DOCSLIB.ORG

Japan Earnings

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

16 February 2017 Asia Pacific/Japan Equity Research Product Marketing Japan Earnings Product Manager EARNINGS Daisuke Takato 813 4550 9671 [email protected] Cyclicals lead the way in 3Q earnings; full- year guidance raised 9% Figure 1: Cyclicals raised NP guidance by 9% Total Cyclical Defensive Financials Sales -0.3% 0.3% -1.7% Surprise OP 1.1% 1.5% 0.6% NP 10.6% 10.4% 8.9% 14.3% Sales 0.5% 0.8% 0.0% Guidance 3.5% 6.0% 0.8% Change OP NP 4.3% 9.2% 1.1% 0.1% Source: Bloomberg, Credit Suisse ■ Cyclicals fare better: Automakers and trading companies led the way during the Oct–Dec quarter earnings period, as cyclicals raised their full- year net profit guidance 9%, compared with defensives, which more or less stayed put. We see this as reflective of the yen's weakness during 3Q and a stark contrast to 2Q, when cyclicals cut their guidance by −4% (the average USD/JPY level was ¥102 in 2Q versus ¥109 in 3Q). ■ Autos, materials, and banks lead gains: Third-quarter net profit was 10% higher than consensus overall, but operating profit and sales came in line with street forecasts. This disparity comes from two main reasons: (1) some of the NP gains were one-offs that came in below the OP line, such as JFE (5411) reporting inventory gains, and (2) trading companies benefited from recovering commodity prices, but are excluded from the sales and OP because of accounting differences. ■ What to watch for: The JPY/USD has stabilized at the current 110–115 rate, and we can expect further consensus and guidance upgrades as we round out the fiscal year-end. We also highlighted in our 2017 outlook report Japanese companies that have high operating leverage (compared with global peers) and are also highly leveraged to global growth. While there was little upside surprise at the sales level this quarter, we believe any incremental growth in revenue has the potential to boost profits. ■ Governance: Corporate governance is also likely to be in the spotlight with Toshiba's (6502) accounting woes and Mitsubishi Heavy (7011) embroiled in several lawsuits on global projects. We removed Toshiba from the Focus List and downgraded MHI to UNDERPERFORM this week. Meanwhile, buybacks continue to be strong (see page 5). DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST CERTIFICATIONS, LEGAL ENTITY DISCLOSURE AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. 16 February 2017 Table of contents Guidance: Cyclicals far more optimistic 3 3Q earnings: Beat consensus forecasts 4 Buybacks strong 5 Guidance-related charts 6 Guidance: Revisions (%)..........................................................................................6 Guidance: Revisions (JPY mn) ................................................................................7 Guidance: Gap to consensus (%) ............................................................................8 Quarterly earnings-related charts 9 3Q: Earnings surprises (%) ......................................................................................9 3Q: Earnings surprises (JPY mn)...........................................................................10 3Q: Earnings (YoY%).............................................................................................11 3Q: Earnings (YoY JPY mn) ..................................................................................12 Japan Earnings2 16 February 2017 Guidance: Cyclicals far more optimistic Cyclicals raised NP guidance 9% in the Oct–Dec (3Q) quarter, compared with a −4% cut in the Jul–Sep (2Q) quarter. The number of companies raising guidance outnumbered guidance cuts almost 4-to-1, with 2/3rd of them coming from cyclicals. For more details on company guidance revisions at the single-stock level, please see Figure 5 onward. Figure 2: Technology, autos and chemical sectors had the largest number of guidance increases Sales Operating Profit Net Profit No of Mkt Cap (JPY Sector cos tn) % chg ↑ ↓ % chg ↑ ↓ % chg ↑ ↓ Total 486 485,017 0.5% 80 27 3.5% 96 27 4.3% 104 24 Cyclical 205 208,812 0.8% 61 11 6.0% 65 15 9.2% 66 13 Electric Appliances 43 56,617 0.6% 18 5 3.8% 19 5 5.8% 18 5 Transportation Equipment 23 53,497 1.6% 11 0 7.6% 10 2 10.0% 11 2 Chemicals 43 31,656 1.2% 12 0 5.4% 14 1 7.2% 12 1 Machinery 31 22,174 0.4% 5 2 1.4% 6 1 3.5% 6 1 Wholesale Trade 22 18,784 -2.0% 0 1 1.6% 1 0 14.7% 5 0 Precision Instruments 7 6,374 -1.8% 0 2 -1.8% 1 2 0.0% 1 1 Iron & Steel 8 5,854 0.3% 3 1 -5.4% 2 3 10.1% 4 1 Rubber Products 2 647 0 0 0 0 0 0 Nonferrous Metals 8 3,994 1.8% 5 0 14.4% 5 1 -6.6% 5 1 Oil & Coal Products 4 2,735 1.2% 1 0 26.4% 1 0 29.4% 1 0 Textiles & Apparel 5 2,521 0.3% 1 0 1.2% 1 0 1.3% 1 0 Mining 2 1,813 6.8% 2 0 18.6% 2 0 106.4% 2 0 Pulp & Paper 4 1,086 0.0% 0 0 0.0% 0 0 0.0% 0 0 Marine Transportation 3 1,059 3.5% 3 0 18.9% 3 0 -2.1% 0 1 Defensive 209 197,827 0.0% 19 15 0.8% 30 12 1.1% 37 10 Information & Communication 25 50,926 0.0% 4 1 1.0% 6 1 0.9% 7 0 Pharmaceutical 24 26,234 0.9% 4 2 3.1% 4 1 3.4% 6 1 Foods 27 23,645 -0.1% 1 1 1.1% 4 1 2.3% 5 0 Services 21 22,571 -0.1% 0 2 -0.3% 0 1 -0.6% 0 2 Land Transportation 24 20,118 0.0% 3 3 0.0% 4 1 0.4% 4 1 Construction 20 9,866 0.3% 2 1 1.1% 6 0 -3.4% 6 1 Electric Power & Gas 13 8,279 0.1% 2 1 1.9% 2 2 3.5% 2 1 Other Products 9 7,224 0.1% 1 0 -4.4% 0 1 21.3% 2 0 Retail Trade 26 18,532 -0.1% 0 3 -0.4% 0 3 -0.4% 1 3 Glass & Ceramics Products 8 4,268 0.5% 1 0 3.4% 1 0 1.2% 1 0 Metal Products 6 2,869 -0.2% 1 1 1.5% 2 1 3.6% 2 1 Air Transportation 2 2,428 0.0% 0 0 0.0% 0 0 0.0% 0 0 Warehousing & Harbor Transport 3 690 0.0% 0 0 0.0% 0 0 0.0% 0 0 Fishery, Agriculture & Forestr 1 176 0.0% 0 0 18.2% 1 0 27.3% 1 0 Financials 72 78,379 0.1% 1 1 Banks 35 41,128 0.0% 0 1 Real Estate 12 10,807 -0.1% 0 1 0.9% 1 0 0.9% 1 0 Insurance 7 14,541 0.0% 0 0 Other Financing Business 11 6,774 0.0% 0 0 Securities & Commodity Futures 7 5,129 0 0 Source: Bloomberg, Credit Suisse Japan Earnings3 16 February 2017 3Q earnings: Beat consensus forecasts Profits in the Oct–Dec quarter surprised to the upside by 10% at the net profit level (1% for operating profit, which excludes financials and trading companies). More than 50 companies beat consensus by more than 10% at both the NP and OP level, outnumbering companies that fell short of consensus (by −10% or lower) at a ratio of about 2-to-1. Figure 3: 3Q surprises were mainly driven by autos, materials, and banks Sales Operating Profit Net Profit No of Mkt Cap Sector cos (JPY tn) YoY % Surprise # Beat # Miss YoY % Surprise # Beat # Miss YoY % Surprise # Beat # Miss Total 486 485,017 -4.9% -0.3% 4 5 6.8% 1.1% 51 27 23.8% 10.6% 52 17 Cyclical 205 208,812 -6.6% 0.3% 0 3 -6.4% 1.5% 36 16 25.7% 10.4% 37 12 Electric Appliances 43 56,617 -5.3% -0.3% 0 1 -20.0% -4.4% 12 6 -13.5% 4.4% 14 5 Transportation Equipment 23 53,497 -3.1% 2.1% 0 0 -21.8% 1.1% 5 2 -15.1% 15.2% 9 1 Chemicals 43 31,656 -4.0% -2.2% 0 1 2.4% 7.5% 7 2 124.1% 31.3% 8 1 Machinery 31 22,174 -1.8% 1.0% 0 0 -17.5% 0.3% 3 2 21.8% 69.0% 1 1 Wholesale Trade 22 18,784 -22.2% 3.6% 0 0 98.5% 0 0 178.1% 60.4% 1 0 Precision Instruments 7 6,374 -4.2% -3.0% 0 0 -7.1% 7.2% 2 2 -24.2% -28.8% 2 2 Iron & Steel 8 5,854 -4.0% -2.9% 0 0 -32.0% -2.9% 2 1 130.1% 27.2% 2 1 Rubber Products 2 647 -18.2% -25.1% 0 1 -10.2% 0 0 -169.9% 0 0 Nonferrous Metals 8 3,994 -1.6% 2.7% 0 0 41.1% 30.8% 3 0 23304.7% -399.2% 0 1 Oil & Coal Products 4 2,735 -4.2% 0 0 515.5% 0 0 241.6% 0 0 Textiles & Apparel 5 2,521 -4.8% -5.2% 0 0 -11.2% -4.2% 0 0 3.1% 0 0 Mining 2 1,813 -6.0% 0 0 6.7% 0 0 73.4% 0 0 Pulp & Paper 4 1,086 0.7% 0 0 1.3% 0 0 47.1% 0 0 Marine Transportation 3 1,059 -12.9% -1.1% 0 0 -121.4% 89.2% 2 1 121.9% 0 0 Defensive 209 197,827 -2.8% -1.7% 2 2 22.4% 0.6% 15 11 27.6% 8.9% 13 4 Information & Communication 25 50,926 0.0% -0.6% 0 0 14.0% 1.5% 6 2 16.7% -2.6% 1 1 Pharmaceutical 24 26,234 -3.6% 0.9% 1 0 -7.8% 15.4% 3 0 1.6% 25.9% 2 0 Foods 27 23,645 -5.1% -7.0% 0 1 0.6% -3.7% 1 2 99.6% 26.9% 4 0 Services 21 22,571 -9.3% 0.9% 0 0 519.1% -18.3% 1 3 14.0% -26.3% 1 2 Land Transportation 24 20,118 0.6% -0.2% 0 0 1.6% 2.9% 0 0 13.6% 0 0 Construction 20 9,866 0.7% -13.0% 0 1 23.9% 0 0 15.3% 0 0 Electric Power & Gas 13 8,279 -6.9% -5.2% 0 0 -36.3% 0 0 162.2% 0 0 Other Products 9 7,224 -5.0% -1.6% 1 0 5.9% -6.2% 0 1 64.2% 215.3% 1 0 Retail Trade 26 18,532 0.2% -1.9% 0 0 5.1% 0.0% 1 3 19.4% 18.5% 2 1 Glass & Ceramics Products 8 4,268 -1.1% -1.1% 0 0 12.4% 11.3% 2 0 66.6% 40.9% 1 0 Metal Products 6 2,869 -3.1% -7.2% 0 0 10.0% 19.5% 1 0 58.8% 53.4% 1 0 Air Transportation 2 2,428 -2.9% -1.0% 0 0 6.9% 7.3% 0 0 10.7% 0 0 Warehousing & Harbor Transport 3 690 1.7% 0 0 8.3% 0 0 11.2% 0 0 Fishery, Agriculture & Forestr 1 176 -0.5% 0 0 32.3% 0 0 79.8% 0 0 Financials 72 78,379 25.6% 14.3% 2 0 30.2% 0 0 14.5% 14.3% 2 1 Banks 35 41,128 8.6% 14.3% 2 1 Real Estate 12 10,807 25.6% 14.3% 2 0 30.2% 0 0 30.7% 0 0 Insurance 7 14,541 13.3% 0 0 Other Financing Business 11 6,774 25.6% 0 0 Securities & Commodity Futures 7 5,129 48.3% 0 0 Note: Number of beat/misses are ones that exceed ±10%.
Recommended publications
  • 210419 Testimony of Tareq Amin FINAL

    210419 Testimony of Tareq Amin FINAL

    Testimony of Tareq Amin Representative Director, Executive Vice President and CTO of Rakuten Mobile Hearing on “Leading the Wireless Future: Securing American Network Technology” U.S. House of Representatives Committee on Energy and Commerce, Subcommittee on Communications and Technology April 21, 2021 Good morning, Chairmen Pallone and Doyle, Ranking Members McMorris Rodgers and Latta, and Members of the Subcommittee. Thank you for the opportunity to testify today on this important topic. I am Tareq Amin, Representative Director, Executive Vice President and CTO of Rakuten Mobile. To start, let me say Rakuten doesn’t think of itself as a mobile operator. We are a technology company, with both Japanese and American DNA, committed to bringing the best of what the technology sector offers to advance the agility, security, and affordability of the wireless networks and services. In fact, Rakuten Mobile is its own first customer. Running on our open cloud-based Rakuten Communications Platform (or RCP), our mobile network in Japan proves that cloud-based wireless networks are no longer a vision that merits discussion. They are not just a proof of concept, they are a reality. We are driving a more diverse supply chain, with continuing innovation across multiple technologies, and providing significant consumer benefit. And, the majority of our network components come from U.S. suppliers. In today’s testimony I want to help you see through my eyes and those of our employees, executives, and customers how we decided to revolutionize mobile and wireless networks and the advantages of such an architecture for American networks. Almost seven years ago, I had an opportunity to visit the data centers of one of America’s top Internet platforms and I was shocked to see how they engineered, how they built, and how they architected their systems.
  • Annual Report 2007 Year Ended March 31, 2007 Aiming for a 10% Global Market Share

    Annual Report 2007 Year Ended March 31, 2007 Aiming for a 10% Global Market Share

    Unicharm Corporation Annual Report 2007 Year Ended March 31, 2007 Aiming for a 10% Global Market Share Since its founding in 1961, Unicharm Corporation has carefully nurtured a corporate culture based on the management philosophy of becoming “Number One” by continually doing its best. To this end, we have consistently delivered customer-oriented materials and products and worked to enhance product application supporting people’s lives everywhere. Our mission is to provide the best products and services to people of all ages, from infants to the elderly. We are striving to position ourselves as a category leader in high-growth markets by actively expanding into new areas, particularly in Asia, and delivering a product lineup in tune with customer needs and the regions in which we operate. In this manner, we aim to acquire a 10% global market share. Unicharm Ideals ● WE contribute to creating a better life for humankind by offering only the finest products and services to the customer, both at home and abroad. ● WE strive to pursue correct corporate management principles which bring together corporate growth, well-being among associates and fulfill our social responsibilities. ● WE bring forth the fruits of cooperation based on integrity and harmony, by respecting the independence of the individual, and striving to promote the Five Great Pillars. Beliefs and Pledges Unicharm Five Great Pillars Ideals • Pledge to the Customers • Creativity & Innovation • Pledge to Our Shareholders Beliefs and • Ownership • Pledge to Business Partners Pledges • Spirit of Challenge • Pledge to the Associates • Leadership • Pledge to Society • Fair Play Five Great Pillars Contents Fiscal 2007 Highlights ................................................
  • Factset-Top Ten-0521.Xlsm

    Factset-Top Ten-0521.Xlsm

    Pax International Sustainable Economy Fund USD 7/31/2021 Port. Ending Market Value Portfolio Weight ASML Holding NV 34,391,879.94 4.3 Roche Holding Ltd 28,162,840.25 3.5 Novo Nordisk A/S Class B 17,719,993.74 2.2 SAP SE 17,154,858.23 2.1 AstraZeneca PLC 15,759,939.73 2.0 Unilever PLC 13,234,315.16 1.7 Commonwealth Bank of Australia 13,046,820.57 1.6 L'Oreal SA 10,415,009.32 1.3 Schneider Electric SE 10,269,506.68 1.3 GlaxoSmithKline plc 9,942,271.59 1.2 Allianz SE 9,890,811.85 1.2 Hong Kong Exchanges & Clearing Ltd. 9,477,680.83 1.2 Lonza Group AG 9,369,993.95 1.2 RELX PLC 9,269,729.12 1.2 BNP Paribas SA Class A 8,824,299.39 1.1 Takeda Pharmaceutical Co. Ltd. 8,557,780.88 1.1 Air Liquide SA 8,445,618.28 1.1 KDDI Corporation 7,560,223.63 0.9 Recruit Holdings Co., Ltd. 7,424,282.72 0.9 HOYA CORPORATION 7,295,471.27 0.9 ABB Ltd. 7,293,350.84 0.9 BASF SE 7,257,816.71 0.9 Tokyo Electron Ltd. 7,049,583.59 0.9 Munich Reinsurance Company 7,019,776.96 0.9 ASSA ABLOY AB Class B 6,982,707.69 0.9 Vestas Wind Systems A/S 6,965,518.08 0.9 Merck KGaA 6,868,081.50 0.9 Iberdrola SA 6,581,084.07 0.8 Compagnie Generale des Etablissements Michelin SCA 6,555,056.14 0.8 Straumann Holding AG 6,480,282.66 0.8 Atlas Copco AB Class B 6,194,910.19 0.8 Deutsche Boerse AG 6,186,305.10 0.8 UPM-Kymmene Oyj 5,956,283.07 0.7 Deutsche Post AG 5,851,177.11 0.7 Enel SpA 5,808,234.13 0.7 AXA SA 5,790,969.55 0.7 Nintendo Co., Ltd.
  • Japanese E-Commerce Contract Software & Comp Services

    Japanese E-Commerce Contract Software & Comp Services

    Boku New contract Japanese e-commerce contract Software & Comp Services 26 September 2018 Boku has widened its reach in the domestic Japanese market through a new agreement to provide direct carrier billing (DCB) services to a Rakuten Price 172.0p e-commerce business. The contract is significant in that it demonstrates Market cap £369m Boku’s ability to support physical as well as digital goods, as well as for its potential to be expanded to support additional Rakuten services. Net cash ($m) at end H118 28.4 Shares in issue 214.2m Revenue EBITDA* EPS* DPS P/E EV/EBITDA Year end ($m) ($m) ($) ($) (x) (x) Free float 45.4% 12/17 24.4 (2.3) (0.03) 0.0 N/A N/A Code BOKU 12/18e 34.8 5.4 0.01 0.0 207.4 85.4 12/19e 42.0 11.6 0.03 0.0 68.9 39.8 Primary exchange AIM 12/20e 49.9 19.1 0.06 0.0 37.4 24.2 Secondary exchange N/A Note: *EBITDA and EPS (diluted) are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments. Share price performance Boku has signed an initial deal to provide direct carrier billing for Rakuten Collection, an e-commerce site focused on limited edition, collectibles trading in Japan, and a division of Rakuten Group (Tokyo listed, market cap ¥1.2tn/£8.3bn). This represents Boku’s first major agreement for physical e-commerce in Japan. We note that the Rakuten Group operates more than 70 services, including an e- commerce shopping mall (Rakuten Ichiba), streaming video (Rakuten TV) and e- books (Rakuten Kobo).
  • Impact of COVID-19 on Consumer Behaviour

    Impact of COVID-19 on Consumer Behaviour

    Impact of COVID-19 on Consumer Behaviour April 2020 Our Proprietary Panels Japan (JP) China (CN) South Korea (KR) 2,200,000 3,204,500 640,000 Taiwan (TW) Hong Kong (HK) Singapore (SG) 120,000 52,000 80,000 Thailand (TH) Malaysia (MY) Indonesia (ID) 550,000 196,000 550,000 India (IN) Vietnam (VN) Philippines (PH) 650,000 300,000 315,000 • Markets: China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Philippines, Singapore, Taiwan, Survey Thailand, United States, Vietnam Methodology & Sample size: 1,000 respondents per market, 13,000 in total Notes • • Profile of respondents: 20+ y.o. respondents from Rakuten Insight proprietary panels, with good distribution on age, gender, region & occupation • Survey timing April 2020 Sources of information News on traditional forms of media, TV, radio Marked contrast between Japan & China when it comes to continues to be a highly trusted source of trusting experts & influencers on social media with trust information even in the digital age much higher in China & lower in Japan Korea relatively low trust in many sources of While people spend more time watching TV news or information with the most highly trusted reading news websites, the time spent on following source being TV news (71%) influencers or celebrities on social media is less than usual Consumers from around the world rely on These times of uncertainty & gravity appear to have led to information from TV news & government consumers to spend their time on more serious & reliable websites. A slight decrease can be observed in sources of information trusting the information on social media How much do you trust the following sources of information? International consumers rely on information from Government websites and TV news.
  • Japan Corporate Credit Spotlight

    Japan Corporate Credit Spotlight

    Makiko Yoshimura Japan Corporate Director Corporate Ratings Credit Spotlight Katsuyuki Nakai Director October 22, 2020 Corporate Ratings Hiroki Shibata Senior Director Corporate Ratings Advertising; Electronics; IT Services; E-Commerce; Telecom And Investment Holding Companies This report does not constitute a rating action. Japan Corporate Credit Spotlight Sector Comments Pages 3 - 13 Advertising Electronics Appendix IT Services Pages 14 - 16 E-Commerce Telecom And Investment Holding Companies All graphics show data for companies studied. Sector Comments Pages 3 - 13 Advertising Outlook: Negative Gradual Recovery After Temporary COVID-19 Hit Trend And Changes – Advertising revenue, which is vulnerable to economic downturns, will contract more sharply than Japan's GDP during the COVID-19 pandemic. – Digital media will likely lead a recovery thanks to cost advantages and demand for marketing data. – Companies in this study are among domestic leaders in digital advertising and media. – Competitive differences among Japan-based and overseas advertisers will not change significantly as all face similar conditions. – Future creditworthiness of the companies studied largely hinges on their financial standings. Key Assumptions – Total advertising revenue in Japan in fiscal 2021 will not recover to fiscal 2019 levels, despite the contribution from internet advertising. – Profitability of the companies studied will not recover to pre-COVID-19 levels in the coming one to two years despite cost reductions. – COVID-19's degree of impact on the companies studied will differ according to their financial health before the crisis. 4 Advertising Risks And Key Credit Drivers: – A resurgence of COVID-19 further souring advertising clients' appetites. – Priorities for use of cash flow, such as growth investments and shareholder returns, under difficult conditions.
  • Securities Report Unicharm Corporation

    Securities Report Unicharm Corporation

    Securities Report (The English translation of the Report pursuant to Article 24, Paragraph 1 of the Financial Instruments and Exchange Act for the 57th fiscal year, from January 1, 2016 to December 31, 2016) Unicharm Corporation (E00678) 57th Fiscal Year (from January 1, 2016 to December 31, 2016) Securities Report 1. This report is the Securities Report submitted pursuant to Article 24, Paragraph 1 of the Financial Instruments and Exchange Act via the Electronic Disclosure for Investors’ Network (“EDINET”) as set forth in Article 27-30-2 of the same Act, generated and printed with a Table of Contents and page numbers added. 2. The end of the report contains the Independent Auditor’s Reports that were attached to the above Securities Report submitted via the above method and the Internal Control Report and Confirmation Note that were submitted with the Securities Report. Unicharm Corporation Table of Contents The 57th Securities Report Page Cover .......................................................................................................................................................................... 1 Part 1. Information on the Company ........................................................................................................ 2 I. Overview of the Company ......................................................................................................................... 2 1. Key financial data and trends ......................................................................................................................
  • Special Article

    Special Article

    Special Article By Sanjeev Sinha Author Sanjeev Sinha From Cars to Curry seasonally. The human resources are trained through a rigorous curriculum on processes, hygiene and customer service and the Who would think that a Japanese company would look into selling necessary instructions for seasonal menu changes are provided curry in the country of its origin, India! I was quite surprised when through efficient on-the-job training systems. As a result, high I was invited to discuss an India marketing strategy with the quality and consistency are ensured, allowing the management to president of Japan’s largest curry shop chain, Coco Ichiban. When scale up easily. I asked what made him so confident that he could sell curry in the Now, if I were to describe India in one word, it would be country of its origin, he said the same question had been asked “diversity”. In India the concept of diversity can be found in almost when Toyota considered selling cars in the United States. everything and that’s one of the major causes of the variability, or This answer carried a lot of weight and made me think about what volatility, of the environment as well. People tend to be very creative it is that has made Japan so successful, especially in the last century, and sometimes have to be creative in the absence of organized in various businesses of a global nature. Japan is well known for its solutions, which is the concept of Jugad, often translated as “frugal excellent technology, but having lived in Japan for 19 years now, innovation”.
  • TOBAM Maximum Diversification All World Developed Ex North America USD

    TOBAM Maximum Diversification All World Developed Ex North America USD

    TOBAM Maximum Diversification All World Developed ex North America USD 31/12/2019 Instrument Weight BP PLC 0.10% IDEMITSU KOSAN CO LTD 0.21% INPEX HOLDINGS INC 0.07% JX HOLDINGS INC 0.09% NESTE OIL OYJ 1.16% OMV AG 0.08% SANTOS LTD 0.02% SBM OFFSHORE NV 0.05% TGS NOPEC GEOPHYSICAL CO ASA 0.02% VOPAK 0.02% WOOD GROUP (JOHN) PLC 0.02% AIR LIQUIDE 0.23% AIR WATER INC 0.02% AKZO NOBEL 0.12% ALUMINA LTD 0.03% AMCOR PLC-CDI 0.08% AVON RESOURCES LTD 0.53% BORAL LTD 0.02% CHR HANSEN HOLDING A/S 0.08% DAICEL CHEMICAL INDUSTRIES 0.02% DOWA HOLDINGS CO LTD 0.01% EMS-CHEMIE HOLDING AG-REG 0.03% FLETCHER BUILDING LTD 0.02% FORTESCUE METALS GROUP LTD 0.60% GIVAUDAN-REG 0.16% HITACHI CHEMICAL CO LTD 0.03% HUHTAMAKI OYJ 0.03% ISRAEL CHEMICALS LTD 0.02% JAMES HARDIE INDUSTRIES-CDI 0.07% JFE HOLDINGS INC 0.02% KANSAI PAINT CO LTD 0.03% KURARAY CO LTD 0.03% MITSUBISHI MATERIALS CORP 0.02% NEWCREST MINING LTD 1.35% TOBAM Maximum Diversification All World Developed ex North America USD 31/12/2019 Instrument Weight NIPPON PAINT CO LTD 0.05% NIPPON PAPER INDUSTRIES CO L 0.04% NIPPON SHOKUBAI CO LTD 0.01% NISSAN CHEMICAL INDUSTRIES 0.04% NOF CORP 0.02% NORTHERN STAR RESOURCES LTD 0.66% NOVOZYMES A/S-B SHARES 0.07% OJI PAPER CO LTD 0.03% ORICA LTD 0.02% ORORA LTD 0.02% SARACEN MINERAL HOLDINGS LTD 0.32% SMURFIT KAPPA GROUP PLC 0.04% SYMRISE AG 0.04% TAIHEIYO CEMENT CORP 0.02% TAIYO NIPPON SANSO CORP 0.02% TEIJIN LTD 0.02% THYSSENKRUPP AG 0.04% TORAY INDUSTRIES INC 0.02% WIENERBERGER AG 0.02% ADP 0.04% AENA SA 0.09% ALFA LAVAL AB 0.04% ALL NIPPON AIRWAYS CO LTD
  • Strong in the New Normal 2.0

    Strong in the New Normal 2.0

    Strong in the New Normal 2.0 CORPORATE REPORT 2020 MISSION Contribute to society by creating value through innovation and entrepreneurship Our Philosophy Empowering people to realize their hopes and dreams. Embracing new thinking. The Rakuten Group’s mission is to contribute Rakuten changes the world through innovation. to society by creating value through innova- tion and entrepreneurship. By providing high-quality services that help our users and partners grow, we aim to VISION advance and enrich society. To fulfill our role as a Global Innovation Global Innovation Company Company, we are committed to maximizing both corporate and shareholder value. At Rakuten, we drive disruptive innovation, engaging knowledge, creativity and passion from around the world to achieve ambitious goals, and help build communities in which people can pursue their dreams and live in happiness. VALUES AND PRINCIPLES Rakuten Shugi (Rakuten Basic Principles) The core values of the Rakuten Group, along with the values and principles understood and practiced by Rakuten employees, embody Rakuten Shugi. The two components it consists of are the Brand Concepts and Five Principles for Success. With Rakuten Shugi as a common foundation, we place high value on the entrepreneurial spirit that drives us to get things done. By working with local communities and nurturing a robust corporate culture enabling each member of our diverse team to perform at their best, the Rakuten Group is committed to boosting corporate value and contributing to progress in society. 2 Rakuten Group, Inc. Corporate Report 2020 Contents Introduction 2 Business Strategies for Further Growth 24 Rakuten’s Governance 47 A Massive Expansion of Rakuten Ecosystem Amidst a Core Businesses 1 Conversation Once-in-a-century Digital Transformation of Society 2 E-commerce services show strong growth alongside Sarah J.
  • Portfolio Performance

    Portfolio Performance

    Japan Style Blend Portfolio Performance Portfolios Struggle as Volatility Returns Display 1 Our portfolios underperformed the TOPIX benchmark as the European debt Japanese Stocks Fell in 2Q crisis rekindled investor anxiety. Still, both our growth and value managers Global Market Returns Percent have managed to keep the impact of increased volatility relatively contained and are confident that their respective sleeves are capturing attractive opportunities that could drive their long-term performance. (6.3) Weathering the Storm and Mitsubishi Corp., which fell on Japanese equities fell sharply in the concerns about a commodities tax in (11.4) second quarter as the European Australia and a tighter economic policy (12.7) (13.9) sovereign-debt crisis rekindled investor in China. Mitsui & Co. also suffered anxiety and the global economy showed from worries that it might have to bear Japan World US Europe signs of deceleration. The yen’s rise, some costs related to the Gulf of Mexico As of June 30, 2010 Japan is represented by TOPIX (in JPY), world by MSCI World (in notably against the euro, weighed on oil spill due to a 10% stake that its USD), US by S&P 500 (in USD) and Europe by MSCI Europe (in EUR). Japanese exporters, while the political subsidiary has in the leaking oil field. Source: MSCI, S&P and Tokyo Stock Exchange quagmire that had led to the fifth change in the nation’s prime minister in Contributors were led by a number of as many years dampened hopes of defensive stocks. These included unique market positions. These included sustained economic growth.
  • Cebit2017 Japan Pavilion List of Exhibitors As of 25Th Jan 2017 JETRO Trade Fair Department

    Cebit2017 Japan Pavilion List of Exhibitors As of 25Th Jan 2017 JETRO Trade Fair Department

    CeBIT2017 Japan Pavilion List of exhibitors as of 25th Jan 2017 JETRO Trade Fair Department *alphabetical order by zone Zone Name of Exhibitors URL 1 Life/Office/Society ABEJA, Inc. http://www.abeja.asia/ 2 Life/Office/Society Afro Co., Ltd. https://www.afro.co.jp 3 Life/Office/Society AISIN SEIKI Co., Ltd. http://www.aisin.com 4 Life/Office/Society Asahi Kasei Corp. http://www.asahi-kasei.co.jp/asahi/en/ 5 Life/Office/Society Asterisk, Inc. https://asreader.com/ 6 Life/Office/Society Broadband Tower, Inc. http://www.bbtower.co.jp/en/corporate/ 7 Life/Office/Society Canon Inc. http://global.canon/en/ 8 Life/Office/Society CEATEC JAPAN http://www.ceatec.com/ 9 Life/Office/Society CENOTE Inc. http://cenote.tech 10 Life/Office/Society Cerevo Inc. http://cerevo.com 11 Life/Office/Society Classmethod https://classmethod.jp/company/english/ 12 Life/Office/Society Craftar Inc. http://www.craftar.co.jp/ 13 Life/Office/Society CS-COMMUNICATION Co.,Ltd. http://www.cs-com.co.jp/ 14 Life/Office/Society Dai Nippon Printing Co., Ltd. http://www.dnp.co.jp/eng 15 Life/Office/Society Data Stadium Inc. https://www.datastadium.co.jp/en/index 16 Life/Office/Society DENSO CORPORATION https://www.denso.com/global/en/ 17 Life/Office/Society Design M Plus, Inc. http://www.design-mplus.com/en 18 Life/Office/Society Dynamic Map Planning Co., Ltd http://dynamic-maps.co.jp 19 Life/Office/Society Epson Europe B.V. http://global.epson.com/ 20 Life/Office/Society Falcon Denshi K.K. http://www.falcon-denshi.co.jp/en/index.shtml 21 Life/Office/Society Forum8 Co., Ltd.