In this quarterly strategy report, we look to evaluate where we are with regards the bull market conditions, and where those indicators might be headed, factoring in the downside risks, from Trump tariffs and the US economy, BoJ actions, Japanese earnings and valuations.
When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
SBI HOLDINGS INC (JP), a company active in the Equity Investment Instruments industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date December 21, 2021, the closing price was JPY 3,00...
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....
Pelham Smithers presents his strategy for Q3 2021 and the changes to PSA's stock Focus List Table of Contents Overview 3 Background 4 Valuations & Value 5 The Case for “Muddle Through” 6 Consumer Spending 7 The Labour Market 7 The Currency and the Carry Trade 8 The BoJ and Policy 9 Japan’s Stuttering Economy 10 Stock Performance and Earnings Expectations 12 Catalysts: Digital Transformation, Semiconductors, Price Hikes ...
Key Points SBI Holdings had an excellent year in FY17 and it is obviously very difficult to forecast what the company is going to deliver in FY18, let alone FY19 and FY20, given the vagaries of the stock market. However, it is working off improved metrics in most cases in FY18: • The stock market has a favourable base of comparison, due to its steady gains in FY17. • The asset management and insurance business continue to expand. • Meanwhile, the pharma business should not be the drag on ...
Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman and Thao Nguyen Nikkei ¥21,368.67 (+¥115.35 / +0.54%); Topix ¥1,709.95 (+¥5.99/ +0.35%); ¥/$105.96 Tags: Capcom (9697 JP), GMO Payment (3769 JP), SBI Holdings (8473 JP), Digital Garage (4819 JP), Kitanotatsujin (2930 JP), Nissan (7201 JP), Renault (RNO FP), Mitsubishi Motors (7211 JP), Ricoh (7752 JP), Fujifilm (4901 JP), Xerox Corp (XRX US), Fuji Xerox, Eisai (4523 JP), Merck (MRK US), Asahi Kasei (3407 JP), LINE (3938 JP...
Japan Market Comment by Pelham Smithers, Julie Boote, Joel Scheiman and William Nestuk Nikkei ¥21,252.72 (-¥165.04 / -0.77%); Topix ¥1,703.96 (-¥12.34 / -0.72%); ¥/$105.57 Tags: Rakuten (4755 JP), ISB (9702 JP),Vision Inc (9416 JP), Cyber Com (3852 JP), Nippon Systemware (9739 JP), Focus Systems (4662 JP), IBC (3920 JP), OPT (2389 JP), Macromill (3978 JP), CyberAgent (4751 JP), Faith (4295 JP), Capcom (9697 JP), SBI Holdings (8473 JP), GMO Internet (9449 JP), Apple (AAPL US), Hon Hai (2317...
PSA Today Feb 15: Japan Market Comment by Pelham Smithers, Joel Scheiman and Thao Nguyen Nikkei ¥21,464.98 (+¥310.81/ +1.47%); Topix ¥1,719.27 (+¥16.55/ +0.97%); ¥/$106.56Tags: Remixpoint (3825 JP), SBI Holdings (8473 JP), mixi (2121 JP), Kirin (2503 JP), Sony (6758 JP), Facebook (FB US), Apple (AAPL US), Netflix (NFLX US), Capcom (9697 JP), Bandai Namco (7832 JP), Sumitomo Dainippon Pharma (4506 JP), Nitto Denko (6988 JP), Tokyo Ohka Kogyo (4186 JP), Nissha (7915 JP), Showa Denko (SDK, 4004 JP)...
PSA Today Feb 7: Japan Market Comment by Pelham Smithers, Julie Boote and Thao Nguyen Nikkei ¥21,645.37(+35.13 ¥1,071.88 / +0.16%); Topix ¥1,749.91 (+¥6.50 / +0.37%); ¥/$109.17 Tags: Sony (6758 JP), Sega Sammy (6460 JP), Square Enix (9684 JP), Toyota (7203 JP), Nomura (8604 JP), Nintendo (7974 JP), Canon (7751 JP), Fanuc (6954 JP), Netflix (NFLX US), Alibaba (BABA US), SBI Holdings (8473 JP), Apple (AAPL US), Facebook (FB US), Taiyo Yuden (6976 JP), Murata (6981 JP), SoftBank (9984 JP) , Sprint ...
The PSA Japan Research Round-Up for the week ending February 02, 2018 Contents at a Glance The Weekly Comment by Pelham Smithers Pelham Smithers is on the alert for a change in market leadership. Reports / Flash Notes Global Auto Sector Outlook for 2018 Shin-Etsu Chemical (4063 JP) FY17 Q3 Results: Strength Across All Segments Fanuc (6954 JP) FY17 Q3 Results: Raising our FY17 and FY18 Estimates Company / Sector / Thematic Comments Sony’s Embarrassment of Riches Cr...
PSA Today Jan 30: Japan Market Comment by Pelham Smithers, Joel Scheiman, Thao Nguyen and William Nestuk Nikkei ¥23,291.97 (-¥337.37 / -1.43%); Topix ¥1,858.13 (-¥22.32/ -1.19%); ¥/$108.61Tags: Apple (AAPL US), Nissha (7915 JP), TDK (6762 JP), Nitto Denko (6998 JP), Shin-Etsu Chemical (4063 JP), Sumitomo Chemical (4005 JP), Sumitomo Chemical (4005 JP), Murata (6981 JP), NOK (7240 JP), Dexerials (4980 JP), Hitachi Construction Machinery (6305 JP), Canon (7751 JP), Capcom (9697 JP), SBI Holdings (...
For various reasons, Japan has become home to Bitcoin trading again, having dominated it in the early days thanks to MtGox. This has led to considerable stock market interest in those Japanese companies which might benefit from Bitcoin trading. The focus on Bitcoin, though, misses the key point about Japan and fintech: which is that blockchain – the backbone of Bitcoin – offers a means for Japan’s financial industry to escape, Houdini like, from its financial dark ages. Blockchain doesn’t have ...
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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