Nikkei 225

by SR on December 31, 2011

Updates are being delayed…

by SR on February 10, 2013

…by the need to move the household 6,000 miles around the globe. Actually this has been a factor for the past 6 weeks and explains the lack of new material. Your patience is appreciated. Normal service to resume in a week or so.

NTN: It’s a bull market, baby just say yes

February 1, 2013

On 31 January 2013 NTN announced pretty poor results for the October-December 2012 quarter (Q3) of the March 2013 financial year. As the chart above shows, the company posted a loss at the operating level in Q3. What is more worrying is that in 2010 the company did make a small profit at a similar […]

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Toyota global production: mediocre 2013 likely

January 29, 2013

Conclusion: Autos preferable to auto parts. Given that Toyota itself is forecasting 0% growth in vehicle production and 3% growth in sales for calendar 2013 it’s unlikely that market participants have great expectations for auto output. With Toyota’s sales predicted to be higher than production and with the yen weakening, the auto OEM stocks (Toyota […]

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Toyota Boshoku: Orders from BMW in China

January 25, 2013

Also exactly a year ago to the day, I wrote a post about tier-1 Toyota group seat and interior supplier Toyota Boshoku and its acquisition of a new customer outside of the Toyota group. In that post I reminded you that the acquisition of Polytec in July 2011 gave Toyota Boshoku access to European customers […]

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Apple: catching falling knives

January 24, 2013

Rumour has it On 10 January I wrote a short piece on falling iPhone production, based on comments from an electronic parts industry exec a couple of weeks previously. Although my source was mine alone, I was not saying anything that had not been reported elsewhere. Forbes had run an article before Christmas, which seemed […]

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Time to start moving away from tyre stocks

January 16, 2013

Conclusion: Shift away from tire stocks. The Japan Automobile Tyre Manufacturers Association (JATMA) reported a decent set of figures for December 2012 on 15 January, completing a good year for the local tyre market. Japan’s tyre stocks mostly performed well in 2012, with market leader Bridgestone rising 27.4% for the year compared to an increase […]

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More on TOPIX and the yen

January 13, 2013

In a recent post on the 2012 performance of the 33 different sectors that make up the TOPIX index, I showed a chart of TOPIX versus the yen-dollar rate and invited you to judge for yourself whether the currency has any impact on the market. The chart (reproduced below) sparked a comment to the effect […]

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iPhone production falling?

January 10, 2013

A week or two back before the New Year I was talking with a mid-level manager at a Japanese component supplier. They manufacture parts that are used in one of the iPhone 5 subsystems and this guy oversees that particular product line. “iPhone production seems to be coming off rapidly” he confided to me. I […]

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TOPIX sector performance in 2012: winners and losers

January 9, 2013

The four phases of TOPIX in 2012 Before we charge off into 2013 I’m going to take a brief look at which sectors of the Japan market performed well in 2012. Cycles are important drivers of all stock markets and in Japan investment themes are significant albeit often short-lived drivers of share price performance. Looking […]

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US auto sales: A good month for the Japanese

December 5, 2012

Honda and Nissan go The SAAR for the US auto market hit 15.46 million units in November 2012, the highest figure since February 2008 (see chart above). It seems fair to attribute some of that strength to a combination of sales deferred from October due to Hurricane Sandy and sales to replace cars damaged during […]

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