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1、JAPANJapanmacro-strategyStrategysummary:CorporategovernanceoptimismWebelieveJapaneseequitiesareinaperiodwhentheglobalcycleisnotdrivingpositiveGenuinecorporategovernancechangeinJapanwouldbeamajoreventforearningsrevisions.Instead,webelieveweinvestors.Japanhasalongroadtotraveltoreachglobals
2、tandards.Thegoodareinastock-pickingenvironmentandbasednewsisthatJapanhasbegunthejourney,andtotalpay-outratioshaverisentoonhistoricalexperience,thebestperformersaround50%.ThebadnewsisthatprogressishardtoidentifyinthecorporateareassociatedwithhighROEs—anaverageefficiencymetricsofROAandROE.
3、Investorsarereceivingahighershareofaof16.2%acrossallofthetablesinthelinkedstillrelativelysmallcake.ThisleavesJapancontinuingtolagglobalpeers.report.WeshowcasehighROEcompaniesOuroptimismreflectsourbeliefthatthereisalabourmarketexplanationforbytheme:AgingJapan,Internationalisation,Japan’sr
4、elativelypoorcorporatereturns,andademographicreasonthatwillFounder/entrepreneurs&largecashovercomethis.Thereservoirofunderemployedregularworkersisbeginningtobalancesabate,andwillbegonewithin10-years.Weestimatethatthereservoirisabout14%ofregularworkers,9%oftotalemployment.Ourhopeisthatthe
5、excess-TheMacquarieMarqueeideas:ourlabour-absorbinglongtailofnon-coresubsidiarieswilldisappearaswell:highestconvictionanalystcallsStockTickerRecC/PT/P%NumberoflistedcompaniesbynumberofconsolidatedsubsidiariesSakataSeed1377OP3,2153,80018.2SumitomoHeavy6302OP8741,00014.4Numberofconsolidate
6、dsubsidiariesMinebeaMitsumi6479OP1,8572,40029.2Numberof300orMitsubishiElectriccompaniesUnder1010-4950-99100-299more6503OP1,7061,92512.8NissanMotor7201OP1,1281,60041.8JPX-Nikkei40040051157917724Nintendo7974OP37,77055,00045.6TSEFirstSection1,9568828021559027Marubeni8002OP73290030.0TSESecon
7、dSection53946771100TokyoElectron8035OP15,81019,85025.6Mothers23922613000Note:Pricesareasof13September2017JASDAQ77369379100Source:JPX(TokyoStockExchange),MacquarieTotal3,5072,2699641549128Research,September2017Note.Thenumbersofcompaniesarederivedfromdataoriginallyproducedi
