data-smartkarma-citation="entities:32991:1" href="https://www.smartkarma.com/entities/task-group-holdings-ltd" rel="noopener" target="_blank">TASK Group (TSK AU)</a></strong>'s Scheme with <strong><a data-smartkarma-citation="entities:37125:1" href="https://www.smartkarma.com/entities/par-technology-corp" rel="noopener" target="_blank">PAR Technology (PAR US)</a></strong>. </li>
<li>Key updates took place on: <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a></strong>, <strong><a data-smartkarma-citation="entities:23604:1" href="https://www.smartkarma.com/entities/superloop-ltd" rel="noopener" target="_blank">Superloop (SLC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:28012:1" href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" rel="noopener" target="_blank">CIMC Vehicle (1839 HK)</a></strong>, <strong><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a></strong>, <strong><a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a></strong>, and <strong><a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing (2427 JP)</a></strong>.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. The Weekly Market Monitor – The End of Goldilocks? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/858/original/image?1710588192"/> <ul>
<li>US retail sales are off to a lousy start in 2024. Excess savings are gone, and the regular savings rate is low. The end of extraordinary US GDP growth?</li>
<li>The higher-than-expected producer price data robbed investors of the ‘Fed must cut rates soon’ narrative. Interestingly, the PPI suggests lower inflation from here.</li>
<li>Will the Bank of Japan finally remove its long-lasting negative interest rate policy? Wage growth says ‘yes.’</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-is-the-spark-not-the-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. NEC (6701 JP): Generative AI Is the Spark, Not the Driver </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/751/original/NEC%20Profit%20Valuation.png?1710560647"/> <ul>
<li>The P/E ratio has risen above 20x this fiscal year from no more than 13x in the previous four years, reflecting successful restructuring and investor enthusiasm for AI. </li>
<li>Profit margins are rising, but remain moderate in absolute terms with room for further improvement. The shares may consolidate, but they do not look overvalued.</li>
<li>Management is aiming for generative AI sales of ¥50 billion in three years time. This is less than 2% of total sales, but a positive indicator for NEC's software business.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-17-mar-jsr-roland-dg-cimc-vehicles-li-ning-alumina-qv-equities-japfa?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (17 Mar) - JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa</a></li><li><a href="https://www.smartkarma.com/insights/updated-tool-and-new-diff-file-generator-for-tse-mgmt-conscious-of-capital-cost-stock-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Updated Tool and New "Diff File Generator" for TSE "Mgmt Conscious of Capital Cost/Stock Price"</a></li><li><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-qv-equities-task-qantm-superloop-cimc-vehicle-jsr-roland-dg-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Weekly Market Monitor – The End of Goldilocks?</a></li><li><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-is-the-spark-not-the-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">NEC (6701 JP): Generative AI Is the Spark, Not the Driver</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-17-mar-jsr-roland-dg-cimc-vehicles-li-ning-alumina-qv-equities-japfa?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Weekly Deals Digest (17 Mar) - JSR, Roland DG, CIMC Vehicles, Li Ning, Alumina, QV Equities, Japfa </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <em><strong><a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a></strong></em> and <strong><em><a data-smartkarma-citation="entities:39940:1" href="https://www.smartkarma.com/entities/lianlian-digitech" rel="noopener" target="_blank">Lianlian DigiTech (2104619D CH)</a></em></strong> IPOs.</li>
<li>Event-Driven developments: <strong><em><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a>, <a data-smartkarma-citation="entities:20044:1" href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" rel="noopener" target="_blank">Yaizu Suisankagaku Industry (2812 JP)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities Ltd (QVE AU)</a>, CIMC Vehicles.</em></strong>
</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/updated-tool-and-new-diff-file-generator-for-tse-mgmt-conscious-of-capital-cost-stock-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Updated Tool and New "Diff File Generator" for TSE "Mgmt Conscious of Capital Cost/Stock Price" </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/464/original/Screenshot%202024-03-14%20at%207.03.01%E2%80%AFPM.png?1710414847"/> <ul>
<li>In mid-January, the TSE announced a "name-and-shame" list where they listed all the companies which had put forth a disclosure about 【資本コストや株価を意識した経営の実現に向けた対応】. But they did not actually shame.</li>
<li>The list shows which companies have disclosed a policy/consideration. But no data/links. We have the links. On Feb 1, the TSE put out a presentation and set of case studies.</li>
<li>We created a tool to name everyone, show their reports, provide links, and now a new tool. Put in a name, see the difference between the Old/New Reports.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mostly-asia-pac-m-a-qv-equities-task-qantm-superloop-cimc-vehicle-jsr-roland-dg-outsourcing?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. (Mostly) Asia-Pac M&A:QV Equities, TASK, Qantm, Superloop, CIMC Vehicle, JSR, Roland DG, Outsourcing </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/708/original/image_29020493661710557002308.png?1710557001"/> <ul>
<li>I tally 50 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Two new deals were discussed this week on Smartkarma: <strong><a data-smartkarma-citation="entities:24274:1" href="https://www.smartkarma.com/entities/wam-leaders-ltd" rel="noopener" target="_blank">WAM Leaders (WLE AU)</a></strong> scrip-deal for <strong><a data-smartkarma-citation="entities:24284:1" href="https://www.smartkarma.com/entities/qv-equities-ltd" rel="noopener" target="_blank">QV Equities (QVE AU)</a></strong>; and <strong><a data-smartkarma-citation="entities:32991:1" href="https://www.smartkarma.com/entities/task-group-holdings-ltd" rel="noopener" target="_blank">TASK Group (TSK AU)</a></strong>'s Scheme with <strong><a data-smartkarma-citation="entities:37125:1" href="https://www.smartkarma.com/entities/par-technology-corp" rel="noopener" target="_blank">PAR Technology (PAR US)</a></strong>. </li>
<li>Key updates took place on: <strong><a data-smartkarma-citation="entities:24317:1" href="https://www.smartkarma.com/entities/qantm-intellectual-property" rel="noopener" target="_blank">Qantm Intellectual Property (QIP AU)</a></strong>, <strong><a data-smartkarma-citation="entities:23604:1" href="https://www.smartkarma.com/entities/superloop-ltd" rel="noopener" target="_blank">Superloop (SLC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:28012:1" href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" rel="noopener" target="_blank">CIMC Vehicle (1839 HK)</a></strong>, <strong><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a></strong>, <strong><a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a></strong>, and <strong><a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing (2427 JP)</a></strong>.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-the-end-of-goldilocks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. The Weekly Market Monitor – The End of Goldilocks? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/858/original/image?1710588192"/> <ul>
<li>US retail sales are off to a lousy start in 2024. Excess savings are gone, and the regular savings rate is low. The end of extraordinary US GDP growth?</li>
<li>The higher-than-expected producer price data robbed investors of the ‘Fed must cut rates soon’ narrative. Interestingly, the PPI suggests lower inflation from here.</li>
<li>Will the Bank of Japan finally remove its long-lasting negative interest rate policy? Wage growth says ‘yes.’</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nec-6701-jp-generative-ai-is-the-spark-not-the-driver?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. NEC (6701 JP): Generative AI Is the Spark, Not the Driver </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/751/original/NEC%20Profit%20Valuation.png?1710560647"/> <ul>
<li>The P/E ratio has risen above 20x this fiscal year from no more than 13x in the previous four years, reflecting successful restructuring and investor enthusiasm for AI. </li>
<li>Profit margins are rising, but remain moderate in absolute terms with room for further improvement. The shares may consolidate, but they do not look overvalued.</li>
<li>Management is aiming for generative AI sales of ¥50 billion in three years time. This is less than 2% of total sales, but a positive indicator for NEC's software business.</li>
</ul>2024-03-17T07:11:04+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "JAP@SP"}, {"term": "6448@JP"}, {"term": "3331@HK"}, {"term": "2331@HK"}, {"term": "1839@HK"}, {"term": "VHT@AU"}, {"term": "WLE@AU"}, {"term": "QIP@AU"}, {"term": "1205@HK"}, {"term": "AA@US"}, {"term": "QVE@AU"}, {"term": "AWC@AU"}, {"term": "2812@JP"}, {"term": "6789@JP"}, {"term": "2104619D@CH"}, {"term": "5882@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "6556@JP"}, {"term": "ABB@AU"}, {"term": "HOLI@US"}, {"term": "003410@KS"}, {"term": "MFIN@IJ"}, {"term": "2331@HK"}, {"term": "BLD@AU"}, {"term": "6967@JP"}, {"term": "JAP@SP"}, {"term": "TDCX@US"}, {"term": "161390@KS"}, {"term": "AZS@AU"}, {"term": "PGH@AU"}, {"term": "SLR@AU"}, {"term": "018880@KS"}, {"term": "A2B@AU"}, {"term": "VC@US"}, {"term": "2425@HK"}, {"term": "KEX@TB"}, {"term": "BLY@AU"}, {"term": "LNK@AU"}, {"term": "PSQ@AU"}, {"term": "PPT@AU"}, {"term": "ICLK@US"}, {"term": "8750@JP"}, {"term": "ABC@AU"}, {"term": "ORR@AU"}, {"term": "906@HK"}, {"term": "SIG@AU"}, {"term": "570@HK"}, {"term": "APM@AU"}, {"term": "GTH@US"}, {"term": "UMWH@MK"}, {"term": "AA@US"}, {"term": "GNX@AU"}, {"term": "AWC@AU"}, {"term": "EGH@AU"}, {"term": "BWP@AU"}, {"term": "CSR@AU"}, {"term": "2168@JP"}, {"term": "ORG@AU"}, {"term": "SVM@CN"}, {"term": "1890@JP"}, {"term": "IPH@AU"}, {"term": "ALU@AU"}, {"term": "A11@AU"}, {"term": "PBP@AU"}, {"term": "328130@KS"}, {"term": "AND@AU"}, {"term": "TIE@AU"}, {"term": "6448@JP"}, {"term": "3331@HK"}, {"term": "NPR@AU"}, {"term": "VHT@AU"}, {"term": "2651@JP"}, {"term": "SXL@AU"}, {"term": "2412@JP"}, {"term": "4489@JP"}, {"term": "2427@JP"}, {"term": "6789@JP"}, {"term": "1839@HK"}, {"term": "SLC@AU"}, {"term": "QIP@AU"}, {"term": "PAR@US"}, {"term": "TSK@AU"}, {"term": "QVE@AU"}, {"term": "WLE@AU"}, {"term": "Cross Asset Strategy"}, {"term": "US"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6701@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "5882@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "WLE@AU"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6701@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/57a82170-c4fc-3435-bab5-78158a02a936Brief Japan: Is the Emission Data of a Company that Doesn't Disclose in Annual Securities Report Reliable? and more2024-03-28T14:17:28.947313+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/is-the-emission-data-of-a-company-that-doesn-t-disclose-in-annual-securities-report-reliable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Is the Emission Data of a Company that Doesn't Disclose in Annual Securities Report Reliable?</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-will-group-6089-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - WILL GROUP (6089 JP)</a></li><li><a href="https://www.smartkarma.com/insights/cyber-security-cloud-4493-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Cyber Security Cloud (4493): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/nihon-denkei-9908-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nihon Denkei (9908): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/toyota-motors-investing-in-innovation-for-the-future-of-mobility-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Toyota Motors: Investing In Innovation For The Future Of Mobility! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/is-the-emission-data-of-a-company-that-doesn-t-disclose-in-annual-securities-report-reliable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Is the Emission Data of a Company that Doesn't Disclose in Annual Securities Report Reliable? </a></h3><p></p><ul>
<li>Corporate Governance Code requires disclosure based on TCFD, and an ISSB-based disclosure system will be discussed in Japan. While interest in disclosing climate change-related information is growing, disclosure hasn’t progressed.</li>
<li>In the TSE survey, only one-tenth of the companies that listed Scope 1, 2, and 3 emissions in their integrated reports disclosed them in their annual reports.</li>
<li>If a company can't disclose Scope 1/Scope 2 in its annual securities report, there's concern that the company may have challenges in data collection and risk delaying management decisions.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/3q-follow-up-will-group-6089-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 3Q Follow-Up - WILL GROUP (6089 JP) </a></h3><p></p><ul><li>WILL GROUP announced cumulative 3Q FY24/3 consolidated financial results on February 7, and held a results briefing on February 19 hosted by President Yuichi Sumi.</li><li>This reports examines the details and progress of 3Q results relative to initial plan.</li><li>Then on February 22, WILL GROUP announced that it has decided to sell all shares in specified subsidiary for Startups, Inc. (7089 TSE Growth, specialized in HR services for venture growth businesses and startup companies), in which it holds the majority stake of 54.1% (1,925,400 shares) as of September 30, 2023.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cyber-security-cloud-4493-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Cyber Security Cloud (4493): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:29137:1" href="https://www.smartkarma.com/entities/cyber-security-cloud-inc" rel="noopener" target="_blank">Cyber Security Cloud Inc (4493 JP)</a> provides customers with subscription services based on software it develops in-house.</li>
<li>In FY12/23, CSC reported revenue of JPY3.1bn, operating profit of JPY550mn, recurring profit of JPY560mn, and net income attributable to owners of the parent of JPY427mn.</li>
<li>Cyber Security Cloud, Inc. announced the acquisition of its own shares</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nihon-denkei-9908-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Nihon Denkei (9908): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>Established in 1950, <a data-smartkarma-citation="entities:20380:1" href="https://www.smartkarma.com/entities/nihon-denkei-co-ltd" rel="noopener" target="_blank">Nihon Denkei (9908 JP)</a> is an independent specialized trading company with a leading domestic share, by sales, in electronic measuring instruments (source: Nihon Denkei).</li>
<li>In FY03/23, sales were JPY104.8bn (+14.1% YoY), operating profit was JPY3.7bn (+40.4% YoY), and recurring profit was JPY4.0bn (+31.9% YoY).</li>
<li>On June 24, 2020, the company announced the key elements of its medium-term plan, INNOVATION 2030.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/toyota-motors-investing-in-innovation-for-the-future-of-mobility-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Toyota Motors: Investing In Innovation For The Future Of Mobility! - Key Drivers </a></h3><p></p><ul><li>Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges.</li><li>In the fiscal year 2024 second-quarter results, the Japanese automotive giant reported an operating income of JPY 2,559.2 billion.</li><li>This was a significant increase compared to the same period of the previous fiscal year.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/is-the-emission-data-of-a-company-that-doesn-t-disclose-in-annual-securities-report-reliable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Is the Emission Data of a Company that Doesn't Disclose in Annual Securities Report Reliable?</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-will-group-6089-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - WILL GROUP (6089 JP)</a></li><li><a href="https://www.smartkarma.com/insights/cyber-security-cloud-4493-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Cyber Security Cloud (4493): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/nihon-denkei-9908-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nihon Denkei (9908): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/toyota-motors-investing-in-innovation-for-the-future-of-mobility-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Toyota Motors: Investing In Innovation For The Future Of Mobility! - Key Drivers</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/is-the-emission-data-of-a-company-that-doesn-t-disclose-in-annual-securities-report-reliable?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Is the Emission Data of a Company that Doesn't Disclose in Annual Securities Report Reliable? </a></h3><p></p><ul>
<li>Corporate Governance Code requires disclosure based on TCFD, and an ISSB-based disclosure system will be discussed in Japan. While interest in disclosing climate change-related information is growing, disclosure hasn’t progressed.</li>
<li>In the TSE survey, only one-tenth of the companies that listed Scope 1, 2, and 3 emissions in their integrated reports disclosed them in their annual reports.</li>
<li>If a company can't disclose Scope 1/Scope 2 in its annual securities report, there's concern that the company may have challenges in data collection and risk delaying management decisions.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/3q-follow-up-will-group-6089-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 3Q Follow-Up - WILL GROUP (6089 JP) </a></h3><p></p><ul><li>WILL GROUP announced cumulative 3Q FY24/3 consolidated financial results on February 7, and held a results briefing on February 19 hosted by President Yuichi Sumi.</li><li>This reports examines the details and progress of 3Q results relative to initial plan.</li><li>Then on February 22, WILL GROUP announced that it has decided to sell all shares in specified subsidiary for Startups, Inc. (7089 TSE Growth, specialized in HR services for venture growth businesses and startup companies), in which it holds the majority stake of 54.1% (1,925,400 shares) as of September 30, 2023.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/cyber-security-cloud-4493-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Cyber Security Cloud (4493): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:29137:1" href="https://www.smartkarma.com/entities/cyber-security-cloud-inc" rel="noopener" target="_blank">Cyber Security Cloud Inc (4493 JP)</a> provides customers with subscription services based on software it develops in-house.</li>
<li>In FY12/23, CSC reported revenue of JPY3.1bn, operating profit of JPY550mn, recurring profit of JPY560mn, and net income attributable to owners of the parent of JPY427mn.</li>
<li>Cyber Security Cloud, Inc. announced the acquisition of its own shares</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nihon-denkei-9908-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Nihon Denkei (9908): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>Established in 1950, <a data-smartkarma-citation="entities:20380:1" href="https://www.smartkarma.com/entities/nihon-denkei-co-ltd" rel="noopener" target="_blank">Nihon Denkei (9908 JP)</a> is an independent specialized trading company with a leading domestic share, by sales, in electronic measuring instruments (source: Nihon Denkei).</li>
<li>In FY03/23, sales were JPY104.8bn (+14.1% YoY), operating profit was JPY3.7bn (+40.4% YoY), and recurring profit was JPY4.0bn (+31.9% YoY).</li>
<li>On June 24, 2020, the company announced the key elements of its medium-term plan, INNOVATION 2030.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/toyota-motors-investing-in-innovation-for-the-future-of-mobility-key-drivers?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Toyota Motors: Investing In Innovation For The Future Of Mobility! - Key Drivers </a></h3><p></p><ul><li>Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges.</li><li>In the fiscal year 2024 second-quarter results, the Japanese automotive giant reported an operating income of JPY 2,559.2 billion.</li><li>This was a significant increase compared to the same period of the previous fiscal year.</li></ul>2024-03-16T06:56:35+08:00[{"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6089@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4493@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9908@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "INCOME"}, {"term": "ASIA PACIFIC"}, {"term": "TM@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6089@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4493@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9908@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TM@US"}]https://www.smartkarma.com/segment/feeds/japan.rss/01d26897-6b3e-3c65-a4e4-110d7cd4cd94Brief Japan: Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 and more2024-03-28T14:17:28.939651+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li><li><a href="https://www.smartkarma.com/insights/daiichi-sankyo-4568-jp-second-time-fy24-guidance-raise-event-heavy-fy25-with-2-new-drug-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Daiichi Sankyo (4568 JP): Second Time FY24 Guidance Raise; Event Heavy FY25 With 2 New Drug Approval</a></li><li><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-print-hotter-than-expected-again?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/a-d-holon-holdings-co-ltd-7745-thursday-dec-14-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">A&D Holon Holdings Co Ltd (7745) - Thursday, Dec 14, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/daiichi-sankyo-4568-jp-second-time-fy24-guidance-raise-event-heavy-fy25-with-2-new-drug-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Daiichi Sankyo (4568 JP): Second Time FY24 Guidance Raise; Event Heavy FY25 With 2 New Drug Approval </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/462/original/Pic%201.png?1710414615"/> <ul>
<li>
<a data-smartkarma-citation="entities:3014:1" href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" rel="noopener" target="_blank">Daiichi Sankyo (4568 JP)</a> has reported better-than-expected 3QFY24 results, with double-digit growth in revenue and profit, mainly driven by global mainstay products such as Enhertu and Lixiana, and favorable forex.</li>
<li>Driven by favorable Fx, sales increase from couple of products, and litigation payment, the company raised FY24 revenue, core operating profit, and net profit forecast 2%, 16%, and 30%, respectively.</li>
<li>FDA set an action date for Daiichi Sankyo’s second ADC drug candidate HER3-DXd of June 26 and for Dato-DXd of December 20. Both are for various types of lung cancers.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. The Bank of Japan Plays Footsie with the Market-Will They or Won’t They? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/391/original/image_80978487871710375653308.png?1710375654"/> <ul>
<li>US economic data while surprising on the upside fails to buoy the USD vs the JPY</li>
<li>BOJ awaiting shunto talks for more evidence of a sustained move out of deflation</li>
<li>What are the implications for global markets if mass repatriation of Japanese capital</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-print-hotter-than-expected-again?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/499/original/image_93311548521710454202053.png?1710454200"/> <ul>
<li>US Stocks declined, halting a 3-day winning streak, as U.S. inflation data exceeded expectations, driving Treasury yields higher</li>
<li>Feb's Producer Price Index rose 0.6% from last month, higher than market expecations of 0.3%. Oil prices rallied again on IEA warning that supplies would lag this year</li>
<li>U.S. President Joe Biden expressed his desire that steelmaker U.S. Steel remains American-owned</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/a-d-holon-holdings-co-ltd-7745-thursday-dec-14-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. A&D Holon Holdings Co Ltd (7745) - Thursday, Dec 14, 2023 </a></h3><p></p><ul><li>A&D Holon Holdings is a Japanese precision instrument company specializing in industrial measuring, medical equipment, and semiconductor production</li><li>The company's semiconductor division is driving high growth and profitability, with expected earnings growth of around 50% over the next two years</li><li>Despite strong prospects, A&D Holon Holdings is significantly undervalued, trading at low multiples on FY Mar-2024 estimates</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0</a></li><li><a href="https://www.smartkarma.com/insights/daiichi-sankyo-4568-jp-second-time-fy24-guidance-raise-event-heavy-fy25-with-2-new-drug-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Daiichi Sankyo (4568 JP): Second Time FY24 Guidance Raise; Event Heavy FY25 With 2 New Drug Approval</a></li><li><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Bank of Japan Plays Footsie with the Market-Will They or Won’t They?</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-print-hotter-than-expected-again?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/a-d-holon-holdings-co-ltd-7745-thursday-dec-14-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">A&D Holon Holdings Co Ltd (7745) - Thursday, Dec 14, 2023</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/long-volatility-gold-caution-on-equities-and-short-dollar-oil-under-trump-2-0?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Long Volatility & Gold, Caution on Equities, and Short Dollar & Oil Under Trump 2.0 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/550/original/image_55106221051710473271929.png?1710473272"/> <ul>
<li>Trump secures Republican nomination. Trump v/s Biden again. Volatility will the biggest winner. Gold will thrive on rising geopolitical tensions.</li>
<li>Equities will face headwinds during Trump 2.0. European stocks and EM equities will underperform with anticipated trade restrictions and protectionism.</li>
<li>USD will weaken. Oil prices will fall. Defense sector will benefit from rising tensions and reduced US role in NATO and the world at large.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/daiichi-sankyo-4568-jp-second-time-fy24-guidance-raise-event-heavy-fy25-with-2-new-drug-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Daiichi Sankyo (4568 JP): Second Time FY24 Guidance Raise; Event Heavy FY25 With 2 New Drug Approval </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/462/original/Pic%201.png?1710414615"/> <ul>
<li>
<a data-smartkarma-citation="entities:3014:1" href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" rel="noopener" target="_blank">Daiichi Sankyo (4568 JP)</a> has reported better-than-expected 3QFY24 results, with double-digit growth in revenue and profit, mainly driven by global mainstay products such as Enhertu and Lixiana, and favorable forex.</li>
<li>Driven by favorable Fx, sales increase from couple of products, and litigation payment, the company raised FY24 revenue, core operating profit, and net profit forecast 2%, 16%, and 30%, respectively.</li>
<li>FDA set an action date for Daiichi Sankyo’s second ADC drug candidate HER3-DXd of June 26 and for Dato-DXd of December 20. Both are for various types of lung cancers.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-bank-of-japan-plays-footsie-with-the-market-will-they-or-won-t-they?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. The Bank of Japan Plays Footsie with the Market-Will They or Won’t They? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/391/original/image_80978487871710375653308.png?1710375654"/> <ul>
<li>US economic data while surprising on the upside fails to buoy the USD vs the JPY</li>
<li>BOJ awaiting shunto talks for more evidence of a sustained move out of deflation</li>
<li>What are the implications for global markets if mass repatriation of Japanese capital</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-print-hotter-than-expected-again?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/499/original/image_93311548521710454202053.png?1710454200"/> <ul>
<li>US Stocks declined, halting a 3-day winning streak, as U.S. inflation data exceeded expectations, driving Treasury yields higher</li>
<li>Feb's Producer Price Index rose 0.6% from last month, higher than market expecations of 0.3%. Oil prices rallied again on IEA warning that supplies would lag this year</li>
<li>U.S. President Joe Biden expressed his desire that steelmaker U.S. Steel remains American-owned</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/a-d-holon-holdings-co-ltd-7745-thursday-dec-14-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. A&D Holon Holdings Co Ltd (7745) - Thursday, Dec 14, 2023 </a></h3><p></p><ul><li>A&D Holon Holdings is a Japanese precision instrument company specializing in industrial measuring, medical equipment, and semiconductor production</li><li>The company's semiconductor division is driving high growth and profitability, with expected earnings growth of around 50% over the next two years</li><li>Despite strong prospects, A&D Holon Holdings is significantly undervalued, trading at low multiples on FY Mar-2024 estimates</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>2024-03-15T11:49:41+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "BRUNEI"}, {"term": "SRI LANKA"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "MONGOLIA"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "CL1@COM@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "EMXC@US"}, {"term": "SX5E@INDEX"}, {"term": "USD@CURNCY"}, {"term": "SPX@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4568@JP"}, {"term": "MRK@US"}, {"term": "NOVN@SW"}, {"term": "4502@JP"}, {"term": "4507@JP"}, {"term": "4528@JP"}, {"term": "4523@JP"}, {"term": "4519@JP"}, {"term": "4503@JP"}, {"term": "ROG@SW"}, {"term": "PFE@US"}, {"term": "AZN@LN"}, {"term": "Macroeconomics"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "ASIA PACIFIC"}, {"term": "NKY@INDEX"}, {"term": "TPX@INDEX"}, {"term": "7203@JP"}, {"term": "6758@JP"}, {"term": "8058@JP"}, {"term": "8053@JP"}, {"term": "6178@JP"}, {"term": "8306@JP"}, {"term": "GLD@US"}, {"term": "FXY@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "UTILITIES"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "7745@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "SPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AZN@LN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "FXY@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7745@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/52451082-6fa2-3e5e-971f-7b1a7d6cc008Brief Japan: 1Q Follow-Up - Japan Business System (5036 JP) and more2024-03-28T14:17:28.926933+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/1q-follow-up-japan-business-system-5036-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1Q Follow-Up - Japan Business System (5036 JP)</a></li><li><a href="https://www.smartkarma.com/insights/as-one-7476-acquisition-of-treasury-shares-via-after-hours-trading-and-retirement-of-the-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">AS ONE (7476): Acquisition of Treasury Shares Via After-Hours Trading And Retirement of The Shares</a></li><li><a href="https://www.smartkarma.com/insights/az-com-maruwa-holdings-9090-1h-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">AZ-COM MARUWA Holdings (9090): 1H FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Rotating EM Flows: From Japan to Emerging Asia</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-suny-rf-responds-as-jic-tender-rumoured-for-a-19-mar-start?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): SUNY RF Responds as JIC Tender Rumoured for a 19 Mar Start</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/1q-follow-up-japan-business-system-5036-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 1Q Follow-Up - Japan Business System (5036 JP) </a></h3><p></p><ul><li>In the previous 4Q follow-up report, we examined "Copilot NAVI," a service released by JBS in November, which includes videos and summary materials as a guide for enterprise users, for Microsoft 365 Copilot, the AI tool embedded in Microsoft 365 applications, to bring efficient answers to users' instructions and questions through a chat interface (which can be a daunting challenge).</li><li>JBS followed up in December with interactive workshops to experience Microsoft 365 Copilot before deployment.</li><li><p> In this report, we examine JBS enterprise cloud security initiatives, which are a top priority for cloud IT systems managers.</p></li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/as-one-7476-acquisition-of-treasury-shares-via-after-hours-trading-and-retirement-of-the-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. AS ONE (7476): Acquisition of Treasury Shares Via After-Hours Trading And Retirement of The Shares </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:13040:1" href="https://www.smartkarma.com/entities/as-one-corporation" rel="noopener" target="_blank">AS ONE Corporation (7476 JP)</a> is a specialist trading company that uses a business model focused on catalog sales.</li>
<li>In FY03/23, sales were JPY91.4bn (+5.1% YoY), operating profit was JPY11.4bn (+22.0% YoY), recurring profit was JPY11.6bn (+21.6% YoY), and net income was JPY8.1bn (+12.6%YoY).</li>
<li>AS ONE Corporation announced the acquisition of treasury shares via after-hours trading (ToSTNeT-3) and retirement of the treasury shares.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/az-com-maruwa-holdings-9090-1h-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. AZ-COM MARUWA Holdings (9090): 1H FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a> is a logistics company specializing in services for retailers.</li>
<li>In FY03/23, revenue was JPY177.8bn, operating profit was JPY11.4bn, recurring profit was JPY11.9bn, and net income attributable to owners of the parent was JPY7.8bn.</li>
<li>AZ-COM MARUWA Holdings Inc. announced that it has determined the number of shares to be issued through a third-party allocation.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Rotating EM Flows: From Japan to Emerging Asia </a></h3><p></p><ul><li>Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.</li><li><span style="font-weight: 400;">Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. </span></li><li><span style="font-weight: 400;">For 2023 however, the Nikkei 225 actually outperformed the S&P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). </span></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-suny-rf-responds-as-jic-tender-rumoured-for-a-19-mar-start?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. JSR Corporation (4185 JP): SUNY RF Responds as JIC Tender Rumoured for a 19 Mar Start </a></h3><p></p><ul>
<li>Bloomberg reports that JIC will start the <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> tender as early as 19 March. Separately, SUNY RF filed a response to Inpria/JSR’s 6 March filing last night.</li>
<li>My reading of JSR and SUNY RF’s filings suggests that the Court is unlikely to conclude that SUNY RF’s lawsuit will be harmed if JIC proceeds with the tender offer.</li>
<li>JIC seems comfortable taking on the litigation risk (if required). The key risk remains timing. For a late April payment, gross/annualised spread is 0.6%/4.0%. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/1q-follow-up-japan-business-system-5036-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1Q Follow-Up - Japan Business System (5036 JP)</a></li><li><a href="https://www.smartkarma.com/insights/as-one-7476-acquisition-of-treasury-shares-via-after-hours-trading-and-retirement-of-the-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">AS ONE (7476): Acquisition of Treasury Shares Via After-Hours Trading And Retirement of The Shares</a></li><li><a href="https://www.smartkarma.com/insights/az-com-maruwa-holdings-9090-1h-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">AZ-COM MARUWA Holdings (9090): 1H FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Rotating EM Flows: From Japan to Emerging Asia</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-suny-rf-responds-as-jic-tender-rumoured-for-a-19-mar-start?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): SUNY RF Responds as JIC Tender Rumoured for a 19 Mar Start</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/1q-follow-up-japan-business-system-5036-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 1Q Follow-Up - Japan Business System (5036 JP) </a></h3><p></p><ul><li>In the previous 4Q follow-up report, we examined "Copilot NAVI," a service released by JBS in November, which includes videos and summary materials as a guide for enterprise users, for Microsoft 365 Copilot, the AI tool embedded in Microsoft 365 applications, to bring efficient answers to users' instructions and questions through a chat interface (which can be a daunting challenge).</li><li>JBS followed up in December with interactive workshops to experience Microsoft 365 Copilot before deployment.</li><li><p> In this report, we examine JBS enterprise cloud security initiatives, which are a top priority for cloud IT systems managers.</p></li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/as-one-7476-acquisition-of-treasury-shares-via-after-hours-trading-and-retirement-of-the-shares?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. AS ONE (7476): Acquisition of Treasury Shares Via After-Hours Trading And Retirement of The Shares </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:13040:1" href="https://www.smartkarma.com/entities/as-one-corporation" rel="noopener" target="_blank">AS ONE Corporation (7476 JP)</a> is a specialist trading company that uses a business model focused on catalog sales.</li>
<li>In FY03/23, sales were JPY91.4bn (+5.1% YoY), operating profit was JPY11.4bn (+22.0% YoY), recurring profit was JPY11.6bn (+21.6% YoY), and net income was JPY8.1bn (+12.6%YoY).</li>
<li>AS ONE Corporation announced the acquisition of treasury shares via after-hours trading (ToSTNeT-3) and retirement of the treasury shares.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/az-com-maruwa-holdings-9090-1h-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. AZ-COM MARUWA Holdings (9090): 1H FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:17280:1" href="https://www.smartkarma.com/entities/az-com-maruwa-holdings" rel="noopener" target="_blank">AZ-Com Maruwa Holdings (9090 JP)</a> is a logistics company specializing in services for retailers.</li>
<li>In FY03/23, revenue was JPY177.8bn, operating profit was JPY11.4bn, recurring profit was JPY11.9bn, and net income attributable to owners of the parent was JPY7.8bn.</li>
<li>AZ-COM MARUWA Holdings Inc. announced that it has determined the number of shares to be issued through a third-party allocation.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/rotating-em-flows-from-japan-to-emerging-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Rotating EM Flows: From Japan to Emerging Asia </a></h3><p></p><ul><li>Welcome to the Emerging Market Series, this week covering the rotating capital flows away from Japan and its significance for China and Emerging AsiaWatch a condensed version of the key findings from this article on video.</li><li><span style="font-weight: 400;">Recovering from the ‘lost decades’ Japanese equities have been out of favor and continuously underperforming global benchmarks. </span></li><li><span style="font-weight: 400;">For 2023 however, the Nikkei 225 actually outperformed the S&P 500, returning 28% vs. 24% respectively, and the euphoria around Japan returning to normalcy in terms of structural inflation, growth and its feasibility as an investment has continued into 2024 (Nikkei vs. SPX ≈ 15% vs. 8.5%). </span></li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-suny-rf-responds-as-jic-tender-rumoured-for-a-19-mar-start?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. JSR Corporation (4185 JP): SUNY RF Responds as JIC Tender Rumoured for a 19 Mar Start </a></h3><p></p><ul>
<li>Bloomberg reports that JIC will start the <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> tender as early as 19 March. Separately, SUNY RF filed a response to Inpria/JSR’s 6 March filing last night.</li>
<li>My reading of JSR and SUNY RF’s filings suggests that the Court is unlikely to conclude that SUNY RF’s lawsuit will be harmed if JIC proceeds with the tender offer.</li>
<li>JIC seems comfortable taking on the litigation risk (if required). The key risk remains timing. For a late April payment, gross/annualised spread is 0.6%/4.0%. </li>
</ul>2024-03-14T23:51:04+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "5036@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "7476@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9090@JP"}, {"term": "2784@JP"}, {"term": "9974@JP"}, {"term": "9993@JP"}, {"term": "4665@JP"}, {"term": "3088@JP"}, {"term": "9064@JP"}, {"term": "AMZN@US"}, {"term": "Macroeconomics"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "KOSPI@INDEX"}, {"term": "SPX@INDEX"}, {"term": "SPY@US"}, {"term": "NKY@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "4186@JP"}, {"term": "4005@JP"}, {"term": "6988@JP"}, {"term": "272290@KS"}, {"term": "DD@US"}, {"term": "4063@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "5036@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7476@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMZN@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NKY@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4063@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/9ce80bea-0206-3611-82f0-f3933f939ca5Brief Japan: Outsourcing (2427) - The OTHER Arb - That One Neat Trick And Its Weird Risks and more2024-03-28T14:17:28.916092+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/outsourcing-2427-the-other-arb-that-one-neat-trick-and-its-weird-risks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Outsourcing (2427) - The OTHER Arb - That One Neat Trick And Its Weird Risks</a></li><li><a href="https://www.smartkarma.com/insights/jsr-4185-tender-may-start-next-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR (4185) Tender May Start Next Week</a></li><li><a href="https://www.smartkarma.com/insights/pca-9629-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">PCA (9629): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/beenos-3328-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">BEENOS (3328): Q1 FY09/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/world-holdings-2429-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">WORLD HOLDINGS (2429): Full-Year FY12/23 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/outsourcing-2427-the-other-arb-that-one-neat-trick-and-its-weird-risks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Outsourcing (2427) - The OTHER Arb - That One Neat Trick And Its Weird Risks </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/425/original/Outsourcing%202427%20SSA.png?1710394347"/> <ul>
<li>
<a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing Inc (2427 JP)</a> has been an "interesting" risk arb situation. It was launched as a Cheeky, Opportunistic, Low-Priced MBO. Some bumps after launch turned out to be BAU.</li>
<li>The stock has not traded above terms since early on in the trade. I expect people are happy to get out. But there is ANOTHER ARB to do here.</li>
<li>The OTHER ARB is something quite particular to high float, low activism risk arb trades. In some ways better than the traditional arb, but it has some risks.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jsr-4185-tender-may-start-next-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JSR (4185) Tender May Start Next Week </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/416/original/Screenshot%202024-03-14%20at%2011.49.07%E2%80%AFAM.png?1710388163"/> <ul>
<li>Just out this AM, an article in <a href="https://www.bloomberg.co.jp/news/articles/2024-03-14/SA9M13T0AFB400" rel="noopener" target="_blank">Bloomberg</a> (J) says "people familiar with the matter" suggest the Tender Offer could be launched as early as 19 March. </li>
<li>The language regarding the nature of the China regulatory "approval" is different than recent media articles, but they are in the same vein. </li>
<li>Original and updated data, information, grids, etc are shown below. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/pca-9629-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. PCA (9629): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:6914:1" href="https://www.smartkarma.com/entities/pca-corp" rel="noopener" target="_blank">Pca Corp (9629 JP)</a> develops and sells corporate accounting software and other business systems for small and medium-sized companies.</li>
<li>Full-Year FY03/23 revenue was JPY13.0bn (-3.0% YoY) due to lower replacement demand for the PCA X series of products, support for which ended in December 2021.</li>
<li>PCA Corporation has announced changes to its dividend policy and revisions to its dividend forecast.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/beenos-3328-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. BEENOS (3328): Q1 FY09/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18023:1" href="https://www.smartkarma.com/entities/beenos-inc" rel="noopener" target="_blank">Beenos Inc (3328 JP)</a> operates cross-border e-commerce websites that allow mainly individual users to buy and sell goods both in Japan and internationally over the Internet.</li>
<li>In FY09/23, BEENOS reported full-year consolidated revenue of JPY32.5bn, operating profit of JPY4.5bn, recurring profit of JPY4.1bn, and a net income attributable to owners of the parent of JPY2.2bn.</li>
<li>BEENOS Inc. has announced changes in its consolidated subsidiaries (share transfer).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/world-holdings-2429-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. WORLD HOLDINGS (2429): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18905:1" href="https://www.smartkarma.com/entities/world-holdings-co-ltd" rel="noopener" target="_blank">World Holdings (2429 JP)</a>, established in 1993, primarily provides technical staffing and subcontracting services.</li>
<li>In FY12/23, revenue was JPY213.7bn, operating profit was JPY10.4bn, recurring profit was JPY10.3bn, and net income attributable to owners of the parent was JPY6.2bn.</li>
<li>The company's forecast for FY12/24 calls for revenue of JPY252.1bn, operating profit of JPY9.0bn, recurring profit of JPY8.6bn, and net income attributable to owners of the parent of JPY4.7bn.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/outsourcing-2427-the-other-arb-that-one-neat-trick-and-its-weird-risks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Outsourcing (2427) - The OTHER Arb - That One Neat Trick And Its Weird Risks</a></li><li><a href="https://www.smartkarma.com/insights/jsr-4185-tender-may-start-next-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR (4185) Tender May Start Next Week</a></li><li><a href="https://www.smartkarma.com/insights/pca-9629-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">PCA (9629): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/beenos-3328-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">BEENOS (3328): Q1 FY09/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/world-holdings-2429-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">WORLD HOLDINGS (2429): Full-Year FY12/23 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/outsourcing-2427-the-other-arb-that-one-neat-trick-and-its-weird-risks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Outsourcing (2427) - The OTHER Arb - That One Neat Trick And Its Weird Risks </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/425/original/Outsourcing%202427%20SSA.png?1710394347"/> <ul>
<li>
<a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing Inc (2427 JP)</a> has been an "interesting" risk arb situation. It was launched as a Cheeky, Opportunistic, Low-Priced MBO. Some bumps after launch turned out to be BAU.</li>
<li>The stock has not traded above terms since early on in the trade. I expect people are happy to get out. But there is ANOTHER ARB to do here.</li>
<li>The OTHER ARB is something quite particular to high float, low activism risk arb trades. In some ways better than the traditional arb, but it has some risks.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jsr-4185-tender-may-start-next-week?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JSR (4185) Tender May Start Next Week </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/416/original/Screenshot%202024-03-14%20at%2011.49.07%E2%80%AFAM.png?1710388163"/> <ul>
<li>Just out this AM, an article in <a href="https://www.bloomberg.co.jp/news/articles/2024-03-14/SA9M13T0AFB400" rel="noopener" target="_blank">Bloomberg</a> (J) says "people familiar with the matter" suggest the Tender Offer could be launched as early as 19 March. </li>
<li>The language regarding the nature of the China regulatory "approval" is different than recent media articles, but they are in the same vein. </li>
<li>Original and updated data, information, grids, etc are shown below. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/pca-9629-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. PCA (9629): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:6914:1" href="https://www.smartkarma.com/entities/pca-corp" rel="noopener" target="_blank">Pca Corp (9629 JP)</a> develops and sells corporate accounting software and other business systems for small and medium-sized companies.</li>
<li>Full-Year FY03/23 revenue was JPY13.0bn (-3.0% YoY) due to lower replacement demand for the PCA X series of products, support for which ended in December 2021.</li>
<li>PCA Corporation has announced changes to its dividend policy and revisions to its dividend forecast.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/beenos-3328-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. BEENOS (3328): Q1 FY09/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18023:1" href="https://www.smartkarma.com/entities/beenos-inc" rel="noopener" target="_blank">Beenos Inc (3328 JP)</a> operates cross-border e-commerce websites that allow mainly individual users to buy and sell goods both in Japan and internationally over the Internet.</li>
<li>In FY09/23, BEENOS reported full-year consolidated revenue of JPY32.5bn, operating profit of JPY4.5bn, recurring profit of JPY4.1bn, and a net income attributable to owners of the parent of JPY2.2bn.</li>
<li>BEENOS Inc. has announced changes in its consolidated subsidiaries (share transfer).</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/world-holdings-2429-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. WORLD HOLDINGS (2429): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18905:1" href="https://www.smartkarma.com/entities/world-holdings-co-ltd" rel="noopener" target="_blank">World Holdings (2429 JP)</a>, established in 1993, primarily provides technical staffing and subcontracting services.</li>
<li>In FY12/23, revenue was JPY213.7bn, operating profit was JPY10.4bn, recurring profit was JPY10.3bn, and net income attributable to owners of the parent was JPY6.2bn.</li>
<li>The company's forecast for FY12/24 calls for revenue of JPY252.1bn, operating profit of JPY9.0bn, recurring profit of JPY8.6bn, and net income attributable to owners of the parent of JPY4.7bn.</li>
</ul>2024-03-14T14:20:52+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "2427@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "4186@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9629@JP"}, {"term": "4478@JP"}, {"term": "4733@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "3328@JP"}, {"term": "3964@JP"}, {"term": "EBAY@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "2429@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2427@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4186@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4733@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "EBAY@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2429@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/3ff2ae6e-a088-39a0-a4cc-98169eda1984Brief Japan: Mitsubishi Kakoki Kaisha (6331): Q3 FY03/24 Update and more2024-03-28T14:17:28.906328+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mitsubishi-kakoki-kaisha-6331-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsubishi Kakoki Kaisha (6331): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/j-trust-8508-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">J Trust (8508): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/duskin-4665-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Duskin (4665): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/roland-dg-6789-brother-6448-launches-hostile-overbid-to-taiyo-mbo-you-love-to-see-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Roland DG (6789) - Brother (6448) Launches Hostile Overbid to Taiyo MBO - You Love To See It</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-energy-boost?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mitsubishi-kakoki-kaisha-6331-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Mitsubishi Kakoki Kaisha (6331): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:1951:1" href="https://www.smartkarma.com/entities/mitsubishi-kakoki-kaisha-ltd" rel="noopener" target="_blank">Mitsubishi Kakoki Kaisha (6331 JP)</a> provides engineering (design, procurement, and construction) services for the buildings of industrial, city gas, and sewage treatment plants.</li>
<li>In FY03/23, the company booked orders of JPY53.2bn, revenue of JPY44.6bn, operating profit of JPY2.5bn, OPM of 5.7%, and net income attributable to owners of the parent of JPY3.0bn.</li>
<li>Mitsubishi Kakoki Kaisha, Ltd. announced a revision to its full-year FY03/24 earnings forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/j-trust-8508-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. J Trust (8508): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:20246:1" href="https://www.smartkarma.com/entities/j-trust-co-ltd" rel="noopener" target="_blank">J Trust Co Ltd (8508 JP)</a> is a financial services group operating banking and finance businesses in Asia. </li>
<li>In FY12/23, the company reported full-year consolidated operating revenue of JPY114.3bn, operating profit of JPY8.1bn, pre-tax profit of JPY9.8bn, and profit attributable to owners of parent of JPY16.3bn.</li>
<li>On February 13, 2024, J Trust Co., Ltd. announced it has resolved on matters concerning the repurchase and cancellation of own shares.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/duskin-4665-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Duskin (4665): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18206:1" href="https://www.smartkarma.com/entities/duskin-co-ltd" rel="noopener" target="_blank">Duskin Co Ltd (4665 JP)</a> operates a Dust Control business where it rents mops and mats to residential and commercial customers through franchisees.</li>
<li>In FY03/23, Duskin posted revenue of JPY170.5bn, operating profit of JPY8.6bn, recurring profit of JPY11.4bn, and net income attributable to owners of the parent of JPY7.2bn.</li>
<li>Duskin Co., Ltd. announced the cancellation of a portion of its treasury stock.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/roland-dg-6789-brother-6448-launches-hostile-overbid-to-taiyo-mbo-you-love-to-see-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Roland DG (6789) - Brother (6448) Launches Hostile Overbid to Taiyo MBO - You Love To See It </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/316/original/Screenshot%202024-03-13%20at%2011.33.56%E2%80%AFPM.png?1710344146"/> <ul>
<li>A month ago, Engagement Investor Taiyo Pacific Partners launched an MBO on <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a> after having done a takeover of their former sub years ago.</li>
<li>I said it was too cheap. Machinery company <a data-smartkarma-citation="entities:6114:1" href="https://www.smartkarma.com/entities/brother-industries-ltd" rel="noopener" target="_blank">Brother Industries (6448 JP)</a> has decided the same, and has announced a hostile/unsolicited overbid 3.3% higher. Tender to start in May. Fun!!!</li>
<li>This will almost certainly get bid even higher as people would expect the MBO bidders won't simply give up. More below.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-energy-boost?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/376/original/image_67192895721710369173958.png?1710369172"/> <ul>
<li>Dow ekes out small gains on stronger energy stocks, but a slump in tech continues to keep Nasdaq in check. Tesla -4% on broker downgrade, Dollar Tree -14%</li>
<li>Oil prices rose about 2% to a four-month high on a surprise drop in US inventories and supply disruptions in Russia</li>
<li>Japan's largest employers have announced record pay increases, marking a departure from the deflationary mindset that characterized the country's "lost decades"</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/mitsubishi-kakoki-kaisha-6331-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsubishi Kakoki Kaisha (6331): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/j-trust-8508-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">J Trust (8508): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/duskin-4665-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Duskin (4665): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/roland-dg-6789-brother-6448-launches-hostile-overbid-to-taiyo-mbo-you-love-to-see-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Roland DG (6789) - Brother (6448) Launches Hostile Overbid to Taiyo MBO - You Love To See It</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-energy-boost?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/mitsubishi-kakoki-kaisha-6331-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Mitsubishi Kakoki Kaisha (6331): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:1951:1" href="https://www.smartkarma.com/entities/mitsubishi-kakoki-kaisha-ltd" rel="noopener" target="_blank">Mitsubishi Kakoki Kaisha (6331 JP)</a> provides engineering (design, procurement, and construction) services for the buildings of industrial, city gas, and sewage treatment plants.</li>
<li>In FY03/23, the company booked orders of JPY53.2bn, revenue of JPY44.6bn, operating profit of JPY2.5bn, OPM of 5.7%, and net income attributable to owners of the parent of JPY3.0bn.</li>
<li>Mitsubishi Kakoki Kaisha, Ltd. announced a revision to its full-year FY03/24 earnings forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/j-trust-8508-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. J Trust (8508): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:20246:1" href="https://www.smartkarma.com/entities/j-trust-co-ltd" rel="noopener" target="_blank">J Trust Co Ltd (8508 JP)</a> is a financial services group operating banking and finance businesses in Asia. </li>
<li>In FY12/23, the company reported full-year consolidated operating revenue of JPY114.3bn, operating profit of JPY8.1bn, pre-tax profit of JPY9.8bn, and profit attributable to owners of parent of JPY16.3bn.</li>
<li>On February 13, 2024, J Trust Co., Ltd. announced it has resolved on matters concerning the repurchase and cancellation of own shares.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/duskin-4665-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Duskin (4665): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18206:1" href="https://www.smartkarma.com/entities/duskin-co-ltd" rel="noopener" target="_blank">Duskin Co Ltd (4665 JP)</a> operates a Dust Control business where it rents mops and mats to residential and commercial customers through franchisees.</li>
<li>In FY03/23, Duskin posted revenue of JPY170.5bn, operating profit of JPY8.6bn, recurring profit of JPY11.4bn, and net income attributable to owners of the parent of JPY7.2bn.</li>
<li>Duskin Co., Ltd. announced the cancellation of a portion of its treasury stock.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/roland-dg-6789-brother-6448-launches-hostile-overbid-to-taiyo-mbo-you-love-to-see-it?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Roland DG (6789) - Brother (6448) Launches Hostile Overbid to Taiyo MBO - You Love To See It </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/316/original/Screenshot%202024-03-13%20at%2011.33.56%E2%80%AFPM.png?1710344146"/> <ul>
<li>A month ago, Engagement Investor Taiyo Pacific Partners launched an MBO on <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a> after having done a takeover of their former sub years ago.</li>
<li>I said it was too cheap. Machinery company <a data-smartkarma-citation="entities:6114:1" href="https://www.smartkarma.com/entities/brother-industries-ltd" rel="noopener" target="_blank">Brother Industries (6448 JP)</a> has decided the same, and has announced a hostile/unsolicited overbid 3.3% higher. Tender to start in May. Fun!!!</li>
<li>This will almost certainly get bid even higher as people would expect the MBO bidders won't simply give up. More below.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-energy-boost?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/376/original/image_67192895721710369173958.png?1710369172"/> <ul>
<li>Dow ekes out small gains on stronger energy stocks, but a slump in tech continues to keep Nasdaq in check. Tesla -4% on broker downgrade, Dollar Tree -14%</li>
<li>Oil prices rose about 2% to a four-month high on a surprise drop in US inventories and supply disruptions in Russia</li>
<li>Japan's largest employers have announced record pay increases, marking a departure from the deflationary mindset that characterized the country's "lost decades"</li>
</ul>2024-03-14T10:01:27+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "6331@JP"}, {"term": "G1A@GR"}, {"term": "ALFA@SS"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8508@JP"}, {"term": "8699@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4665@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6789@JP"}, {"term": "6448@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "ALFA@SS"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8699@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4665@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6448@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/5b9a6abb-fdda-3f16-9937-8bcdca4e19b0Brief Japan: Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved? and more2024-03-28T14:17:28.893581+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/will-parent-company-valuations-remain-undervalued-until-the-parent-subsidiary-listing-is-dissolved?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved?</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5 Things We Watch – US CPI, Japan, China, Germany & Central Banks</a></li><li><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-brother-6448-jp-s-unexpected-competing-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Roland DG (6789 JP): Brother (6448 JP)’s Unexpected Competing Hostile Offer</a></li><li><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan - Getting closer to BoJ normalisation and yen recovery</a></li><li><a href="https://www.smartkarma.com/insights/japan-s-ramping-inflation-and-growth-brings-boj-rate-hikes-back-in-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan’s Ramping Inflation and Growth Brings BOJ Rate Hikes Back in Focus</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/will-parent-company-valuations-remain-undervalued-until-the-parent-subsidiary-listing-is-dissolved?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/387/788/original/image_3969120121705811364418.png?1705811368"/> <ul>
<li>It's true that the difference in profit margins between a listed subsidiary that focuses on specific business and a parent company that has different businesses is the difference in valuations. </li>
<li>It will be difficult for a parent company to reverse the valuations of its subsidiaries until the parent company dissolves the parent-subsidiary listing and increases its own profit margins.</li>
<li>With respect to corporate governance practices, companies with no major shareholders are included with relatively higher corporate governance scores, but this isn't as significant difference as it tends to be.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 5 Things We Watch – US CPI, Japan, China, Germany & Central Banks </a></h3><p></p><ul><li>Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro.</li><li>With Japanese wage negotiations and the US CPI report out, there are plenty of things to shed some light on, so let’s get to it!This week we are watching out for the following 5 topics within global macro: US CPI, Japan, China, Germany, Central Banks.</li><li>1) US CPI Report leaves the Fed in a difficult situation. Yesterday’s CPI report revealed that the inflation outlook is not as benign as the Fed would have hoped, with energy / transportation services dragging the MoM figure higher.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-brother-6448-jp-s-unexpected-competing-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Roland DG (6789 JP): Brother (6448 JP)’s Unexpected Competing Hostile Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/315/original/Brother%201.png?1710343553"/> <ul>
<li>
<a data-smartkarma-citation="entities:6114:1" href="https://www.smartkarma.com/entities/brother-industries-ltd" rel="noopener" target="_blank">Brother Industries (6448 JP)</a> has disclosed an unexpected competing hostile offer for <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a> at JPY5,200 per share, a marginal 3.3% premium to the Taiyo-sponsored MBO (JPY5,035).</li>
<li>Unlike the Taiyo offer, the Brother offer is pre-conditioned on regulatory approvals and has a proposed start date of mid-May. The Board is evaluating the Brother offer. </li>
<li>The Board’s three options with declining probability are to ask Taiyo for a bump, continue to recommend an unchanged Taiyo offer or recommend the Brother offer. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japan - Getting closer to BoJ normalisation and yen recovery </a></h3><p></p><ul><li>Technical recession revised away; modest economic growth expected for 2024</li><li>Disinflation continues, core inflation expected to stay above 2% target during 2024.</li><li>Bank of Japan close to starting normalising its monetary policy framework.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/japan-s-ramping-inflation-and-growth-brings-boj-rate-hikes-back-in-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Japan’s Ramping Inflation and Growth Brings BOJ Rate Hikes Back in Focus </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/278/original/image_99009596071710319760705.png?1710319761"/> <ul>
<li>Inflation in Japan rebounds in February as energy subsidies are lifted.</li>
<li>Economic performance was better than expected, pointing to a resilient economy.</li>
<li>With a view on the Shunto negotiations, the BoJ is expected to issue rate hikes over the next two policy meetings, supporting the strengthening of the Yen.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/will-parent-company-valuations-remain-undervalued-until-the-parent-subsidiary-listing-is-dissolved?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved?</a></li><li><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5 Things We Watch – US CPI, Japan, China, Germany & Central Banks</a></li><li><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-brother-6448-jp-s-unexpected-competing-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Roland DG (6789 JP): Brother (6448 JP)’s Unexpected Competing Hostile Offer</a></li><li><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan - Getting closer to BoJ normalisation and yen recovery</a></li><li><a href="https://www.smartkarma.com/insights/japan-s-ramping-inflation-and-growth-brings-boj-rate-hikes-back-in-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan’s Ramping Inflation and Growth Brings BOJ Rate Hikes Back in Focus</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/will-parent-company-valuations-remain-undervalued-until-the-parent-subsidiary-listing-is-dissolved?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/387/788/original/image_3969120121705811364418.png?1705811368"/> <ul>
<li>It's true that the difference in profit margins between a listed subsidiary that focuses on specific business and a parent company that has different businesses is the difference in valuations. </li>
<li>It will be difficult for a parent company to reverse the valuations of its subsidiaries until the parent company dissolves the parent-subsidiary listing and increases its own profit margins.</li>
<li>With respect to corporate governance practices, companies with no major shareholders are included with relatively higher corporate governance scores, but this isn't as significant difference as it tends to be.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/5-things-we-watch-us-cpi-japan-china-germany-central-banks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 5 Things We Watch – US CPI, Japan, China, Germany & Central Banks </a></h3><p></p><ul><li>Welcome back to our weekly 5 Things We Watch, where we go through 5 things that we keep an eye on in the world of global macro.</li><li>With Japanese wage negotiations and the US CPI report out, there are plenty of things to shed some light on, so let’s get to it!This week we are watching out for the following 5 topics within global macro: US CPI, Japan, China, Germany, Central Banks.</li><li>1) US CPI Report leaves the Fed in a difficult situation. Yesterday’s CPI report revealed that the inflation outlook is not as benign as the Fed would have hoped, with energy / transportation services dragging the MoM figure higher.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/roland-dg-6789-jp-brother-6448-jp-s-unexpected-competing-hostile-offer?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Roland DG (6789 JP): Brother (6448 JP)’s Unexpected Competing Hostile Offer </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/315/original/Brother%201.png?1710343553"/> <ul>
<li>
<a data-smartkarma-citation="entities:6114:1" href="https://www.smartkarma.com/entities/brother-industries-ltd" rel="noopener" target="_blank">Brother Industries (6448 JP)</a> has disclosed an unexpected competing hostile offer for <a data-smartkarma-citation="entities:10653:1" href="https://www.smartkarma.com/entities/roland-dg-corp" rel="noopener" target="_blank">Roland DG Corp (6789 JP)</a> at JPY5,200 per share, a marginal 3.3% premium to the Taiyo-sponsored MBO (JPY5,035).</li>
<li>Unlike the Taiyo offer, the Brother offer is pre-conditioned on regulatory approvals and has a proposed start date of mid-May. The Board is evaluating the Brother offer. </li>
<li>The Board’s three options with declining probability are to ask Taiyo for a bump, continue to recommend an unchanged Taiyo offer or recommend the Brother offer. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japan-getting-closer-to-boj-normalisation-and-yen-recovery?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japan - Getting closer to BoJ normalisation and yen recovery </a></h3><p></p><ul><li>Technical recession revised away; modest economic growth expected for 2024</li><li>Disinflation continues, core inflation expected to stay above 2% target during 2024.</li><li>Bank of Japan close to starting normalising its monetary policy framework.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/japan-s-ramping-inflation-and-growth-brings-boj-rate-hikes-back-in-focus?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Japan’s Ramping Inflation and Growth Brings BOJ Rate Hikes Back in Focus </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/278/original/image_99009596071710319760705.png?1710319761"/> <ul>
<li>Inflation in Japan rebounds in February as energy subsidies are lifted.</li>
<li>Economic performance was better than expected, pointing to a resilient economy.</li>
<li>With a view on the Shunto negotiations, the BoJ is expected to issue rate hikes over the next two policy meetings, supporting the strengthening of the Yen.</li>
</ul>2024-03-14T06:28:56+08:00[{"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Macroeconomics"}, {"term": "GERMANY"}, {"term": "CHINA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6789@JP"}, {"term": "6448@JP"}, {"term": "Macroeconomics"}, {"term": "UNITED KINGDOM"}, {"term": "CHINA"}, {"term": "US"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6448@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}]https://www.smartkarma.com/segment/feeds/japan.rss/6500db1d-422a-3060-961b-811164761130Brief Japan: The Usual & Unusual Details in the Latest CPI Release and more2024-03-28T14:17:28.882717+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Usual & Unusual Details in the Latest CPI Release</a></li><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell</a></li><li><a href="https://www.smartkarma.com/insights/stubworld-keisei-s-tostnet-3-buyback-stay-bearish?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">StubWorld: Keisei's ToSTNeT-3 Buyback. Stay Bearish</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-runs-hot-but-nvidia-is-hotter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/025/original/image?1710225519"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:631:1" href="https://www.smartkarma.com/entities/ms-ad-insurance-group-holdings" rel="noopener" target="_blank">MS&AD Insurance (8725 JP)</a> had a stake over US$100m in at least 29 listed Japanese stocks, amounting to a total of US$17.4bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/stubworld-keisei-s-tostnet-3-buyback-stay-bearish?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. StubWorld: Keisei's ToSTNeT-3 Buyback. Stay Bearish </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/156/original/image_46972606981710292922473.png?1710292922"/> <ul>
<li>
<strong><a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a></strong>'s previously announced buyback is now confirmed to be a ToSTNeT-3 buyback. But also an accelerated share repurchase.</li>
<li>Preceding my comments on Keisei Electric are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-runs-hot-but-nvidia-is-hotter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/130/original/image_80725451921710281056922.png?1710281056"/> <ul>
<li>US stocks rallied on Tuesday despite hotter-than-expected inflation data with core CPI +3.1% YoY</li>
<li>Bitcoin continued its record rally, surpassing $72,000. Oracle shares surged 12% on cloud computing progress. Nvidia climbed 7%.</li>
<li>BoJ Governor Ueda remarked that while the economy was on a path of recovery, there were signs of weakness, especially highlighted by recent soft data on consumption. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Usual & Unusual Details in the Latest CPI Release</a></li><li><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Sun Is the Same, in a Relative Way, but Vol Is Lower</a></li><li><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell</a></li><li><a href="https://www.smartkarma.com/insights/stubworld-keisei-s-tostnet-3-buyback-stay-bearish?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">StubWorld: Keisei's ToSTNeT-3 Buyback. Stay Bearish</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-runs-hot-but-nvidia-is-hotter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-usual-unusual-details-in-the-latest-cpi-release?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. The Usual & Unusual Details in the Latest CPI Release </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/309/original/image_1441544021710334318324.png?1710334318"/> <ul>
<li>The February CPI release, while less of a surprise compared to the January print, was directionally favorable</li>
<li>My proprietary CPI indicators on inflation momentum and the most persistent inflation cluster offer additional clues </li>
<li>Although market-based expectations compressed further, the near-distant odds of potential Fed action remain fluid and unsettled </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/the-sun-is-the-same-in-a-relative-way-but-vol-is-lower?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. The Sun Is the Same, in a Relative Way, but Vol Is Lower </a></h3><p></p><ul><li>Powell's testimony to Congress and the non farm payrolls report suggest global central bank easing may occur in the second half of the year</li><li>Labor market showing signs of moderating, leading to declining yields and high policy uncertainty</li><li>Options markets imply a wide range of scenarios, indicating high policy uncertainty and declining volatility trend</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ms-ad-cross-shareholding-at-least-us-20bn-of-cross-shareholding-to-sell?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. MS&AD Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/025/original/image?1710225519"/> <ul>
<li>The Japanese Financial Services Agency has asked the general insurers to reduce/eliminate their cross-shareholdings.</li>
<li>
<a data-smartkarma-citation="entities:631:1" href="https://www.smartkarma.com/entities/ms-ad-insurance-group-holdings" rel="noopener" target="_blank">MS&AD Insurance (8725 JP)</a> had a stake over US$100m in at least 29 listed Japanese stocks, amounting to a total of US$17.4bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/stubworld-keisei-s-tostnet-3-buyback-stay-bearish?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. StubWorld: Keisei's ToSTNeT-3 Buyback. Stay Bearish </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/156/original/image_46972606981710292922473.png?1710292922"/> <ul>
<li>
<strong><a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a></strong>'s previously announced buyback is now confirmed to be a ToSTNeT-3 buyback. But also an accelerated share repurchase.</li>
<li>Preceding my comments on Keisei Electric are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-inflation-runs-hot-but-nvidia-is-hotter?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/130/original/image_80725451921710281056922.png?1710281056"/> <ul>
<li>US stocks rallied on Tuesday despite hotter-than-expected inflation data with core CPI +3.1% YoY</li>
<li>Bitcoin continued its record rally, surpassing $72,000. Oracle shares surged 12% on cloud computing progress. Nvidia climbed 7%.</li>
<li>BoJ Governor Ueda remarked that while the economy was on a path of recovery, there were signs of weakness, especially highlighted by recent soft data on consumption. </li>
</ul>2024-03-13T21:00:28+08:00[{"term": "Macroeconomics"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": 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"ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "TLH@US"}, {"term": "TLT@US"}, {"term": "TU1@COMDTY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "8725@JP"}, {"term": "7181@JP"}, {"term": "6178@JP"}, {"term": "7182@JP"}, {"term": "@5838@JP"}, {"term": "8842@JP"}, {"term": "4755@JP"}, {"term": "RAKUSEC@JP"}, {"term": "6723@JP"}, {"term": "1364@JP"}, {"term": "NKY@INDEX"}, {"term": "TPX@INDEX"}, {"term": "8267@JP"}, {"term": "9532@JP"}, {"term": "7974@JP"}, {"term": "7951@JP"}, {"term": "9022@JP"}, {"term": "4528@JP"}, {"term": "7259@JP"}, {"term": "8830@JP"}, {"term": "9104@JP"}, {"term": "3263@JP"}, {"term": "6201@JP"}, {"term": "3382@JP"}, {"term": "8316@JP"}, {"term": "6981@JP"}, {"term": "8015@JP"}, {"term": "7267@JP"}, {"term": "9434@JP"}, {"term": "9984@JP"}, {"term": "8630@JP"}, {"term": "8766@JP"}, {"term": "6367@JP"}, {"term": "8053@JP"}, {"term": "4901@JP"}, {"term": "4568@JP"}, {"term": "8031@JP"}, {"term": "6902@JP"}, {"term": "4063@JP"}, {"term": "8001@JP"}, {"term": "7203@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9009@JP"}, {"term": "4661@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7203@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4661@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/1e9a0a53-aff8-3e0f-a398-4959f30b1961Brief Japan: Asics (7936) and more2024-03-28T14:17:28.873429+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/asics-7936-pumping-the-brakes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Asics (7936)</a></li><li><a href="https://www.smartkarma.com/insights/ibj-6071-strategic-investments-for-sustainable-long-term-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ibj (6071) - Strategic Investments for Sustainable Long-Term Growth</a></li><li><a href="https://www.smartkarma.com/insights/keisei-electric-9009-share-buyback-interesting-dynamics-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Keisei Electric (9009) Share Buyback - Interesting Dynamics & Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/eiken-chemical-4549-activists-alchemy-and-the-pursuit-of-profit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Eiken Chemical (4549)</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Positioning Watch – Bye Bye Japanese Consensus Case?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/asics-7936-pumping-the-brakes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Asics (7936) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/129/original/image_55592910031710274974656.png?1710274974"/> <ul>
<li>On's quarterly results disappoint, triggering a 10% stock drop. Meanwhile, ASICS’ share price is up 43% YTD despite modest performance.</li>
<li>ASICS shareholders advised to consider profit-taking as stock outpaces fundamentals, faces competition from resurging Nike and fast-growing On</li>
<li>On's ambitious growth projections threaten ASICS' market position, with potential market share parity within three years</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ibj-6071-strategic-investments-for-sustainable-long-term-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ibj (6071) - Strategic Investments for Sustainable Long-Term Growth </a></h3><p></p><ul><li>Q1-4 FY12/23 results were in line with company guidance, highlighting the stable growth profile of the Affiliate business segment.</li><li>In January 2024, the Japan Fair Trade Commission (JFTC) concluded its investigation by approving a Commitment Plan submitted by IBJ; we believe this is a positive development, allowing the company to focus on core operations and increase market confidence.</li><li>We believe a theme for FY12/24 will be upfront investments to drive longer-term growth, with integration efforts continuing with the O-net alliance, and initiatives to scale the Life Design business to transform into a material earnings pillar to drive long-term growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/keisei-electric-9009-share-buyback-interesting-dynamics-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Keisei Electric (9009) Share Buyback - Interesting Dynamics & Opportunity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/084/original/Screenshot%202024-03-12%20at%209.50.08%E2%80%AFPM.png?1710251467"/> <ul>
<li>In late February, <a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a> announced a 5.0mm share (2.96%) ¥33bn buyback, to be executed in the following 3 months. That meant likely ToSTNeT-3.</li>
<li>I thought that mildly bullish. Shares rose 0.05% the next day. Then we got an OLC offering announcement. I thought that bearish. The stock popped early but fell hard.</li>
<li>Today the announcement. It IS a ToSTNeT-3. tomorrow. At ¥6,320/share. But it is an Accelerated Share Repurchase. Which changes things. Or it doesn't. But it bears watching closely, maybe acting.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eiken-chemical-4549-activists-alchemy-and-the-pursuit-of-profit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Eiken Chemical (4549) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/073/original/image_28487116331710247541577.png?1710247541"/> <ul>
<li>Two activist investors are now on the shareholder registry of Eiken Chemical. </li>
<li>Eiken has proactively announced a share buyback to return excess cash holdings. </li>
<li>Eiken has a quality underlying business which generates solid FCF yield. Expect higher shareholder returns in the future. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Positioning Watch – Bye Bye Japanese Consensus Case? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch, which today will start at the growing number of BoJ officials who are now supporting an exit from NIRP possibly already in March, sending Nikkei 225 down >2% in Asia hours yesterday, while China and China-proxies were bid – quite a surprising dynamic in Asian equities, which we won’t rule out to continue over the next weeks, as markets are likely shifting away from Japanese equities if a hike actually comes through.</li><li>Our 250-day prediction from our PCA-tool (the blue line) has also been flagging the rally in Japanese equities, and now see a major divergence in the trend relative to the macro fundamentals, which has left a >2 standard deviations fair value gap, which seems likely to be closed via a retracement lower in Nikkei.</li><li>Chart of the week: Our models have been bearish Japan since early 2024It looks like some parts of the markets had already sniffed out the slight overpricing of Japanese equities given risks of substantial moves in JPY-rates, and inflows into US-traded Japan ETFs have decreased since early February, while China ETFs began to see modest inflows, but has now went back into negative territory.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/asics-7936-pumping-the-brakes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Asics (7936)</a></li><li><a href="https://www.smartkarma.com/insights/ibj-6071-strategic-investments-for-sustainable-long-term-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ibj (6071) - Strategic Investments for Sustainable Long-Term Growth</a></li><li><a href="https://www.smartkarma.com/insights/keisei-electric-9009-share-buyback-interesting-dynamics-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Keisei Electric (9009) Share Buyback - Interesting Dynamics & Opportunity</a></li><li><a href="https://www.smartkarma.com/insights/eiken-chemical-4549-activists-alchemy-and-the-pursuit-of-profit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Eiken Chemical (4549)</a></li><li><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Positioning Watch – Bye Bye Japanese Consensus Case?</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/asics-7936-pumping-the-brakes?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Asics (7936) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/129/original/image_55592910031710274974656.png?1710274974"/> <ul>
<li>On's quarterly results disappoint, triggering a 10% stock drop. Meanwhile, ASICS’ share price is up 43% YTD despite modest performance.</li>
<li>ASICS shareholders advised to consider profit-taking as stock outpaces fundamentals, faces competition from resurging Nike and fast-growing On</li>
<li>On's ambitious growth projections threaten ASICS' market position, with potential market share parity within three years</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ibj-6071-strategic-investments-for-sustainable-long-term-growth?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ibj (6071) - Strategic Investments for Sustainable Long-Term Growth </a></h3><p></p><ul><li>Q1-4 FY12/23 results were in line with company guidance, highlighting the stable growth profile of the Affiliate business segment.</li><li>In January 2024, the Japan Fair Trade Commission (JFTC) concluded its investigation by approving a Commitment Plan submitted by IBJ; we believe this is a positive development, allowing the company to focus on core operations and increase market confidence.</li><li>We believe a theme for FY12/24 will be upfront investments to drive longer-term growth, with integration efforts continuing with the O-net alliance, and initiatives to scale the Life Design business to transform into a material earnings pillar to drive long-term growth.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/keisei-electric-9009-share-buyback-interesting-dynamics-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Keisei Electric (9009) Share Buyback - Interesting Dynamics & Opportunity </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/084/original/Screenshot%202024-03-12%20at%209.50.08%E2%80%AFPM.png?1710251467"/> <ul>
<li>In late February, <a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a> announced a 5.0mm share (2.96%) ¥33bn buyback, to be executed in the following 3 months. That meant likely ToSTNeT-3.</li>
<li>I thought that mildly bullish. Shares rose 0.05% the next day. Then we got an OLC offering announcement. I thought that bearish. The stock popped early but fell hard.</li>
<li>Today the announcement. It IS a ToSTNeT-3. tomorrow. At ¥6,320/share. But it is an Accelerated Share Repurchase. Which changes things. Or it doesn't. But it bears watching closely, maybe acting.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/eiken-chemical-4549-activists-alchemy-and-the-pursuit-of-profit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Eiken Chemical (4549) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/073/original/image_28487116331710247541577.png?1710247541"/> <ul>
<li>Two activist investors are now on the shareholder registry of Eiken Chemical. </li>
<li>Eiken has proactively announced a share buyback to return excess cash holdings. </li>
<li>Eiken has a quality underlying business which generates solid FCF yield. Expect higher shareholder returns in the future. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/positioning-watch-bye-bye-japanese-consensus-case?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Positioning Watch – Bye Bye Japanese Consensus Case? </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch, which today will start at the growing number of BoJ officials who are now supporting an exit from NIRP possibly already in March, sending Nikkei 225 down >2% in Asia hours yesterday, while China and China-proxies were bid – quite a surprising dynamic in Asian equities, which we won’t rule out to continue over the next weeks, as markets are likely shifting away from Japanese equities if a hike actually comes through.</li><li>Our 250-day prediction from our PCA-tool (the blue line) has also been flagging the rally in Japanese equities, and now see a major divergence in the trend relative to the macro fundamentals, which has left a >2 standard deviations fair value gap, which seems likely to be closed via a retracement lower in Nikkei.</li><li>Chart of the week: Our models have been bearish Japan since early 2024It looks like some parts of the markets had already sniffed out the slight overpricing of Japanese equities given risks of substantial moves in JPY-rates, and inflows into US-traded Japan ETFs have decreased since early February, while China ETFs began to see modest inflows, but has now went back into negative territory.</li></ul>2024-03-13T04:26:06+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "7936@JP"}, {"term": "ONON@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6071@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9009@JP"}, {"term": "9020@JP"}, {"term": "8801@JP"}, {"term": "4661@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4549@JP"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "SILVER@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "CL1@COM@COMDTY"}, {"term": "USDMXN@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "NKY@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "ONON@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6071@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4661@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4549@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NKY@INDEX"}]https://www.smartkarma.com/segment/feeds/japan.rss/181cdd8f-faac-3c7d-b162-be21e1449907Brief Japan: 3Q Follow-Up - P-Ban.com Corp. (3559 JP) and more2024-03-28T14:17:28.861870+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/3q-follow-up-p-ban-com-corp-3559-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - P-Ban.com Corp. (3559 JP)</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/takashimaya-8233-q3-fy02-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Takashimaya (8233): Q3 FY02/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/nagase-8012-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nagase (8012): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/tenpo-innovation-3484-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tenpo Innovation (3484): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/3q-follow-up-p-ban-com-corp-3559-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 3Q Follow-Up - P-Ban.com Corp. (3559 JP) </a></h3><p></p><ul><li>Cumulative 3Q sales came in at ¥1,458 mn (-1.2% YoY), operating profit at ¥75 mn (-38.1% YoY), and net profit at ¥76 mn (-37.0% YoY), marking a substantial drop in profit while the top line remained mostly flat.</li><li>This reflects the company's medium-term management plan, which calls for increased investment in human capital.</li><li>The company disclosed sales by service for the first time in this quarter's financial results, and cited sales expansion through cross-selling of each service as the key to future growth. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/takashimaya-8233-q3-fy02-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Takashimaya (8233): Q3 FY02/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:370:1" href="https://www.smartkarma.com/entities/takashimaya-co-ltd" rel="noopener" target="_blank">Takashimaya (8233 JP)</a> was founded in 1831 and is the operator of one of the leading department store companies in Japan.</li>
<li>Takashimaya began applying the Accounting Standard for Revenue Recognition from the beginning of FY02/23.</li>
<li>Takashimaya Co., Ltd. announced revisions to its full-year earnings forecasts for FY02/24.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nagase-8012-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Nagase (8012): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:14236:1" href="https://www.smartkarma.com/entities/nagase-co-ltd" rel="noopener" target="_blank">Nagase & Co Ltd (8012 JP)</a> is a trading company that specializes in chemicals.</li>
<li>FY03/23 results: Nagase reported full-year consolidated sales of JPY912.9bn, gross profit of JPY155.4bn, operating profit of JPY33.4bn, recurring profit of JPY32.5bn.</li>
<li>Nagase’s medium-term business plan, ACE 2.0, announced in May 2021, set key goal indicators for FY03/26 of consolidated operating profit of JPY35.0bn or above and ROE of 8.0% or above.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/tenpo-innovation-3484-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Tenpo Innovation (3484): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:40963:1" href="https://www.smartkarma.com/entities/tenpo-innovation-co-ltd" rel="noopener" target="_blank">Tenpo Innovation (3484 JP)</a> is a real estate company specializing in restaurant properties.</li>
<li>FY03/23 results: In its first year of reporting consolidated results, Tenpo Innovation reported full-year revenue of JPY13.1bn, operating profit of JPY1.2bn, recurring profit of JPY1.3bn, and net income of JPY886mn.</li>
<li>Tenpo Innovation Inc. announced plans to start preparations for a transition to a holding company structure through a company split and changes to its trade name.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/3q-follow-up-p-ban-com-corp-3559-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - P-Ban.com Corp. (3559 JP)</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Semiconductor 2023 Key Indicators In Review, 2024 Forecasts</a></li><li><a href="https://www.smartkarma.com/insights/takashimaya-8233-q3-fy02-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Takashimaya (8233): Q3 FY02/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/nagase-8012-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nagase (8012): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/tenpo-innovation-3484-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tenpo Innovation (3484): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/3q-follow-up-p-ban-com-corp-3559-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 3Q Follow-Up - P-Ban.com Corp. (3559 JP) </a></h3><p></p><ul><li>Cumulative 3Q sales came in at ¥1,458 mn (-1.2% YoY), operating profit at ¥75 mn (-38.1% YoY), and net profit at ¥76 mn (-37.0% YoY), marking a substantial drop in profit while the top line remained mostly flat.</li><li>This reflects the company's medium-term management plan, which calls for increased investment in human capital.</li><li>The company disclosed sales by service for the first time in this quarter's financial results, and cited sales expansion through cross-selling of each service as the key to future growth. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/semiconductor-2023-key-indicators-in-review-2024-forecasts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Semiconductor 2023 Key Indicators In Review, 2024 Forecasts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/397/041/original/image?1710233599"/> <ul>
<li>Forecasting PC & Smartphone unit shipments to increase 5% YoY on the back on "AI Enablement"</li>
<li>Server unit shipments declined ~20% in 2023 but overall revenues remained flat, a consequence of higher ASPs associated with AI-accelerated servers</li>
<li>Server shipments will return to growth in 2024, likely +10% YoY. Server ASPs will increase yet again YoY as AI-server mix grows. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/takashimaya-8233-q3-fy02-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Takashimaya (8233): Q3 FY02/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:370:1" href="https://www.smartkarma.com/entities/takashimaya-co-ltd" rel="noopener" target="_blank">Takashimaya (8233 JP)</a> was founded in 1831 and is the operator of one of the leading department store companies in Japan.</li>
<li>Takashimaya began applying the Accounting Standard for Revenue Recognition from the beginning of FY02/23.</li>
<li>Takashimaya Co., Ltd. announced revisions to its full-year earnings forecasts for FY02/24.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/nagase-8012-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Nagase (8012): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:14236:1" href="https://www.smartkarma.com/entities/nagase-co-ltd" rel="noopener" target="_blank">Nagase & Co Ltd (8012 JP)</a> is a trading company that specializes in chemicals.</li>
<li>FY03/23 results: Nagase reported full-year consolidated sales of JPY912.9bn, gross profit of JPY155.4bn, operating profit of JPY33.4bn, recurring profit of JPY32.5bn.</li>
<li>Nagase’s medium-term business plan, ACE 2.0, announced in May 2021, set key goal indicators for FY03/26 of consolidated operating profit of JPY35.0bn or above and ROE of 8.0% or above.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/tenpo-innovation-3484-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Tenpo Innovation (3484): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:40963:1" href="https://www.smartkarma.com/entities/tenpo-innovation-co-ltd" rel="noopener" target="_blank">Tenpo Innovation (3484 JP)</a> is a real estate company specializing in restaurant properties.</li>
<li>FY03/23 results: In its first year of reporting consolidated results, Tenpo Innovation reported full-year revenue of JPY13.1bn, operating profit of JPY1.2bn, recurring profit of JPY1.3bn, and net income of JPY886mn.</li>
<li>Tenpo Innovation Inc. announced plans to start preparations for a transition to a holding company structure through a company split and changes to its trade name.</li>
</ul>2024-03-12T17:12:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3559@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "BERMUDA"}, {"term": "MEXICO"}, {"term": "PERU"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8233@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8012@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "@3484@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3559@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "INTC@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8233@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8012@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "@3484@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/d9f1d3c7-3533-37c8-abff-9476973d85acBrief Japan: Round One (4680): Q3 FY03/24 Update and more2024-03-28T14:17:28.853758+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/round-one-4680-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Round One (4680): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/stream-media-corporation-4772-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Stream Media Corporation (4772): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/gakken-holdings-9470-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">GAKKEN HOLDINGS (9470): Q1 FY09/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/medical-system-network-4350-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Medical System Network (4350): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/asteria-3853-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Asteria (3853): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/round-one-4680-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Round One (4680): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:7057:1" href="https://www.smartkarma.com/entities/round-one-corp" rel="noopener" target="_blank">Round One Corp (4680 JP)</a> specializes in running amusement complex facilities in Japan, the US, and China.</li>
<li>FY03/23 results: The company reported sales of JPY142.1bn, operating profit of JPY16.9bn, recurring profit of JPY16.7bn, and net income attributable to owners of the parent of JPY9.7bn.</li>
<li>In November 2023, the company revised its full-year FY03/24 earnings forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/stream-media-corporation-4772-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Stream Media Corporation (4772): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>Stream Media Corporation (TSE Growth: 4772; hereafter, “SMC”) is an entertainment company that handles Korean pop culture content, primarily in Japan.</li>
<li>In full-year FY12/23, SMC reported consolidated revenue of JPY8.9bn, an operating profit of JPY182mn, a recurring profit of JPY191mn.</li>
<li>SMC forecasts full-year FY12/24 revenue of JPY9.1bn, operating profit of JPY91mn, recurring profit of JPY94mn, and a net income attributable to owners of the parent of JP61mn.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gakken-holdings-9470-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. GAKKEN HOLDINGS (9470): Q1 FY09/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:7042:1" href="https://www.smartkarma.com/entities/gakken-holdings-co-ltd" rel="noopener" target="_blank">Gakken Holdings (9470 JP)</a> engages in the educational and healthcare and nursing businesses, providing services for demographics ranging from toddlers to the elderly.</li>
<li>For FY09/23, revenue was JPY164.1bn, operating profit was JPY6.2bn, recurring profit was JPY6.5bn, and net income attributable to owners of the parent was JPY3.2bn.</li>
<li>The company will fundamentally reshuffle its portfolio and concentrate resources on priority areas while rebuilding its education business, and optimize the management structure for each business field to restore profitability.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/medical-system-network-4350-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Medical System Network (4350): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:3641:1" href="https://www.smartkarma.com/entities/medical-system-network-co" rel="noopener" target="_blank">Medical System Network Co (4350 JP)</a> primarily focuses on managing dispensing pharmacies and offering pharmacy support services.</li>
<li>In FY03/23, the company reported sales of JPY109.6bn, EBITDA of JPY6.1bn, operating profit of JPY3.2bn, recurring profit of JPY3.4bn, and net income attributable to owners of the parent of JPY1.6bn.</li>
<li>Medical System Network Co., Ltd. announced a decision regarding the acquisition of treasury shares.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/asteria-3853-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Asteria (3853): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>Asteria Corporation develops enterprise software that connects corporate information systems, cloud services, and hardware devices without coding (programming), enabling automated data exchange.</li>
<li>In FY03/23, revenue increased 13.8% YoY. Revenue in the software business (excluding the design business) remained upbeat, growing 9.4% YoY, while revenue in the design business surged 39.8%.</li>
<li>Asteria has announced a change in entities in its consolidated group due to sale of shares, as well as revisions to its consolidated earnings and year-end dividend forecasts for FY03/24.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/round-one-4680-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Round One (4680): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/stream-media-corporation-4772-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Stream Media Corporation (4772): Full-Year FY12/23 Update</a></li><li><a href="https://www.smartkarma.com/insights/gakken-holdings-9470-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">GAKKEN HOLDINGS (9470): Q1 FY09/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/medical-system-network-4350-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Medical System Network (4350): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/asteria-3853-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Asteria (3853): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/round-one-4680-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Round One (4680): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:7057:1" href="https://www.smartkarma.com/entities/round-one-corp" rel="noopener" target="_blank">Round One Corp (4680 JP)</a> specializes in running amusement complex facilities in Japan, the US, and China.</li>
<li>FY03/23 results: The company reported sales of JPY142.1bn, operating profit of JPY16.9bn, recurring profit of JPY16.7bn, and net income attributable to owners of the parent of JPY9.7bn.</li>
<li>In November 2023, the company revised its full-year FY03/24 earnings forecast.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/stream-media-corporation-4772-full-year-fy12-23-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Stream Media Corporation (4772): Full-Year FY12/23 Update </a></h3><p></p><ul>
<li>Stream Media Corporation (TSE Growth: 4772; hereafter, “SMC”) is an entertainment company that handles Korean pop culture content, primarily in Japan.</li>
<li>In full-year FY12/23, SMC reported consolidated revenue of JPY8.9bn, an operating profit of JPY182mn, a recurring profit of JPY191mn.</li>
<li>SMC forecasts full-year FY12/24 revenue of JPY9.1bn, operating profit of JPY91mn, recurring profit of JPY94mn, and a net income attributable to owners of the parent of JP61mn.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/gakken-holdings-9470-q1-fy09-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. GAKKEN HOLDINGS (9470): Q1 FY09/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:7042:1" href="https://www.smartkarma.com/entities/gakken-holdings-co-ltd" rel="noopener" target="_blank">Gakken Holdings (9470 JP)</a> engages in the educational and healthcare and nursing businesses, providing services for demographics ranging from toddlers to the elderly.</li>
<li>For FY09/23, revenue was JPY164.1bn, operating profit was JPY6.2bn, recurring profit was JPY6.5bn, and net income attributable to owners of the parent was JPY3.2bn.</li>
<li>The company will fundamentally reshuffle its portfolio and concentrate resources on priority areas while rebuilding its education business, and optimize the management structure for each business field to restore profitability.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/medical-system-network-4350-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Medical System Network (4350): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:3641:1" href="https://www.smartkarma.com/entities/medical-system-network-co" rel="noopener" target="_blank">Medical System Network Co (4350 JP)</a> primarily focuses on managing dispensing pharmacies and offering pharmacy support services.</li>
<li>In FY03/23, the company reported sales of JPY109.6bn, EBITDA of JPY6.1bn, operating profit of JPY3.2bn, recurring profit of JPY3.4bn, and net income attributable to owners of the parent of JPY1.6bn.</li>
<li>Medical System Network Co., Ltd. announced a decision regarding the acquisition of treasury shares.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/asteria-3853-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Asteria (3853): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>Asteria Corporation develops enterprise software that connects corporate information systems, cloud services, and hardware devices without coding (programming), enabling automated data exchange.</li>
<li>In FY03/23, revenue increased 13.8% YoY. Revenue in the software business (excluding the design business) remained upbeat, growing 9.4% YoY, while revenue in the design business surged 39.8%.</li>
<li>Asteria has announced a change in entities in its consolidated group due to sale of shares, as well as revisions to its consolidated earnings and year-end dividend forecasts for FY03/24.</li>
</ul>2024-03-12T10:49:46+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4680@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "@4772@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9470@JP"}, {"term": "9783@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4350@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "3853@JP"}, {"term": "GRRR@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4680@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "@4772@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9783@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4350@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "GRRR@US"}]https://www.smartkarma.com/segment/feeds/japan.rss/a0875d6b-70f6-3780-8949-47cefb9089d3Brief Japan: Sinanen HD (8132): Q3 FY03/24 Update and more2024-03-28T14:17:28.842192+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sinanen-hd-8132-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sinanen HD (8132): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/mitsubishi-shokuhin-7451-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsubishi Shokuhin (7451): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/mitsuboshi-belting-5192-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsuboshi Belting (5192): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/monex-group-8698-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Monex Group (8698): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sinanen-hd-8132-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Sinanen HD (8132): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:19510:1" href="https://www.smartkarma.com/entities/sinanen-holdings-co-ltd" rel="noopener" target="_blank">Sinanen Holdings (8132 JP)</a> is one of Japan’s major fuel trading houses, ranking sixth by sales among the listed fuel trading companies as of FY03/23.</li>
<li>In FY03/23, the company recorded sales of JPY342.3bn, operating profit of JPY895mn, recurring profit of JPY1.3bn, and net income attributable to owners of the parent of JPY478mn.</li>
<li>Sinanen Holdings Co., Ltd. announced changes in its representative directors and a change of president.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mitsubishi-shokuhin-7451-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Mitsubishi Shokuhin (7451): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:19778:1" href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" rel="noopener" target="_blank">Mitsubishi Shokuhin (7451 JP)</a> is Japan’s largest general food wholesaler by revenue.</li>
<li>In FY03/23, the company reported revenue of JPY1,996.8bn, operating profit of JPY23.4bn, recurring profit of JPY25.2bn, and net income attributable to owners of the parent of JPY17.1bn.</li>
<li>In May 2021, the company announced its “Medium-term Management Plan 2023,” covering the period between FY03/22 and FY03/24.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mitsuboshi-belting-5192-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Mitsuboshi Belting (5192): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:11569:1" href="https://www.smartkarma.com/entities/mitsuboshi-belting-ltd" rel="noopener" target="_blank">Mitsuboshi Belting (5192 JP)</a> manufactures power transmission belts for automobiles and general industrial machinery. The company belongs to a group of six or seven global leaders in this space.</li>
<li>In FY03/23, revenue was JPY82.9bn (+10.7% YoY), operating profit JPY9.0bn (+18.2% YoY), recurring profit JPY10.5bn (+22.4% YoY), and net income attributable to owners of the parent JPY7.1bn (+10.8% YoY).</li>
<li>In May 2022, the company announced the following targets as its vision for FY2030 (FY03/31): JPY100.0bn in revenue, operating profit of JPY13.0bn, and ROE of 10.0%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/monex-group-8698-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Monex Group (8698): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:14211:1" href="https://www.smartkarma.com/entities/monex-group-inc" rel="noopener" target="_blank">Monex Group Inc (8698 JP)</a> started as online brokerage Monex, Inc. in April 1999 with CEO Oki Matsumoto and Sony Corporation as core investors.</li>
<li>For FY03/23, the company reported full-year consolidated operating revenue of JPY79.3bn, net operating revenue of JPY73.3bn, operating profit equivalent of JPY4.8bn, pre-tax profit of JPY4.7bn.</li>
<li>Monex Group, Inc. has announced that it will record a gain on fair value remeasurements under the equity method of accounting.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/091/original/KDDI.jpg?1709736698"/> <ul>
<li>Many are asking why KDDI would want to buy 50% of Lawson, Japan's third biggest convenience store chain.</li>
<li>Some more imaginative analysts suggest this could be just the first step towards KDDI merging with Rakuten in order to beat Amazon.</li>
<li>The more likely future is an ecosystem to challenge Rakuten and LY Corp (Yahoo etc), starting with points and payments and evolving to other Fintech, e-commerce and health.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sinanen-hd-8132-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sinanen HD (8132): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/mitsubishi-shokuhin-7451-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsubishi Shokuhin (7451): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/mitsuboshi-belting-5192-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mitsuboshi Belting (5192): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/monex-group-8698-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Monex Group (8698): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sinanen-hd-8132-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Sinanen HD (8132): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:19510:1" href="https://www.smartkarma.com/entities/sinanen-holdings-co-ltd" rel="noopener" target="_blank">Sinanen Holdings (8132 JP)</a> is one of Japan’s major fuel trading houses, ranking sixth by sales among the listed fuel trading companies as of FY03/23.</li>
<li>In FY03/23, the company recorded sales of JPY342.3bn, operating profit of JPY895mn, recurring profit of JPY1.3bn, and net income attributable to owners of the parent of JPY478mn.</li>
<li>Sinanen Holdings Co., Ltd. announced changes in its representative directors and a change of president.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mitsubishi-shokuhin-7451-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Mitsubishi Shokuhin (7451): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:19778:1" href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" rel="noopener" target="_blank">Mitsubishi Shokuhin (7451 JP)</a> is Japan’s largest general food wholesaler by revenue.</li>
<li>In FY03/23, the company reported revenue of JPY1,996.8bn, operating profit of JPY23.4bn, recurring profit of JPY25.2bn, and net income attributable to owners of the parent of JPY17.1bn.</li>
<li>In May 2021, the company announced its “Medium-term Management Plan 2023,” covering the period between FY03/22 and FY03/24.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/mitsuboshi-belting-5192-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Mitsuboshi Belting (5192): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:11569:1" href="https://www.smartkarma.com/entities/mitsuboshi-belting-ltd" rel="noopener" target="_blank">Mitsuboshi Belting (5192 JP)</a> manufactures power transmission belts for automobiles and general industrial machinery. The company belongs to a group of six or seven global leaders in this space.</li>
<li>In FY03/23, revenue was JPY82.9bn (+10.7% YoY), operating profit JPY9.0bn (+18.2% YoY), recurring profit JPY10.5bn (+22.4% YoY), and net income attributable to owners of the parent JPY7.1bn (+10.8% YoY).</li>
<li>In May 2022, the company announced the following targets as its vision for FY2030 (FY03/31): JPY100.0bn in revenue, operating profit of JPY13.0bn, and ROE of 10.0%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/monex-group-8698-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Monex Group (8698): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:14211:1" href="https://www.smartkarma.com/entities/monex-group-inc" rel="noopener" target="_blank">Monex Group Inc (8698 JP)</a> started as online brokerage Monex, Inc. in April 1999 with CEO Oki Matsumoto and Sony Corporation as core investors.</li>
<li>For FY03/23, the company reported full-year consolidated operating revenue of JPY79.3bn, net operating revenue of JPY73.3bn, operating profit equivalent of JPY4.8bn, pre-tax profit of JPY4.7bn.</li>
<li>Monex Group, Inc. has announced that it will record a gain on fair value remeasurements under the equity method of accounting.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/kddi-and-lawson-building-an-ecosystem-from-a-base-of-loyalty-points?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/091/original/KDDI.jpg?1709736698"/> <ul>
<li>Many are asking why KDDI would want to buy 50% of Lawson, Japan's third biggest convenience store chain.</li>
<li>Some more imaginative analysts suggest this could be just the first step towards KDDI merging with Rakuten in order to beat Amazon.</li>
<li>The more likely future is an ecosystem to challenge Rakuten and LY Corp (Yahoo etc), starting with points and payments and evolving to other Fintech, e-commerce and health.</li>
</ul>2024-03-12T09:13:15+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "ENERGY"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8132@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "7451@JP"}, {"term": "8001@JP"}, {"term": "2651@JP"}, {"term": "8058@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "5192@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8698@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "2651@JP"}, {"term": "9984@JP"}, {"term": "AMZN@US"}, {"term": "9437@JP"}, {"term": "8058@JP"}, {"term": "4689@JP"}, {"term": "4755@JP"}, {"term": "9433@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8132@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8058@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "5192@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8698@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9433@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/8d38c62e-ee88-38a7-989f-4a302f738a2aBrief Japan: Will Disclosure for This P/B Rise Based on the Failure of Transitional Companies "Plan" Work? and more2024-03-28T14:17:28.830374+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/will-disclosure-for-this-p-b-rise-based-on-the-failure-of-transitional-companies-plan-work?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Will Disclosure for This P/B Rise Based on the Failure of Transitional Companies "Plan" Work?</a></li><li><a href="https://www.smartkarma.com/insights/jafco-8595-in-the-right-place-at-the-right-time?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAFCO (8595) In the Right Place at the Right Time</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-us-mixed-ahead-of-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/aoyama-zaisan-networks-company-8929-sustainable-growth-prospects?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aoyama Zaisan Networks Company (8929) - Sustainable Growth Prospects</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-torex-semiconductor-6616-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - Torex Semiconductor (6616 Jp)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/will-disclosure-for-this-p-b-rise-based-on-the-failure-of-transitional-companies-plan-work?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Will Disclosure for This P/B Rise Based on the Failure of Transitional Companies "Plan" Work? </a></h3><p></p><ul>
<li>The fact that many companies have low actual returns is the crux of the problem; investors will likely increase pressure on the companies as ROEs haven't increased noticeably in 2023.</li>
<li>TSE may have indicated the points for disclosure, based in part on the experience of few companies that achieved the listing criteria by successfully disclosing their "plans" for transitional measures.</li>
<li>March 2023, TSE published "Request for Disclosure on the Status of Dialogue with Shareholders." However, mismatches between companies and investors makes it difficult to require all prime market companies this.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jafco-8595-in-the-right-place-at-the-right-time?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JAFCO (8595) In the Right Place at the Right Time </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/828/original/image_107146727111710129244695.png?1710129245"/> <ul>
<li>Core business well positioned to benefit from the growth in the Japanese VC industry</li>
<li>A good Partner for international firms looking to invest in Japan</li>
<li>New direction on Capital Allocation is underappreciated by the market</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-us-mixed-ahead-of-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/943/original/image_95825534321710195534065.png?1710195534"/> <ul>
<li>US stocks were mixed ahead of Tuesday's CPI report that should give some clues on the path of interest rates</li>
<li>Bitcoin rose to fresh record after the UK FCA said that it would not block requests for crypto-backed ETFs</li>
<li>Nippon Active Value Fund, a British activist, increased its stake in Goodspeed, an automotive retailer, raising its ownership to 9.81%</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/aoyama-zaisan-networks-company-8929-sustainable-growth-prospects?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Aoyama Zaisan Networks Company (8929) - Sustainable Growth Prospects </a></h3><p></p><ul><li>Q1-4 FY12/23 results were in line with company guidance and reached record highs for sales and earnings.</li><li>There was accelerating growth YoY in Wealth Consulting driven by Inheritance services highlighting structural tailwinds, which also improved the overall quality of earnings for the company.</li><li>The Real Estate Solutions business remains relatively stable, acting as a product channel to acquire new customers and generate opportunities for cross-selling services. </li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/3q-follow-up-torex-semiconductor-6616-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. 3Q Follow-Up - Torex Semiconductor (6616 Jp) </a></h3><p></p><ul><li>The graph below shows the trend of capex, depreciation, OP and EBITDA. According to the Company, major capacity expansion capex has peaked out in FY24/3.</li><li>While the peak in depreciation expense will come in FY25/3, the key takeaway here is that management has stuck to its guns and executed on its investment initiatives in the extended MTP targets to FY29/3 aiming to boost capacity for sales up 1.5x (see outline of capex plan on P4).</li><li>Based on our follow-up interview, inventory consolidation at the intermediate distributor level, particularly for consumer electronics in the Greater China region, is still underway in the Jan-Mar quarter, a similar trend observed by global major Texas Instruments. </li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/will-disclosure-for-this-p-b-rise-based-on-the-failure-of-transitional-companies-plan-work?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Will Disclosure for This P/B Rise Based on the Failure of Transitional Companies "Plan" Work?</a></li><li><a href="https://www.smartkarma.com/insights/jafco-8595-in-the-right-place-at-the-right-time?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAFCO (8595) In the Right Place at the Right Time</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-us-mixed-ahead-of-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/aoyama-zaisan-networks-company-8929-sustainable-growth-prospects?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aoyama Zaisan Networks Company (8929) - Sustainable Growth Prospects</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-torex-semiconductor-6616-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - Torex Semiconductor (6616 Jp)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/will-disclosure-for-this-p-b-rise-based-on-the-failure-of-transitional-companies-plan-work?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Will Disclosure for This P/B Rise Based on the Failure of Transitional Companies "Plan" Work? </a></h3><p></p><ul>
<li>The fact that many companies have low actual returns is the crux of the problem; investors will likely increase pressure on the companies as ROEs haven't increased noticeably in 2023.</li>
<li>TSE may have indicated the points for disclosure, based in part on the experience of few companies that achieved the listing criteria by successfully disclosing their "plans" for transitional measures.</li>
<li>March 2023, TSE published "Request for Disclosure on the Status of Dialogue with Shareholders." However, mismatches between companies and investors makes it difficult to require all prime market companies this.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jafco-8595-in-the-right-place-at-the-right-time?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JAFCO (8595) In the Right Place at the Right Time </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/828/original/image_107146727111710129244695.png?1710129245"/> <ul>
<li>Core business well positioned to benefit from the growth in the Japanese VC industry</li>
<li>A good Partner for international firms looking to invest in Japan</li>
<li>New direction on Capital Allocation is underappreciated by the market</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-us-mixed-ahead-of-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/943/original/image_95825534321710195534065.png?1710195534"/> <ul>
<li>US stocks were mixed ahead of Tuesday's CPI report that should give some clues on the path of interest rates</li>
<li>Bitcoin rose to fresh record after the UK FCA said that it would not block requests for crypto-backed ETFs</li>
<li>Nippon Active Value Fund, a British activist, increased its stake in Goodspeed, an automotive retailer, raising its ownership to 9.81%</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/aoyama-zaisan-networks-company-8929-sustainable-growth-prospects?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Aoyama Zaisan Networks Company (8929) - Sustainable Growth Prospects </a></h3><p></p><ul><li>Q1-4 FY12/23 results were in line with company guidance and reached record highs for sales and earnings.</li><li>There was accelerating growth YoY in Wealth Consulting driven by Inheritance services highlighting structural tailwinds, which also improved the overall quality of earnings for the company.</li><li>The Real Estate Solutions business remains relatively stable, acting as a product channel to acquire new customers and generate opportunities for cross-selling services. </li></ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/3q-follow-up-torex-semiconductor-6616-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. 3Q Follow-Up - Torex Semiconductor (6616 Jp) </a></h3><p></p><ul><li>The graph below shows the trend of capex, depreciation, OP and EBITDA. According to the Company, major capacity expansion capex has peaked out in FY24/3.</li><li>While the peak in depreciation expense will come in FY25/3, the key takeaway here is that management has stuck to its guns and executed on its investment initiatives in the extended MTP targets to FY29/3 aiming to boost capacity for sales up 1.5x (see outline of capex plan on P4).</li><li>Based on our follow-up interview, inventory consolidation at the intermediate distributor level, particularly for consumer electronics in the Greater China region, is still underway in the Jan-Mar quarter, a similar trend observed by global major Texas Instruments. </li></ul>2024-03-12T06:43:01+08:00[{"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "8595@JP"}, {"term": "4307@JP"}, {"term": "8604@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "REAL ESTATE"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "8929@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6616@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8604@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8929@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6616@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/fcea05e2-d8c5-3ed5-a9e2-1146d1547288Brief Japan: Nippon Express (9147 JP) - Buying the Overhang and more2024-03-28T14:17:28.818156+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-buying-the-overhang?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147 JP) - Buying the Overhang</a></li><li><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener</a></li><li><a href="https://www.smartkarma.com/insights/advantest-6857-jp-ai-speculation-discounted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Advantest (6857 JP): AI Speculation Discounted</a></li><li><a href="https://www.smartkarma.com/insights/yaizu-suisankagaku-industry-2812-jp-3d-succeeds-in-securing-a-bump-to-jpy1-438?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Yaizu Suisankagaku Industry (2812 JP): 3D Succeeds in Securing a Bump to JPY1,438</a></li><li><a href="https://www.smartkarma.com/insights/seria-2782-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Seria (2782): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-buying-the-overhang?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nippon Express (9147 JP) - Buying the Overhang </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/927/original/Screenshot%202024-03-11%20at%209.33.46%E2%80%AFPM.png?1710164049"/> <ul>
<li>The Offering priced today at ¥7,338/share vs ¥8,039/share traded at the close on the day of the announcement. That's an 8.7% discount for no dilution. </li>
<li>Compared to a broad basket of Peer Baskets (yes, a basket of baskets), the stock has underperformed by 4.2%, and the 3% discount today puts it at 7+% move.</li>
<li>Given the relative cheapness, one should be comfortable putting this on if it gets sold off. This is not different to my initial opinion.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/886/original/Pic%201.png?1710147795"/> <ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter. </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/advantest-6857-jp-ai-speculation-discounted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Advantest (6857 JP): AI Speculation Discounted </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/891/original/Advantest%20Qtr%20Sales%20OP.png?1710150867"/> <ul>
<li>Advantest has dropped back 11.5% from its recent high but is still up 43% year-to-date and up 2.3X from a year ago. Consolidation is likely to continue.</li>
<li>Demand for High Bandwidth Memory (HBM) for use with AI processors could lift sales, profits and profit margins to new highs within the next two years.</li>
<li>That could bring the projected P/E ratio down from 75.5x FY Mar-24 EPS guidance to 31x FY Mar-26 EPS in a favorable but not unreasonably optimistic scenario. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/yaizu-suisankagaku-industry-2812-jp-3d-succeeds-in-securing-a-bump-to-jpy1-438?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Yaizu Suisankagaku Industry (2812 JP): 3D Succeeds in Securing a Bump to JPY1,438 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/890/original/Revised%201.png?1710149291"/> <ul>
<li>Inaba has bumped its <a data-smartkarma-citation="entities:20044:1" href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" rel="noopener" target="_blank">Yaizu Suisankagaku Industry (2812 JP)</a> offer by 6.5% to JPY1,438 and lowered the minimum number of shares to be purchased from 66.67% to 60.00% ownership ratio.</li>
<li>The bump was forced by 3D Investment Partners increasing its shareholding from 9.78% to 13.81% ownership ratio after the previous JPY1,350 offer was announced on 5 February.</li>
<li>While the offer continues to value YSK below book value, Murakami and 3D’s support paves the way for completion. At the last close, the gross spread was 7.1%. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/seria-2782-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Seria (2782): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:12989:1" href="https://www.smartkarma.com/entities/seria-co-ltd" rel="noopener" target="_blank">Seria Co Ltd (2782 JP)</a> operates 100-yen stores throughout Japan, buying products from manufacturers and selling them at a flat price of JPY100 (plus tax).</li>
<li>In FY03/23, sales were JPY212.4bn (+2.1% YoY), operating profit was JPY15.4bn (-26.2% YoY), recurring profit JPY15.6bn (-26.8% YoY), and net income JPY10.3bn (-28.3% YoY).</li>
<li>On January 31, 2024, Seria Co., Ltd. announced a revision of its full-year FY03/24 earnings forecast.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-buying-the-overhang?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147 JP) - Buying the Overhang</a></li><li><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener</a></li><li><a href="https://www.smartkarma.com/insights/advantest-6857-jp-ai-speculation-discounted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Advantest (6857 JP): AI Speculation Discounted</a></li><li><a href="https://www.smartkarma.com/insights/yaizu-suisankagaku-industry-2812-jp-3d-succeeds-in-securing-a-bump-to-jpy1-438?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Yaizu Suisankagaku Industry (2812 JP): 3D Succeeds in Securing a Bump to JPY1,438</a></li><li><a href="https://www.smartkarma.com/insights/seria-2782-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Seria (2782): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-buying-the-overhang?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nippon Express (9147 JP) - Buying the Overhang </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/927/original/Screenshot%202024-03-11%20at%209.33.46%E2%80%AFPM.png?1710164049"/> <ul>
<li>The Offering priced today at ¥7,338/share vs ¥8,039/share traded at the close on the day of the announcement. That's an 8.7% discount for no dilution. </li>
<li>Compared to a broad basket of Peer Baskets (yes, a basket of baskets), the stock has underperformed by 4.2%, and the 3% discount today puts it at 7+% move.</li>
<li>Given the relative cheapness, one should be comfortable putting this on if it gets sold off. This is not different to my initial opinion.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/top-apac-ex-china-investment-worthy-healthcare-companies-using-smartkarma-s-smart-score-screener?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/886/original/Pic%201.png?1710147795"/> <ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter. </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/advantest-6857-jp-ai-speculation-discounted?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Advantest (6857 JP): AI Speculation Discounted </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/891/original/Advantest%20Qtr%20Sales%20OP.png?1710150867"/> <ul>
<li>Advantest has dropped back 11.5% from its recent high but is still up 43% year-to-date and up 2.3X from a year ago. Consolidation is likely to continue.</li>
<li>Demand for High Bandwidth Memory (HBM) for use with AI processors could lift sales, profits and profit margins to new highs within the next two years.</li>
<li>That could bring the projected P/E ratio down from 75.5x FY Mar-24 EPS guidance to 31x FY Mar-26 EPS in a favorable but not unreasonably optimistic scenario. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/yaizu-suisankagaku-industry-2812-jp-3d-succeeds-in-securing-a-bump-to-jpy1-438?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Yaizu Suisankagaku Industry (2812 JP): 3D Succeeds in Securing a Bump to JPY1,438 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/890/original/Revised%201.png?1710149291"/> <ul>
<li>Inaba has bumped its <a data-smartkarma-citation="entities:20044:1" href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" rel="noopener" target="_blank">Yaizu Suisankagaku Industry (2812 JP)</a> offer by 6.5% to JPY1,438 and lowered the minimum number of shares to be purchased from 66.67% to 60.00% ownership ratio.</li>
<li>The bump was forced by 3D Investment Partners increasing its shareholding from 9.78% to 13.81% ownership ratio after the previous JPY1,350 offer was announced on 5 February.</li>
<li>While the offer continues to value YSK below book value, Murakami and 3D’s support paves the way for completion. At the last close, the gross spread was 7.1%. </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/seria-2782-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Seria (2782): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:12989:1" href="https://www.smartkarma.com/entities/seria-co-ltd" rel="noopener" target="_blank">Seria Co Ltd (2782 JP)</a> operates 100-yen stores throughout Japan, buying products from manufacturers and selling them at a flat price of JPY100 (plus tax).</li>
<li>In FY03/23, sales were JPY212.4bn (+2.1% YoY), operating profit was JPY15.4bn (-26.2% YoY), recurring profit JPY15.6bn (-26.8% YoY), and net income JPY10.3bn (-28.3% YoY).</li>
<li>On January 31, 2024, Seria Co., Ltd. announced a revision of its full-year FY03/24 earnings forecast.</li>
</ul>2024-03-11T22:06:37+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9147@JP"}, {"term": "9090@JP"}, {"term": "9143@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "CHINA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "4507@JP"}, {"term": "137310@KS"}, {"term": "4151@JP"}, {"term": "CIPLA@IN"}, {"term": "EBO@AU"}, {"term": "MEGA@TB"}, {"term": "6960@JP"}, {"term": "BOOT@IN"}, {"term": "ZYDUSLIF@IN"}, {"term": "4887@JP"}, {"term": "SANL@IN"}, {"term": "4521@JP"}, {"term": "SUNP@IN"}, {"term": "9987@JP"}, {"term": "4551@JP"}, {"term": "096530@KS"}, {"term": "4547@JP"}, {"term": "SQUARE@BD"}, {"term": "3933@HK"}, {"term": "NTCPH@IN"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6857@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "2812@JP"}, {"term": "5831@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "2782@JP"}, {"term": "8361@JP"}, {"term": "2735@JP"}, {"term": "2698@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9143@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NTCPH@IN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6857@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "5831@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2698@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/a630d408-1e02-3272-9d80-d67097494861Brief Japan: Kumiai Chemical Industry (4996): Q1 Fy06/24 Flash and more2024-03-28T14:17:28.808114+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kumiai-chemical-industry-4996-q1-fy06-24-flash?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Kumiai Chemical Industry (4996): Q1 Fy06/24 Flash</a></li><li><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li><li><a href="https://www.smartkarma.com/insights/global-fx-economics-not-safe-yet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global FX & Economics: Not safe yet</a></li><li><a href="https://www.smartkarma.com/insights/jafco-group-8595-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAFCO Group (8595): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kumiai-chemical-industry-4996-q1-fy06-24-flash?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Kumiai Chemical Industry (4996): Q1 Fy06/24 Flash </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:12566:1" href="https://www.smartkarma.com/entities/kumiai-chemical-industry-co" rel="noopener" target="_blank">Kumiai Chemical Industry Co (4996 JP)</a> is an R&D-focused agrochemical manufacturing and marketing company with herbicides occupying a large portion of sales.</li>
<li>Overall sales decreased as sales in the mainstay Agricultural Chemicals and Agriculture-Related Businesses fell YoY. Overseas sales accounted for 61.4% of total sales.</li>
<li>Operating profit decreased 49.3% YoY. Recurring profit fell 11.6% YoY, due mainly to a drop in earnings of affiliates under non-operating income, despite narrower foreign exchange losses.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments </a></h3><p></p><ul><li>Gold Prices Surge: Gold reaches all-time highs against the US dollar and fiat currencies worldwide, signaling skepticism towards central bank policies.</li><li>Economic Indicators: India maintains strong economic activity despite political uncertainties, while China's export performance exceeds expectations.</li><li>Corporate Profits and Currency Impact: Japan's corporate profits fall short of expectations, highlighting vulnerabilities to external factors like currency values.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-fx-economics-not-safe-yet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Global FX & Economics: Not safe yet </a></h3><p></p><ul><li>The yen has been the worst performing currency this year, but has been trading in a tight range around 150 against the dollar.</li><li>Recent developments suggest the Bank of Japan may make policy changes in March or April, possibly exiting negative rates.</li><li>Market may be getting ahead of itself with expectations for a hawkish shift from the BOJ, potentially leading to short-lived movements in the dollar-yen pair.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jafco-group-8595-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. JAFCO Group (8595): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:8848:1" href="https://www.smartkarma.com/entities/jafco-co-ltd" rel="noopener" target="_blank">Jafco Co Ltd (8595 JP)</a> is the largest specialist venture capital company in Japan.</li>
<li>In FY03/23, JAFCO reported revenue of JPY14.1bn, an operating loss of JPY4.4bn, a recurring loss of JPY3.0bn, and net income of JPY40.6bn.</li>
<li>JAFCO Group Co., Ltd. has announced a partnership with Nomura Asset Management Co., Ltd. to create a new publicly offered investment trust incorporating unlisted shares.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/kumiai-chemical-industry-4996-q1-fy06-24-flash?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Kumiai Chemical Industry (4996): Q1 Fy06/24 Flash</a></li><li><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History</a></li><li><a href="https://www.smartkarma.com/insights/global-fx-economics-not-safe-yet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global FX & Economics: Not safe yet</a></li><li><a href="https://www.smartkarma.com/insights/jafco-group-8595-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAFCO Group (8595): Q3 FY03/24 Update</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/kumiai-chemical-industry-4996-q1-fy06-24-flash?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Kumiai Chemical Industry (4996): Q1 Fy06/24 Flash </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:12566:1" href="https://www.smartkarma.com/entities/kumiai-chemical-industry-co" rel="noopener" target="_blank">Kumiai Chemical Industry Co (4996 JP)</a> is an R&D-focused agrochemical manufacturing and marketing company with herbicides occupying a large portion of sales.</li>
<li>Overall sales decreased as sales in the mainstay Agricultural Chemicals and Agriculture-Related Businesses fell YoY. Overseas sales accounted for 61.4% of total sales.</li>
<li>Operating profit decreased 49.3% YoY. Recurring profit fell 11.6% YoY, due mainly to a drop in earnings of affiliates under non-operating income, despite narrower foreign exchange losses.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/walker-s-weekly-dr-jim-s-summary-of-key-global-macro-developments-8-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Walker’s Weekly: Dr. Jim's Summary of Key Global Macro Developments </a></h3><p></p><ul><li>Gold Prices Surge: Gold reaches all-time highs against the US dollar and fiat currencies worldwide, signaling skepticism towards central bank policies.</li><li>Economic Indicators: India maintains strong economic activity despite political uncertainties, while China's export performance exceeds expectations.</li><li>Corporate Profits and Currency Impact: Japan's corporate profits fall short of expectations, highlighting vulnerabilities to external factors like currency values.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/steno-signals-90-more-liquidity-to-the-most-hated-rally-in-recent-history?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Steno Signals #90 – More Liquidity to the Most Hated Rally in Recent History </a></h3><p></p><ul>
<li>Welcome to our flagship editorial! Is it the year 2021, 2007 or 1995?</li>
<li>These historical analogies are often used in sell-side reports, and we are going to jump the bandwagon with a few semi-fishy analogies today.</li>
<li>I do get some vibes that are reminiscent of melt-up years ahead of crisis years.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-fx-economics-not-safe-yet?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Global FX & Economics: Not safe yet </a></h3><p></p><ul><li>The yen has been the worst performing currency this year, but has been trading in a tight range around 150 against the dollar.</li><li>Recent developments suggest the Bank of Japan may make policy changes in March or April, possibly exiting negative rates.</li><li>Market may be getting ahead of itself with expectations for a hawkish shift from the BOJ, potentially leading to short-lived movements in the dollar-yen pair.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/jafco-group-8595-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. JAFCO Group (8595): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:8848:1" href="https://www.smartkarma.com/entities/jafco-co-ltd" rel="noopener" target="_blank">Jafco Co Ltd (8595 JP)</a> is the largest specialist venture capital company in Japan.</li>
<li>In FY03/23, JAFCO reported revenue of JPY14.1bn, an operating loss of JPY4.4bn, a recurring loss of JPY3.0bn, and net income of JPY40.6bn.</li>
<li>JAFCO Group Co., Ltd. has announced a partnership with Nomura Asset Management Co., Ltd. to create a new publicly offered investment trust incorporating unlisted shares.</li>
</ul>2024-03-11T13:56:14+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4996@JP"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "SWEDEN"}, {"term": "GERMANY"}, {"term": "KOREA"}, {"term": "AUSTRALIA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "GT10@GOVT"}, {"term": "USD@CURNCY"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8595@JP"}, {"term": "4307@JP"}, {"term": "8604@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4996@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDJPY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8604@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/cbb79a36-a502-3a0d-8644-46873e679a04Brief Japan: IDEC (6652): Q3 FY03/24 Update and more2024-03-28T14:17:28.796187+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/idec-6652-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">IDEC (6652): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/tocalo-3433-recognized-with-b-score-in-climate-change-report-2023-published-by-cdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TOCALO (3433): Recognized with B Score in Climate Change Report 2023 Published by CDP</a></li><li><a href="https://www.smartkarma.com/insights/t-d-holdings-8795-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">T&D Holdings (8795): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/pan-pacific-international-holdings-7532-revision-to-full-year-fy06-24-company-forecast?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast</a></li><li><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/idec-6652-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. IDEC (6652): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:19312:1" href="https://www.smartkarma.com/entities/idec-corp" rel="noopener" target="_blank">IDEC Corp (6652 JP)</a> is a comprehensive manufacturer and vendor of control equipment, especially human-machine interface (HMI) devices such as switches.</li>
<li>For FY03/23, the company reported revenue of JPY83.9bn, operating profit of JPY14.0bn, recurring profit of JPY14.4bn, and net income of JPY10.1bn, with EPS of JPY348.4.</li>
<li>The company achieved its FY03/25 targets two years ahead of schedule, prompting management to announce upwardly revised targets for the same year in May 2023.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tocalo-3433-recognized-with-b-score-in-climate-change-report-2023-published-by-cdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. TOCALO (3433): Recognized with B Score in Climate Change Report 2023 Published by CDP </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:11990:1" href="https://www.smartkarma.com/entities/tocalo-co-ltd" rel="noopener" target="_blank">Tocalo Co Ltd (3433 JP)</a> provides surface treatments that improve the performance of materials used across a range of industries by adding properties.</li>
<li>In FY03/23, sales were JPY48.1bn, operating profit JPY10.6bn, recurring profit JPY11.0bn, and net income attributable to owners of the parent JPY7.4bn.</li>
<li>Tocalo Co., Ltd. has announced that it has been recognized with a B score in the Climate Change Report 2023 published by CDP.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/t-d-holdings-8795-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. T&D Holdings (8795): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:3431:1" href="https://www.smartkarma.com/entities/t-d-holdings-inc" rel="noopener" target="_blank">T&D Holdings (8795 JP)</a> , formed in 2004, is Japan’s first life insurance holding company.</li>
<li>In FY03/23, ordinary revenues were JPY3.2tn, ordinary loss was JPY74.1bn, and loss attributable to owners of the parent was JPY132.2bn.</li>
<li>T&D Holdings, Inc. has announced a change in its president.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/pan-pacific-international-holdings-7532-revision-to-full-year-fy06-24-company-forecast?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:13475:1" href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" rel="noopener" target="_blank">Pan Pacific International Holdings (7532 JP)</a> is one of Japan’s top retailers whose core business is the Don Quijote discount store chain.</li>
<li>The company recorded FY06/23 sales of JPY1,936.8bn, operating profit of JPY105.3bn, recurring profit of JPY111.0bn, and net income attributable to owners of the parent of JPY66.2bn.</li>
<li>Pan Pacific International Holdings Corporation has announced a revision to its full-year earnings forecast for FY06/24, which was announced on August 16, 2023.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/215/original/table%2011%20Mar%2024.jpg?1709800275"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> was hoping for better luck with its listing this time around.</li>
<li>For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/idec-6652-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">IDEC (6652): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/tocalo-3433-recognized-with-b-score-in-climate-change-report-2023-published-by-cdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TOCALO (3433): Recognized with B Score in Climate Change Report 2023 Published by CDP</a></li><li><a href="https://www.smartkarma.com/insights/t-d-holdings-8795-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">T&D Holdings (8795): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/pan-pacific-international-holdings-7532-revision-to-full-year-fy06-24-company-forecast?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast</a></li><li><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/idec-6652-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. IDEC (6652): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:19312:1" href="https://www.smartkarma.com/entities/idec-corp" rel="noopener" target="_blank">IDEC Corp (6652 JP)</a> is a comprehensive manufacturer and vendor of control equipment, especially human-machine interface (HMI) devices such as switches.</li>
<li>For FY03/23, the company reported revenue of JPY83.9bn, operating profit of JPY14.0bn, recurring profit of JPY14.4bn, and net income of JPY10.1bn, with EPS of JPY348.4.</li>
<li>The company achieved its FY03/25 targets two years ahead of schedule, prompting management to announce upwardly revised targets for the same year in May 2023.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/tocalo-3433-recognized-with-b-score-in-climate-change-report-2023-published-by-cdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. TOCALO (3433): Recognized with B Score in Climate Change Report 2023 Published by CDP </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:11990:1" href="https://www.smartkarma.com/entities/tocalo-co-ltd" rel="noopener" target="_blank">Tocalo Co Ltd (3433 JP)</a> provides surface treatments that improve the performance of materials used across a range of industries by adding properties.</li>
<li>In FY03/23, sales were JPY48.1bn, operating profit JPY10.6bn, recurring profit JPY11.0bn, and net income attributable to owners of the parent JPY7.4bn.</li>
<li>Tocalo Co., Ltd. has announced that it has been recognized with a B score in the Climate Change Report 2023 published by CDP.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/t-d-holdings-8795-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. T&D Holdings (8795): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:3431:1" href="https://www.smartkarma.com/entities/t-d-holdings-inc" rel="noopener" target="_blank">T&D Holdings (8795 JP)</a> , formed in 2004, is Japan’s first life insurance holding company.</li>
<li>In FY03/23, ordinary revenues were JPY3.2tn, ordinary loss was JPY74.1bn, and loss attributable to owners of the parent was JPY132.2bn.</li>
<li>T&D Holdings, Inc. has announced a change in its president.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/pan-pacific-international-holdings-7532-revision-to-full-year-fy06-24-company-forecast?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:13475:1" href="https://www.smartkarma.com/entities/pan-pacific-international-holdings-corporation" rel="noopener" target="_blank">Pan Pacific International Holdings (7532 JP)</a> is one of Japan’s top retailers whose core business is the Don Quijote discount store chain.</li>
<li>The company recorded FY06/23 sales of JPY1,936.8bn, operating profit of JPY105.3bn, recurring profit of JPY111.0bn, and net income attributable to owners of the parent of JPY66.2bn.</li>
<li>Pan Pacific International Holdings Corporation has announced a revision to its full-year earnings forecast for FY06/24, which was announced on August 16, 2023.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ecm-weekly-11th-mar-2024-oriental-land-arm-tuhu-wiwynn-macrotech-zomato-trial-holding?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. ECM Weekly (11th Mar 2024) - Oriental Land, ARM, Tuhu, Wiwynn, Macrotech, Zomato, Trial Holding </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/215/original/table%2011%20Mar%2024.jpg?1709800275"/> <ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> was hoping for better luck with its listing this time around.</li>
<li>For placements, it was a very busy week for a change with most regions, apart from Hong Kong, chipping in.</li>
</ul>2024-03-11T10:27:19+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "6652@JP"}, {"term": "7203@JP"}, {"term": "ROK@US"}, {"term": "SU@FP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "3433@JP"}, {"term": "8035@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8795@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "7532@JP"}, {"term": "Equity Capital Markets"}, {"term": "COMMUNICATION SERVICES"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9984@JP"}, {"term": "UOB@SP"}, {"term": "OCBC@SP"}, {"term": "DBS@SP"}, {"term": "TME@US"}, {"term": "INFO@IN"}, {"term": "TCS@IN"}, {"term": "RIL@IN"}, {"term": "9988@HK"}, {"term": "BABA@US"}, {"term": "9618@HK"}, {"term": "JD@US"}, {"term": "3690@HK"}, {"term": "700@HK"}, {"term": "9690@HK"}, {"term": "377300@KS"}, {"term": "1700674D@IN"}, {"term": "MOTHERSO@IN"}, {"term": "ARM@US"}, {"term": "DYL@AU"}, {"term": "LODHA@IN"}, {"term": "EQT@SS"}, {"term": "5882@JP"}, {"term": "9147@JP"}, {"term": "NLC@IN"}, {"term": "6669@TT"}, {"term": "XHT@HK"}, {"term": "AMM@MK"}, {"term": "055550@KS"}, {"term": "MM@IN"}, {"term": "9009@JP"}, {"term": "2314866D@CH"}, {"term": "4661@JP"}, {"term": "ANZ@AU"}, {"term": "AAVAS@IN"}, {"term": "ZOMATO@IN"}, {"term": "SZTD@HK"}, {"term": "1730088D@CH"}, {"term": "GQG@AU"}, {"term": "BHARTI@IN"}, {"term": "ST@SP"}, {"term": "DBRL@IN"}, {"term": "INDIGO@IN"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "SU@FP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8035@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8795@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7532@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "INDIGO@IN"}]https://www.smartkarma.com/segment/feeds/japan.rss/cd39b105-1fe1-35e0-bd9f-b2ce3fd5e017Brief Japan: EQD and more2024-03-28T14:17:28.784274+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EQD</a></li><li><a href="https://www.smartkarma.com/insights/jal-mall-gold-from-30m-mileage-members?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAL Mall: Gold from 30m Mileage Members</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-laser-eyed-larry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-11-mar-shinko-jsr-azure-genex-orecorp-hollysys-cpmc-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Merger Arb Mondays (11 Mar) - Shinko, JSR, Azure, Genex, OreCorp, Hollysys, CPMC, Vinda</a></li><li><a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-whoomp-there-it-is-part-deux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Dai-Nippon Printing (7912) - Whoomp There It Is! Part Deux</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/052/original/Screenshot%202024-03-06%20at%2010.47.43.png?1709718474"/> <ul><li>A cross-country study on the post earning announcement drift effect.</li><li>We explore the use of various options-implied analytics to systematically view returns around earnings announcements. </li><li>Options-Implied Analytics can provide empowering information to better inform investment decisions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jal-mall-gold-from-30m-mileage-members?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JAL Mall: Gold from 30m Mileage Members </a></h3><p></p><ul>
<li>Amidst intense competition in online mall retailing, JAL and ANA both launched their own e-commerce malls last year to replace once popular catalogues.</li>
<li>Although a tough market to enter given the competition from the big 3 (Amazon, Rakuten and Yahoo), airlines have distinct advantages over other small malls.</li>
<li>In particular, they have data on millions of consumers and access to premium customers willing to spend ¥1 million on a case of wine.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-laser-eyed-larry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/715/original/image_74402113121710076685505.png?1710076684"/> <ul>
<li>US Stocks stumbled on Friday as Nvidia’s remarkable surge paused, capping off a volatile week.</li>
<li>In the US, employers added 275,000 jobs in February, surpassing expectations despite a rise in the unemployment rate. This marks the third consecutive month of gains above 200,000</li>
<li>SEC Chair Gary Gensler cautioned investors about cryptocurrencies as bitcoin reached a new all-time high, labelling the field as "rife with abuses and fraud." Larry Fink is a HODLer</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-11-mar-shinko-jsr-azure-genex-orecorp-hollysys-cpmc-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Merger Arb Mondays (11 Mar) - Shinko, JSR, Azure, Genex, OreCorp, Hollysys, CPMC, Vinda </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:351:1" href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" rel="noopener" target="_blank">China Traditional Chinese Medicine (570 HK)</a>, <a data-smartkarma-citation="entities:28435:1" href="https://www.smartkarma.com/entities/genetron-holdings-ltd" rel="noopener" target="_blank">Genetron Holdings Ltd (GTH US)</a>.</em></strong> </li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:28012:1" href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" rel="noopener" target="_blank">CIMC Vehicle Group Co Ltd (1839 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:33434:1" href="https://www.smartkarma.com/entities/payroll-inc" rel="noopener" target="_blank">Payroll (4489 JP)</a>, <a data-smartkarma-citation="entities:31118:1" href="https://www.smartkarma.com/entities/welbe-inc" rel="noopener" target="_blank">Welbe Inc (6556 JP)</a>.</em></strong> </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-whoomp-there-it-is-part-deux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Dai-Nippon Printing (7912) - Whoomp There It Is! Part Deux </a></h3><p></p><ul>
<li>At end-January 2023 it became clear activist Elliott Management had set its sights on <a data-smartkarma-citation="entities:19388:1" href="https://www.smartkarma.com/entities/dai-nippon-printing-co-ltd" rel="noopener" target="_blank">Dai Nippon Printing (7912 JP)</a>. The stock popped and people got bullish.</li>
<li>I warned about the "complicated" nature of gains going forward <a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-activism-results-going-forward-are-complicated" rel="noopener" target="_blank">here</a>. Three weeks later they announced details of including ¥100bn of buybacks per year for 3yrs. That's discussed <a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-whoop-there-it-is-100bn-buyback-in-a-year-300bn-in-3yrs" rel="noopener" target="_blank">here</a>.</li>
<li>I rarely write bearishly about a huge buyback program but from next day open, over 1yr, total return has been 4.9%. Stage 2 starts 11 March with ¥50bn through end-Sep24. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EQD</a></li><li><a href="https://www.smartkarma.com/insights/jal-mall-gold-from-30m-mileage-members?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAL Mall: Gold from 30m Mileage Members</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-laser-eyed-larry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-11-mar-shinko-jsr-azure-genex-orecorp-hollysys-cpmc-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Merger Arb Mondays (11 Mar) - Shinko, JSR, Azure, Genex, OreCorp, Hollysys, CPMC, Vinda</a></li><li><a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-whoomp-there-it-is-part-deux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Dai-Nippon Printing (7912) - Whoomp There It Is! Part Deux</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eqd-a-systematic-look-at-the-post-earnings-announcement-drift-across-asia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/052/original/Screenshot%202024-03-06%20at%2010.47.43.png?1709718474"/> <ul><li>A cross-country study on the post earning announcement drift effect.</li><li>We explore the use of various options-implied analytics to systematically view returns around earnings announcements. </li><li>Options-Implied Analytics can provide empowering information to better inform investment decisions.</li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jal-mall-gold-from-30m-mileage-members?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JAL Mall: Gold from 30m Mileage Members </a></h3><p></p><ul>
<li>Amidst intense competition in online mall retailing, JAL and ANA both launched their own e-commerce malls last year to replace once popular catalogues.</li>
<li>Although a tough market to enter given the competition from the big 3 (Amazon, Rakuten and Yahoo), airlines have distinct advantages over other small malls.</li>
<li>In particular, they have data on millions of consumers and access to premium customers willing to spend ¥1 million on a case of wine.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-laser-eyed-larry?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/715/original/image_74402113121710076685505.png?1710076684"/> <ul>
<li>US Stocks stumbled on Friday as Nvidia’s remarkable surge paused, capping off a volatile week.</li>
<li>In the US, employers added 275,000 jobs in February, surpassing expectations despite a rise in the unemployment rate. This marks the third consecutive month of gains above 200,000</li>
<li>SEC Chair Gary Gensler cautioned investors about cryptocurrencies as bitcoin reached a new all-time high, labelling the field as "rife with abuses and fraud." Larry Fink is a HODLer</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-11-mar-shinko-jsr-azure-genex-orecorp-hollysys-cpmc-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Merger Arb Mondays (11 Mar) - Shinko, JSR, Azure, Genex, OreCorp, Hollysys, CPMC, Vinda </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:351:1" href="https://www.smartkarma.com/entities/china-traditional-chinese-medicine" rel="noopener" target="_blank">China Traditional Chinese Medicine (570 HK)</a>, <a data-smartkarma-citation="entities:28435:1" href="https://www.smartkarma.com/entities/genetron-holdings-ltd" rel="noopener" target="_blank">Genetron Holdings Ltd (GTH US)</a>.</em></strong> </li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:28012:1" href="https://www.smartkarma.com/entities/cimc-vehicles-group-co-ltd" rel="noopener" target="_blank">CIMC Vehicle Group Co Ltd (1839 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:33434:1" href="https://www.smartkarma.com/entities/payroll-inc" rel="noopener" target="_blank">Payroll (4489 JP)</a>, <a data-smartkarma-citation="entities:31118:1" href="https://www.smartkarma.com/entities/welbe-inc" rel="noopener" target="_blank">Welbe Inc (6556 JP)</a>.</em></strong> </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-whoomp-there-it-is-part-deux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Dai-Nippon Printing (7912) - Whoomp There It Is! Part Deux </a></h3><p></p><ul>
<li>At end-January 2023 it became clear activist Elliott Management had set its sights on <a data-smartkarma-citation="entities:19388:1" href="https://www.smartkarma.com/entities/dai-nippon-printing-co-ltd" rel="noopener" target="_blank">Dai Nippon Printing (7912 JP)</a>. The stock popped and people got bullish.</li>
<li>I warned about the "complicated" nature of gains going forward <a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-activism-results-going-forward-are-complicated" rel="noopener" target="_blank">here</a>. Three weeks later they announced details of including ¥100bn of buybacks per year for 3yrs. That's discussed <a href="https://www.smartkarma.com/insights/dai-nippon-printing-7912-whoop-there-it-is-100bn-buyback-in-a-year-300bn-in-3yrs" rel="noopener" target="_blank">here</a>.</li>
<li>I rarely write bearishly about a huge buyback program but from next day open, over 1yr, total return has been 4.9%. Stage 2 starts 11 March with ¥50bn through end-Sep24. </li>
</ul>2024-03-11T08:08:07+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "SPX@INDEX"}, {"term": "9618@HK"}, {"term": "9984@JP"}, {"term": "JD@US"}, {"term": "SPY@US"}, {"term": "NIFTY@INDEX"}, {"term": "HSI@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9201@JP"}, {"term": "9202@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6967@JP"}, {"term": "CD@SP"}, {"term": "ABC@AU"}, {"term": "2318@HK"}, {"term": "1205@HK"}, {"term": "AA@US"}, {"term": "2651@JP"}, {"term": "AND@AU"}, {"term": "SVW@AU"}, {"term": "1818@HK"}, {"term": "BLD@AU"}, {"term": "SLR@AU"}, {"term": "8306@JP"}, {"term": "8750@JP"}, {"term": "SVM@US"}, {"term": "PYFA@IJ"}, {"term": "ALU@AU"}, {"term": "7816@JP"}, {"term": "PRU@AU"}, {"term": "A2B@AU"}, {"term": "RED@AU"}, {"term": "QVE@AU"}, {"term": "LNK@AU"}, {"term": "2812@JP"}, {"term": "SGO@FP"}, {"term": "328130@KS"}, {"term": "9433@JP"}, {"term": "CRH@LN"}, {"term": "WLE@AU"}, {"term": "VHT@AU"}, {"term": "ORR@AU"}, {"term": "6723@JP"}, {"term": "SQM@US"}, {"term": "3331@HK"}, {"term": "NPR@AU"}, {"term": "CSR@AU"}, {"term": "BWP@AU"}, {"term": "HOLI@US"}, {"term": "2427@JP"}, {"term": "2412@JP"}, {"term": "4185@JP"}, {"term": "AZS@AU"}, {"term": "AWC@AU"}, {"term": "9513@JP"}, {"term": "2698@HK"}, {"term": "6556@JP"}, {"term": "4489@JP"}, {"term": "906@HK"}, {"term": "PGH@AU"}, {"term": "1839@HK"}, {"term": "TIE@AU"}, {"term": "GTH@US"}, {"term": "570@HK"}, {"term": "GNX@AU"}, {"term": "PBP@AU"}, {"term": "APM@AU"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "7912@JP"}, {"term": "6967@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "HSI@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9202@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "APM@AU"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6967@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/64da8937-ba34-36d4-884d-e5cdac713e0cBrief Japan: Japan Weekly and more2024-03-28T14:17:28.770348+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/japan-weekly-tech-sell-off-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Weekly</a></li><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-10-mar-trial-arm-jsr-nippon-express-alumina-azure-genex-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (10 Mar) - Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda</a></li><li><a href="https://www.smartkarma.com/insights/tse-should-aim-for-a-quality-market-rather-than-a-market-where-listed-companies-can-easily-inhabit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX</a></li><li><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-genex-alumina-azure-minerals-vinda-jsr-corp-shinko-electric-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Assia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/japan-weekly-tech-sell-off-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Japan Weekly </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/713/original/image_23750899351710074620571.png?1710074620"/> <ul>
<li>The Nikkei 225 Index declined by 0.56%, closing at 39,689 for the week, while the broader Topix Index gained 0.64% to reach 2,727</li>
<li>In terms of sectors, defensive and domestic sectors posted the strongest gains this week. Gas Utilities (+9%), Electric Utilities (+5%), Construction (+7%), and Banks (+6.6%) were standout performers.</li>
<li>At the stock level, Tsumura (+28%) was the standout stock this week on revisions to NHI drug prices</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-10-mar-trial-arm-jsr-nippon-express-alumina-azure-genex-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Weekly Deals Digest (10 Mar) - Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <strong><em><a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a></em></strong> IPO, <strong><em><a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a></em></strong> placement and <em><strong><a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a></strong></em> lock-up expiry.</li>
<li>Event-Driven developments: <strong><em><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a></em></strong>. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tse-should-aim-for-a-quality-market-rather-than-a-market-where-listed-companies-can-easily-inhabit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit </a></h3><p></p><ul>
<li>Even if TSE requires new listed companies to disclose the reasons for listing and the possibility of raising funds, it's questionable whether this will motivate them to grow their businesses.</li>
<li>Companies that are not eligible for investment in terms of market capitalization and trading liquidity criteria will not be effective if they seek contact with institutional investors.</li>
<li>If unlisted stock markets are created, IPOs will increase in size. If listing criteria are raised to tens billion yen in market capitalization, institutional interest in growth market will increase.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/996/original/image?1709709401"/> <ul>
<li>
<a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank"><strong>Keisei Electric Railway Co (9009 JP)</strong></a> places out 1% of <strong><a data-smartkarma-citation="entities:13517:1" href="https://www.smartkarma.com/entities/oriental-land-co-ltd" rel="noopener" target="_blank">Oriental Land (4661 JP)</a></strong>, but rejects lowering its stake to 15%. That is the end of the near-term catalyst.</li>
<li>
<strong><a data-smartkarma-citation="entities:7037:1" href="https://www.smartkarma.com/entities/new-world-development" rel="noopener" target="_blank">New World Development (17 HK)</a></strong> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for both <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU) </a></strong> and <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong> are trading wide; both potentially FIRB-related.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-genex-alumina-azure-minerals-vinda-jsr-corp-shinko-electric-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. (Mostly) Assia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/530/original/image_39942731091709953593572.png?1709953595"/> <ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Just one new deal was discussed this week on Smartkarma (possible four): <strong><a data-smartkarma-citation="entities:292:1" href="https://www.smartkarma.com/entities/electric-power-development-c" rel="noopener" target="_blank">Electric Power Development C (9513 JP)</a></strong>'s tilt for <strong><a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a></strong>.</li>
<li>Key updates took place on: <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong>, <strong><a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a></strong>, <strong><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a></strong>, and <strong><a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a> </strong>
</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/japan-weekly-tech-sell-off-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Weekly</a></li><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-10-mar-trial-arm-jsr-nippon-express-alumina-azure-genex-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (10 Mar) - Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda</a></li><li><a href="https://www.smartkarma.com/insights/tse-should-aim-for-a-quality-market-rather-than-a-market-where-listed-companies-can-easily-inhabit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX</a></li><li><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-genex-alumina-azure-minerals-vinda-jsr-corp-shinko-electric-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Assia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/japan-weekly-tech-sell-off-to-continue?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Japan Weekly </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/713/original/image_23750899351710074620571.png?1710074620"/> <ul>
<li>The Nikkei 225 Index declined by 0.56%, closing at 39,689 for the week, while the broader Topix Index gained 0.64% to reach 2,727</li>
<li>In terms of sectors, defensive and domestic sectors posted the strongest gains this week. Gas Utilities (+9%), Electric Utilities (+5%), Construction (+7%), and Banks (+6.6%) were standout performers.</li>
<li>At the stock level, Tsumura (+28%) was the standout stock this week on revisions to NHI drug prices</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-10-mar-trial-arm-jsr-nippon-express-alumina-azure-genex-vinda?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Weekly Deals Digest (10 Mar) - Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <strong><em><a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a></em></strong> IPO, <strong><em><a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a></em></strong> placement and <em><strong><a data-smartkarma-citation="entities:21816:1" href="https://www.smartkarma.com/entities/arm-holdings-inc" rel="noopener" target="_blank">ARM Holdings (ARM US)</a></strong></em> lock-up expiry.</li>
<li>Event-Driven developments: <strong><em><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a>, <a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a>, <a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a></em></strong>. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tse-should-aim-for-a-quality-market-rather-than-a-market-where-listed-companies-can-easily-inhabit?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit </a></h3><p></p><ul>
<li>Even if TSE requires new listed companies to disclose the reasons for listing and the possibility of raising funds, it's questionable whether this will motivate them to grow their businesses.</li>
<li>Companies that are not eligible for investment in terms of market capitalization and trading liquidity criteria will not be effective if they seek contact with institutional investors.</li>
<li>If unlisted stock markets are created, IPOs will increase in size. If listing criteria are raised to tens billion yen in market capitalization, institutional interest in growth market will increase.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-new-world-development-alumina-ltd-azure-minerals-tdcx?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Last Week in Event SPACE: Keisei Electric, New World Development, Alumina Ltd, Azure Minerals, TDCX </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/996/original/image?1709709401"/> <ul>
<li>
<a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank"><strong>Keisei Electric Railway Co (9009 JP)</strong></a> places out 1% of <strong><a data-smartkarma-citation="entities:13517:1" href="https://www.smartkarma.com/entities/oriental-land-co-ltd" rel="noopener" target="_blank">Oriental Land (4661 JP)</a></strong>, but rejects lowering its stake to 15%. That is the end of the near-term catalyst.</li>
<li>
<strong><a data-smartkarma-citation="entities:7037:1" href="https://www.smartkarma.com/entities/new-world-development" rel="noopener" target="_blank">New World Development (17 HK)</a></strong> popped after property cooling measures were scrapped. Then gave those gains back. And then some, and is now trading at 0.11x P/B, its lowest-ever level.</li>
<li>The spreads for both <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU) </a></strong> and <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong> are trading wide; both potentially FIRB-related.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mostly-assia-pac-m-a-genex-alumina-azure-minerals-vinda-jsr-corp-shinko-electric-industries?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. (Mostly) Assia-Pac M&A: Genex, Alumina, Azure Minerals, Vinda, JSR Corp, Shinko Electric Industries </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/530/original/image_39942731091709953593572.png?1709953595"/> <ul>
<li>I tally 51 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.</li>
<li>Just one new deal was discussed this week on Smartkarma (possible four): <strong><a data-smartkarma-citation="entities:292:1" href="https://www.smartkarma.com/entities/electric-power-development-c" rel="noopener" target="_blank">Electric Power Development C (9513 JP)</a></strong>'s tilt for <strong><a data-smartkarma-citation="entities:29079:1" href="https://www.smartkarma.com/entities/genex-power-ltd" rel="noopener" target="_blank">Genex Power Ltd (GNX AU)</a></strong>.</li>
<li>Key updates took place on: <strong><a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a></strong>, <strong><a data-smartkarma-citation="entities:16538:1" href="https://www.smartkarma.com/entities/azure-minerals-ltd" rel="noopener" target="_blank">Azure Minerals (AZS AU)</a></strong>, <strong><a data-smartkarma-citation="entities:475:1" href="https://www.smartkarma.com/entities/vinda-international-holdings-limited" rel="noopener" target="_blank">Vinda International (3331 HK)</a></strong>, <strong><a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a></strong>, and <strong><a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a> </strong>
</li>
</ul>2024-03-10T21:01:43+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Capital Markets"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "5882@JP"}, {"term": "NVDA@US"}, {"term": "2104619D@CH"}, {"term": "9513@JP"}, {"term": "SQM@US"}, {"term": "1205@HK"}, {"term": "AA@US"}, {"term": "3331@HK"}, {"term": "GNX@AU"}, {"term": "AZS@AU"}, {"term": "AWC@AU"}, {"term": "4185@JP"}, {"term": "ARM@US"}, {"term": "9147@JP"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9009@JP"}, {"term": "IBE@SM"}, {"term": "AGR@US"}, {"term": "SIG@AU"}, {"term": "ARM@US"}, {"term": "O2D@GR"}, {"term": "VIAV@US"}, {"term": "659@HK"}, {"term": "SPT@LN"}, {"term": "3690@HK"}, {"term": "825@HK"}, {"term": "4062@JP"}, {"term": "9983@JP"}, {"term": "AA@US"}, {"term": "003410@KS"}, {"term": "4185@JP"}, {"term": "MIN@AU"}, {"term": "9984@JP"}, {"term": "GNX@AU"}, {"term": "2015@HK"}, {"term": "TEF@SM"}, {"term": "ECR@SM"}, {"term": "6967@JP"}, {"term": "9513@JP"}, {"term": "SQM/B@CI"}, {"term": "9868@HK"}, {"term": "TLGO@SM"}, {"term": "APZ@AU"}, {"term": "1910@HK"}, {"term": "ORR@AU"}, {"term": "PRU@AU"}, {"term": "EGH@AU"}, {"term": "3331@HK"}, {"term": "011780@KS"}, {"term": "TDCX@US"}, {"term": "AZS@AU"}, {"term": "AWC@AU"}, {"term": "17@HK"}, {"term": "4661@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "A1N@AU"}, {"term": "1839@HK"}, {"term": "PGH@AU"}, {"term": "2651@JP"}, {"term": "2412@JP"}, {"term": "PSQ@AU"}, {"term": "MFIN@IJ"}, {"term": "SLC@AU"}, {"term": "ICLK@US"}, {"term": "SLR@AU"}, {"term": "BLY@AU"}, {"term": "SIG@AU"}, {"term": "HOLI@US"}, {"term": "NPR@AU"}, {"term": "UMWH@MK"}, {"term": "TDCX@US"}, {"term": "QVE@AU"}, {"term": "LNK@AU"}, {"term": "1890@JP"}, {"term": "2427@JP"}, {"term": "6789@JP"}, {"term": "TIE@AU"}, {"term": "906@HK"}, {"term": "PPT@AU"}, {"term": "GTH@US"}, {"term": "570@HK"}, {"term": "QIP@AU"}, {"term": "4489@JP"}, {"term": "6556@JP"}, {"term": "2698@HK"}, {"term": "CSR@AU"}, {"term": "KEX@TB"}, {"term": "ABC@AU"}, {"term": "A2B@AU"}, {"term": "4062@JP"}, {"term": "PRU@AU"}, {"term": "SXL@AU"}, {"term": "AND@AU"}, {"term": "A11@AU"}, {"term": "4480@JP"}, {"term": "SQM/B@CI"}, {"term": "APM@AU"}, {"term": "MIN@AU"}, {"term": "003410@KS"}, {"term": "BLD@AU"}, {"term": "APZ@AU"}, {"term": "ORR@AU"}, {"term": "AA@US"}, {"term": "ALU@AU"}, {"term": "5127@JP"}, {"term": "4636@JP"}, {"term": "9783@JP"}, {"term": "1910@HK"}, {"term": "LPI@AU"}, {"term": "EGH@AU"}, {"term": "PBP@AU"}, {"term": "6967@JP"}, {"term": "3331@HK"}, {"term": "AZS@AU"}, {"term": "AWC@AU"}, {"term": "GNX@AU"}, {"term": "9513@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9147@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4661@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9513@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/867f5fdd-fd05-359a-a1e8-14bdcd43d44eBrief Japan: Nihon Chouzai (3341): Q3 FY03/24 Update and more2024-03-28T14:17:28.747350+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nihon-chouzai-3341-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nihon Chouzai (3341): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/comsys-holdings-1721-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Comsys Holdings (1721): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Week Ahead – US CPI, UK Labour Market Data and China CPI</a></li><li><a href="https://www.smartkarma.com/insights/tokyo-electron-8035-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tokyo Electron (8035): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/eisai-co-ltd-4523-jp-despite-sluggish-launch-ambitious-long-term-target-set-for-leqembi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nihon-chouzai-3341-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nihon Chouzai (3341): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:5873:1" href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" rel="noopener" target="_blank">Nihon Chouzai (3341 JP)</a> is an integrated healthcare company whose core business is the operation of dispensing pharmacies.</li>
<li>In FY03/23, Nihon Chouzai reported sales of JPY313.3bn, operating profit of JPY7.6bn, recurring profit of JPY7.7bn, and net income attributable to owners of the parent of JPY4.5bn.</li>
<li>Nihon Chouzai Co., Ltd. announced the retirement of treasury shares.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/comsys-holdings-1721-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Comsys Holdings (1721): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:20548:1" href="https://www.smartkarma.com/entities/comsys-holdings-corp" rel="noopener" target="_blank">Comsys Holdings (1721 JP)</a> is one of Japan's three largest telecommunications construction companies.</li>
<li>In FY03/23, sales were JPY563.3bn, operating profit was JPY32.1bn, recurring profit was JPY30.9bn, and net income attributable to owners of the parent was JPY19.3bn. Orders totaled JPY553.1bn.</li>
<li>Comsys Holdings Corporation announced that it will change its representative directors, effective April 1, 2024.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. The Week Ahead – US CPI, UK Labour Market Data and China CPI </a></h3><p></p><ul><li>Market moves for the week have been significant, with European rates showing signs of a sustained rally</li><li>Dollar weakness seen this week, likely due to outperformance of European rates</li><li>Market activity in Japan heating up ahead of Bank of Japan's meeting, with expectations of a possible policy move in March and anticipation of strong wage growth influencing dollar yen price action</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/tokyo-electron-8035-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Tokyo Electron (8035): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:280:1" href="https://www.smartkarma.com/entities/tokyo-electron-ltd" rel="noopener" target="_blank">Tokyo Electron (8035 JP)</a> is a global manufacturer of semiconductor production equipment (SPE).</li>
<li>In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.</li>
<li>Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/eisai-co-ltd-4523-jp-despite-sluggish-launch-ambitious-long-term-target-set-for-leqembi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/487/original/Pic%201.png?1709913635"/> <ul>
<li>
<a data-smartkarma-citation="entities:21001:1" href="https://www.smartkarma.com/entities/eisai-co-ltd" rel="noopener" target="_blank">Eisai Co Ltd (4523 JP)</a> has come out with ambitious revenue target for Alzheimer’s disease drug Leqembi with new estimates for global eligible patient population and potential indication expansions.</li>
<li>By FY27, Eisai expects Leqembi can generate revenue of ¥290B (~$2B) worldwide. Leqembi revenue can potentially ballooned to a whopping ¥1.6T (~$10.8B) by FY33, according to the company.</li>
<li>Through January, Eisai could reach just 2,000 patients in the U.S. versus target of 10K patients by March. The sluggish progress of Leqembi makes Eisai’s target difficult to achieve.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nihon-chouzai-3341-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nihon Chouzai (3341): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/comsys-holdings-1721-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Comsys Holdings (1721): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Week Ahead – US CPI, UK Labour Market Data and China CPI</a></li><li><a href="https://www.smartkarma.com/insights/tokyo-electron-8035-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tokyo Electron (8035): Q3 FY03/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/eisai-co-ltd-4523-jp-despite-sluggish-launch-ambitious-long-term-target-set-for-leqembi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nihon-chouzai-3341-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nihon Chouzai (3341): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:5873:1" href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" rel="noopener" target="_blank">Nihon Chouzai (3341 JP)</a> is an integrated healthcare company whose core business is the operation of dispensing pharmacies.</li>
<li>In FY03/23, Nihon Chouzai reported sales of JPY313.3bn, operating profit of JPY7.6bn, recurring profit of JPY7.7bn, and net income attributable to owners of the parent of JPY4.5bn.</li>
<li>Nihon Chouzai Co., Ltd. announced the retirement of treasury shares.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/comsys-holdings-1721-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Comsys Holdings (1721): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:20548:1" href="https://www.smartkarma.com/entities/comsys-holdings-corp" rel="noopener" target="_blank">Comsys Holdings (1721 JP)</a> is one of Japan's three largest telecommunications construction companies.</li>
<li>In FY03/23, sales were JPY563.3bn, operating profit was JPY32.1bn, recurring profit was JPY30.9bn, and net income attributable to owners of the parent was JPY19.3bn. Orders totaled JPY553.1bn.</li>
<li>Comsys Holdings Corporation announced that it will change its representative directors, effective April 1, 2024.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/the-week-ahead-us-cpi-uk-labour-market-data-and-china-cpi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. The Week Ahead – US CPI, UK Labour Market Data and China CPI </a></h3><p></p><ul><li>Market moves for the week have been significant, with European rates showing signs of a sustained rally</li><li>Dollar weakness seen this week, likely due to outperformance of European rates</li><li>Market activity in Japan heating up ahead of Bank of Japan's meeting, with expectations of a possible policy move in March and anticipation of strong wage growth influencing dollar yen price action</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/tokyo-electron-8035-q3-fy03-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Tokyo Electron (8035): Q3 FY03/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:280:1" href="https://www.smartkarma.com/entities/tokyo-electron-ltd" rel="noopener" target="_blank">Tokyo Electron (8035 JP)</a> is a global manufacturer of semiconductor production equipment (SPE).</li>
<li>In FY03/23, the company posted revenue of JPY2.2tn, operating profit of JPY617.7bn, recurring profit of JPY625.2bn, and net income attributable to owners of the parent of JPY471.6bn.</li>
<li>Tokyo Electron Limited announced revisions to its full-year earnings forecast for FY03/24.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/eisai-co-ltd-4523-jp-despite-sluggish-launch-ambitious-long-term-target-set-for-leqembi?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Eisai Co Ltd (4523 JP): Despite Sluggish Launch, Ambitious Long-Term Target Set for Leqembi </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/487/original/Pic%201.png?1709913635"/> <ul>
<li>
<a data-smartkarma-citation="entities:21001:1" href="https://www.smartkarma.com/entities/eisai-co-ltd" rel="noopener" target="_blank">Eisai Co Ltd (4523 JP)</a> has come out with ambitious revenue target for Alzheimer’s disease drug Leqembi with new estimates for global eligible patient population and potential indication expansions.</li>
<li>By FY27, Eisai expects Leqembi can generate revenue of ¥290B (~$2B) worldwide. Leqembi revenue can potentially ballooned to a whopping ¥1.6T (~$10.8B) by FY33, according to the company.</li>
<li>Through January, Eisai could reach just 2,000 patients in the U.S. versus target of 10K patients by March. The sluggish progress of Leqembi makes Eisai’s target difficult to achieve.</li>
</ul>2024-03-09T10:12:25+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "3341@JP"}, {"term": "9627@JP"}, {"term": "2413@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "1721@JP"}, {"term": "4755@JP"}, {"term": "9434@JP"}, {"term": "9433@JP"}, {"term": "1417@JP"}, {"term": "1951@JP"}, {"term": "Macroeconomics"}, {"term": "CHINA"}, {"term": "UNITED KINGDOM"}, {"term": "US"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8035@JP"}, {"term": "TSM@US"}, {"term": "INTC@US"}, {"term": "005930@KS"}, {"term": "7729@JP"}, {"term": "7735@JP"}, {"term": "LRCX@US"}, {"term": "ASML@US"}, {"term": "AMAT@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "SHORTS"}, {"term": "ASIA PACIFIC"}, {"term": "4523@JP"}, {"term": "LLY@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2413@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "1951@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMAT@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "LLY@US"}]https://www.smartkarma.com/segment/feeds/japan.rss/a53a5ed7-2fde-3ad1-8acd-edb9b117d7c8Brief Japan: Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance and more2024-03-28T14:17:28.736473+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tsuruha-holdings-3391-tsuruha-joins-aeon-and-welcia-holdings-in-capital-and-business-alliance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-copro-holdings-7059-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - Copro-Holdings (7059 Jp)</a></li><li><a href="https://www.smartkarma.com/insights/4q-follow-up-frontier-management-inc-7038-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4Q Follow-Up - Frontier Management Inc. (7038 JP)</a></li><li><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Silicon Wafers Area Shipments Decline 14.3% YoY in 2023</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-the-current-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147 JP): The Current Playbook</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tsuruha-holdings-3391-tsuruha-joins-aeon-and-welcia-holdings-in-capital-and-business-alliance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:9536:1" href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" rel="noopener" target="_blank">Tsuruha Holdings (3391 JP)</a> , established in 1929, operates a chain of drugstores.</li>
<li>In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.</li>
<li>In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/3q-follow-up-copro-holdings-7059-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 3Q Follow-Up - Copro-Holdings (7059 Jp) </a></h3><p></p><ul><li>COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.</li><li>Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).</li><li>COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-follow-up-frontier-management-inc-7038-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. 4Q Follow-Up - Frontier Management Inc. (7038 JP) </a></h3><p></p><ul>
<li>The financial results were strong, as shown in the table below, and exceeded the company's forecasts.</li>
<li>The M&A Advisory Business was particularly strong in the 4Q, recovering from soft sales slightly down in the first 3 quarters, returning to 8% growth YoY in the 4Q.</li>
<li>Sales by other main business segments remained firm, with the Management Consulting Business rising 17% YoY and the Revitalization Support Business up 174% YoY .</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Silicon Wafers Area Shipments Decline 14.3% YoY in 2023 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/379/original/image?1709880467"/> <ul>
<li>Silicon wafers area shipments (in MSI) declined by 14.3% YoY in 2023</li>
<li>Wafer revenues also declined by 10.9% to $12.3 billion over the same period</li>
<li>We expect Q124 revenues to be down ~20% QoQ and anticipate a further 5% YoY decline in full year 2024 shipments</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-the-current-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Nippon Express (9147 JP): The Current Playbook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/398/original/image?1709886131"/> <ul>
<li>Since the US$260 million secondary placement announcement, <a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a> shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tsuruha-holdings-3391-tsuruha-joins-aeon-and-welcia-holdings-in-capital-and-business-alliance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-copro-holdings-7059-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - Copro-Holdings (7059 Jp)</a></li><li><a href="https://www.smartkarma.com/insights/4q-follow-up-frontier-management-inc-7038-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4Q Follow-Up - Frontier Management Inc. (7038 JP)</a></li><li><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Silicon Wafers Area Shipments Decline 14.3% YoY in 2023</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-the-current-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147 JP): The Current Playbook</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tsuruha-holdings-3391-tsuruha-joins-aeon-and-welcia-holdings-in-capital-and-business-alliance?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:9536:1" href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" rel="noopener" target="_blank">Tsuruha Holdings (3391 JP)</a> , established in 1929, operates a chain of drugstores.</li>
<li>In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.</li>
<li>In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/3q-follow-up-copro-holdings-7059-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 3Q Follow-Up - Copro-Holdings (7059 Jp) </a></h3><p></p><ul><li>COPRO-HOLDINGS. Co., Ltd., (COPRO) announced its 3Q FY24/3 (9 months) results.</li><li>Key consolidated figures included net sales of ¥17,496 mn (+28.8% YoY), operating profit of ¥1,406 mn (+63.0% YoY), ordinary profit of ¥ 1,480 mn (+70.8% YoY), and profit attributable to owners of parent of ¥936 mn (+79.7% YoY).</li><li>COPRO-CONSTRUCTION. Co., Ltd., (formerly COPRO-ENGINEERED), which operates the Company‘s core business of construction technician dispatching, proactively increased the number of recruits amid the chronically serious shortage of labor against the backdrop of regulations capping overtime work to start in April 2024 and big construction projects. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/4q-follow-up-frontier-management-inc-7038-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. 4Q Follow-Up - Frontier Management Inc. (7038 JP) </a></h3><p></p><ul>
<li>The financial results were strong, as shown in the table below, and exceeded the company's forecasts.</li>
<li>The M&A Advisory Business was particularly strong in the 4Q, recovering from soft sales slightly down in the first 3 quarters, returning to 8% growth YoY in the 4Q.</li>
<li>Sales by other main business segments remained firm, with the Management Consulting Business rising 17% YoY and the Revitalization Support Business up 174% YoY .</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/silicon-wafers-area-shipments-decline-14-3-yoy-in-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Silicon Wafers Area Shipments Decline 14.3% YoY in 2023 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/379/original/image?1709880467"/> <ul>
<li>Silicon wafers area shipments (in MSI) declined by 14.3% YoY in 2023</li>
<li>Wafer revenues also declined by 10.9% to $12.3 billion over the same period</li>
<li>We expect Q124 revenues to be down ~20% QoQ and anticipate a further 5% YoY decline in full year 2024 shipments</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-the-current-playbook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Nippon Express (9147 JP): The Current Playbook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/398/original/image?1709886131"/> <ul>
<li>Since the US$260 million secondary placement announcement, <a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a> shares are down 5.3% from the undisturbed price of JPY8,039 per share (1 March).</li>
<li>Looking at recent large Japanese placements is instructive to understand the potential trading pattern. So far, Nippon Express shares have followed the pattern of previous large placements.</li>
<li>The offering will likely be priced on 11 March. Investors who have participated in previous large Japanese placements tend to secure positive returns.</li>
</ul>2024-03-09T08:38:34+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "3391@JP"}, {"term": "8267@JP"}, {"term": "3088@JP"}, {"term": "3141@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "7059@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "7038@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "ARGENTINA"}, {"term": "PERU"}, {"term": "COLOMBIA"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MEXICO"}, {"term": "CHILE"}, {"term": "BRAZIL"}, {"term": "ZAMBIA"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "SOUTH AFRICA"}, {"term": "RUSSIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "KENYA"}, {"term": "IRAN"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "EGYPT"}, {"term": "CZECH REPUBLIC"}, {"term": "CAMEROON"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "4063@JP"}, {"term": "WAF@GR"}, {"term": "6488@TT"}, {"term": "3436@JP"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9147@JP"}, {"term": "3003@JP"}, {"term": "7181@JP"}, {"term": "4612@JP"}, {"term": "4004@JP"}, {"term": "6723@JP"}, {"term": "9021@JP"}, {"term": "2502@JP"}, {"term": "4755@JP"}, {"term": "6526@JP"}, {"term": "6902@JP"}, {"term": "7182@JP"}, {"term": "4307@JP"}, {"term": "4816@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3141@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7059@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7038@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3436@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4816@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/e1b3f46e-d6a3-38d9-bb30-b36b9a04cf9bBrief Japan: EQD and more2024-03-28T14:17:28.724835+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-pullback-buy-the-dip-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EQD</a></li><li><a href="https://www.smartkarma.com/insights/from-the-reality-of-4-mandatory-english-disclosure-of-annual-securities-reports-is-a-high-hurdle?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">From the Reality of 4%, Mandatory English Disclosure of Annual Securities Reports Is a High Hurdle</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-us-euro-stocks-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/alphapolis-9467-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Alphapolis (9467) - Thursday, Dec 7, 2023</a></li><li><a href="https://www.smartkarma.com/insights/shinko-electric-6967-break-gap-risk-is-considerably-changed-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Shinko Electric (6967) - Break/Gap Risk Is Considerably Changed Now</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-pullback-buy-the-dip-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/293/original/image_54559731841709833786679.png?1709833789"/> <ul>
<li>The <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225 INDEX</a> is initiating a pullback that should be a buy-the-dip opportunity. </li>
<li>The first buyable area for a LONG trade, this week, is 39600 and 39300 (this week) and down to 38100 (next week).</li>
<li>The index should restart its rally after the pullback, and there is a good chance the pullback won't last for more than 1-2 weeks.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/from-the-reality-of-4-mandatory-english-disclosure-of-annual-securities-reports-is-a-high-hurdle?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. From the Reality of 4%, Mandatory English Disclosure of Annual Securities Reports Is a High Hurdle </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/387/154/original/image_22245265821705541391412.png?1705541394"/> <ul>
<li>TSE has published a proposal to require simultaneous disclosure of financial statements and timely disclosure information in both Japanese and English from April 2025 (for March fiscal year end companies).</li>
<li>The elimination of time gap between disclosure of financial statements in Japanese and English and the expansion of English-language disclosure of timely disclosure information are advances resulting from this revision.</li>
<li>As TSE continues to consider expanding the range of documents covered, the focus is on when English-language disclosure of annual securities reports, which cover all important information, will become mandatory.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-us-euro-stocks-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/309/original/image_14189964831709849188344.png?1709849187"/> <ul>
<li>The Dow Jones Industrial Average rose 0.34% to 38,791, while the S&P 500 hit a new record close, climbing 1.03% to 5,157</li>
<li>Speculation over the Bank of Japan's policy shift triggers yen's strengthening, leading to a sell-off in export-oriented stocks.</li>
<li>Japan's largest labor confederation announced on Thursday that wage increase demands from its member unions have reached a 31-year high</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alphapolis-9467-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Alphapolis (9467) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Alphapolis is a high-margin publisher of novels and manga, leveraging user-generated content to create salable products</li><li>The company is expanding into anime, opening up new potential revenue streams</li><li>Despite trading at a 5-year low, Alphapolis stands out with impressive sales and profit growth, offering good growth prospects and potential for a 2-3x return on investment on a 5-year horizon</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/shinko-electric-6967-break-gap-risk-is-considerably-changed-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Shinko Electric (6967) - Break/Gap Risk Is Considerably Changed Now </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/278/original/Screenshot%202024-03-07%20at%209.55.44%E2%80%AFPM.png?1709819848"/> <ul>
<li>Seven weeks ago I wrote about <a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a>'s changing Break/Gap Risk as comps had gained. Shinko was cheap to its main comp and peers vs Announcement Date. </li>
<li>Since then, Shinko is +4.1% and direct peer <a data-smartkarma-citation="entities:16630:1" href="https://www.smartkarma.com/entities/ibiden-co-ltd" rel="noopener" target="_blank">Ibiden Co Ltd (4062 JP)</a> is -14.5%. This has erased Shinko's underperformance since announcement, and shrunk a 9% spread to 3.3% yesterday. </li>
<li>With the spread tighter and tech showing some weakness, I'd be happy unwinding at yesterday's closing spread (3.3%). </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-pullback-buy-the-dip-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EQD</a></li><li><a href="https://www.smartkarma.com/insights/from-the-reality-of-4-mandatory-english-disclosure-of-annual-securities-reports-is-a-high-hurdle?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">From the Reality of 4%, Mandatory English Disclosure of Annual Securities Reports Is a High Hurdle</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-us-euro-stocks-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/alphapolis-9467-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Alphapolis (9467) - Thursday, Dec 7, 2023</a></li><li><a href="https://www.smartkarma.com/insights/shinko-electric-6967-break-gap-risk-is-considerably-changed-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Shinko Electric (6967) - Break/Gap Risk Is Considerably Changed Now</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/eqd-nikkei-225-pullback-buy-the-dip-opportunity?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. EQD </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/293/original/image_54559731841709833786679.png?1709833789"/> <ul>
<li>The <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225 INDEX</a> is initiating a pullback that should be a buy-the-dip opportunity. </li>
<li>The first buyable area for a LONG trade, this week, is 39600 and 39300 (this week) and down to 38100 (next week).</li>
<li>The index should restart its rally after the pullback, and there is a good chance the pullback won't last for more than 1-2 weeks.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/from-the-reality-of-4-mandatory-english-disclosure-of-annual-securities-reports-is-a-high-hurdle?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. From the Reality of 4%, Mandatory English Disclosure of Annual Securities Reports Is a High Hurdle </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/387/154/original/image_22245265821705541391412.png?1705541394"/> <ul>
<li>TSE has published a proposal to require simultaneous disclosure of financial statements and timely disclosure information in both Japanese and English from April 2025 (for March fiscal year end companies).</li>
<li>The elimination of time gap between disclosure of financial statements in Japanese and English and the expansion of English-language disclosure of timely disclosure information are advances resulting from this revision.</li>
<li>As TSE continues to consider expanding the range of documents covered, the focus is on when English-language disclosure of annual securities reports, which cover all important information, will become mandatory.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-us-euro-stocks-hit-record-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/309/original/image_14189964831709849188344.png?1709849187"/> <ul>
<li>The Dow Jones Industrial Average rose 0.34% to 38,791, while the S&P 500 hit a new record close, climbing 1.03% to 5,157</li>
<li>Speculation over the Bank of Japan's policy shift triggers yen's strengthening, leading to a sell-off in export-oriented stocks.</li>
<li>Japan's largest labor confederation announced on Thursday that wage increase demands from its member unions have reached a 31-year high</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/alphapolis-9467-thursday-dec-7-2023?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Alphapolis (9467) - Thursday, Dec 7, 2023 </a></h3><p></p><ul><li>Alphapolis is a high-margin publisher of novels and manga, leveraging user-generated content to create salable products</li><li>The company is expanding into anime, opening up new potential revenue streams</li><li>Despite trading at a 5-year low, Alphapolis stands out with impressive sales and profit growth, offering good growth prospects and potential for a 2-3x return on investment on a 5-year horizon</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/shinko-electric-6967-break-gap-risk-is-considerably-changed-now?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Shinko Electric (6967) - Break/Gap Risk Is Considerably Changed Now </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/278/original/Screenshot%202024-03-07%20at%209.55.44%E2%80%AFPM.png?1709819848"/> <ul>
<li>Seven weeks ago I wrote about <a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a>'s changing Break/Gap Risk as comps had gained. Shinko was cheap to its main comp and peers vs Announcement Date. </li>
<li>Since then, Shinko is +4.1% and direct peer <a data-smartkarma-citation="entities:16630:1" href="https://www.smartkarma.com/entities/ibiden-co-ltd" rel="noopener" target="_blank">Ibiden Co Ltd (4062 JP)</a> is -14.5%. This has erased Shinko's underperformance since announcement, and shrunk a 9% spread to 3.3% yesterday. </li>
<li>With the spread tighter and tech showing some weakness, I'd be happy unwinding at yesterday's closing spread (3.3%). </li>
</ul>2024-03-08T08:00:04+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "MEAN-REVERSION"}, {"term": "ASIA PACIFIC"}, {"term": "NKY@INDEX"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9467@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6967@JP"}, {"term": "4185@JP"}, {"term": "4062@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NKY@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9467@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4062@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/fbe0127e-6d0f-3a6d-9472-774783696ea6Brief Japan: Ryohin Keikaku (7453): Q1 FY08/24 Update and more2024-03-28T14:17:28.712169+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ryohin-keikaku-7453-q1-fy08-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ryohin Keikaku (7453): Q1 FY08/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/jsr-4185-reporters-reportedly-report-conditions-such-that-jic-deal-could-come-soon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR (4185) - Reporters Reportedly Report Conditions Such That JIC Deal Could Come Soon</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-response-to-suny-rf-lawsuit-and-rumours-of-samr-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval</a></li><li><a href="https://www.smartkarma.com/insights/oriental-land-4661-placement-by-keisei-rail-9009-says-that-s-the-door?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Oriental Land (4661) Placement by Keisei Rail (9009) Says "That's the Door"</a></li><li><a href="https://www.smartkarma.com/insights/oriental-land-co-placement-relatively-small-one-to-digest-overhang-might-not-be-as-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Oriental Land Co Placement - Relatively Small One to Digest, Overhang Might Not Be as Large</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ryohin-keikaku-7453-q1-fy08-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ryohin Keikaku (7453): Q1 FY08/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:2765:1" href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" rel="noopener" target="_blank">Ryohin Keikaku (7453 JP)</a> offers products covering all aspects of daily life.</li>
<li>For FY08/23, Ryohin Keikaku reported consolidated operating revenue of JPY581.4bn , operating profit of JPY33.1bn, recurring profit of JPY36.2bn, and net income attributable to owners of the parent of JPY22.1bn.</li>
<li>The company's full-year FY08/24 forecast calls for operating revenue of JPY640.0bn, operating profit of JPY48.0bn, recurring profit of JPY46.0bn and net income attributable to shareholders of the parent of JPY33.3bn.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jsr-4185-reporters-reportedly-report-conditions-such-that-jic-deal-could-come-soon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JSR (4185) - Reporters Reportedly Report Conditions Such That JIC Deal Could Come Soon </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/256/original/Screenshot%202024-03-07%20at%206.00.40%E2%80%AFPM.png?1709809192"/> <ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> saw its stock pop Monday when an article in a Japanese paper said the Tender Offer would start "within the month." </li>
<li>Investors went from "concerned about delay or worse" to "anticipating resolution." Then Wednesday just before the close the stock popped as media outlets <em>reportedly</em> reported no SAMR approval was required.</li>
<li>There has been no comment from either JIC or JSR but the discount to terms has gone from 6.9% last Friday to a 1.7% discount now. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-response-to-suny-rf-lawsuit-and-rumours-of-samr-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/229/original/Response%201.png?1709803629"/> <ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. </li>
<li>The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. </li>
<li>A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/oriental-land-4661-placement-by-keisei-rail-9009-says-that-s-the-door?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Oriental Land (4661) Placement by Keisei Rail (9009) Says "That's the Door" </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/213/original/Screenshot%202024-03-07%20at%204.17.33%E2%80%AFPM.png?1709799498"/> <ul>
<li>Over two decades, <a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a> has been the subject of softer and harder activist efforts to have Keisei monetise its stake in affiliate Oriental Land (4661).</li>
<li>The most recent efforts were by Palliser last fall, briefly discussed <a href="https://www.smartkarma.com/insights/keisei-electric-rail-9009-a-buyback-but-it-s-likely-to-be-crossholders-selling-in-tostnet-3" rel="noopener" target="_blank">here</a> two weeks ago when Keisei announced a buyback. </li>
<li>Today, Keisei <a href="https://contents.xj-storage.jp/xcontents/AS01810/961e9d0f/2b7a/4eef/89ba/091c3bf36d72/140120240305549065.pdf" rel="noopener" target="_blank">announced</a> (Japanese only) an Accelerated Block Offering of 1% of Oriental Land shares. The accompanying announcement is worth reading. It's pretty clear.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/oriental-land-co-placement-relatively-small-one-to-digest-overhang-might-not-be-as-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Oriental Land Co Placement - Relatively Small One to Digest, Overhang Might Not Be as Large </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/221/original/image?1709800659"/> <ul>
<li>
<a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a> is looking to raise up to US$553m from selling a 1% stake in <a data-smartkarma-citation="entities:13517:1" href="https://www.smartkarma.com/entities/oriental-land-co-ltd" rel="noopener" target="_blank">Oriental Land (4661 JP)</a>.</li>
<li>Palliser Capital, has been pushing Keisei Electric Railway to reduce its stake in OLC to unlock shareholder value owing to the wide discrepancy between carrying/market value of the former’s investment.</li>
<li>Selling just 1% of shares outstanding, the deal wouldn’t be a very large one to digest, representing 4.7 days of OLC’s three month ADV. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ryohin-keikaku-7453-q1-fy08-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ryohin Keikaku (7453): Q1 FY08/24 Update</a></li><li><a href="https://www.smartkarma.com/insights/jsr-4185-reporters-reportedly-report-conditions-such-that-jic-deal-could-come-soon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR (4185) - Reporters Reportedly Report Conditions Such That JIC Deal Could Come Soon</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-response-to-suny-rf-lawsuit-and-rumours-of-samr-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval</a></li><li><a href="https://www.smartkarma.com/insights/oriental-land-4661-placement-by-keisei-rail-9009-says-that-s-the-door?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Oriental Land (4661) Placement by Keisei Rail (9009) Says "That's the Door"</a></li><li><a href="https://www.smartkarma.com/insights/oriental-land-co-placement-relatively-small-one-to-digest-overhang-might-not-be-as-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Oriental Land Co Placement - Relatively Small One to Digest, Overhang Might Not Be as Large</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ryohin-keikaku-7453-q1-fy08-24-update?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ryohin Keikaku (7453): Q1 FY08/24 Update </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:2765:1" href="https://www.smartkarma.com/entities/ryohin-keikaku-co-ltd" rel="noopener" target="_blank">Ryohin Keikaku (7453 JP)</a> offers products covering all aspects of daily life.</li>
<li>For FY08/23, Ryohin Keikaku reported consolidated operating revenue of JPY581.4bn , operating profit of JPY33.1bn, recurring profit of JPY36.2bn, and net income attributable to owners of the parent of JPY22.1bn.</li>
<li>The company's full-year FY08/24 forecast calls for operating revenue of JPY640.0bn, operating profit of JPY48.0bn, recurring profit of JPY46.0bn and net income attributable to shareholders of the parent of JPY33.3bn.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jsr-4185-reporters-reportedly-report-conditions-such-that-jic-deal-could-come-soon?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JSR (4185) - Reporters Reportedly Report Conditions Such That JIC Deal Could Come Soon </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/256/original/Screenshot%202024-03-07%20at%206.00.40%E2%80%AFPM.png?1709809192"/> <ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> saw its stock pop Monday when an article in a Japanese paper said the Tender Offer would start "within the month." </li>
<li>Investors went from "concerned about delay or worse" to "anticipating resolution." Then Wednesday just before the close the stock popped as media outlets <em>reportedly</em> reported no SAMR approval was required.</li>
<li>There has been no comment from either JIC or JSR but the discount to terms has gone from 6.9% last Friday to a 1.7% discount now. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-response-to-suny-rf-lawsuit-and-rumours-of-samr-approval?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. JSR Corporation (4185 JP): Response to SUNY RF Lawsuit and Rumours of SAMR Approval </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/229/original/Response%201.png?1709803629"/> <ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a> has filed a solid response to SUNY RF’s lawsuit. SUNY RF will counter with a response by 13 March. </li>
<li>The response suggests that SUNY RF’s lawsuit will not be harmed if JIC proceeds with TOB, which is the strongest indication that JIC is comfortable taking on the litigation risk. </li>
<li>A media article stating that SAMR has allowed JIC to withdraw its merger control filing helps explain the current tight spread. However, the article needs to be treated with caution. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/oriental-land-4661-placement-by-keisei-rail-9009-says-that-s-the-door?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Oriental Land (4661) Placement by Keisei Rail (9009) Says "That's the Door" </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/213/original/Screenshot%202024-03-07%20at%204.17.33%E2%80%AFPM.png?1709799498"/> <ul>
<li>Over two decades, <a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a> has been the subject of softer and harder activist efforts to have Keisei monetise its stake in affiliate Oriental Land (4661).</li>
<li>The most recent efforts were by Palliser last fall, briefly discussed <a href="https://www.smartkarma.com/insights/keisei-electric-rail-9009-a-buyback-but-it-s-likely-to-be-crossholders-selling-in-tostnet-3" rel="noopener" target="_blank">here</a> two weeks ago when Keisei announced a buyback. </li>
<li>Today, Keisei <a href="https://contents.xj-storage.jp/xcontents/AS01810/961e9d0f/2b7a/4eef/89ba/091c3bf36d72/140120240305549065.pdf" rel="noopener" target="_blank">announced</a> (Japanese only) an Accelerated Block Offering of 1% of Oriental Land shares. The accompanying announcement is worth reading. It's pretty clear.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/oriental-land-co-placement-relatively-small-one-to-digest-overhang-might-not-be-as-large?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Oriental Land Co Placement - Relatively Small One to Digest, Overhang Might Not Be as Large </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/221/original/image?1709800659"/> <ul>
<li>
<a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a> is looking to raise up to US$553m from selling a 1% stake in <a data-smartkarma-citation="entities:13517:1" href="https://www.smartkarma.com/entities/oriental-land-co-ltd" rel="noopener" target="_blank">Oriental Land (4661 JP)</a>.</li>
<li>Palliser Capital, has been pushing Keisei Electric Railway to reduce its stake in OLC to unlock shareholder value owing to the wide discrepancy between carrying/market value of the former’s investment.</li>
<li>Selling just 1% of shares outstanding, the deal wouldn’t be a very large one to digest, representing 4.7 days of OLC’s three month ADV. </li>
</ul>2024-03-07T22:32:17+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "7453@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "4186@JP"}, {"term": "4005@JP"}, {"term": "4063@JP"}, {"term": "6988@JP"}, {"term": "272290@KS"}, {"term": "DD@US"}, {"term": "5809@JP"}, {"term": "5020@JP"}, {"term": "LRCX@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9009@JP"}, {"term": "4661@JP"}, {"term": "Equity Capital Markets"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4661@JP"}, {"term": "DIS@US"}, {"term": "9009@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7453@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4185@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "LRCX@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4661@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9009@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/cb241b52-bc1c-3054-bcf0-953186bd35aaBrief Japan: E-Commerce in Japan: Omnichannel Consolidation and more2024-03-28T14:17:28.702261+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/e-commerce-in-japan-omnichannel-consolidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">E-Commerce in Japan: Omnichannel Consolidation</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-us-shares-end-higher-powell-hints-at-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EM Stimulus Showdown: From Beijing with Boost to EM?</a></li><li><a href="https://www.smartkarma.com/insights/japanese-airlines-ana-s-margin-outperformance-poses-big-questions-for-jal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Airlines – ANA’s Margin Outperformance Poses Big Questions for JAL</a></li><li><a href="https://www.smartkarma.com/insights/sakura-internet-3778-blossoming-in-the-cloud?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sakura Internet (3778)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/e-commerce-in-japan-omnichannel-consolidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. E-Commerce in Japan: Omnichannel Consolidation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/080/original/F7.jpg?1709735028"/> <ul>
<li>E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. </li>
<li>By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.</li>
<li>As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-us-shares-end-higher-powell-hints-at-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/128/original/image_33603071821709764678162.png?1709764677"/> <ul>
<li>Federal Reserve Chair Jerome Powell reaffirms potential interest rate cuts, pending sustained evidence of inflation slowdown.</li>
<li>ADP National Employment Report shows private sector job growth in February, surpassing January but missing Wall Street predictions</li>
<li>Japanese firms enact substantial job cuts despite stock market surge, reflecting strategic restructuring amid rising wages.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. EM Stimulus Showdown: From Beijing with Boost to EM? </a></h3><p></p><ul><li>Welcome to this week’s edition of our EM-angled editorial, which comes hot on the heels of the PBOC Key Ministry Briefing.</li><li>So, where better to turn first than China?</li><li>Findings in brief: More stimulus for the Chinese economy and markets; Spill-overs to manufacturing/China sensitive geographies and currencies; Both EM (particularly Asian) equity and FX appear cheap.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japanese-airlines-ana-s-margin-outperformance-poses-big-questions-for-jal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japanese Airlines – ANA’s Margin Outperformance Poses Big Questions for JAL </a></h3><p></p><ul>
<li>We refresh estimates for ANA and JAL, and highlight we think the strength of FY24 makes it difficult for ANA to avoid an earnings decline in FY25.</li>
<li>However, ANA's superior recovery to JAL poses bigger questions for JAL as it revisits its medium term plan on 21 March</li>
<li>Our deep dive on margin management at each carrier suggests a revenue problem rather than a cost problem at JAL; but without revenue improvements, it will have to cut costs</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sakura-internet-3778-blossoming-in-the-cloud?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Sakura Internet (3778) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/092/original/image_68940330421709737568980.png?1709737568"/> <ul>
<li>Sakura Internet, a Japanese cloud provider, has seen a significant surge in stock price and market capitalization due to entry into AI cloud services.</li>
<li>The company plans to invest in NVIDIA H100 GPUs for AI servers, expecting substantial demand but with uncertain revenue and profitability projections.</li>
<li>Risks include concentrated ownership, lack of analyst coverage, potential shareholder pressure, and competition from larger cloud providers like AWS with advanced AI computing capabilities.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/e-commerce-in-japan-omnichannel-consolidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">E-Commerce in Japan: Omnichannel Consolidation</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-us-shares-end-higher-powell-hints-at-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">EM Stimulus Showdown: From Beijing with Boost to EM?</a></li><li><a href="https://www.smartkarma.com/insights/japanese-airlines-ana-s-margin-outperformance-poses-big-questions-for-jal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Airlines – ANA’s Margin Outperformance Poses Big Questions for JAL</a></li><li><a href="https://www.smartkarma.com/insights/sakura-internet-3778-blossoming-in-the-cloud?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sakura Internet (3778)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/e-commerce-in-japan-omnichannel-consolidation?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. E-Commerce in Japan: Omnichannel Consolidation </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/080/original/F7.jpg?1709735028"/> <ul>
<li>E-Commerce growth slowed marginally as the sector consolidated post-Covid but remained higher than any other channel in 2022. </li>
<li>By 2025-26, it will be the largest channel, overtaking convenience stores – but Japan’s continuing support for retail stores means that omnichannel will be the main model.</li>
<li>As a result, the majority of transactions will be researched, initiated, and fulfilled through a combination of online and physical stores.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/ohayo-japan-us-shares-end-higher-powell-hints-at-rate-cuts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/128/original/image_33603071821709764678162.png?1709764677"/> <ul>
<li>Federal Reserve Chair Jerome Powell reaffirms potential interest rate cuts, pending sustained evidence of inflation slowdown.</li>
<li>ADP National Employment Report shows private sector job growth in February, surpassing January but missing Wall Street predictions</li>
<li>Japanese firms enact substantial job cuts despite stock market surge, reflecting strategic restructuring amid rising wages.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/em-stimulus-showdown-from-beijing-with-boost-to-em?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. EM Stimulus Showdown: From Beijing with Boost to EM? </a></h3><p></p><ul><li>Welcome to this week’s edition of our EM-angled editorial, which comes hot on the heels of the PBOC Key Ministry Briefing.</li><li>So, where better to turn first than China?</li><li>Findings in brief: More stimulus for the Chinese economy and markets; Spill-overs to manufacturing/China sensitive geographies and currencies; Both EM (particularly Asian) equity and FX appear cheap.</li></ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/japanese-airlines-ana-s-margin-outperformance-poses-big-questions-for-jal?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Japanese Airlines – ANA’s Margin Outperformance Poses Big Questions for JAL </a></h3><p></p><ul>
<li>We refresh estimates for ANA and JAL, and highlight we think the strength of FY24 makes it difficult for ANA to avoid an earnings decline in FY25.</li>
<li>However, ANA's superior recovery to JAL poses bigger questions for JAL as it revisits its medium term plan on 21 March</li>
<li>Our deep dive on margin management at each carrier suggests a revenue problem rather than a cost problem at JAL; but without revenue improvements, it will have to cut costs</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/sakura-internet-3778-blossoming-in-the-cloud?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Sakura Internet (3778) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/092/original/image_68940330421709737568980.png?1709737568"/> <ul>
<li>Sakura Internet, a Japanese cloud provider, has seen a significant surge in stock price and market capitalization due to entry into AI cloud services.</li>
<li>The company plans to invest in NVIDIA H100 GPUs for AI servers, expecting substantial demand but with uncertain revenue and profitability projections.</li>
<li>Risks include concentrated ownership, lack of analyst coverage, potential shareholder pressure, and competition from larger cloud providers like AWS with advanced AI computing capabilities.</li>
</ul>2024-03-07T09:00:03+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "EBAY@US"}, {"term": "2651@JP"}, {"term": "9433@JP"}, {"term": "3092@JP"}, {"term": "4481@JP"}, {"term": "4385@JP"}, {"term": "4689@JP"}, {"term": "3048@JP"}, {"term": "9831@JP"}, {"term": "9997@JP"}, {"term": "8218@JP"}, {"term": "7453@JP"}, {"term": "2678@JP"}, {"term": "3382@JP"}, {"term": "9983@JP"}, {"term": "9843@JP"}, {"term": "OCDO@LN"}, {"term": "8267@JP"}, {"term": "3182@JP"}, {"term": "4755@JP"}, {"term": "AMZN@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Macroeconomics"}, {"term": "INDIA"}, {"term": "HK"}, {"term": "TAIWAN"}, {"term": "MALAYSIA"}, {"term": "KOREA"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ASEAN"}, {"term": "USDCNY@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDMYR@CURNCY"}, {"term": "HSI@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9201@JP"}, {"term": "9202@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3778@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMZN@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "HSI@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9202@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3778@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/47777305-c36e-388c-b126-a9b9ceb9fbf8Brief Japan: Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN and more2024-03-28T14:17:28.692000+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sep24-nikkei-225-rebal-2-adds-2-deletes-maybe-but-rebals-tougher-and-fastie-tel-are-the-fun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN</a></li><li><a href="https://www.smartkarma.com/insights/daiichi-kigenso-kagaku-kogyo-4082-awaiting-solid-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Daiichi Kigenso Kagaku-Kogyo (4082) - Awaiting Solid Execution</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/the-standard-that-all-1-600-prime-market-companies-could-do-would-be-loose?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Standard that All 1,600 Prime Market Companies Could Do Would Be Loose</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-bitcoin-soars-then-falls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sep24-nikkei-225-rebal-2-adds-2-deletes-maybe-but-rebals-tougher-and-fastie-tel-are-the-fun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/033/original/Screenshot%202024-03-06%20at%205.11.09%E2%80%AFPM.png?1709716326"/> <ul>
<li>Now that the March 2024 Nikkei 225 Rebalance is decided, we have a model for the Sep 2024 Review. As previously discussed on Smartkarma, actual name changes get tough now. </li>
<li>As of now, there should be two ADDs and two DELETEs. They might not occur. But there are two other situations which create interesting dynamics around big names. </li>
<li>The dynamics of Fast Retailing and Tokyo Electron promise more fun than the actual name changes in September 2024. It impacts how you trade Nikkei vs TOPIX and tech internals.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/daiichi-kigenso-kagaku-kogyo-4082-awaiting-solid-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Daiichi Kigenso Kagaku-Kogyo (4082) - Awaiting Solid Execution </a></h3><p></p><ul><li>Q1-3 FY3/24 results were in line with company guidance, reflecting the strategic importance for DKK to scale its new growth initiatives.</li><li>Ongoing positive developments related to semiconductor, secondary battery, and biomaterial applications were offset by weakness in electronics and the mature profile of the core automotive catalyst business.</li><li>Operating a business model that is externally driven (such as FX movements and raw materials market pricing), the company has disclosed ROIC targets that coincide with its current 10-year plan for FY3/32. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-standard-that-all-1-600-prime-market-companies-could-do-would-be-loose?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. The Standard that All 1,600 Prime Market Companies Could Do Would Be Loose </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/386/980/original/image_70759448831705474715356.png?1705474714"/> <ul>
<li>TSE wants to make disclosure of financial statements in English mandatory, which many prime market companies do, and to require disclosure in both Japanese and English on the same day.</li>
<li>The focus will be on expanding to English-language disclosure of documents such as annual securities reports and corporate governance reports, which are in high demand by overseas investors.</li>
<li>Inadequate English-language disclosure has directly affected listed companies by preventing IR meetings from deepening dialogue and negatively impacting investment decisions.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-bitcoin-soars-then-falls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/904/original/image_47353686221709679749913.png?1709679749"/> <ul>
<li>Bitcoin hit a high of $69,202 hitting an all time high. It then reversed course and fell to $63,400</li>
<li>US stocks closed down by around 1% on Tuesday dragged down by weakness in tech stocks; Apple shares -2.8% on China iphone slump</li>
<li>Tesla shares were ~4% lower after production halted at Giga factory in Berlin. Tesla also seeing 16% drop in auto shipments in China. </li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/sep24-nikkei-225-rebal-2-adds-2-deletes-maybe-but-rebals-tougher-and-fastie-tel-are-the-fun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN</a></li><li><a href="https://www.smartkarma.com/insights/daiichi-kigenso-kagaku-kogyo-4082-awaiting-solid-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Daiichi Kigenso Kagaku-Kogyo (4082) - Awaiting Solid Execution</a></li><li><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Semi Sales Decline 2.3% MoM In January</a></li><li><a href="https://www.smartkarma.com/insights/the-standard-that-all-1-600-prime-market-companies-could-do-would-be-loose?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Standard that All 1,600 Prime Market Companies Could Do Would Be Loose</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-bitcoin-soars-then-falls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/sep24-nikkei-225-rebal-2-adds-2-deletes-maybe-but-rebals-tougher-and-fastie-tel-are-the-fun?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Sep24 Nikkei 225 Rebal - 2 ADDs, 2 DELETEs Maybe, but Rebals Tougher, and Fastie+TEL Are the FUN </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/396/033/original/Screenshot%202024-03-06%20at%205.11.09%E2%80%AFPM.png?1709716326"/> <ul>
<li>Now that the March 2024 Nikkei 225 Rebalance is decided, we have a model for the Sep 2024 Review. As previously discussed on Smartkarma, actual name changes get tough now. </li>
<li>As of now, there should be two ADDs and two DELETEs. They might not occur. But there are two other situations which create interesting dynamics around big names. </li>
<li>The dynamics of Fast Retailing and Tokyo Electron promise more fun than the actual name changes in September 2024. It impacts how you trade Nikkei vs TOPIX and tech internals.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/daiichi-kigenso-kagaku-kogyo-4082-awaiting-solid-execution?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Daiichi Kigenso Kagaku-Kogyo (4082) - Awaiting Solid Execution </a></h3><p></p><ul><li>Q1-3 FY3/24 results were in line with company guidance, reflecting the strategic importance for DKK to scale its new growth initiatives.</li><li>Ongoing positive developments related to semiconductor, secondary battery, and biomaterial applications were offset by weakness in electronics and the mature profile of the core automotive catalyst business.</li><li>Operating a business model that is externally driven (such as FX movements and raw materials market pricing), the company has disclosed ROIC targets that coincide with its current 10-year plan for FY3/32. </li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/global-semi-sales-decline-2-3-mom-in-january?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Global Semi Sales Decline 2.3% MoM In January </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/962/original/image?1709695818"/> <ul>
<li>It's the first MoM decline in semi sales since February 2023, but it's a seasonal thing & YoY comparisons continue to grow stronger. </li>
<li>Forecasting 10% YoY growth in 2024 semiconductor sales, in line with TSMC's outlook</li>
<li>$1 trillion in annual semiconductor sales will likely happen in 2032 based on a 7.7% CAGR over the coming decade. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-standard-that-all-1-600-prime-market-companies-could-do-would-be-loose?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. The Standard that All 1,600 Prime Market Companies Could Do Would Be Loose </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/386/980/original/image_70759448831705474715356.png?1705474714"/> <ul>
<li>TSE wants to make disclosure of financial statements in English mandatory, which many prime market companies do, and to require disclosure in both Japanese and English on the same day.</li>
<li>The focus will be on expanding to English-language disclosure of documents such as annual securities reports and corporate governance reports, which are in high demand by overseas investors.</li>
<li>Inadequate English-language disclosure has directly affected listed companies by preventing IR meetings from deepening dialogue and negatively impacting investment decisions.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-bitcoin-soars-then-falls?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/904/original/image_47353686221709679749913.png?1709679749"/> <ul>
<li>Bitcoin hit a high of $69,202 hitting an all time high. It then reversed course and fell to $63,400</li>
<li>US stocks closed down by around 1% on Tuesday dragged down by weakness in tech stocks; Apple shares -2.8% on China iphone slump</li>
<li>Tesla shares were ~4% lower after production halted at Giga factory in Berlin. Tesla also seeing 16% drop in auto shipments in China. </li>
</ul>2024-03-06T23:12:38+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9983@JP"}, {"term": "8035@JP"}, {"term": "9301@JP"}, {"term": "7004@JP"}, {"term": "3863@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "BLD"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4082@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2330@TT"}, {"term": "INTC@US"}, {"term": "AMD@US"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3863@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4082@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMD@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}]https://www.smartkarma.com/segment/feeds/japan.rss/6fd51d78-b6f1-3f94-af4a-f4b44d3f3969Brief Japan: TOPIX Inclusions: Who Is Ready (Mar 2024) and more2024-03-28T14:17:28.680519+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/topix-inclusions-who-is-ready-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TOPIX Inclusions: Who Is Ready (Mar 2024)</a></li><li><a href="https://www.smartkarma.com/insights/japanese-bigger-cap-banks-exit-from-boj-s-negative-interest-rate-policy-gathers-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Bigger Cap Banks – Exit from BoJ’s Negative Interest Rate Policy Gathers Steam</a></li><li><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">February Themes and Thematic Portfolio Review</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-s-p-ends-lower-ahead-of-powell-testimony?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-socionext-disco-zozo-in-us-4bn-one-way-more-impactful-than-it-looks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mar24 Nikkei 225 Rebal - Socionext, Disco, Zozo IN; US$4bn One-Way; More Impactful Than It Looks</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/topix-inclusions-who-is-ready-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. TOPIX Inclusions: Who Is Ready (Mar 2024) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/807/original/image_66504126681709629545010.png?1709629546"/> <ul>
<li>Quiddity's <strong>"Who is Ready"</strong> series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>There were no Section Transfers announced in January or February so currently there are no live TOPIX Inclusion events but there are some pre-event names to be monitored closely.</li>
<li>The upcoming TOPIX flows in end-April 2024 will be more complicated than the other quarterly rebalances as there will be more flows due to the annual liquidity factor review.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japanese-bigger-cap-banks-exit-from-boj-s-negative-interest-rate-policy-gathers-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Japanese Bigger Cap Banks – Exit from BoJ’s Negative Interest Rate Policy Gathers Steam </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/814/original/image_34670112351709631153281.png?1709631155"/> <ul>
<li>The current “higher for longer” interest rates in the US and other developed markets adds to the Bank of Japan potentially ending its negative interest rate policy</li>
<li>Domestically, news reports suggest that the BoJ's 2% inflation target is increasingly likely to be met in the short term, which further drives the potential normalization of interest rate policy</li>
<li>Growing expectation of the BoJ’s negative interest rate policy exit adds upside to Japanese bank shares, especially those geared into higher domestic interest rates; we like Resona, Mizuho and Concordia</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. February Themes and Thematic Portfolio Review </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/505/original/image_12758713781709530460275.jpg?1709530460"/> <ul>
<li>A monthly review at how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-s-p-ends-lower-ahead-of-powell-testimony?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/677/original/image_31829872121709591252981.png?1709591252"/> <ul>
<li>S&P ends lower as Apple receives a 1.8 billion euro antitrust fine from the EU; APPL -2%</li>
<li>Crypto stocks lead gainers as Bitcoin surges +7% to $67,000. Super Micro Computer jumps +18% on AI </li>
<li>China is anticipated to set its annual growth rate for 2024 at "around 5%" during the upcoming National People's Congress</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-socionext-disco-zozo-in-us-4bn-one-way-more-impactful-than-it-looks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Mar24 Nikkei 225 Rebal - Socionext, Disco, Zozo IN; US$4bn One-Way; More Impactful Than It Looks </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/590/original/Screenshot%202024-03-04%20at%207.59.23%E2%80%AFPM.png?1709553575"/> <ul>
<li>The changes to the Nikkei 225 Average for the March 2024 Review were announced today after the close. A little earlier than I expected. </li>
<li>Socionext, Disco, Zozo IN; Takara Hldgs, Sumi Osaka Cement, Pacific Metals OUT. Nitori PAF increase. US$4bn+ to trade one way on 29Mar close. One interesting surprise. </li>
<li>Overall more impactful than it looks. And it changes the front-end arithmetic on <a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a>. There may be fun on the DELETEs.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/topix-inclusions-who-is-ready-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TOPIX Inclusions: Who Is Ready (Mar 2024)</a></li><li><a href="https://www.smartkarma.com/insights/japanese-bigger-cap-banks-exit-from-boj-s-negative-interest-rate-policy-gathers-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japanese Bigger Cap Banks – Exit from BoJ’s Negative Interest Rate Policy Gathers Steam</a></li><li><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">February Themes and Thematic Portfolio Review</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-s-p-ends-lower-ahead-of-powell-testimony?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-socionext-disco-zozo-in-us-4bn-one-way-more-impactful-than-it-looks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Mar24 Nikkei 225 Rebal - Socionext, Disco, Zozo IN; US$4bn One-Way; More Impactful Than It Looks</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/topix-inclusions-who-is-ready-mar-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. TOPIX Inclusions: Who Is Ready (Mar 2024) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/807/original/image_66504126681709629545010.png?1709629546"/> <ul>
<li>Quiddity's <strong>"Who is Ready"</strong> series of insights aims to objectively identify names listed on the Tokyo Stock Exchange that are potential additions to the TOPIX Index in future.</li>
<li>There were no Section Transfers announced in January or February so currently there are no live TOPIX Inclusion events but there are some pre-event names to be monitored closely.</li>
<li>The upcoming TOPIX flows in end-April 2024 will be more complicated than the other quarterly rebalances as there will be more flows due to the annual liquidity factor review.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japanese-bigger-cap-banks-exit-from-boj-s-negative-interest-rate-policy-gathers-steam?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Japanese Bigger Cap Banks – Exit from BoJ’s Negative Interest Rate Policy Gathers Steam </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/814/original/image_34670112351709631153281.png?1709631155"/> <ul>
<li>The current “higher for longer” interest rates in the US and other developed markets adds to the Bank of Japan potentially ending its negative interest rate policy</li>
<li>Domestically, news reports suggest that the BoJ's 2% inflation target is increasingly likely to be met in the short term, which further drives the potential normalization of interest rate policy</li>
<li>Growing expectation of the BoJ’s negative interest rate policy exit adds upside to Japanese bank shares, especially those geared into higher domestic interest rates; we like Resona, Mizuho and Concordia</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/february-themes-and-thematic-portfolio-review?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. February Themes and Thematic Portfolio Review </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/505/original/image_12758713781709530460275.jpg?1709530460"/> <ul>
<li>A monthly review at how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-s-p-ends-lower-ahead-of-powell-testimony?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/677/original/image_31829872121709591252981.png?1709591252"/> <ul>
<li>S&P ends lower as Apple receives a 1.8 billion euro antitrust fine from the EU; APPL -2%</li>
<li>Crypto stocks lead gainers as Bitcoin surges +7% to $67,000. Super Micro Computer jumps +18% on AI </li>
<li>China is anticipated to set its annual growth rate for 2024 at "around 5%" during the upcoming National People's Congress</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/mar24-nikkei-225-rebal-socionext-disco-zozo-in-us-4bn-one-way-more-impactful-than-it-looks?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Mar24 Nikkei 225 Rebal - Socionext, Disco, Zozo IN; US$4bn One-Way; More Impactful Than It Looks </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/590/original/Screenshot%202024-03-04%20at%207.59.23%E2%80%AFPM.png?1709553575"/> <ul>
<li>The changes to the Nikkei 225 Average for the March 2024 Review were announced today after the close. A little earlier than I expected. </li>
<li>Socionext, Disco, Zozo IN; Takara Hldgs, Sumi Osaka Cement, Pacific Metals OUT. Nitori PAF increase. US$4bn+ to trade one way on 29Mar close. One interesting surprise. </li>
<li>Overall more impactful than it looks. And it changes the front-end arithmetic on <a data-smartkarma-citation="entities:751:1" href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" rel="noopener" target="_blank">Fast Retailing (9983 JP)</a>. There may be fun on the DELETEs.</li>
</ul>2024-03-05T18:57:31+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "3663@JP"}, {"term": "6425@JP"}, {"term": "2702@JP"}, {"term": "6890@JP"}, {"term": "4371@JP"}, {"term": "TPX@INDEX"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "8308@JP"}, {"term": "8411@JP"}, {"term": "7186@JP"}, {"term": "8306@JP"}, {"term": "8304@JP"}, {"term": "Cross Asset Strategy"}, {"term": "INDIA"}, {"term": "CHINA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "SENSEX@INDEX"}, {"term": "TPX@INDEX"}, {"term": "FIH/U@CN"}, {"term": "966@HK"}, {"term": "291@HK"}, {"term": "267@HK"}, {"term": "RTY@INDEX"}, {"term": "NDX@INDEX"}, {"term": "AMZN@US"}, {"term": "NVDA@US"}, {"term": "TLT@US"}, {"term": "GLD@US"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6526@JP"}, {"term": "7004@JP"}, {"term": "7453@JP"}, {"term": "9843@JP"}, {"term": "5541@JP"}, {"term": "5232@JP"}, {"term": "2531@JP"}, {"term": "3092@JP"}, {"term": "6146@JP"}, {"term": "9983@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8304@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "GLD@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9983@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/ae41571c-9130-3cc1-a762-419a09be50c2Brief Japan: 3Q Follow-Up - Takamiya (2445 JP) and more2024-03-28T14:17:28.671741+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/3q-follow-up-takamiya-2445-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - Takamiya (2445 JP)</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-something-is-brewing-but-nobody-knows-quite-what?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): Something Is Brewing, but Nobody Knows Quite What</a></li><li><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out</a></li><li><a href="https://www.smartkarma.com/insights/sanyo-trading-3176-jp-small-secondary-offering-as-banks-sell-more-later?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sanyo Trading (3176 JP) - Small Secondary Offering as Banks Sell, More Later</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/3q-follow-up-takamiya-2445-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 3Q Follow-Up - Takamiya (2445 JP) </a></h3><p></p><ul><li>Takamiya announced its 3Q FY24/3 consolidated sales of ¥32,183 mn (+4.9% YoY), operating profit of ¥2,405 mn (+49.7% YoY), ordinary profit of ¥2,526 mn (+46.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of ¥1,727 mn (+46.9% YoY).</li><li>All the segments, sales business, rental business and overseas business, posted an increase in operating profit YoY.</li><li>Especially, rental business became a driving force of the expansion of the whole business. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-something-is-brewing-but-nobody-knows-quite-what?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JSR Corporation (4185 JP): Something Is Brewing, but Nobody Knows Quite What </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>’s shares rose 4.8% due to a <a href="https://www.nikkan.co.jp/articles/view/00703806" rel="noopener" target="_blank">Nikkan Kogyo article</a> that states that JIC will start the tender within the month due to concluding negotiations with SAMR. </li>
<li>Caution is warranted as JSR has not provided a customary timeline update, no confirmatory disclosure from SAMR and JSR’s response to SUNY RF’s claims are yet to be filed.</li>
<li>Based on current information, there are five possible tender scenarios. In the worst case, the downside risk on a deal break should be muted due to the market re-rating. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/524/original/image_181127022111709537750293.png?1709537751"/> <ul>
<li>
<a data-smartkarma-citation="entities:15817:1" href="https://www.smartkarma.com/entities/disco-corp" rel="noopener" target="_blank">DISCO (6146 JP)</a>, <a data-smartkarma-citation="entities:36351:1" href="https://www.smartkarma.com/entities/socionext-inc" rel="noopener" target="_blank">Socionext (6526 JP)</a> and <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO (3092 JP)</a> will replace <a data-smartkarma-citation="entities:11074:1" href="https://www.smartkarma.com/entities/takara-holdings-inc" rel="noopener" target="_blank">Takara Holdings (2531 JP)</a>, <a data-smartkarma-citation="entities:20460:1" href="https://www.smartkarma.com/entities/sumitomo-osaka-cement-co-ltd" rel="noopener" target="_blank">Sumitomo Osaka Cement (5232 JP)</a> and <a data-smartkarma-citation="entities:3439:1" href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" rel="noopener" target="_blank">Pacific Metals (5541 JP)</a> in the <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225</a>.</li>
<li>
<a data-smartkarma-citation="entities:20386:1" href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" rel="noopener" target="_blank">Nitori Holdings (9843 JP)</a>'s PAF will increase from 0.3 to 0.5, and surprisingly there is no PAF adjustment for <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO Inc (3092 JP)</a>. </li>
<li>Passive trackers need to buy between 1-18 days of ADV on the adds while selling between 2.7-28 days of ADV on the deletes. There is a big funding trade too.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sanyo-trading-3176-jp-small-secondary-offering-as-banks-sell-more-later?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Sanyo Trading (3176 JP) - Small Secondary Offering as Banks Sell, More Later </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/513/original/Screenshot%202024-03-04%20at%202.44.31%E2%80%AFPM.png?1709534684"/> <ul>
<li>
<a data-smartkarma-citation="entities:14733:1" href="https://www.smartkarma.com/entities/sanyo-trading-co-ltd" rel="noopener" target="_blank">Sanyo Trading (3176 JP)</a> is a small specialised trading company (rubber, polymers, elastomers, etc). Niche, decent profitability/margins, highish ROE.</li>
<li>Banks in the MUFG and SMBC family are selling. Norinchukin is selling a bit too. </li>
<li>This is small in size but big in impact. 20% of Max RWF. 50d ADV. Unlike other recent, larger, offerings, this has no flow mitigants. But it's cheap.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/502/original/image?1709528601"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) is now looking to raise up to US$259m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about implied valuations in the IPO range.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/3q-follow-up-takamiya-2445-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up - Takamiya (2445 JP)</a></li><li><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-something-is-brewing-but-nobody-knows-quite-what?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JSR Corporation (4185 JP): Something Is Brewing, but Nobody Knows Quite What</a></li><li><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out</a></li><li><a href="https://www.smartkarma.com/insights/sanyo-trading-3176-jp-small-secondary-offering-as-banks-sell-more-later?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sanyo Trading (3176 JP) - Small Secondary Offering as Banks Sell, More Later</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/3q-follow-up-takamiya-2445-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 3Q Follow-Up - Takamiya (2445 JP) </a></h3><p></p><ul><li>Takamiya announced its 3Q FY24/3 consolidated sales of ¥32,183 mn (+4.9% YoY), operating profit of ¥2,405 mn (+49.7% YoY), ordinary profit of ¥2,526 mn (+46.5% YoY), and profit attributable to owners of parent (hereafter, net profit) of ¥1,727 mn (+46.9% YoY).</li><li>All the segments, sales business, rental business and overseas business, posted an increase in operating profit YoY.</li><li>Especially, rental business became a driving force of the expansion of the whole business. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/jsr-corporation-4185-jp-something-is-brewing-but-nobody-knows-quite-what?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JSR Corporation (4185 JP): Something Is Brewing, but Nobody Knows Quite What </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>’s shares rose 4.8% due to a <a href="https://www.nikkan.co.jp/articles/view/00703806" rel="noopener" target="_blank">Nikkan Kogyo article</a> that states that JIC will start the tender within the month due to concluding negotiations with SAMR. </li>
<li>Caution is warranted as JSR has not provided a customary timeline update, no confirmatory disclosure from SAMR and JSR’s response to SUNY RF’s claims are yet to be filed.</li>
<li>Based on current information, there are five possible tender scenarios. In the worst case, the downside risk on a deal break should be muted due to the market re-rating. </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/nikkei-225-index-rebalance-disco-socionext-zozo-in-pacmetals-sumitomo-osaka-takara-holding-out?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Nikkei 225 Index Rebalance: DISCO, Socionext, ZOZO In; PacMetals, Sumitomo Osaka, Takara Holding Out </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/524/original/image_181127022111709537750293.png?1709537751"/> <ul>
<li>
<a data-smartkarma-citation="entities:15817:1" href="https://www.smartkarma.com/entities/disco-corp" rel="noopener" target="_blank">DISCO (6146 JP)</a>, <a data-smartkarma-citation="entities:36351:1" href="https://www.smartkarma.com/entities/socionext-inc" rel="noopener" target="_blank">Socionext (6526 JP)</a> and <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO (3092 JP)</a> will replace <a data-smartkarma-citation="entities:11074:1" href="https://www.smartkarma.com/entities/takara-holdings-inc" rel="noopener" target="_blank">Takara Holdings (2531 JP)</a>, <a data-smartkarma-citation="entities:20460:1" href="https://www.smartkarma.com/entities/sumitomo-osaka-cement-co-ltd" rel="noopener" target="_blank">Sumitomo Osaka Cement (5232 JP)</a> and <a data-smartkarma-citation="entities:3439:1" href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" rel="noopener" target="_blank">Pacific Metals (5541 JP)</a> in the <a data-smartkarma-citation="entities:22909:1" href="https://www.smartkarma.com/entities/nikkei-225" rel="noopener" target="_blank">Nikkei 225</a>.</li>
<li>
<a data-smartkarma-citation="entities:20386:1" href="https://www.smartkarma.com/entities/nitori-holdings-co-ltd" rel="noopener" target="_blank">Nitori Holdings (9843 JP)</a>'s PAF will increase from 0.3 to 0.5, and surprisingly there is no PAF adjustment for <a data-smartkarma-citation="entities:18379:1" href="https://www.smartkarma.com/entities/zozo-inc" rel="noopener" target="_blank">ZOZO Inc (3092 JP)</a>. </li>
<li>Passive trackers need to buy between 1-18 days of ADV on the adds while selling between 2.7-28 days of ADV on the deletes. There is a big funding trade too.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/sanyo-trading-3176-jp-small-secondary-offering-as-banks-sell-more-later?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Sanyo Trading (3176 JP) - Small Secondary Offering as Banks Sell, More Later </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/513/original/Screenshot%202024-03-04%20at%202.44.31%E2%80%AFPM.png?1709534684"/> <ul>
<li>
<a data-smartkarma-citation="entities:14733:1" href="https://www.smartkarma.com/entities/sanyo-trading-co-ltd" rel="noopener" target="_blank">Sanyo Trading (3176 JP)</a> is a small specialised trading company (rubber, polymers, elastomers, etc). Niche, decent profitability/margins, highish ROE.</li>
<li>Banks in the MUFG and SMBC family are selling. Norinchukin is selling a bit too. </li>
<li>This is small in size but big in impact. 20% of Max RWF. 50d ADV. Unlike other recent, larger, offerings, this has no flow mitigants. But it's cheap.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-not-wholly-convinced-but-a-strong-market-should-help?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Trial Holdings IPO - Not Wholly Convinced but a Strong Market Should Help </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/502/original/image?1709528601"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a> (TH) is now looking to raise up to US$259m in its Japan IPO, after having canceled its prior listing attempt last year.</li>
<li>TH operates a network of retail stores that offer one-stop shopping under its everyday low price model, across a variety of daily necessities, food items and other products.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we talk about implied valuations in the IPO range.</li>
</ul>2024-03-04T23:15:03+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "2445@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "4186@JP"}, {"term": "4005@JP"}, {"term": "6988@JP"}, {"term": "272290@KS"}, {"term": "DD@US"}, {"term": "4063@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "3092@JP"}, {"term": "TPX@INDEX"}, {"term": "9613@JP"}, {"term": "6971@JP"}, {"term": "9766@JP"}, {"term": "1721@JP"}, {"term": "9735@JP"}, {"term": "4021@JP"}, {"term": "9301@JP"}, {"term": "6954@JP"}, {"term": "4543@JP"}, {"term": "6762@JP"}, {"term": "9433@JP"}, {"term": "4063@JP"}, {"term": "9984@JP"}, {"term": "6857@JP"}, {"term": "8035@JP"}, {"term": "9983@JP"}, {"term": "9843@JP"}, {"term": "NKY@INDEX"}, {"term": "5541@JP"}, {"term": "5232@JP"}, {"term": "2531@JP"}, {"term": "6526@JP"}, {"term": "6146@JP"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3176@JP"}, {"term": "Equity Capital Markets"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "5882@JP"}, {"term": "8279@JP"}, {"term": "9956@JP"}, {"term": "3222@JP"}, {"term": "8842@JP"}, {"term": "6758@JP"}, {"term": "9984@JP"}, {"term": "6098@JP"}, {"term": "4755@JP"}, {"term": "@5838@JP"}, {"term": "6752@JP"}, {"term": "7532@JP"}, {"term": "4385@JP"}, {"term": "7456@JP"}, {"term": "8194@JP"}, {"term": "2651@JP"}, {"term": "8273@JP"}, {"term": "8276@JP"}, {"term": "9983@JP"}, {"term": "3349@JP"}, {"term": "7751@JP"}, {"term": "9974@JP"}, {"term": "8255@JP"}, {"term": "9948@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2445@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4063@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6146@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3176@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9948@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/cff8b46e-9a1e-39b4-a75a-eb297a261b80Brief Japan: Nowcasting Nearly Half of Global GDP and more2024-03-28T14:17:28.658277+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nowcasting Nearly Half of Global GDP</a></li><li><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Are You Ready To Be A Contrarian Cigar Butt Investor?</a></li><li><a href="https://www.smartkarma.com/insights/3-4-of-the-companies-are-giving-up-the-opportunity-to-communicate-their-value-to-overseas-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3/4 of the Companies Are Giving up the Opportunity to Communicate Their Value to Overseas Investors</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-more-records?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-placement-lukewarm-track-record-although-buyback-could-lift-share-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express Placement - Lukewarm Track Record, Although Buyback Could Lift Share Price</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Are You Ready To Be A Contrarian Cigar Butt Investor? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/291/original/image_17719039841709418522595.png?1709418414"/> <ul>
<li>We review Warren Buffett’s shareholder letter and his pivot from deep value to QGARP investing.</li>
<li>We offered two case studies to compare and contrast his approach: 1) Berkshire’s holdings in Japan, which was successful; and 2) China, a deep value opportunity that he ignored.</li>
<li>We are agnostic in our opinion between the two approaches and believe both can offer alpha, but on different time horizons.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/3-4-of-the-companies-are-giving-up-the-opportunity-to-communicate-their-value-to-overseas-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. 3/4 of the Companies Are Giving up the Opportunity to Communicate Their Value to Overseas Investors </a></h3><p></p><ul>
<li>About half of the prime market companies were able to communicate to investors that they are aware of their cost of capital and are committed to share price conscious management.</li>
<li>Half of the companies are reluctant to engage in constructive dialogue with investors, sustainable growth and medium-to-long-term improvement of corporate value, which is the concept of prime market listing criteria.</li>
<li>A quarter of prime market listed companies disclosed in English. Since TSE requires disclosure of this information in Corporate Governance Report, disclosure in English of this document becomes more important.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-more-records?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/429/original/image_43131961321709492763866.png?1709492764"/> <ul>
<li>US Stocks end higher on Friday, with the S&P 500 and Nasdaq rising to new records</li>
<li>Sakura Internet emerges as latest AI play with high-powered cloud services. Stock up 93% over past month</li>
<li>Japanese auto makers see continued strong US auto sales; Nissan potentially to invest $400m in EV truck maker, Fisker</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nippon-express-placement-lukewarm-track-record-although-buyback-could-lift-share-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Nippon Express Placement - Lukewarm Track Record, Although Buyback Could Lift Share Price </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/417/original/image?1709477696"/> <ul>
<li>A group of shareholders are looking to raise US$220m from selling their stakes in <a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a>.</li>
<li>Overall, the deal would be a relatively large one to digest at 11 days of Nippon Express’ three month ADV, and 4.8% of the firm’s total shares outstanding.</li>
<li>Together with the announcement, the firm has also guided towards a share buyback program which should provide some share price support a month post-deal, in our view.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nowcasting Nearly Half of Global GDP</a></li><li><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Are You Ready To Be A Contrarian Cigar Butt Investor?</a></li><li><a href="https://www.smartkarma.com/insights/3-4-of-the-companies-are-giving-up-the-opportunity-to-communicate-their-value-to-overseas-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3/4 of the Companies Are Giving up the Opportunity to Communicate Their Value to Overseas Investors</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-more-records?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-placement-lukewarm-track-record-although-buyback-could-lift-share-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express Placement - Lukewarm Track Record, Although Buyback Could Lift Share Price</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/nowcasting-nearly-half-of-global-gdp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Nowcasting Nearly Half of Global GDP </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/459/original/image_20093687931709513198026.png?1709513198"/> <ul>
<li>My hybrid nowcasting framework tracks the inflation-adjusted or real GDP growth rates of US, Euro Area and Japan</li>
<li>My nowcasts for the individual G3 economies are prospectively diverging at the beginning of 2024</li>
<li>But in aggregate, my nowcast suggests that G3 GDP growth is potentially tracking softer through the first-half of 2024 on average </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/are-you-ready-to-be-a-contrarian-cigar-butt-investor?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Are You Ready To Be A Contrarian Cigar Butt Investor? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/291/original/image_17719039841709418522595.png?1709418414"/> <ul>
<li>We review Warren Buffett’s shareholder letter and his pivot from deep value to QGARP investing.</li>
<li>We offered two case studies to compare and contrast his approach: 1) Berkshire’s holdings in Japan, which was successful; and 2) China, a deep value opportunity that he ignored.</li>
<li>We are agnostic in our opinion between the two approaches and believe both can offer alpha, but on different time horizons.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/3-4-of-the-companies-are-giving-up-the-opportunity-to-communicate-their-value-to-overseas-investors?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. 3/4 of the Companies Are Giving up the Opportunity to Communicate Their Value to Overseas Investors </a></h3><p></p><ul>
<li>About half of the prime market companies were able to communicate to investors that they are aware of their cost of capital and are committed to share price conscious management.</li>
<li>Half of the companies are reluctant to engage in constructive dialogue with investors, sustainable growth and medium-to-long-term improvement of corporate value, which is the concept of prime market listing criteria.</li>
<li>A quarter of prime market listed companies disclosed in English. Since TSE requires disclosure of this information in Corporate Governance Report, disclosure in English of this document becomes more important.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/ohayo-japan-more-records?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/429/original/image_43131961321709492763866.png?1709492764"/> <ul>
<li>US Stocks end higher on Friday, with the S&P 500 and Nasdaq rising to new records</li>
<li>Sakura Internet emerges as latest AI play with high-powered cloud services. Stock up 93% over past month</li>
<li>Japanese auto makers see continued strong US auto sales; Nissan potentially to invest $400m in EV truck maker, Fisker</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nippon-express-placement-lukewarm-track-record-although-buyback-could-lift-share-price?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Nippon Express Placement - Lukewarm Track Record, Although Buyback Could Lift Share Price </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/417/original/image?1709477696"/> <ul>
<li>A group of shareholders are looking to raise US$220m from selling their stakes in <a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a>.</li>
<li>Overall, the deal would be a relatively large one to digest at 11 days of Nippon Express’ three month ADV, and 4.8% of the firm’s total shares outstanding.</li>
<li>Together with the announcement, the firm has also guided towards a share buyback program which should provide some share price support a month post-deal, in our view.</li>
</ul>2024-03-04T09:03:07+08:00[{"term": "Macroeconomics"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "POLAND"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "MEXICO"}, {"term": "PANAMA"}, {"term": "BERMUDA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "Cross Asset Strategy"}, {"term": "CHINA"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9147@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9147@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/f83e88f4-42da-3366-95bf-375a5600417fBrief Japan: Merger Arb Mondays (04 Mar) - JSR, Shinko, Outsourcing, APM, Alumina, Adbri, Azure, CSR, Probiotec and more2024-03-28T14:17:28.644289+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-04-mar-jsr-shinko-outsourcing-apm-alumina-adbri-azure-csr-probiotec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Merger Arb Mondays (04 Mar) - JSR, Shinko, Outsourcing, APM, Alumina, Adbri, Azure, CSR, Probiotec</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #89: Major Twist to QE Upcoming?</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO: Valuation Thoughts</a></li><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Macro Research: Waiting on Words (And Data)</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-04-mar-jsr-shinko-outsourcing-apm-alumina-adbri-azure-csr-probiotec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Merger Arb Mondays (04 Mar) - JSR, Shinko, Outsourcing, APM, Alumina, Adbri, Azure, CSR, Probiotec </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a>, <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, China TCM</em></strong>.</li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp Ltd (ORR AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:20044:1" href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" rel="noopener" target="_blank">Yaizu Suisankagaku Industry (2812 JP)</a></em></strong>. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Steno Signals #89: Major Twist to QE Upcoming? </a></h3><p></p><ul><li>Happy Sunday from Copenhagen and welcome to our flagship editorial.</li><li>The cyclical rotation continues in markets, but interest rates have to a certain extent been out of sync with the business cycle for a while.</li><li>The yield curve inverted during the summer of 2022, but we are yet to see a recession in the US economy, which is a bit out of the ordinary given the typical validity of the yield curve inversion signal.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Trial Holdings IPO: Valuation Thoughts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/408/original/Val%20new%202.png?1709473125"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.</li>
<li>We previously discussed the IPO in <em><strong><a data-smartkarma-citation="insights:130521" href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" rel="noopener" target="_blank">Trial Holdings IPO: The Investment Case</a></strong></em>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/merger-arb-mondays-04-mar-jsr-shinko-outsourcing-apm-alumina-adbri-azure-csr-probiotec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Merger Arb Mondays (04 Mar) - JSR, Shinko, Outsourcing, APM, Alumina, Adbri, Azure, CSR, Probiotec</a></li><li><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Steno Signals #89: Major Twist to QE Upcoming?</a></li><li><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Trial Holdings IPO: Valuation Thoughts</a></li><li><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Global Macro Research: Waiting on Words (And Data)</a></li><li><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Portfolio Watch: What if We Add a Rate Cut to This Fire..</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/merger-arb-mondays-04-mar-jsr-shinko-outsourcing-apm-alumina-adbri-azure-csr-probiotec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Merger Arb Mondays (04 Mar) - JSR, Shinko, Outsourcing, APM, Alumina, Adbri, Azure, CSR, Probiotec </a></h3><p></p><ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <strong><em><a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>, <a data-smartkarma-citation="entities:12047:1" href="https://www.smartkarma.com/entities/probiotec-ltd" rel="noopener" target="_blank">Probiotec Ltd (PBP AU)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:15066:1" href="https://www.smartkarma.com/entities/shinko-electric-industries" rel="noopener" target="_blank">Shinko Electric Industries (6967 JP)</a>, <a data-smartkarma-citation="entities:17620:1" href="https://www.smartkarma.com/entities/jsr-corp" rel="noopener" target="_blank">JSR Corp (4185 JP)</a>, China TCM</em></strong>.</li>
<li>Lowest spreads: <strong><em><a data-smartkarma-citation="entities:28006:1" href="https://www.smartkarma.com/entities/tietto-minerals-ltd" rel="noopener" target="_blank">Tietto Minerals Ltd (TIE AU)</a>, <a data-smartkarma-citation="entities:8120:1" href="https://www.smartkarma.com/entities/orecorp-ltd" rel="noopener" target="_blank">Orecorp Ltd (ORR AU)</a>, <a data-smartkarma-citation="entities:10427:1" href="https://www.smartkarma.com/entities/cpmc-holdings-ltd" rel="noopener" target="_blank">CPMC Holdings (906 HK)</a>, <a data-smartkarma-citation="entities:692:1" href="https://www.smartkarma.com/entities/pact-group-holdings-ltd" rel="noopener" target="_blank">Pact Group Holdings (PGH AU)</a>, <a data-smartkarma-citation="entities:20044:1" href="https://www.smartkarma.com/entities/yaizu-suisankagaku-industry" rel="noopener" target="_blank">Yaizu Suisankagaku Industry (2812 JP)</a></em></strong>. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/steno-signals-89-major-twist-to-qe-upcoming?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Steno Signals #89: Major Twist to QE Upcoming? </a></h3><p></p><ul><li>Happy Sunday from Copenhagen and welcome to our flagship editorial.</li><li>The cyclical rotation continues in markets, but interest rates have to a certain extent been out of sync with the business cycle for a while.</li><li>The yield curve inverted during the summer of 2022, but we are yet to see a recession in the US economy, which is a bit out of the ordinary given the typical validity of the yield curve inversion signal.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/trial-holdings-ipo-valuation-thoughts?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Trial Holdings IPO: Valuation Thoughts </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/408/original/Val%20new%202.png?1709473125"/> <ul>
<li>
<a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a>, a discount store operator in Japan, is seeking to raise US$236 million at the IPO reference price of JPY1,550 per share.</li>
<li>We previously discussed the IPO in <em><strong><a data-smartkarma-citation="insights:130521" href="https://www.smartkarma.com/insights/trial-holdings-ipo-the-investment-case" rel="noopener" target="_blank">Trial Holdings IPO: The Investment Case</a></strong></em>. </li>
<li>In this note, we discuss valuation. Our analysis suggests that Trial is attractively valued at the IPO reference price of JPY1,550. We would participate in the IPO.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/global-macro-research-waiting-on-words-and-data?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Global Macro Research: Waiting on Words (And Data) </a></h3><p></p><ul><li>Chair Powell set to deliver semiannual testimony in Congress, February employment data on Friday</li><li>ECB decision on Thursday with potential impact on US rates and currencies</li><li>Revision of rates forecast to reflect Fed easing expectations and QT process, potential for rates to decline if February data does not repeat January strength</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/portfolio-watch-what-if-we-add-a-rate-cut-to-this-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Portfolio Watch: What if We Add a Rate Cut to This Fire.. </a></h3><p></p><ul><li>The cyclical rotation is slowly but slowly rolling and if central banks add rate cuts to this mix, we are staring directly into the melt up.</li><li>Welcome to our weekly Portfolio Watch, where we assess the tradeable themes and discuss our portfolio composition.</li><li>In this revamped version of the series, we will touch upon the developments in our Macro Alpha Portfolio and our Digital Assets Portfolio.</li></ul>2024-03-04T00:32:02+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "BLD"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "4185@JP"}, {"term": "7816@JP"}, {"term": "2318@HK"}, {"term": "BLD@AU"}, {"term": "SVM@US"}, {"term": "4062@JP"}, {"term": "LNK@AU"}, {"term": "8750@JP"}, {"term": "SVW@AU"}, {"term": "CRH@LN"}, {"term": "4489@JP"}, {"term": "ABC@AU"}, {"term": "8306@JP"}, {"term": "PRU@AU"}, {"term": "5127@JP"}, {"term": "328130@KS"}, {"term": "CD@SP"}, {"term": "6556@JP"}, {"term": "LPI@AU"}, {"term": "SQM@US"}, {"term": "9783@JP"}, {"term": "HOLI@US"}, {"term": "VHT@AU"}, {"term": "BWP@AU"}, {"term": "SGO@FP"}, {"term": "GTH@US"}, {"term": "RED@AU"}, {"term": "2412@JP"}, {"term": "PYFA@IJ"}, {"term": "NPR@AU"}, {"term": "9433@JP"}, {"term": "QVE@AU"}, {"term": "6723@JP"}, {"term": "CSR@AU"}, {"term": "WLE@AU"}, {"term": "1818@HK"}, {"term": "A2B@AU"}, {"term": "AND@AU"}, {"term": "4480@JP"}, {"term": "3331@HK"}, {"term": "1839@HK"}, {"term": "2698@HK"}, {"term": "4636@JP"}, {"term": "2427@JP"}, {"term": "2651@JP"}, {"term": "SLR@AU"}, {"term": "AZS@AU"}, {"term": "ALU@AU"}, {"term": "AA@US"}, {"term": "570@HK"}, {"term": "2812@JP"}, {"term": "PGH@AU"}, {"term": "906@HK"}, {"term": "ORR@AU"}, {"term": "TIE@AU"}, {"term": "6967@JP"}, {"term": "AWC@AU"}, {"term": "PBP@AU"}, {"term": "APM@AU"}, {"term": "Cross Asset Strategy"}, {"term": "US"}, {"term": "CHINA"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "PLATINUM@COMDTY"}, {"term": "SILVER@COMDTY"}, {"term": "GOLD@COMDTY"}, {"term": "KOA@COMDTY"}, {"term": "W@A@COMDTY"}, {"term": "UXA@COMDTY"}, {"term": "XPD@COMDTY"}, {"term": "AAA@COMDTY"}, {"term": "C@A@COMDTY"}, {"term": "CCA@COMDTY"}, {"term": "COAL@COMDTY"}, {"term": "TIN@COMDTY"}, {"term": "TU1@COMDTY"}, {"term": "TRSY@LN"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "TLT@US"}, {"term": "USDJPY@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "USDAUD@CURNCY"}, {"term": "XLB@US"}, {"term": "COPPER@COMDTY"}, {"term": "OIL@US"}, {"term": "CL1@COM@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "Equity Capital Markets"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "5882@JP"}, {"term": "TGT@US"}, {"term": "OLLI@US"}, {"term": "ROST@US"}, {"term": "8267@JP"}, {"term": "FIVE@US"}, {"term": "7532@JP"}, {"term": "GO@US"}, {"term": "2651@JP"}, {"term": "TSCO@LN"}, {"term": "DOL@CN"}, {"term": "DLTR@US"}, {"term": "COST@US"}, {"term": "3382@JP"}, {"term": "WMT@US"}, {"term": "DG@US"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "USDEUR@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USD@CURNCY"}, {"term": "Cross Asset Strategy"}, {"term": "ZIMBABWE"}, {"term": "ZAMBIA"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "TOGO"}, {"term": "THAILAND"}, {"term": "TAJIKISTAN"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SLOVENIA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "RUSSIA"}, {"term": "ROMANIA"}, {"term": "QATAR"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "PERU"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NZ"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MOROCCO"}, {"term": "MONGOLIA"}, {"term": "MONACO"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "MALAYSIA"}, {"term": "MACAU"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "IRAN"}, {"term": "INDONESIA"}, {"term": "INDIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GREECE"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "GABON"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHINA"}, {"term": "CHILE"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAMBODIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BERMUDA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BANGLADESH"}, {"term": "BAHRAIN"}, {"term": "AZERBAIJAN"}, {"term": "AUSTRIA"}, {"term": "AUSTRALIA"}, {"term": "ARGENTINA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "SOL@CURNCY"}, {"term": "XETUSD@CURNCY"}, {"term": "ETHE@US"}, {"term": "XBTUSD@CURNCY"}, {"term": "GBTC@US"}, {"term": "USDSEK@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "TUR@US"}, {"term": "EWW@US"}, {"term": "MXMX@INDEX"}, {"term": "EWJ@US"}, {"term": "EWQ@US"}, {"term": "EWP@US"}, {"term": "MXWO@LN"}, {"term": "EWG@US"}, {"term": "EDEN@US"}, {"term": "EWN@US"}, {"term": "EPOL@US"}, {"term": "INDA@US"}, {"term": "INDIA@SP"}, {"term": "EWZ@US"}, {"term": "MCHI@US"}, {"term": "EWD@US"}, {"term": "@EWT@US"}, {"term": "TAMSCI@INDEX"}, {"term": "XLV@US"}, {"term": "XLRE@US"}, {"term": "XLC@US"}, {"term": "XLI@US"}, {"term": "SPY@US"}, {"term": "XLF@US"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "KMS1@INDEX"}, {"term": "KOSPI2@INDEX"}, {"term": "KOSPI@INDEX"}, {"term": "USDKRW@CURNCY"}, {"term": "XLE@US"}, {"term": "XLP@US"}, {"term": "XHB@US"}, {"term": "XLB@US"}, {"term": "XLY@US"}, {"term": "XLK@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "APM@AU"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NATURAL@GAS@COMDTY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "DG@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "XLK@US"}]https://www.smartkarma.com/segment/feeds/japan.rss/bf2330de-e1a3-3e72-a40b-15312fd70eb8Brief Japan: JAPAN FLOW: Foreigners Vs Cross-Holding Unwinds Vs Buybacks Vs Pensions and more2024-03-28T14:17:28.630037+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/japan-flow-foreigners-vs-cross-holding-unwinds-vs-buybacks-vs-pensions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAPAN FLOW: Foreigners Vs Cross-Holding Unwinds Vs Buybacks Vs Pensions</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-a-us-260-million-secondary-offering?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147 JP): A US$260 Million Secondary Offering</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-csr-rakuten-hk-property-aeon-tsuruha-welcia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia</a></li><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-03-mar-aozora-outsourcing-tsuruha-toei-samsonite-adbri-alumina-apm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/japan-flow-foreigners-vs-cross-holding-unwinds-vs-buybacks-vs-pensions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. JAPAN FLOW: Foreigners Vs Cross-Holding Unwinds Vs Buybacks Vs Pensions </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/257/original/Screenshot%202024-03-02%20at%208.33.28%E2%80%AFPM.png?1709382825"/> <ul>
<li>For years I have tracked investor category flows in Japanese stocks because I find them quite informative. I write about them every so often in an insight series JAPAN FLOW.</li>
<li>The series, which I have written about for years, suggests foreign investors invest in Japan pro-cyclically and that correlates well to One (relatively) Simple Indicator.</li>
<li>Foreigners have a lot of ammunition left. But cross-holding unwinds are picking up, and buybacks are too, and dividend reinvestments are smaller than public pension selling. Which way next?</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-a-us-260-million-secondary-offering?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Nippon Express (9147 JP): A US$260 Million Secondary Offering </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a> has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.</li>
<li>The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-csr-rakuten-hk-property-aeon-tsuruha-welcia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/950/original/image_96222588321709262454159.png?1709262454"/> <ul>
<li>Apart from being mildly EPS accretive, <strong><a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a></strong>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<strong><a data-smartkarma-citation="entities:21547:1" href="https://www.smartkarma.com/entities/cie-de-saint-gobain" rel="noopener" target="_blank">Cie De Saint-Gobain (SGO FP)</a></strong> firms a decade-high-plus Offer price for <a data-smartkarma-citation="entities:17380:1" href="https://www.smartkarma.com/entities/csr-ltd" rel="noopener" target="_blank"><strong>CSR Ltd (CSR AU)</strong></a> - this is done.</li>
<li>
<strong><a data-smartkarma-citation="entities:31:1" href="https://www.smartkarma.com/entities/rakuten-group-inc" rel="noopener" target="_blank">Rakuten Group (4755 JP)</a></strong> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-03-mar-aozora-outsourcing-tsuruha-toei-samsonite-adbri-alumina-apm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <em><strong><a data-smartkarma-citation="entities:18641:1" href="https://www.smartkarma.com/entities/toei-animation-co-ltd" rel="noopener" target="_blank">Toei Animation (4816 JP)</a>'s</strong></em> prices its US$550 million secondary offering and <em><strong><a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a></strong></em> IPO.</li>
<li>Event-Driven developments: <strong><em><a data-smartkarma-citation="entities:6483:1" href="https://www.smartkarma.com/entities/aozora-bank-ltd" rel="noopener" target="_blank">Aozora Bank Ltd (8304 JP)</a>, <a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing Inc (2427 JP)</a>, <a data-smartkarma-citation="entities:9536:1" href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" rel="noopener" target="_blank">Tsuruha Holdings (3391 JP)</a>, <a data-smartkarma-citation="entities:12790:1" href="https://www.smartkarma.com/entities/samsonite-international-sa" rel="noopener" target="_blank">Samsonite (1910 HK)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>.</em></strong> </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/japan-flow-foreigners-vs-cross-holding-unwinds-vs-buybacks-vs-pensions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAPAN FLOW: Foreigners Vs Cross-Holding Unwinds Vs Buybacks Vs Pensions</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-a-us-260-million-secondary-offering?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147 JP): A US$260 Million Secondary Offering</a></li><li><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-csr-rakuten-hk-property-aeon-tsuruha-welcia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia</a></li><li><a href="https://www.smartkarma.com/insights/weekly-deals-digest-03-mar-aozora-outsourcing-tsuruha-toei-samsonite-adbri-alumina-apm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Semiconductor WFE 2023 In Review, 2024 Outlook</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/japan-flow-foreigners-vs-cross-holding-unwinds-vs-buybacks-vs-pensions?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. JAPAN FLOW: Foreigners Vs Cross-Holding Unwinds Vs Buybacks Vs Pensions </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/257/original/Screenshot%202024-03-02%20at%208.33.28%E2%80%AFPM.png?1709382825"/> <ul>
<li>For years I have tracked investor category flows in Japanese stocks because I find them quite informative. I write about them every so often in an insight series JAPAN FLOW.</li>
<li>The series, which I have written about for years, suggests foreign investors invest in Japan pro-cyclically and that correlates well to One (relatively) Simple Indicator.</li>
<li>Foreigners have a lot of ammunition left. But cross-holding unwinds are picking up, and buybacks are too, and dividend reinvestments are smaller than public pension selling. Which way next?</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/nippon-express-9147-jp-a-us-260-million-secondary-offering?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Nippon Express (9147 JP): A US$260 Million Secondary Offering </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a> has announced a secondary offering of up to 4.8 million shares (including overallotment). There are seven selling shareholders.</li>
<li>The secondary offering comes ahead of the implementation of regulatory restrictions on truck drivers' overtime in April 2024, which is widely known as the ‘2024 Problem’.</li>
<li>Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will likely fall between 11 and 13 March (likely 11 March).</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/last-week-in-event-space-keisei-electric-csr-rakuten-hk-property-aeon-tsuruha-welcia?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Last Week in Event SPACE: Keisei Electric, CSR, Rakuten, HK Property, Aeon/TSURUHA/Welcia </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/950/original/image_96222588321709262454159.png?1709262454"/> <ul>
<li>Apart from being mildly EPS accretive, <strong><a data-smartkarma-citation="entities:10876:1" href="https://www.smartkarma.com/entities/keisei-electric-railway-co" rel="noopener" target="_blank">Keisei Electric Railway Co (9009 JP)</a></strong>'s buyback is a means to get crossholders out, therefore, it may not have much direct market impact. </li>
<li>
<strong><a data-smartkarma-citation="entities:21547:1" href="https://www.smartkarma.com/entities/cie-de-saint-gobain" rel="noopener" target="_blank">Cie De Saint-Gobain (SGO FP)</a></strong> firms a decade-high-plus Offer price for <a data-smartkarma-citation="entities:17380:1" href="https://www.smartkarma.com/entities/csr-ltd" rel="noopener" target="_blank"><strong>CSR Ltd (CSR AU)</strong></a> - this is done.</li>
<li>
<strong><a data-smartkarma-citation="entities:31:1" href="https://www.smartkarma.com/entities/rakuten-group-inc" rel="noopener" target="_blank">Rakuten Group (4755 JP)</a></strong> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares." First reaction: You wot, mate?</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/weekly-deals-digest-03-mar-aozora-outsourcing-tsuruha-toei-samsonite-adbri-alumina-apm?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Weekly Deals Digest (03 Mar) - Aozora, Outsourcing, Tsuruha, Toei, Samsonite, Adbri, Alumina, APM </a></h3><p></p><ul>
<li>A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.</li>
<li>ECM developments: <em><strong><a data-smartkarma-citation="entities:18641:1" href="https://www.smartkarma.com/entities/toei-animation-co-ltd" rel="noopener" target="_blank">Toei Animation (4816 JP)</a>'s</strong></em> prices its US$550 million secondary offering and <em><strong><a data-smartkarma-citation="entities:36821:1" href="https://www.smartkarma.com/entities/trial-holdings-inc" rel="noopener" target="_blank">Trial Holdings (5882 JP)</a></strong></em> IPO.</li>
<li>Event-Driven developments: <strong><em><a data-smartkarma-citation="entities:6483:1" href="https://www.smartkarma.com/entities/aozora-bank-ltd" rel="noopener" target="_blank">Aozora Bank Ltd (8304 JP)</a>, <a data-smartkarma-citation="entities:7431:1" href="https://www.smartkarma.com/entities/outsourcing-inc" rel="noopener" target="_blank">Outsourcing Inc (2427 JP)</a>, <a data-smartkarma-citation="entities:9536:1" href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" rel="noopener" target="_blank">Tsuruha Holdings (3391 JP)</a>, <a data-smartkarma-citation="entities:12790:1" href="https://www.smartkarma.com/entities/samsonite-international-sa" rel="noopener" target="_blank">Samsonite (1910 HK)</a>, <a data-smartkarma-citation="entities:939:1" href="https://www.smartkarma.com/entities/alumina-ltd" rel="noopener" target="_blank">Alumina Ltd (AWC AU)</a>, <a data-smartkarma-citation="entities:34808:1" href="https://www.smartkarma.com/entities/apm-human-services-internation" rel="noopener" target="_blank">APM Human Services Internation (APM AU)</a>.</em></strong> </li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/semiconductor-wfe-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Semiconductor WFE 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/210/original/image?1709364435"/> <ul>
<li>2023 WFE revenues amounted to $93 billion, representing a YoY decrease of just ~1%. Most had expected a 20% YoY decline at the start of last year</li>
<li>We forecast 2024 WFE revenues to grow modestly by around 5% YoY</li>
<li>China's WFE spend in 2023 was ~1.5x Taiwan & ~2x Korea</li>
</ul>2024-03-03T10:04:55+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "9983@JP"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "9147@JP"}, {"term": "4816@JP"}, {"term": "4004@JP"}, {"term": "4755@JP"}, {"term": "6723@JP"}, {"term": "4612@JP"}, {"term": "6526@JP"}, {"term": "7832@JP"}, {"term": "6902@JP"}, {"term": "9021@JP"}, {"term": "4307@JP"}, {"term": "7181@JP"}, {"term": "3003@JP"}, {"term": "2502@JP"}, {"term": "7202@JP"}, {"term": "8630@JP"}, {"term": "7205@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "INDUSTRIALS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9009@JP"}, {"term": "780@HK"}, {"term": "AA@US"}, {"term": "TIE@AU"}, {"term": "881@HK"}, {"term": "1821@HK"}, {"term": "NETW@LN"}, {"term": "8304@JP"}, {"term": "SYM@AU"}, {"term": "4661@JP"}, {"term": "1910@HK"}, {"term": "2899@HK"}, {"term": "APM@AU"}, {"term": "17@HK"}, {"term": "IPH@AU"}, {"term": "SLC@AU"}, {"term": "2698@HK"}, {"term": "3088@JP"}, {"term": "QIP@AU"}, {"term": "AWC@AU"}, {"term": "1114@HK"}, {"term": "12@HK"}, {"term": "9698@HK"}, {"term": "ITC@IN"}, {"term": "WING@MK"}, {"term": "PGS@NO"}, {"term": "CRH@US"}, {"term": "LXI@LN"}, {"term": "6723@JP"}, {"term": "ABC@AU"}, {"term": "@5838@JP"}, {"term": "ABB@AU"}, {"term": "247540@KS"}, {"term": "WINGT@SP"}, {"term": "16@HK"}, {"term": "A2B@AU"}, {"term": "6503@JP"}, {"term": "8267@JP"}, {"term": "2427@JP"}, {"term": "762@HK"}, {"term": "BATS@LN"}, {"term": "3141@JP"}, {"term": "3391@JP"}, {"term": "4755@JP"}, {"term": "CSR@AU"}, {"term": "SGO@FP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "8304@JP"}, {"term": "3141@JP"}, {"term": "8267@JP"}, {"term": "5541@JP"}, {"term": "6758@JP"}, {"term": "7832@JP"}, {"term": "2698@HK"}, {"term": "1821@HK"}, {"term": "SGO@FP"}, {"term": "CSR@AU"}, {"term": "AA@US"}, {"term": "ABC@AU"}, {"term": "APM@AU"}, {"term": "AWC@AU"}, {"term": "1910@HK"}, {"term": "3391@JP"}, {"term": "2427@JP"}, {"term": "5882@JP"}, {"term": "4816@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "8035@JP"}, {"term": "ASML@NA"}, {"term": "LRCX@US"}, {"term": "KLAC@US"}, {"term": "AMAT@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9983@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7205@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "SGO@FP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4816@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "AMAT@US"}]https://www.smartkarma.com/segment/feeds/japan.rss/209b4e79-ab2e-3261-a3af-de8791e669baBrief Japan: Will the Creation of a Private Stock Market Help Accelerate Industry Restructuring? and more2024-03-28T14:17:28.617166+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/will-the-creation-of-a-private-stock-market-help-accelerate-industry-restructuring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Will the Creation of a Private Stock Market Help Accelerate Industry Restructuring?</a></li><li><a href="https://www.smartkarma.com/insights/bullish-outlook-intact-dxy-rolling-over-more-global-breakouts-buys-in-discretionary-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech</a></li><li><a href="https://www.smartkarma.com/insights/japan-weekly-record-highs-but-more-to-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Weekly</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-secondary-offering-banks-sompo-others-sell-2024-problem-looms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147) Secondary Offering - Banks, Sompo, Others Sell - "2024 Problem" Looms</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/will-the-creation-of-a-private-stock-market-help-accelerate-industry-restructuring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Will the Creation of a Private Stock Market Help Accelerate Industry Restructuring? </a></h3><p></p><ul>
<li>With IPOs becoming a place for founders to recoup their capital, and the desire for post-IPO growth declining, IPOs are a place for retail investors to speculate using scarce liquidity.</li>
<li>If a market is provided that recovers funds without relying on IPOs, IPOs will become larger and more selective, which brings them closer to the investment focus of institutional investors.</li>
<li>The expansion of the private equity market will play a significant role in the "industry restructuring," as more M&As between private companies and public companies are expected to take place.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bullish-outlook-intact-dxy-rolling-over-more-global-breakouts-buys-in-discretionary-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/043/original/image_85765723921709323574507.png?1709323932"/> <ul>
<li>We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden</li>
<li>Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
<li>We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-weekly-record-highs-but-more-to-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japan Weekly </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/042/original/image_86102034821709322325754.png?1709322325"/> <ul>
<li>The Nikkei 225 Index surged 2% to a record high of 39,911, driven by a weak yen, robust corporate earnings, and optimism surrounding artificial intelligence</li>
<li>Japan's stock market has quietly undergone a significant transformation, emerging as an increasingly attractive investment prospect. <strong>Investors are Underweight</strong>
</li>
<li>The decline of cross-shareholdings signals a positive shift towards improved capital allocation and, enhanced shareholder value. <strong>I see TWO key positives....</strong>
</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/031/original/image?1709302153"/> <ul>
<li>Bitcoin rose nearly 20% this week, and the impact of spot Bitcoin ETFs is huge, but with a twist.</li>
<li>This week's US personal income data provides yet another chart showing that the recession is already behind us. But will the US consumer keep spending?</li>
<li>That new The Economist cover does not bode well for stocks, but the moving average does. Yet, sentiment remains in Frenzy.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nippon-express-9147-secondary-offering-banks-sompo-others-sell-2024-problem-looms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Nippon Express (9147) Secondary Offering - Banks, Sompo, Others Sell - "2024 Problem" Looms </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/983/original/Screenshot%202024-03-01%20at%205.55.06%E2%80%AFPM.png?1709286917"/> <ul>
<li>Today post-close, <a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a> announced a secondary offering. Total size is ~¥30bn before considering where it will price; 11-12 days of ADV, 4.6% of shares out.</li>
<li>Various banks, Toyota-related auto cos, and Sompo Japan will sell. This is a start to the unwind, but it is a very small portion of the total cross-holding position. </li>
<li>NX also announced an on-market buyback of up to ¥10bn to run from 11April -31July 2024. This, and index demand, mitigate some heaviness. But The 2024 Problem looms large.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/will-the-creation-of-a-private-stock-market-help-accelerate-industry-restructuring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Will the Creation of a Private Stock Market Help Accelerate Industry Restructuring?</a></li><li><a href="https://www.smartkarma.com/insights/bullish-outlook-intact-dxy-rolling-over-more-global-breakouts-buys-in-discretionary-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech</a></li><li><a href="https://www.smartkarma.com/insights/japan-weekly-record-highs-but-more-to-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Japan Weekly</a></li><li><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN</a></li><li><a href="https://www.smartkarma.com/insights/nippon-express-9147-secondary-offering-banks-sompo-others-sell-2024-problem-looms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Nippon Express (9147) Secondary Offering - Banks, Sompo, Others Sell - "2024 Problem" Looms</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/will-the-creation-of-a-private-stock-market-help-accelerate-industry-restructuring?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Will the Creation of a Private Stock Market Help Accelerate Industry Restructuring? </a></h3><p></p><ul>
<li>With IPOs becoming a place for founders to recoup their capital, and the desire for post-IPO growth declining, IPOs are a place for retail investors to speculate using scarce liquidity.</li>
<li>If a market is provided that recovers funds without relying on IPOs, IPOs will become larger and more selective, which brings them closer to the investment focus of institutional investors.</li>
<li>The expansion of the private equity market will play a significant role in the "industry restructuring," as more M&As between private companies and public companies are expected to take place.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/bullish-outlook-intact-dxy-rolling-over-more-global-breakouts-buys-in-discretionary-tech?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Bullish Outlook Intact; DXY Rolling Over; More Global Breakouts. Buys in Discretionary, Tech </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/043/original/image_85765723921709323574507.png?1709323932"/> <ul>
<li>We continue to see more and more global indexes and Sectors breaking out to new highs. This is classic bull market behavior. The latest breakouts: Israel, Germany, and Sweden</li>
<li>Our bullish outlook (since early November 2023) on global equities (MSCI ACWI) remains intact; continue to ride this trend higher, and treat pullbacks as buying opportunities.</li>
<li>We continue to get more evidence suggesting the US Dollar (DXY) is rolling over, and quite likely that global sovereign 10-year yields are rolling over as well. Risk-on.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/japan-weekly-record-highs-but-more-to-come?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Japan Weekly </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/042/original/image_86102034821709322325754.png?1709322325"/> <ul>
<li>The Nikkei 225 Index surged 2% to a record high of 39,911, driven by a weak yen, robust corporate earnings, and optimism surrounding artificial intelligence</li>
<li>Japan's stock market has quietly undergone a significant transformation, emerging as an increasingly attractive investment prospect. <strong>Investors are Underweight</strong>
</li>
<li>The decline of cross-shareholdings signals a positive shift towards improved capital allocation and, enhanced shareholder value. <strong>I see TWO key positives....</strong>
</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/the-weekly-market-monitor-please-give-a-warm-welcome-to-bitcoin?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. The Weekly Market Monitor – Please Give a Warm Welcome to BITCOIN </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/395/031/original/image?1709302153"/> <ul>
<li>Bitcoin rose nearly 20% this week, and the impact of spot Bitcoin ETFs is huge, but with a twist.</li>
<li>This week's US personal income data provides yet another chart showing that the recession is already behind us. But will the US consumer keep spending?</li>
<li>That new The Economist cover does not bode well for stocks, but the moving average does. Yet, sentiment remains in Frenzy.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/nippon-express-9147-secondary-offering-banks-sompo-others-sell-2024-problem-looms?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Nippon Express (9147) Secondary Offering - Banks, Sompo, Others Sell - "2024 Problem" Looms </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/983/original/Screenshot%202024-03-01%20at%205.55.06%E2%80%AFPM.png?1709286917"/> <ul>
<li>Today post-close, <a data-smartkarma-citation="entities:18582:1" href="https://www.smartkarma.com/entities/nippon-express-holdings-inc" rel="noopener" target="_blank">Nippon Express Holdings (9147 JP)</a> announced a secondary offering. Total size is ~¥30bn before considering where it will price; 11-12 days of ADV, 4.6% of shares out.</li>
<li>Various banks, Toyota-related auto cos, and Sompo Japan will sell. This is a start to the unwind, but it is a very small portion of the total cross-holding position. </li>
<li>NX also announced an on-market buyback of up to ¥10bn to run from 11April -31July 2024. This, and index demand, mitigate some heaviness. But The 2024 Problem looms large.</li>
</ul>2024-03-02T05:48:37+08:00[{"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Technical Analysis"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "GT10@GOVT"}, {"term": "9766@JP"}, {"term": "4716@JP"}, {"term": "SGE@LN"}, {"term": "SSOF@IN"}, {"term": "SOP@FP"}, {"term": "FPT@VN"}, {"term": "6702@JP"}, {"term": "9613@JP"}, {"term": "4901@JP"}, {"term": "3653@TT"}, {"term": "7751@JP"}, {"term": "2379@TT"}, {"term": "3034@TT"}, {"term": "NXPI@US"}, {"term": "BESI@NA"}, {"term": "VACN@SW"}, {"term": "ASM@NA"}, {"term": "2282@HK"}, {"term": "ALL@AU"}, {"term": "FLTR@LN"}, {"term": "8136@JP"}, {"term": "9435@JP"}, {"term": "PMV@AU"}, {"term": "ITX@SM"}, {"term": "CDI@FP"}, {"term": "3998@HK"}, {"term": "7936@JP"}, {"term": "BC@IM"}, {"term": "RMS@FP"}, {"term": "MC@FP"}, {"term": "LVMUY@US"}, {"term": "EL@FP"}, {"term": "PNDORA@DC"}, {"term": "CFR@SW"}, {"term": "CFR@@VX"}, {"term": "601058@CH"}, {"term": "TRI@FP"}, {"term": "7270@JP"}, {"term": "VOW3@GR"}, {"term": "@VOW@GR"}, {"term": "@BMW@GR"}, {"term": "MBG@GR"}, {"term": "IXN@US"}, {"term": "RXI@US"}, {"term": "EWD@US"}, {"term": "HEWG@US"}, {"term": "EWG@US"}, {"term": "DAX@US"}, {"term": "DAX@INDEX"}, {"term": "EIS@US"}, {"term": "MXWD@INDEX"}, {"term": "ACWI@US"}, {"term": "DXY@CURNCY"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Cross Asset Strategy"}, {"term": "CHINA"}, {"term": "GERMANY"}, {"term": "US"}, {"term": "MULTI-STRATEGY"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "ASIA PACIFIC"}, {"term": "SHCOMP@INDEX"}, {"term": "NDX@INDEX"}, {"term": "GT10@GOVT"}, {"term": "MXWO@LN"}, {"term": "SPX@INDEX"}, {"term": "RTY@INDEX"}, {"term": "USDJPY@CURNCY"}, {"term": "GOLD@COMDTY"}, {"term": "XBTUSD@CURNCY"}, {"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9147@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "DXY@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "XBTUSD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9147@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/1d6c9245-1238-392f-8f02-e5d939b0b75cBrief Japan: The Big Question: Can Today's AI Surge Last? and more2024-03-28T14:17:28.607596+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/mostly-asia-m-a-feb-2024-lawson-altium-csr-tcm-boral-apm-roland-dg-ssangyong-cement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-historic-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/hidden-value-in-plain-sight-teikoku-s-3302-potential-unlock?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Hidden Value in Plain Sight: Teikoku's (3302) Potential Unlock</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-japan-system-techniques-4323?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up -Japan System Techniques</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mostly-asia-m-a-feb-2024-lawson-altium-csr-tcm-boral-apm-roland-dg-ssangyong-cement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. (Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement </a></h3><p></p><ul>
<li>For the month of February 2024, <strong>15 new transactions</strong> (firm and non-binding) were discussed on Smartkarma with an <strong>overall announced deal size of ~US$20b</strong>n.</li>
<li>The <strong>average premium</strong> for the new transactions announced (or first discussed) in February was <strong>~33%</strong>.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-historic-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/930/original/image_89083650321709247140184.png?1709247140"/> <ul>
<li>The Nasdaq Composite surged 0.90% to a historic closing high of 16,091.92</li>
<li>Japan's January factory output plummeted by 7.5%, the sharpest decline since May 2020</li>
<li>Four non-life insurance companies, including Tokio Marine & Nichido Fire Insurance, announced the sale of all cross-shareholdings valued at approximately 6.5 trillion yen</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hidden-value-in-plain-sight-teikoku-s-3302-potential-unlock?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Hidden Value in Plain Sight: Teikoku's (3302) Potential Unlock </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/824/original/image_21547187621709224164382.png?1709224165"/> <ul>
<li>Teikoku, a stable disaster equipment leader, is undervalued due to excessive cash and cross-holdings. </li>
<li>Regulatory pressure, industry trends, and potential Hulic asset sales create an opportunity to unlock hidden value.</li>
<li>Despite fair current pricing, potential share repurchases and improved capital allocation offer up to 40% upside.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/3q-follow-up-japan-system-techniques-4323?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. 3Q Follow-Up -Japan System Techniques </a></h3><p></p><ul><li>3Q Earnings Summary: In cumulative 3Q FY2024/3, Japan System Techniques recorded net sales of ¥18,527 mn (+11.4% YoY), operating profit of ¥1,614 mn (+3.5% YoY), ordinary profit of ¥1,648 mn (+2.7% YoY), and profit attributable to owners of parent (hereinafter, net profit) of ¥1,099 mn (-5.8% YoY).</li><li>Cumulative 3Q sales, operating profit, and ordinary profit came in at record highs.</li><li>Operating profit growth fell short of sales growth owing to planned increases in upfront investments for personnel expansion, education and training expenses, and IT infrastructure enhancements.</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">The Big Question: Can Today's AI Surge Last?</a></li><li><a href="https://www.smartkarma.com/insights/mostly-asia-m-a-feb-2024-lawson-altium-csr-tcm-boral-apm-roland-dg-ssangyong-cement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">(Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-historic-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/hidden-value-in-plain-sight-teikoku-s-3302-potential-unlock?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Hidden Value in Plain Sight: Teikoku's (3302) Potential Unlock</a></li><li><a href="https://www.smartkarma.com/insights/3q-follow-up-japan-system-techniques-4323?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3Q Follow-Up -Japan System Techniques</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/the-big-question-can-today-s-ai-surge-last?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. The Big Question: Can Today's AI Surge Last? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/962/original/image_96342575621709268603132.png?1709268606"/> <ul>
<li>The AI GPU market has been exploding, and this has turned the DRAM market's downturn into a strong upturn</li>
<li>With this growth, DRAM manufacturers have seen their business turn around, thanks to increased use of HBM</li>
<li>Two questions concern us: Will AI growth last? Will increased competition in HBM DRAM create a price collapse?</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/mostly-asia-m-a-feb-2024-lawson-altium-csr-tcm-boral-apm-roland-dg-ssangyong-cement?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. (Mostly) Asia M&A, Feb 2024: Lawson, Altium, CSR, TCM, Boral, APM, Roland DG, Ssangyong Cement </a></h3><p></p><ul>
<li>For the month of February 2024, <strong>15 new transactions</strong> (firm and non-binding) were discussed on Smartkarma with an <strong>overall announced deal size of ~US$20b</strong>n.</li>
<li>The <strong>average premium</strong> for the new transactions announced (or first discussed) in February was <strong>~33%</strong>.</li>
<li>This compares to the average premium for transactions in 2023 (117 transactions), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) of 39%, 41%, 33%, 31%, and 31% respectively.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/ohayo-japan-historic-highs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/930/original/image_89083650321709247140184.png?1709247140"/> <ul>
<li>The Nasdaq Composite surged 0.90% to a historic closing high of 16,091.92</li>
<li>Japan's January factory output plummeted by 7.5%, the sharpest decline since May 2020</li>
<li>Four non-life insurance companies, including Tokio Marine & Nichido Fire Insurance, announced the sale of all cross-shareholdings valued at approximately 6.5 trillion yen</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/hidden-value-in-plain-sight-teikoku-s-3302-potential-unlock?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Hidden Value in Plain Sight: Teikoku's (3302) Potential Unlock </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/824/original/image_21547187621709224164382.png?1709224165"/> <ul>
<li>Teikoku, a stable disaster equipment leader, is undervalued due to excessive cash and cross-holdings. </li>
<li>Regulatory pressure, industry trends, and potential Hulic asset sales create an opportunity to unlock hidden value.</li>
<li>Despite fair current pricing, potential share repurchases and improved capital allocation offer up to 40% upside.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/3q-follow-up-japan-system-techniques-4323?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. 3Q Follow-Up -Japan System Techniques </a></h3><p></p><ul><li>3Q Earnings Summary: In cumulative 3Q FY2024/3, Japan System Techniques recorded net sales of ¥18,527 mn (+11.4% YoY), operating profit of ¥1,614 mn (+3.5% YoY), ordinary profit of ¥1,648 mn (+2.7% YoY), and profit attributable to owners of parent (hereinafter, net profit) of ¥1,099 mn (-5.8% YoY).</li><li>Cumulative 3Q sales, operating profit, and ordinary profit came in at record highs.</li><li>Operating profit growth fell short of sales growth owing to planned increases in upfront investments for personnel expansion, education and training expenses, and IT infrastructure enhancements.</li></ul>2024-03-01T13:24:12+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "US"}, {"term": "PANAMA"}, {"term": "MEXICO"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "BERMUDA"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "SAUDI ARABIA"}, {"term": "CAMEROON"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "SHORTS"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "AMD@US"}, {"term": "INTC@US"}, {"term": "BABA@US"}, {"term": "BIDU@US"}, {"term": "MSFT@US"}, {"term": "AMZN@US"}, {"term": "META@US"}, {"term": "GOOG@US"}, {"term": "MU@US"}, {"term": "000660@KS"}, {"term": "SMSN@LI"}, {"term": "NVDA@US"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "2651@JP"}, {"term": "4186@JP"}, {"term": "2413@JP"}, {"term": "8750@JP"}, {"term": "3132@JP"}, {"term": "2168@JP"}, {"term": "MIN@AU"}, {"term": "AZS@AU"}, {"term": "PPT@AU"}, {"term": "TDCX@US"}, {"term": "VNET@US"}, {"term": "YY@US"}, {"term": "ICLK@US"}, {"term": "HOLI@US"}, {"term": "GTH@US"}, {"term": "YI@US"}, {"term": "KEX@TB"}, {"term": "MFIN@IJ"}, {"term": "1890@JP"}, {"term": "4636@JP"}, {"term": "6967@JP"}, {"term": "1739@JP"}, {"term": "4489@JP"}, {"term": "2427@JP"}, {"term": "4185@JP"}, {"term": "5127@JP"}, {"term": "9995@JP"}, {"term": "2309@JP"}, {"term": "9783@JP"}, {"term": "2412@JP"}, {"term": "2698@HK"}, {"term": "3331@HK"}, {"term": "1029@HK"}, {"term": "906@HK"}, {"term": "1839@HK"}, {"term": "WSP@AU"}, {"term": "TIE@AU"}, {"term": "SYM@AU"}, {"term": "SXL@AU"}, {"term": "SIG@AU"}, {"term": "PBP@AU"}, {"term": "PGH@AU"}, {"term": "PSQ@AU"}, {"term": "NPR@AU"}, {"term": "ORR@AU"}, {"term": "LNK@AU"}, {"term": "EGH@AU"}, {"term": "BLY@AU"}, {"term": "A11@AU"}, {"term": "ABC@AU"}, {"term": "A2B@AU"}, {"term": "003410@KS"}, {"term": "6556@JP"}, {"term": "7816@JP"}, {"term": "6789@JP"}, {"term": "570@HK"}, {"term": "QVE@AU"}, {"term": "SLR@AU"}, {"term": "RED@AU"}, {"term": "CSR@AU"}, {"term": "BLD@AU"}, {"term": "APM@AU"}, {"term": "ALU@AU"}, {"term": "AND@AU"}, {"term": "AA@US"}, {"term": "SLC@AU"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "VALUE"}, {"term": "ASIA PACIFIC"}, {"term": "3302@JP"}, {"term": "3003@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4323@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NVDA@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "SLC@AU"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3003@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4323@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/febb0c5c-08bf-3aa3-b30e-e77fe94bb9aaBrief Japan: 4Q Follow-Up -Golf Digest Online and more2024-03-28T14:17:28.595720+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q-follow-up-golf-digest-online-3319?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4Q Follow-Up -Golf Digest Online</a></li><li><a href="https://www.smartkarma.com/insights/sankei-real-estate-2972-sponsor-buy-now-on-and-it-isn-t-small-even-if-the-reit-is?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sankei Real Estate (2972) Sponsor Buy Now On And It Isn't Small (Even if the REIT Is)</a></li><li><a href="https://www.smartkarma.com/insights/topix-big-april-basket-2024-expectations-more-high-conviction-names-better-trade-ideas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TOPIX "Big April Basket" 2024 Expectations: More High-Conviction Names; Better Trade Ideas</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/medley-4480-jp-2023-result-beats-guidance-sees-flat-profit-on-double-digit-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Medley (4480 JP): 2023 Result Beats Guidance; Sees Flat Profit on Double-Digit Sales Growth in 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q-follow-up-golf-digest-online-3319?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 4Q Follow-Up -Golf Digest Online </a></h3><p></p><ul><li>On the surface, FY23/12 consolidated OP -68% YoY, profit ATOP -53%, and FY24/12 initial guidance for a profit ATOP net loss may appear to indicate a challenging earnings environment.</li><li>However, closer examination reveals steady earnings improvement, and the new MTP through FY26/12 targets recouping major overseas growth investments.</li><li>The table below shows sequential improvement in the amount change YoY for Group EBITDA, OP and profit ATOP every quarter, with profits at all 9 levels posting YoY gains in the 4Q. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/sankei-real-estate-2972-sponsor-buy-now-on-and-it-isn-t-small-even-if-the-reit-is?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Sankei Real Estate (2972) Sponsor Buy Now On And It Isn't Small (Even if the REIT Is) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/791/original/Screenshot%202024-02-29%20at%207.13.15%E2%80%AFPM.png?1709205227"/> <ul>
<li>Last October, I wrote about the plan the sponsor of <a data-smartkarma-citation="entities:35239:1" href="https://www.smartkarma.com/entities/sankei-real-estate-inc" rel="noopener" target="_blank">Sankei Real Estate (2972 JP)</a> had to exchange buildings with the REIT to clean it up, then buy more units.</li>
<li>Today they announced the completion of the Portfolio Rebalancing Plan started in March 2023. And the plan to buy more units. The assets transferred out were gone at end Jan-2024.</li>
<li>Now that's done, and there are units to buy. Maximum 46,652 units over maximum 220 days.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/topix-big-april-basket-2024-expectations-more-high-conviction-names-better-trade-ideas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. TOPIX "Big April Basket" 2024 Expectations: More High-Conviction Names; Better Trade Ideas </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/776/original/image_95154023631709198660936.png?1709198661"/> <ul>
<li>The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.</li>
<li>For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.</li>
<li>Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2024.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/medley-4480-jp-2023-result-beats-guidance-sees-flat-profit-on-double-digit-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Medley (4480 JP): 2023 Result Beats Guidance; Sees Flat Profit on Double-Digit Sales Growth in 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/639/original/Pic%201.png?1709131194"/> <ul>
<li>
<a data-smartkarma-citation="entities:31041:1" href="https://www.smartkarma.com/entities/medley-inc" rel="noopener" target="_blank">Medley (4480 JP)</a> reported better-than-expected 2023 result. Revenue increased 45% YoY to ¥20.5B, EBITDA jumped 77% YoY to ¥3.4B, and net profit increased 152% YoY to ¥2.6B.</li>
<li>The company expects 2024 revenue of ¥27.1B (up 32% YoY) and EBITDA of ¥3.9B (up 15% YoY). However, net profit is expected to remain flat at ¥2.6B in 2024.</li>
<li>Medley has established new mid-term targets. The company aims to achieve an EBITDA of ¥20B on revenue of ¥100B in 2029, representing 5-year revenue CAGR of 30%.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/4q-follow-up-golf-digest-online-3319?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4Q Follow-Up -Golf Digest Online</a></li><li><a href="https://www.smartkarma.com/insights/sankei-real-estate-2972-sponsor-buy-now-on-and-it-isn-t-small-even-if-the-reit-is?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Sankei Real Estate (2972) Sponsor Buy Now On And It Isn't Small (Even if the REIT Is)</a></li><li><a href="https://www.smartkarma.com/insights/topix-big-april-basket-2024-expectations-more-high-conviction-names-better-trade-ideas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">TOPIX "Big April Basket" 2024 Expectations: More High-Conviction Names; Better Trade Ideas</a></li><li><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Semiconductor Memory 2023 In Review, 2024 Outlook</a></li><li><a href="https://www.smartkarma.com/insights/medley-4480-jp-2023-result-beats-guidance-sees-flat-profit-on-double-digit-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Medley (4480 JP): 2023 Result Beats Guidance; Sees Flat Profit on Double-Digit Sales Growth in 2024</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/4q-follow-up-golf-digest-online-3319?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. 4Q Follow-Up -Golf Digest Online </a></h3><p></p><ul><li>On the surface, FY23/12 consolidated OP -68% YoY, profit ATOP -53%, and FY24/12 initial guidance for a profit ATOP net loss may appear to indicate a challenging earnings environment.</li><li>However, closer examination reveals steady earnings improvement, and the new MTP through FY26/12 targets recouping major overseas growth investments.</li><li>The table below shows sequential improvement in the amount change YoY for Group EBITDA, OP and profit ATOP every quarter, with profits at all 9 levels posting YoY gains in the 4Q. </li></ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/sankei-real-estate-2972-sponsor-buy-now-on-and-it-isn-t-small-even-if-the-reit-is?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Sankei Real Estate (2972) Sponsor Buy Now On And It Isn't Small (Even if the REIT Is) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/791/original/Screenshot%202024-02-29%20at%207.13.15%E2%80%AFPM.png?1709205227"/> <ul>
<li>Last October, I wrote about the plan the sponsor of <a data-smartkarma-citation="entities:35239:1" href="https://www.smartkarma.com/entities/sankei-real-estate-inc" rel="noopener" target="_blank">Sankei Real Estate (2972 JP)</a> had to exchange buildings with the REIT to clean it up, then buy more units.</li>
<li>Today they announced the completion of the Portfolio Rebalancing Plan started in March 2023. And the plan to buy more units. The assets transferred out were gone at end Jan-2024.</li>
<li>Now that's done, and there are units to buy. Maximum 46,652 units over maximum 220 days.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/topix-big-april-basket-2024-expectations-more-high-conviction-names-better-trade-ideas?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. TOPIX "Big April Basket" 2024 Expectations: More High-Conviction Names; Better Trade Ideas </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/776/original/image_95154023631709198660936.png?1709198661"/> <ul>
<li>The Tokyo Stock Exchange (TSE) calculates Free-Float Weight (FFW) for each listed company and uses this value as a key component of TOPIX Index Calculation.</li>
<li>For companies with "low liquidity" the FFW will be multiplied by a fixed liquidity factor of 0.75 to derive the final FFW used for index calculation.</li>
<li>Every April, the application of this liquidity factor is reviewed by the TSE. In this insight, we take an early look at what could happen in April 2024.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/semiconductor-memory-2023-in-review-2024-outlook?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Semiconductor Memory 2023 In Review, 2024 Outlook </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/756/original/image?1709186910"/> <ul>
<li>2023 DRAM + NAND revenues declined 36% YoY from $140.3 billion to $89.2 billion. This followed a 14% decline YoY in 2022.</li>
<li>Forecasting ~40% YoY growth in 2024, bringing overall memory revenues back to roughly 2022 levels</li>
<li>ASML's Memory-related WFE revenue in 2023 was an all time record high at $5.9 billion. Much of that was spent in China and its impact remains to be seen..</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/medley-4480-jp-2023-result-beats-guidance-sees-flat-profit-on-double-digit-sales-growth-in-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Medley (4480 JP): 2023 Result Beats Guidance; Sees Flat Profit on Double-Digit Sales Growth in 2024 </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/639/original/Pic%201.png?1709131194"/> <ul>
<li>
<a data-smartkarma-citation="entities:31041:1" href="https://www.smartkarma.com/entities/medley-inc" rel="noopener" target="_blank">Medley (4480 JP)</a> reported better-than-expected 2023 result. Revenue increased 45% YoY to ¥20.5B, EBITDA jumped 77% YoY to ¥3.4B, and net profit increased 152% YoY to ¥2.6B.</li>
<li>The company expects 2024 revenue of ¥27.1B (up 32% YoY) and EBITDA of ¥3.9B (up 15% YoY). However, net profit is expected to remain flat at ¥2.6B in 2024.</li>
<li>Medley has established new mid-term targets. The company aims to achieve an EBITDA of ¥20B on revenue of ¥100B in 2029, representing 5-year revenue CAGR of 30%.</li>
</ul>2024-02-29T23:15:17+08:00[{"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "3319@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "REAL ESTATE"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "2972@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "TMT"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "6525@JP"}, {"term": "7071@JP"}, {"term": "4194@JP"}, {"term": "@5838@JP"}, {"term": "5032@JP"}, {"term": "2150@JP"}, {"term": "@2585@JP"}, {"term": "4933@JP"}, {"term": "4880@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "ZIMBABWE"}, {"term": "UNITED KINGDOM"}, {"term": "TOGO"}, {"term": "SWITZERLAND"}, {"term": "SWEDEN"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "ROMANIA"}, {"term": "PORTUGAL"}, {"term": "PALESTINE"}, {"term": "OMAN"}, {"term": "NORWAY"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MOROCCO"}, {"term": "MONACO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "LUXEMBOURG"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "KUWAIT"}, {"term": "JORDAN"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "IRAQ"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "GHANA"}, {"term": "GERMANY"}, {"term": "FRANCE"}, {"term": "FINLAND"}, {"term": "ESTONIA"}, {"term": "DENMARK"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "BURKINA FASO"}, {"term": "BULGARIA"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BELGIUM"}, {"term": "BAHRAIN"}, {"term": "AUSTRIA"}, {"term": "NIGERIA"}, {"term": "US"}, {"term": "CAYMAN ISLANDS"}, {"term": "CANADA"}, {"term": "PARAGUAY"}, {"term": "ECUADOR"}, {"term": "VENEZUELA"}, {"term": "PUERTO RICO"}, {"term": "UKRAINE"}, {"term": "QATAR"}, {"term": "KENYA"}, {"term": "CZECH REPUBLIC"}, {"term": "TUNISIA"}, {"term": "POLAND"}, {"term": "RUSSIA"}, {"term": "IRAN"}, {"term": "SOUTH AFRICA"}, {"term": "EGYPT"}, {"term": "CAMEROON"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "ZAMBIA"}, {"term": "GREECE"}, {"term": "GABON"}, {"term": "TURKEY"}, {"term": "PERU"}, {"term": "MEXICO"}, {"term": "BERMUDA"}, {"term": "PANAMA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "ARGENTINA"}, {"term": "BRAZIL"}, {"term": "SAUDI ARABIA"}, {"term": "MACAU"}, {"term": "SRI LANKA"}, {"term": "MONGOLIA"}, {"term": "INDIA"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "PAKISTAN"}, {"term": "CHINA"}, {"term": "BRUNEI"}, {"term": "MALAYSIA"}, {"term": "SINGAPORE"}, {"term": "VIETNAM"}, {"term": "THAILAND"}, {"term": "CAMBODIA"}, {"term": "INDONESIA"}, {"term": "PHILIPPINES"}, {"term": "MYANMAR"}, {"term": "NZ"}, {"term": "BANGLADESH"}, {"term": "AUSTRALIA"}, {"term": "KOREA"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "2344@TT"}, {"term": "WDC@US"}, {"term": "6600@JP"}, {"term": "2408@TT"}, {"term": "005930@KS"}, {"term": "000660@KS"}, {"term": "MU@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "4480@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3319@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "2972@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4880@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "MU@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4480@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/4a577dae-6d0f-394b-9539-63f1335e33d6Brief Japan: Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID and more2024-03-28T14:17:28.586079+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tokyo-metro-ipo-early-look-could-raise-around-us-2bn-while-still-recovering-from-covid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID</a></li><li><a href="https://www.smartkarma.com/insights/japan-activism-is-murakami-san-going-to-do-a-pacmetals-rug-pull-on-aozora-or-is-this-for-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAPAN ACTIVISM: Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real?</a></li><li><a href="https://www.smartkarma.com/insights/forex-medium-term-outlook-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Forex Medium-Term Outlook(Feb, 2024)</a></li><li><a href="https://www.smartkarma.com/insights/companies-that-don-t-have-growth-plans-but-are-competitive-in-a-specific-market-are-targeted-for-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Companies that Don't Have Growth Plans but Are Competitive in a Specific Market Are Targeted for MBO</a></li><li><a href="https://www.smartkarma.com/insights/aeon-maybe-gets-tsuruha-could-trigger-wave-of-mergers-in-the-sector-and-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aeon (Maybe) Gets Tsuruha, Could Trigger Wave of Mergers in the Sector (And Beyond)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tokyo-metro-ipo-early-look-could-raise-around-us-2bn-while-still-recovering-from-covid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/533/original/image?1709105391"/> <ul>
<li>
<a data-smartkarma-citation="entities:40930:1" href="https://www.smartkarma.com/entities/tokyo-metro" rel="noopener" target="_blank">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japan-activism-is-murakami-san-going-to-do-a-pacmetals-rug-pull-on-aozora-or-is-this-for-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JAPAN ACTIVISM: Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/679/original/Screenshot%202024-02-29%20at%201.26.56%E2%80%AFAM.png?1709141240"/> <ul>
<li>Yesterday after the close, well-known Japanese activist Murakami-san's preferred entity City Index Eleventh filed a Large Shareholder Report. </li>
<li>The blast across Bloomberg was "<strong>*AOZORA 5.4% STAKE REPORTED BY CITY INDEX ELEVENTH.</strong>" Sounds exciting after the shares dropped 34% in two days earlier this month after reporting big writedowns. </li>
<li>But there has to be a question here. Why? And Why this way? And what kind of activism would be possible? </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/forex-medium-term-outlook-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Forex Medium-Term Outlook(Feb, 2024) </a></h3><p></p><ul><li>JPY consistently fell against USD through January. There were many factors that contributed to this – the Noto earthquake on January 1 triggered JPY selling due to a sense of national crisis, household JPY selling became a theme with the introduction of the New NISA scheme, and to top it all, U.S. economic indicators put up a strong performance.</li><li>A number of issues have coincided right from the beginning of the year, but the most concerning of them is the focus on household JPY selling, something I have previously expressed concern about in this report.</li><li>As Minister of Finance Shunichi Suzuki has said, the amount involved is not sufficient to determine the JPY rate trend, but the fact is that the forex markets are easily influenced by what is trending, and a trend of household JPY selling does indeed exist, and with its continued promotion as national policy, it seems natural to assume that it has contributed to JPY weakness to some extent. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/companies-that-don-t-have-growth-plans-but-are-competitive-in-a-specific-market-are-targeted-for-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Companies that Don't Have Growth Plans but Are Competitive in a Specific Market Are Targeted for MBO </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/386/292/original/image_32244961741705198938821.png?1705198939"/> <ul>
<li>In order to carefully select IPOs and increase MBO/TOB, management's mindset should be shifted to expanding shareholder interests and IPOs that are not for tax-saving purposes.</li>
<li>Many companies still have top management even though the founding family's holdings have already declined. Such companies have relatively low ROE, ROA, and Tobin's Q.</li>
<li>For MBO candidates, the key is to think on the side of institutional investors who propose MBOs through engagement with decision makers and PE funds who provide capital and business plans.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/aeon-maybe-gets-tsuruha-could-trigger-wave-of-mergers-in-the-sector-and-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Aeon (Maybe) Gets Tsuruha, Could Trigger Wave of Mergers in the Sector (And Beyond) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/685/original/Screenshot%202024-02-28%20at%2022.03.48.png?1709154262"/> <ul>
<li>Aeon will almost definitely increase its stake in Tsuruha Holdings, which on its own will catalyse drugstore competitors to consider their mergeable options.</li>
<li>Tsuruha MAY merge with Welcia under Aeon and just talk of this will catalyse drugstore competitors even more.</li>
<li>But the ongoing fusion of drugstore retailing and FMCG formats like supermarkets and convenience stores, will also spur the entire FMCG sector to respond to Aeon's massive potential dominance.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/tokyo-metro-ipo-early-look-could-raise-around-us-2bn-while-still-recovering-from-covid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID</a></li><li><a href="https://www.smartkarma.com/insights/japan-activism-is-murakami-san-going-to-do-a-pacmetals-rug-pull-on-aozora-or-is-this-for-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">JAPAN ACTIVISM: Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real?</a></li><li><a href="https://www.smartkarma.com/insights/forex-medium-term-outlook-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Forex Medium-Term Outlook(Feb, 2024)</a></li><li><a href="https://www.smartkarma.com/insights/companies-that-don-t-have-growth-plans-but-are-competitive-in-a-specific-market-are-targeted-for-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Companies that Don't Have Growth Plans but Are Competitive in a Specific Market Are Targeted for MBO</a></li><li><a href="https://www.smartkarma.com/insights/aeon-maybe-gets-tsuruha-could-trigger-wave-of-mergers-in-the-sector-and-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aeon (Maybe) Gets Tsuruha, Could Trigger Wave of Mergers in the Sector (And Beyond)</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/tokyo-metro-ipo-early-look-could-raise-around-us-2bn-while-still-recovering-from-covid?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Tokyo Metro IPO Early Look - Could Raise Around US$2bn While Still Recovering from COVID </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/533/original/image?1709105391"/> <ul>
<li>
<a data-smartkarma-citation="entities:40930:1" href="https://www.smartkarma.com/entities/tokyo-metro" rel="noopener" target="_blank">Tokyo Metro (TKYMETRO JP)</a>’s shareholders, the Japanese and Tokyo Metropolitan Governments, could look to raise up to US$2bn by selling half of their stake via an IPO.</li>
<li>Tokyo Metro is one of the two metro network operators in the Tokyo region. It operates nine subway lines.</li>
<li>In this note, we take an early look at the possible listing.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/japan-activism-is-murakami-san-going-to-do-a-pacmetals-rug-pull-on-aozora-or-is-this-for-real?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. JAPAN ACTIVISM: Is Murakami-San Going To Do A PacMetals Rug Pull on Aozora? Or Is This For Real? </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/679/original/Screenshot%202024-02-29%20at%201.26.56%E2%80%AFAM.png?1709141240"/> <ul>
<li>Yesterday after the close, well-known Japanese activist Murakami-san's preferred entity City Index Eleventh filed a Large Shareholder Report. </li>
<li>The blast across Bloomberg was "<strong>*AOZORA 5.4% STAKE REPORTED BY CITY INDEX ELEVENTH.</strong>" Sounds exciting after the shares dropped 34% in two days earlier this month after reporting big writedowns. </li>
<li>But there has to be a question here. Why? And Why this way? And what kind of activism would be possible? </li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/forex-medium-term-outlook-feb-2024?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Forex Medium-Term Outlook(Feb, 2024) </a></h3><p></p><ul><li>JPY consistently fell against USD through January. There were many factors that contributed to this – the Noto earthquake on January 1 triggered JPY selling due to a sense of national crisis, household JPY selling became a theme with the introduction of the New NISA scheme, and to top it all, U.S. economic indicators put up a strong performance.</li><li>A number of issues have coincided right from the beginning of the year, but the most concerning of them is the focus on household JPY selling, something I have previously expressed concern about in this report.</li><li>As Minister of Finance Shunichi Suzuki has said, the amount involved is not sufficient to determine the JPY rate trend, but the fact is that the forex markets are easily influenced by what is trending, and a trend of household JPY selling does indeed exist, and with its continued promotion as national policy, it seems natural to assume that it has contributed to JPY weakness to some extent. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/companies-that-don-t-have-growth-plans-but-are-competitive-in-a-specific-market-are-targeted-for-mbo?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Companies that Don't Have Growth Plans but Are Competitive in a Specific Market Are Targeted for MBO </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/386/292/original/image_32244961741705198938821.png?1705198939"/> <ul>
<li>In order to carefully select IPOs and increase MBO/TOB, management's mindset should be shifted to expanding shareholder interests and IPOs that are not for tax-saving purposes.</li>
<li>Many companies still have top management even though the founding family's holdings have already declined. Such companies have relatively low ROE, ROA, and Tobin's Q.</li>
<li>For MBO candidates, the key is to think on the side of institutional investors who propose MBOs through engagement with decision makers and PE funds who provide capital and business plans.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/aeon-maybe-gets-tsuruha-could-trigger-wave-of-mergers-in-the-sector-and-beyond?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Aeon (Maybe) Gets Tsuruha, Could Trigger Wave of Mergers in the Sector (And Beyond) </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/685/original/Screenshot%202024-02-28%20at%2022.03.48.png?1709154262"/> <ul>
<li>Aeon will almost definitely increase its stake in Tsuruha Holdings, which on its own will catalyse drugstore competitors to consider their mergeable options.</li>
<li>Tsuruha MAY merge with Welcia under Aeon and just talk of this will catalyse drugstore competitors even more.</li>
<li>But the ongoing fusion of drugstore retailing and FMCG formats like supermarkets and convenience stores, will also spur the entire FMCG sector to respond to Aeon's massive potential dominance.</li>
</ul>2024-02-29T08:08:04+08:00[{"term": "Equity Capital Markets"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "TKYMETRO@JP"}, {"term": "9201@JP"}, {"term": "9020@JP"}, {"term": "9022@JP"}, {"term": "9021@JP"}, {"term": "4185@JP"}, {"term": "4816@JP"}, {"term": "7203@JP"}, {"term": "@5838@JP"}, {"term": "MUFG@US"}, {"term": "6752@JP"}, {"term": "MSCI@US"}, {"term": "FLJP@US"}, {"term": "ISJP@LN"}, {"term": "AAXJ@US"}, {"term": "EWJ@US"}, {"term": "8953@JP"}, {"term": "7181@JP"}, {"term": "7182@JP"}, {"term": "6178@JP"}, {"term": "7267@JP"}, {"term": "6758@JP"}, {"term": "6098@JP"}, {"term": "6723@JP"}, {"term": "9983@JP"}, {"term": "8035@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "8304@JP"}, {"term": "4987@JP"}, {"term": "1885@JP"}, {"term": "8140@JP"}, {"term": "5021@JP"}, {"term": "1821@JP"}, {"term": "1822@JP"}, {"term": "4307@JP"}, {"term": "8595@JP"}, {"term": "8473@JP"}, {"term": "8303@JP"}, {"term": "5541@JP"}, {"term": "8848@JP"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "ESG"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "TPX@INDEX"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "3391@JP"}, {"term": "7451@JP"}, {"term": "8194@JP"}, {"term": "2692@JP"}, {"term": "7532@JP"}, {"term": "3382@JP"}, {"term": "8167@JP"}, {"term": "9956@JP"}, {"term": "9948@JP"}, {"term": "3341@JP"}, {"term": "9627@JP"}, {"term": "7649@JP"}, {"term": "9989@JP"}, {"term": "3088@JP"}, {"term": "3050@JP"}, {"term": "3148@JP"}, {"term": "3398@JP"}, {"term": "9267@JP"}, {"term": "3349@JP"}, {"term": "8031@JP"}, {"term": "8058@JP"}, {"term": "8001@JP"}, {"term": "3141@JP"}, {"term": "8267@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8035@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8848@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "EURUSD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "TPX@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8267@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/eaa4e150-9f10-34e6-a745-5fa8aa924bc0Brief Japan: Ohayo Japan and more2024-03-28T14:17:28.575788+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-retreat-bitcoin-on-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/aozora-bank-8304-jp-murakami-becomes-a-substantial-shareholder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aozora Bank (8304 JP): Murakami Becomes a Substantial Shareholder</a></li><li><a href="https://www.smartkarma.com/insights/tsuruha-3391-and-welcia-3141-aeon-tsuruha-stake-buy-followed-by-merger-redux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux]</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-feb-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-jpy-perks-up-on-sticky-inflation-signs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">FX Daily - JPY Perks Up on Sticky Inflation Signs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-retreat-bitcoin-on-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/692/original/image_91009804721709158909685.png?1709158910"/> <ul>
<li>Nikkei Futures point to a weak open as US stocks decline ahead of pivotal inflation data</li>
<li>Apple culls its Auto business to focus on AI....further proof that Toyota had the right strategy all along. </li>
<li>Apple's Vision Pro is stuffed with seriously high-end Japanese electronics.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/aozora-bank-8304-jp-murakami-becomes-a-substantial-shareholder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Aozora Bank (8304 JP): Murakami Becomes a Substantial Shareholder </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/643/original/Murakami%201.png?1709133507"/> <ul>
<li>Murakami's entity, City Index Eleventh, <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SXVR.pdf?sv=2020-08-04&st=2024-02-28T11%3A55%3A56Z&se=2029-02-28T15%3A00%3A00Z&sr=b&sp=rl&sig=KsmAvBaNzu2rEiYRuXlPOtKaHqN1iiDtl2acvAB9gH8%3D" rel="noopener" target="_blank">reported</a> a 5.42% shareholding in <a data-smartkarma-citation="entities:6483:1" href="https://www.smartkarma.com/entities/aozora-bank-ltd" rel="noopener" target="_blank">Aozora Bank Ltd (8304 JP)</a>. Murakami started buying a day after the disastrous 3QFY23 results.</li>
<li>Murakami's average buy-in price is JPY2,137.88 per share, a 34% discount to the pre-3QFY23 results share price. </li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term trading play replicating the <a data-smartkarma-citation="entities:3439:1" href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" rel="noopener" target="_blank">Pacific Metals (5541 JP)</a> playbook.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tsuruha-3391-and-welcia-3141-aeon-tsuruha-stake-buy-followed-by-merger-redux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux] </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/608/original/Screenshot%202024-02-28%20at%209.02.47%E2%80%AFPM.png?1709125409"/> <ul>
<li>The first piece had a question mark in the title. This one has an exclamation point. The exclamation point has value for one investor. Other people? Not so much.</li>
<li>Today post-close we got the deal. I was a little surprised it came this fast, but it's now mostly done it appears - largely as predicted in the <a href="https://www.smartkarma.com/insights/tsuruha-3391-and-welcia-3141-aeon-tsuruha-stake-buy-followed-by-merger" rel="noopener" target="_blank">last piece</a>.</li>
<li>There are things one can probably read into the details. It is probably worth thinking about those, and how those details affect the industry. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-feb-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/551/original/image_16020018021709107484158.png?1709107486"/> <ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-February 2024.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/fx-daily-jpy-perks-up-on-sticky-inflation-signs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. FX Daily - JPY Perks Up on Sticky Inflation Signs </a></h3><p></p><ul><li>The USD is trading marginally lower overall again this morning following signs that sticky inflationary pressures are emerging in—of all places—Japan as well.</li><li>Japan’s January CPI data released last night showed headline and core inflation easing but by quite a bit less than expected.</li><li>Headline inflation fell to 2.2%, from 2.6% in December but was expected to hit 1.9%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-retreat-bitcoin-on-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li><li><a href="https://www.smartkarma.com/insights/aozora-bank-8304-jp-murakami-becomes-a-substantial-shareholder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aozora Bank (8304 JP): Murakami Becomes a Substantial Shareholder</a></li><li><a href="https://www.smartkarma.com/insights/tsuruha-3391-and-welcia-3141-aeon-tsuruha-stake-buy-followed-by-merger-redux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux]</a></li><li><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-feb-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates</a></li><li><a href="https://www.smartkarma.com/insights/fx-daily-jpy-perks-up-on-sticky-inflation-signs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">FX Daily - JPY Perks Up on Sticky Inflation Signs</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/ohayo-japan-stocks-retreat-bitcoin-on-fire?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/692/original/image_91009804721709158909685.png?1709158910"/> <ul>
<li>Nikkei Futures point to a weak open as US stocks decline ahead of pivotal inflation data</li>
<li>Apple culls its Auto business to focus on AI....further proof that Toyota had the right strategy all along. </li>
<li>Apple's Vision Pro is stuffed with seriously high-end Japanese electronics.</li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/aozora-bank-8304-jp-murakami-becomes-a-substantial-shareholder?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Aozora Bank (8304 JP): Murakami Becomes a Substantial Shareholder </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/643/original/Murakami%201.png?1709133507"/> <ul>
<li>Murakami's entity, City Index Eleventh, <a href="https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100SXVR.pdf?sv=2020-08-04&st=2024-02-28T11%3A55%3A56Z&se=2029-02-28T15%3A00%3A00Z&sr=b&sp=rl&sig=KsmAvBaNzu2rEiYRuXlPOtKaHqN1iiDtl2acvAB9gH8%3D" rel="noopener" target="_blank">reported</a> a 5.42% shareholding in <a data-smartkarma-citation="entities:6483:1" href="https://www.smartkarma.com/entities/aozora-bank-ltd" rel="noopener" target="_blank">Aozora Bank Ltd (8304 JP)</a>. Murakami started buying a day after the disastrous 3QFY23 results.</li>
<li>Murakami's average buy-in price is JPY2,137.88 per share, a 34% discount to the pre-3QFY23 results share price. </li>
<li>Murakami's disclosure suggests two possibilities: the start of an activist campaign or a short-term trading play replicating the <a data-smartkarma-citation="entities:3439:1" href="https://www.smartkarma.com/entities/pacific-metals-co-ltd" rel="noopener" target="_blank">Pacific Metals (5541 JP)</a> playbook.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/tsuruha-3391-and-welcia-3141-aeon-tsuruha-stake-buy-followed-by-merger-redux?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Tsuruha (3391) And Welcia (3141) - Aeon Tsuruha Stake Buy Followed by Merger! [Redux] </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/608/original/Screenshot%202024-02-28%20at%209.02.47%E2%80%AFPM.png?1709125409"/> <ul>
<li>The first piece had a question mark in the title. This one has an exclamation point. The exclamation point has value for one investor. Other people? Not so much.</li>
<li>Today post-close we got the deal. I was a little surprised it came this fast, but it's now mostly done it appears - largely as predicted in the <a href="https://www.smartkarma.com/insights/tsuruha-3391-and-welcia-3141-aeon-tsuruha-stake-buy-followed-by-merger" rel="noopener" target="_blank">last piece</a>.</li>
<li>There are things one can probably read into the details. It is probably worth thinking about those, and how those details affect the industry. </li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2024-end-feb-2024-estimates?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/551/original/image_16020018021709107484158.png?1709107486"/> <ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-February 2024.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/fx-daily-jpy-perks-up-on-sticky-inflation-signs?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. FX Daily - JPY Perks Up on Sticky Inflation Signs </a></h3><p></p><ul><li>The USD is trading marginally lower overall again this morning following signs that sticky inflationary pressures are emerging in—of all places—Japan as well.</li><li>Japan’s January CPI data released last night showed headline and core inflation easing but by quite a bit less than expected.</li><li>Headline inflation fell to 2.2%, from 2.6% in December but was expected to hit 1.9%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>2024-02-29T06:38:12+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "FIN"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "8304@JP"}, {"term": "8331@JP"}, {"term": "8309@JP"}, {"term": "8316@JP"}, {"term": "8410@JP"}, {"term": "@7163@JP"}, {"term": "8308@JP"}, {"term": "@5838@JP"}, {"term": "8411@JP"}, {"term": "8306@JP"}, {"term": "7182@JP"}, {"term": "7186@JP"}, {"term": "5541@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "3141@JP"}, {"term": "9627@JP"}, {"term": "3382@JP"}, {"term": "3549@JP"}, {"term": "3341@JP"}, {"term": "8058@JP"}, {"term": "8001@JP"}, {"term": "9989@JP"}, {"term": "2651@JP"}, {"term": "3391@JP"}, {"term": "8267@JP"}, {"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "UTILITIES"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "9519@JP"}, {"term": "7282@JP"}, {"term": "8133@JP"}, {"term": "6750@JP"}, {"term": "3923@JP"}, {"term": "8585@JP"}, {"term": "8698@JP"}, {"term": "9517@JP"}, {"term": "3962@JP"}, {"term": "4005@JP"}, {"term": "4739@JP"}, {"term": "FX & Rates"}, {"term": "FIN"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "USDJPY@CURNCY"}, {"term": "DXY@CURNCY"}, {"term": "USDMXN@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "GBPUSD@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDCAD@CURNCY"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "5541@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8267@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "4739@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "USDCAD@CURNCY"}]https://www.smartkarma.com/segment/feeds/japan.rss/3bf586fe-fc49-3250-82f3-c78ca8ccf0b6Brief Japan: Aeon (8267 JP), Tsuruha (3391 JP) And Welcia (3141 JP)’s Long-Dated Plan and more2024-03-28T14:17:28.563005+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/aeon-8267-jp-tsuruha-3391-jp-and-welcia-3141-jp-s-long-dated-plan?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aeon (8267 JP), Tsuruha (3391 JP) And Welcia (3141 JP)’s Long-Dated Plan</a></li><li><a href="https://www.smartkarma.com/insights/2q-follow-up-ohba-9765-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2Q Follow-Up - Ohba (9765 JP)</a></li><li><a href="https://www.smartkarma.com/insights/renesas-electronics-block-smaller-than-recent-deals-but-still-likely-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged</a></li><li><a href="https://www.smartkarma.com/insights/renesas-6723-yet-another-clean-up-block-trade-this-time-mitsubishi-elec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec</a></li><li><a href="https://www.smartkarma.com/insights/beyond-the-bubble-a-deep-dive-into-the-forces-behind-the-nikkei-index-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Beyond the Bubble: A Deep Dive into the Forces Behind the Nikkei Index Surge</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/aeon-8267-jp-tsuruha-3391-jp-and-welcia-3141-jp-s-long-dated-plan?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Aeon (8267 JP), Tsuruha (3391 JP) And Welcia (3141 JP)’s Long-Dated Plan </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:3:1" href="https://www.smartkarma.com/entities/aeon-co-ltd" rel="noopener" target="_blank">Aeon Co Ltd (8267 JP)</a>, <a data-smartkarma-citation="entities:9536:1" href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" rel="noopener" target="_blank">Tsuruha Holdings (3391 JP)</a> and <a data-smartkarma-citation="entities:20895:1" href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" rel="noopener" target="_blank">Welcia Holdings (3141 JP)</a> have announced an alliance to establish the largest drugstore alliance in Japan by December 2027.</li>
<li>Aeon will carry out several Tsuruha transactions – buy Oasis 13.58% stake at JPY15,500 per share and, on receiving regulatory approval, reach 27.17% of the voting rights. </li>
<li>The agreements involve merging Tsuruha and Welcia through a share exchange offer and Aeon subsequently increasing its Tsuruha voting rights from 27.17% to less than 51%. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/2q-follow-up-ohba-9765-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 2Q Follow-Up - Ohba (9765 JP) </a></h3><p></p><ul><li>2Q FY24/5 results showed a steady increase in orders and earnings, following the 1Q results.</li><li>The company has been securing orders for disaster prevention and mitigation, defense civil engineering, and other priority areas.</li><li>Given 1H results and an order backlog of ¥12.48 bn as of the end of November, SIR believes the Company's chances of achieving its targets have improved considerably.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/renesas-electronics-block-smaller-than-recent-deals-but-still-likely-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/561/original/image?1709110373"/> <ul>
<li>
<a data-smartkarma-citation="entities:11171:1" href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" rel="noopener" target="_blank">Mitsubishi Electric (6503 JP)</a> is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of <a data-smartkarma-citation="entities:15933:1" href="https://www.smartkarma.com/entities/renesas-electronics-corp" rel="noopener" target="_blank">Renesas Electronics (6723 JP)</a> stock. </li>
<li>The deal will be an easy one to digest at only three days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/renesas-6723-yet-another-clean-up-block-trade-this-time-mitsubishi-elec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/545/original/Screenshot%202024-02-28%20at%203.36.56%E2%80%AFPM.png?1709105936"/> <ul>
<li>Today after the close, <a data-smartkarma-citation="entities:11171:1" href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" rel="noopener" target="_blank">Mitsubishi Electric (6503 JP)</a> announced the sale of its position in <a data-smartkarma-citation="entities:15933:1" href="https://www.smartkarma.com/entities/renesas-electronics-corp" rel="noopener" target="_blank">Renesas Electronics (6723 JP)</a>. That's 50,706,800 shares. </li>
<li>This is the third large block in four months (Renesas in November for 223mm shares, NEC and Hitachi in January 2024 for 123mm shares).</li>
<li>This is smaller, and reasonably well-flagged. Index demand is longer-dated.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/beyond-the-bubble-a-deep-dive-into-the-forces-behind-the-nikkei-index-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Beyond the Bubble: A Deep Dive into the Forces Behind the Nikkei Index Surge </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/503/original/image?1709096701"/> <ul>
<li>Japan's Nikkei Stock Average has surged past its 1989 peak, fueled by global investor interest, corporate reforms, and innovative investment initiatives like the Nippon Individual Savings Account (NISA).</li>
<li>This resurgence marks a significant milestone in Japan's economic landscape, reflecting renewed investor confidence, structural reforms, and potential growth opportunities in the market.</li>
<li>The Nikkei's surpassing of its previous peak signals a shift in perception towards Japan's market potential, prompting investors to reconsider the country's economic trajectory and explore new avenues for investment.</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/aeon-8267-jp-tsuruha-3391-jp-and-welcia-3141-jp-s-long-dated-plan?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aeon (8267 JP), Tsuruha (3391 JP) And Welcia (3141 JP)’s Long-Dated Plan</a></li><li><a href="https://www.smartkarma.com/insights/2q-follow-up-ohba-9765-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2Q Follow-Up - Ohba (9765 JP)</a></li><li><a href="https://www.smartkarma.com/insights/renesas-electronics-block-smaller-than-recent-deals-but-still-likely-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged</a></li><li><a href="https://www.smartkarma.com/insights/renesas-6723-yet-another-clean-up-block-trade-this-time-mitsubishi-elec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec</a></li><li><a href="https://www.smartkarma.com/insights/beyond-the-bubble-a-deep-dive-into-the-forces-behind-the-nikkei-index-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Beyond the Bubble: A Deep Dive into the Forces Behind the Nikkei Index Surge</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/aeon-8267-jp-tsuruha-3391-jp-and-welcia-3141-jp-s-long-dated-plan?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Aeon (8267 JP), Tsuruha (3391 JP) And Welcia (3141 JP)’s Long-Dated Plan </a></h3><p></p><ul>
<li>
<a data-smartkarma-citation="entities:3:1" href="https://www.smartkarma.com/entities/aeon-co-ltd" rel="noopener" target="_blank">Aeon Co Ltd (8267 JP)</a>, <a data-smartkarma-citation="entities:9536:1" href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" rel="noopener" target="_blank">Tsuruha Holdings (3391 JP)</a> and <a data-smartkarma-citation="entities:20895:1" href="https://www.smartkarma.com/entities/welcia-holdings-co-ltd" rel="noopener" target="_blank">Welcia Holdings (3141 JP)</a> have announced an alliance to establish the largest drugstore alliance in Japan by December 2027.</li>
<li>Aeon will carry out several Tsuruha transactions – buy Oasis 13.58% stake at JPY15,500 per share and, on receiving regulatory approval, reach 27.17% of the voting rights. </li>
<li>The agreements involve merging Tsuruha and Welcia through a share exchange offer and Aeon subsequently increasing its Tsuruha voting rights from 27.17% to less than 51%. </li>
</ul><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/2q-follow-up-ohba-9765-jp?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. 2Q Follow-Up - Ohba (9765 JP) </a></h3><p></p><ul><li>2Q FY24/5 results showed a steady increase in orders and earnings, following the 1Q results.</li><li>The company has been securing orders for disaster prevention and mitigation, defense civil engineering, and other priority areas.</li><li>Given 1H results and an order backlog of ¥12.48 bn as of the end of November, SIR believes the Company's chances of achieving its targets have improved considerably.</li></ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/renesas-electronics-block-smaller-than-recent-deals-but-still-likely-well-flagged?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Renesas Electronics Block - Smaller than Recent Deals but Still Likely Well Flagged </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/561/original/image?1709110373"/> <ul>
<li>
<a data-smartkarma-citation="entities:11171:1" href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" rel="noopener" target="_blank">Mitsubishi Electric (6503 JP)</a> is looking to raise approximately US$800m through an accelerated secondary block deal, via selling 50.71m shares (2.6% of TSO) of <a data-smartkarma-citation="entities:15933:1" href="https://www.smartkarma.com/entities/renesas-electronics-corp" rel="noopener" target="_blank">Renesas Electronics (6723 JP)</a> stock. </li>
<li>The deal will be an easy one to digest at only three days of three month ADV.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/renesas-6723-yet-another-clean-up-block-trade-this-time-mitsubishi-elec?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Renesas (6723) - YET ANOTHER Clean-Up Block Trade - This Time Mitsubishi Elec </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/545/original/Screenshot%202024-02-28%20at%203.36.56%E2%80%AFPM.png?1709105936"/> <ul>
<li>Today after the close, <a data-smartkarma-citation="entities:11171:1" href="https://www.smartkarma.com/entities/mitsubishi-electric-corp" rel="noopener" target="_blank">Mitsubishi Electric (6503 JP)</a> announced the sale of its position in <a data-smartkarma-citation="entities:15933:1" href="https://www.smartkarma.com/entities/renesas-electronics-corp" rel="noopener" target="_blank">Renesas Electronics (6723 JP)</a>. That's 50,706,800 shares. </li>
<li>This is the third large block in four months (Renesas in November for 223mm shares, NEC and Hitachi in January 2024 for 123mm shares).</li>
<li>This is smaller, and reasonably well-flagged. Index demand is longer-dated.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/beyond-the-bubble-a-deep-dive-into-the-forces-behind-the-nikkei-index-surge?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Beyond the Bubble: A Deep Dive into the Forces Behind the Nikkei Index Surge </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/503/original/image?1709096701"/> <ul>
<li>Japan's Nikkei Stock Average has surged past its 1989 peak, fueled by global investor interest, corporate reforms, and innovative investment initiatives like the Nippon Individual Savings Account (NISA).</li>
<li>This resurgence marks a significant milestone in Japan's economic landscape, reflecting renewed investor confidence, structural reforms, and potential growth opportunities in the market.</li>
<li>The Nikkei's surpassing of its previous peak signals a shift in perception towards Japan's market potential, prompting investors to reconsider the country's economic trajectory and explore new avenues for investment.</li>
</ul>2024-02-28T19:40:39+08:00[{"term": "Event-Driven"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "MNA"}, {"term": "MNASPEC"}, {"term": "CONS"}, {"term": "ARBITRAGE"}, {"term": "ASIA PACIFIC"}, {"term": "3391@JP"}, {"term": "9989@JP"}, {"term": "3088@JP"}, {"term": "3549@JP"}, {"term": "9267@JP"}, {"term": "3349@JP"}, {"term": "3141@JP"}, {"term": "8267@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "9765@JP"}, {"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6723@JP"}, {"term": "8586@JP"}, {"term": "5486@JP"}, {"term": "6501@JP"}, {"term": "8036@JP"}, {"term": "JCHAC@IN"}, {"term": "BAT3K@TB"}, {"term": "6163@JP"}, {"term": "6756@JP"}, {"term": "9086@JP"}, {"term": "HTHIY@US"}, {"term": "2702@JP"}, {"term": "7181@JP"}, {"term": "7182@JP"}, {"term": "8953@JP"}, {"term": "3514@JP"}, {"term": "8955@JP"}, {"term": "6178@JP"}, {"term": "8985@JP"}, {"term": "JOF@US"}, {"term": "JPS@LN"}, {"term": "3864@JP"}, {"term": "4508@JP"}, {"term": "7976@JP"}, {"term": "6331@JP"}, {"term": "8593@JP"}, {"term": "7211@JP"}, {"term": "8802@JP"}, {"term": "4182@JP"}, {"term": "8306@JP"}, {"term": "MUFG@US"}, {"term": "6503@JP"}, {"term": "Equity Capital Markets"}, {"term": "TMT"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6723@JP"}, {"term": "ALU@AU"}, {"term": "6503@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "INDUSTRIALS"}, {"term": "GROWTH"}, {"term": "ASIA PACIFIC"}, {"term": "6502@JP"}, {"term": "7203@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "8267@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "9765@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6503@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "6503@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7203@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/432251cd-b721-3fb0-a8b3-eea2e2f10060Brief Japan: Chipping Away at the Semiconductor Market and more2024-03-28T14:17:28.552574+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Chipping Away at the Semiconductor Market</a></li><li><a href="https://www.smartkarma.com/insights/aeon-logistics-issues-drive-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aeon: Logistics Issues Drive Efficiency</a></li><li><a href="https://www.smartkarma.com/insights/olympus-corp-7733-jp-q3-operating-profit-misses-estimates-despite-sales-beat-fy24-guidance-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut</a></li><li><a href="https://www.smartkarma.com/insights/retail-media-in-japan-more-revenue-for-retailers-more-sales-for-brands?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Retail Media in Japan: More Revenue for Retailers, More Sales for Brands</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-lacklustre-buffett-talks-up-trading-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Chipping Away at the Semiconductor Market </a></h3><p></p><ul>
<li>Semiconductor chips are essential building blocks of innovation and technological advancements in areas such as artificial intelligence, electrification, and cloud computing.</li>
<li>The global shortage of semiconductor chips has affected industries beyond high-tech products, such as the automotive industry where chips are vital for various functions like safety features, infotainment systems, and driver assistance technologies.</li>
<li>Understanding the significance of semiconductor chips can provide valuable insights for investors looking to capitalize on opportunities in the growing semiconductor industry.</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/aeon-logistics-issues-drive-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Aeon: Logistics Issues Drive Efficiency </a></h3><p></p><ul>
<li>Restrictions on driver overtime <strong>due in April</strong> are forcing logistics rationalisation across supply chains.</li>
<li>Aeon is one of the few retailers that runs its own logistics platforms but, even so, changes to logistics practices will feed through to how stores are merchandised</li>
<li>This could result in competitive pressure on smaller supermarket chains.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/olympus-corp-7733-jp-q3-operating-profit-misses-estimates-despite-sales-beat-fy24-guidance-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/414/original/Pic%201.png?1709047417"/> <ul>
<li>
<a data-smartkarma-citation="entities:356:1" href="https://www.smartkarma.com/entities/olympus-corp" rel="noopener" target="_blank">Olympus Corp (7733 JP)</a> announced disappointing Q3FY24 result. Although revenue increased 7% YoY to ¥239B, beating estimate of ¥236B, operating profit declined 30% YoY to ¥34B, below estimate of ¥43B.</li>
<li>The company cut FY24 operating profit guidance for second time and reduced revenue guidance after raising it in November. Noto Peninsula earthquake is the main reason for reducing revenue guidance.</li>
<li>Although both revenue and profits are expected to improve in FY25, it will be difficult to achieve an operating margin of 20% and sales growth of 5%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/retail-media-in-japan-more-revenue-for-retailers-more-sales-for-brands?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Retail Media in Japan: More Revenue for Retailers, More Sales for Brands </a></h3><p></p><ul>
<li>The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.</li>
<li>Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.</li>
<li>For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-lacklustre-buffett-talks-up-trading-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/429/original/image_12698727321709072408190.png?1709072409"/> <ul>
<li>The S&P 500 and Nasdaq closed Tuesday with slight gains ahead of key inflation data.</li>
<li>Japanese trading houses soared to record highs following Warren Buffett's bullish remarks, robust earnings, and share buyback plans</li>
<li>Japan core consumer price index, excluding fresh food, rose by 2% year-on-year, down from December's 2.3% increase</li>
</ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Chipping Away at the Semiconductor Market</a></li><li><a href="https://www.smartkarma.com/insights/aeon-logistics-issues-drive-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Aeon: Logistics Issues Drive Efficiency</a></li><li><a href="https://www.smartkarma.com/insights/olympus-corp-7733-jp-q3-operating-profit-misses-estimates-despite-sales-beat-fy24-guidance-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut</a></li><li><a href="https://www.smartkarma.com/insights/retail-media-in-japan-more-revenue-for-retailers-more-sales-for-brands?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Retail Media in Japan: More Revenue for Retailers, More Sales for Brands</a></li><li><a href="https://www.smartkarma.com/insights/ohayo-japan-lacklustre-buffett-talks-up-trading-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Ohayo Japan</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/chipping-away-at-the-semiconductor-market?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Chipping Away at the Semiconductor Market </a></h3><p></p><ul>
<li>Semiconductor chips are essential building blocks of innovation and technological advancements in areas such as artificial intelligence, electrification, and cloud computing.</li>
<li>The global shortage of semiconductor chips has affected industries beyond high-tech products, such as the automotive industry where chips are vital for various functions like safety features, infotainment systems, and driver assistance technologies.</li>
<li>Understanding the significance of semiconductor chips can provide valuable insights for investors looking to capitalize on opportunities in the growing semiconductor industry.</li>
</ul>
<p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p><br><h3 id="tag_2"><a href="https://www.smartkarma.com/insights/aeon-logistics-issues-drive-efficiency?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">2. Aeon: Logistics Issues Drive Efficiency </a></h3><p></p><ul>
<li>Restrictions on driver overtime <strong>due in April</strong> are forcing logistics rationalisation across supply chains.</li>
<li>Aeon is one of the few retailers that runs its own logistics platforms but, even so, changes to logistics practices will feed through to how stores are merchandised</li>
<li>This could result in competitive pressure on smaller supermarket chains.</li>
</ul><br><h3 id="tag_3"><a href="https://www.smartkarma.com/insights/olympus-corp-7733-jp-q3-operating-profit-misses-estimates-despite-sales-beat-fy24-guidance-cut?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">3. Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/414/original/Pic%201.png?1709047417"/> <ul>
<li>
<a data-smartkarma-citation="entities:356:1" href="https://www.smartkarma.com/entities/olympus-corp" rel="noopener" target="_blank">Olympus Corp (7733 JP)</a> announced disappointing Q3FY24 result. Although revenue increased 7% YoY to ¥239B, beating estimate of ¥236B, operating profit declined 30% YoY to ¥34B, below estimate of ¥43B.</li>
<li>The company cut FY24 operating profit guidance for second time and reduced revenue guidance after raising it in November. Noto Peninsula earthquake is the main reason for reducing revenue guidance.</li>
<li>Although both revenue and profits are expected to improve in FY25, it will be difficult to achieve an operating margin of 20% and sales growth of 5%.</li>
</ul><br><h3 id="tag_4"><a href="https://www.smartkarma.com/insights/retail-media-in-japan-more-revenue-for-retailers-more-sales-for-brands?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">4. Retail Media in Japan: More Revenue for Retailers, More Sales for Brands </a></h3><p></p><ul>
<li>The growth in retail media (brand advertising delivered in stores based on detailed customer data) continues to be one of the big trends in 2024.</li>
<li>Large retailers are keen to add this new revenue stream – and lots of brands want to advertise with them – and companies like Rakuten are offering this service directly.</li>
<li>For many retailers, they still need help from experts in advertising and data analysis to make it work, providing an opportunity for Hakuhodo among others.</li>
</ul><br><h3 id="tag_5"><a href="https://www.smartkarma.com/insights/ohayo-japan-lacklustre-buffett-talks-up-trading-companies?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">5. Ohayo Japan </a></h3><p></p><img src="https://static-prod.smartkarma.com/images/media/000/394/429/original/image_12698727321709072408190.png?1709072409"/> <ul>
<li>The S&P 500 and Nasdaq closed Tuesday with slight gains ahead of key inflation data.</li>
<li>Japanese trading houses soared to record highs following Warren Buffett's bullish remarks, robust earnings, and share buyback plans</li>
<li>Japan core consumer price index, excluding fresh food, rose by 2% year-on-year, down from December's 2.3% increase</li>
</ul>2024-02-28T13:24:01+08:00[{"term": "Thematic (Sector/Industry)"}, {"term": "TAIWAN"}, {"term": "HK"}, {"term": "CHINA"}, {"term": "US"}, {"term": "GROWTH"}, {"term": "NORTH AMERICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASIA PACIFIC"}, {"term": "AMD@US"}, {"term": "2330@TT"}, {"term": "TSM@US"}, {"term": "NVDA@US"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "CONS"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "8267@JP"}, {"term": "5882@JP"}, {"term": "Equity Bottom-Up"}, {"term": "BMRREQ"}, {"term": "ISSFOCUS"}, {"term": "BMRSTK"}, {"term": "BMRCER"}, {"term": "BMRANAREC"}, {"term": "REPORTS"}, {"term": "HEA"}, {"term": "SHORTS"}, {"term": "ASIA PACIFIC"}, {"term": "7733@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "4755@JP"}, {"term": "7451@JP"}, {"term": "8267@JP"}, {"term": "5882@JP"}, {"term": "7532@JP"}, {"term": "2433@JP"}, {"term": "9433@JP"}, {"term": "3382@JP"}, {"term": "Thematic (Sector/Industry)"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "NVDA@US"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "5882@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "7733@JP"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "3382@JP"}]https://www.smartkarma.com/segment/feeds/japan.rss/65ae2cea-1de7-3c88-bb36-c84822971f7cBrief Japan: Positioning Watch – Commodities Are Finally Moving and more2024-03-28T14:17:28.543400+00:00<h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Positioning Watch – Commodities Are Finally Moving</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Positioning Watch – Commodities Are Finally Moving </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! We have been all about the possibility of a cyclical rebound with the US economy showing great signs at the moment, and China is also potentially looking to beat the fairly bearish expectations (and why barely anyone has been net long cyclicals in all asset spaces).</li><li>This leaves markets with a great divergence, as Europe is yet to show the same signs of momentum, and inflation expectations (between USD and EUR) are also starting to diverge, but positioning has not followed accordingly.</li><li>Let’s rerun our current trades to kick things off: Equities: Long Materials and Long Korea (as a China proxy).</li></ul><h3>In this briefing:</h3> <ol><li><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">Positioning Watch – Commodities Are Finally Moving</a></li></ol><hr><br><h3 id="tag_1"><a href="https://www.smartkarma.com/insights/positioning-watch-commodities-are-finally-moving?utm_medium=feed&utm_source=daily_briefing&utm_campaign=JAPAN">1. Positioning Watch – Commodities Are Finally Moving </a></h3><p></p><ul><li>Hello everyone, and welcome back to our weekly positioning watch! We have been all about the possibility of a cyclical rebound with the US economy showing great signs at the moment, and China is also potentially looking to beat the fairly bearish expectations (and why barely anyone has been net long cyclicals in all asset spaces).</li><li>This leaves markets with a great divergence, as Europe is yet to show the same signs of momentum, and inflation expectations (between USD and EUR) are also starting to diverge, but positioning has not followed accordingly.</li><li>Let’s rerun our current trades to kick things off: Equities: Long Materials and Long Korea (as a China proxy).</li></ul>2024-02-27T23:11:20+08:00[{"term": "Cross Asset Strategy"}, {"term": "ZAMBIA"}, {"term": "RUSSIA"}, {"term": "TAJIKISTAN"}, {"term": "ZIMBABWE"}, {"term": "VIETNAM"}, {"term": "VENEZUELA"}, {"term": "TOGO"}, {"term": "UNITED ARAB EMIRATES"}, {"term": "UKRAINE"}, {"term": "TURKEY"}, {"term": "TUNISIA"}, {"term": "THAILAND"}, {"term": "TAIWAN"}, {"term": "SWITZERLAND"}, {"term": "QATAR"}, {"term": "SWEDEN"}, {"term": "SRI LANKA"}, {"term": "SPAIN"}, {"term": "SLOVENIA"}, {"term": "KOREA"}, {"term": "SOUTH AFRICA"}, {"term": "SINGAPORE"}, {"term": "SERBIA"}, {"term": "SENEGAL"}, {"term": "SAUDI ARABIA"}, {"term": "ROMANIA"}, {"term": "MOROCCO"}, {"term": "PUERTO RICO"}, {"term": "PORTUGAL"}, {"term": "PERU"}, {"term": "POLAND"}, {"term": "PHILIPPINES"}, {"term": "LUXEMBOURG"}, {"term": "NZ"}, {"term": "PARAGUAY"}, {"term": "PANAMA"}, {"term": "OMAN"}, {"term": "PALESTINE"}, {"term": "PAKISTAN"}, {"term": "NORWAY"}, {"term": "NIGERIA"}, {"term": "NIGER"}, {"term": "NETHERLANDS"}, {"term": "MYANMAR"}, {"term": "MALAYSIA"}, {"term": "MONACO"}, {"term": "MONGOLIA"}, {"term": "MEXICO"}, {"term": "MAURITIUS"}, {"term": "MALTA"}, {"term": "MALI"}, {"term": "FINLAND"}, {"term": "CAMBODIA"}, {"term": "JORDAN"}, {"term": "MACAU"}, {"term": "LITHUANIA"}, {"term": "LIECHTENSTEIN"}, {"term": "LEBANON"}, {"term": "LAOS"}, {"term": "KUWAIT"}, {"term": "KENYA"}, {"term": "KAZAKHSTAN"}, {"term": "IRAQ"}, {"term": "IVORY COAST"}, {"term": "ITALY"}, {"term": "ISRAEL"}, {"term": "IRELAND"}, {"term": "GREECE"}, {"term": "IRAN"}, {"term": "INDIA"}, {"term": "INDONESIA"}, {"term": "ICELAND"}, {"term": "HUNGARY"}, {"term": "HK"}, {"term": "GUINEA-BISSAU"}, {"term": "GHANA"}, {"term": "GABON"}, {"term": "GERMANY"}, {"term": "ESTONIA"}, {"term": "FRANCE"}, {"term": "CHINA"}, {"term": "EGYPT"}, {"term": "ECUADOR"}, {"term": "DENMARK"}, {"term": "CZECH REPUBLIC"}, {"term": "CYPRUS"}, {"term": "CROATIA"}, {"term": "COLOMBIA"}, {"term": "CHILE"}, {"term": "BURKINA FASO"}, {"term": "CANADA"}, {"term": "CAMEROON"}, {"term": "CAYMAN ISLANDS"}, {"term": "AZERBAIJAN"}, {"term": "BELGIUM"}, {"term": "BULGARIA"}, {"term": "BRUNEI"}, {"term": "BRAZIL"}, {"term": "BOTSWANA"}, {"term": "BENIN"}, {"term": "BERMUDA"}, {"term": "BAHRAIN"}, {"term": "BANGLADESH"}, {"term": "AUSTRIA"}, {"term": "ARGENTINA"}, {"term": "AUSTRALIA"}, {"term": "US"}, {"term": "UNITED KINGDOM"}, {"term": "MULTI-STRATEGY"}, {"term": "ASIA PACIFIC"}, {"term": "NORTH AMERICA"}, {"term": "EUROPE MIDDLE EAST AND AFRICA"}, {"term": "GLOBAL EMERGING MARKETS"}, {"term": "ASEAN"}, {"term": "LATIN AMERICA"}, {"term": "@TBIL@AU"}, {"term": "TFLO@US"}, {"term": "TBF@US"}, {"term": "GBPUSD@CURNCY"}, {"term": "TLH@US"}, {"term": "TLT@US"}, {"term": "TU1@COMDTY"}, {"term": "TRSY@LN"}, {"term": "TIN@COMDTY"}, {"term": "CL1@COM@COMDTY"}, {"term": "NATURAL@GAS@COMDTY"}, {"term": "USDAUD@CURNCY"}, {"term": "USDEUR@CURNCY"}, {"term": "EURUSD@CURNCY"}, {"term": "USDJPY@CURNCY"}, {"term": "USDCHF@CURNCY"}, {"term": "USDSEK@CURNCY"}, {"term": "XLK@US"}, {"term": "SHSZ300@INDEX"}, {"term": "SZCOMP@INDEX"}, {"term": "SHCOMP@INDEX"}, {"term": "HSI@INDEX"}, {"term": "KOSPI2@INDEX"}, {"term": "MXI@US"}, {"term": "KOSPI@INDEX"}, {"scheme": "http://rss.financialcontent.com/stocksymbol", "term": "KOSPI@INDEX"}]