At the beginning of every year we publish our PSA Perspective, a report intended as a long shelf-life look at the year ahead. This year Pelham Smithers discusses Japan's economy, the outlook for the stock market, and some stand-out themes and developments for the year. These include the digital yen and the demise of live action entertainment in Japan. We also update our noted PSA Focus List of stocks. Table of Contents Overview 3 Background: 4 Japan’s Economic Outlook 5 Ja...
Although the Japanese economy, politics and stock market seem to be where they were this time last year, there is a seismic shift going on in the way the Japanese stock market behaves that could make investing in Japan in 2022 quite different to previous years. We look at how and why this shift has taken place and what it means for investing in Japan in the coming year.
EAST JAPAN RAILWAY (JP), a company active in the Transportation Services industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date December 10, 2021, the closing price was JPY 7,090.00 and its potenti...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
TOKYO--(BUSINESS WIRE)-- (TOKYO:9020) will host its Japan Premium Wine Fair from 2-31 March 2020 in 11 stores and restaurants in Singapore, where guests can tickle their taste buds on five carefully selected wines sourced from both Yamanashi known commonly as “the birthplace of Japanese wine”* - and Yamagata. This press release features multimedia. View the full release here: Japan Premium Wine Fair (Graphic: Business Wire) For many people, France and Italy are virtually synonymous with wine production. However, in recent years, Japanese wine made from 100% Japan-grown grapes has been steadi...
TOKYO--(BUSINESS WIRE)-- (TOKYO:9020) operates the Shinkansen and other trains over a network of railways that cover half the main island of Japan. This press release features multimedia. View the full release here: Image of vegan and Muslim-friendly sweets "Plant Based Sweets Series" (Photo: Business Wire) To provide all visitors the chance to enjoy Japanese sweets souvenirs, JR East Group, in collaboration with three popular confectionery companies, is promoting food diversity with its "Plant Based Sweets Series" souvenirs. The solely plant-derived "Plant Based Sweets Series" will go on ...
East Japan Railway, or JRE, is Japan’s largest railway network operator running both long distance bullet trains (shinkansen) and shorter municipal train routes around and from the Greater Tokyo metropolitan area. JRE has been able to extract additional value to its regulated train transportation returns through redeveloping its stations into mixed commercial centers, with the most significant being Tokyo Station. We think being in Tokyo enables the company to garner attractive commercial rent...
We are raising our fair value estimate for East Japan Railway, or JRE, to JPY 9500 from JPY 9200, reflecting stronger growth in JRE’s Suica and IT business in the medium term and after rolling our cash flow model. JRE’s fiscal year ending March 2019 revenue and operating income were in line with our forecasts, with steady ridership volume and stronger growth in the nontransportation segments. The firm’s migration toward real estate, retail, and Suica services in the medium to long term is ...
We reduce our fair value estimate for JR East to JPY 9200 from JPY 9500, driven by a less positive outlook on the profitability of the transportation business in the medium term. While the company posted solid top-line growth of 3.2% year over year in the fiscal third quarter (for the fiscal year ending March 2019), operating margin fell slightly to 19.4% from 19.6% a year ago. JR East has seen margins grow over the past five years, but we think this trend is reversing. We see cost pressure in t...
We reduce our fair value estimate for JR East to JPY 9200 from JPY 9500, driven by a less positive outlook on the profitability of the transportation business in the medium term. While the company posted solid top-line growth of 3.2% year over year in the fiscal third quarter (for the fiscal year ending March 2019), operating margin fell slightly to 19.4% from 19.6% a year ago. JR East has seen margins grow over the past five years, but we think this trend is reversing. We see cost pressure in t...
We reduce our fair value estimate for JR East to JPY 9200 from JPY 9500, driven by a less positive outlook on the profitability of the transportation business in the medium term. While the company posted solid top-line growth of 3.2% year over year in the fiscal third quarter (for the fiscal year ending March 2019), operating margin fell slightly to 19.4% from 19.6% a year ago. JR East has seen margins grow over the past five years, but we think this trend is reversing. We see cost pressure in t...
East Japan Railway, or JRE, is Japan’s largest railway network operator running both long distance bullet trains (shinkansen) and shorter municipal train routes around and from the Greater Tokyo metropolitan area. JRE has been able to extract additional value to its regulated train transportation returns through redeveloping its stations into mixed commercial centers, with the most significant being Tokyo Station. We think being in Tokyo enables the company to garner attractive commercial rent...
JR East’s, or JRE's, second-quarter (for fiscal year ending March 2019) revenue growth and operating margins across all its business segments were in line with our full-year assumptions, but we cut our fair value estimate to JPY 9,500 from JPY 11,500 on lowered longer-term assumptions and increased near-term capital expenditure. Our narrow moat rating is intact as its railway segment, a regulated business with high barriers to entry, will continue to drive most of JRE’s revenue and operating...
JR East’s, or JRE's, second-quarter (for fiscal year ending March 2019) revenue growth and operating margins across all its business segments were in line with our full-year assumptions, but we cut our fair value estimate to JPY 9,500 from JPY 11,500 on lowered longer-term assumptions and increased near-term capital expenditure. Our narrow moat rating is intact as its railway segment, a regulated business with high barriers to entry, will continue to drive most of JRE’s revenue and operating...
JR East’s, or JRE's, second-quarter (for fiscal year ending March 2019) revenue growth and operating margins across all its business segments were in line with our full-year assumptions, but we cut our fair value estimate to JPY 9,500 from JPY 11,500 on lowered longer-term assumptions and increased near-term capital expenditure. Our narrow moat rating is intact as its railway segment, a regulated business with high barriers to entry, will continue to drive most of JRE’s revenue and operating...
JR East's first quarter (for financial year ending March 2019) rail operations were in line with our assumptions and there are no signs that the company will have any difficulty in meeting its full year net profit target of JPY 289 million. Â However, we lower our fair value estimate to JPY 11,500 from JPY 11,800 to reflect slower growth post-Olympics in line with the company's recent 2027 strategy plan. The company expects demographic headwinds and the introduction of autonomous vehicle ridesha...
JR East's first quarter (for financial year ending March 2019) rail operations were in line with our assumptions and there are no signs that the company will have any difficulty in meeting its full year net profit target of JPY 289 million. Â However, we lower our fair value estimate to JPY 11,500 from JPY 11,800 to reflect slower growth post-Olympics in line with the company's recent 2027 strategy plan. The company expects demographic headwinds and the introduction of autonomous vehicle ridesha...
JR East's first quarter (for financial year ending March 2019) rail operations were in line with our assumptions and there are no signs that the company will have any difficulty in meeting its full year net profit target of JPY 289 million. Â However, we lower our fair value estimate to JPY 11,500 from JPY 11,800 to reflect slower growth post-Olympics in line with the company's recent 2027 strategy plan. The company expects demographic headwinds and the introduction of autonomous vehicle ridesha...
We lower our fair value estimate for East Japan Railway Corp., or JR East, to JPY 11,800 from JPY 12,200 following the company's plan to raise its capital expenditure more than expected for fiscal 2019. We think this implies some risk that overall spending plans could be higher when the company reveals its new targets at midyear. Fiscal 2018 (year ended March 31, 2018) results were in line with our estimates, with net profit rising 4% year over year to JPY 289 billion. Although we lift our fisca...
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