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THEMES // RESTRUCTURING JAPAN // RE-EMERGENCE, SECTOR & STOCK BENEFICIARIES |
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Successful re-emergence from reorganization
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- Primary beneficiaries are the large banks, who are no longer hobbled by NPLs and now face,
for the first time in a long time, an industrial base with an appetite for expansion.
- Companies are now far more shareholder-friendly, profitable, entrepreneurial and cost-focused.
- The new-found agility should lead to a more efficient allocation of resources.
- The increased risk-appetite bodes well for small and mid cap companies.
- Changing demographics, both at home, and also in the rest of Asia, will benefit a broad array of industries.
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Sector & Stock Beneficiaries
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Financial
- Mitsubishi Tokyo Financial Group, Sumitomo Trust and Banking
Industrial
- Komatsu, Mitsubishi Heavy Industries, Fanuc
Materials
- Kobe Steel, Sumitomo Metal Mining, Mitsubishi Chemical Holdings Corp.
Consumer
- Matsushita Electric, Japan Tobacco, Seven & I Holdings, Toyota Motor Corp., Kirin Breweries, Sony
Healthcare
Information Technology
- Yahoo Japan, Kyocera, Advantest
Telecommunications
Utilities
- Tokyo Electric Power, Tokyo Gas Co.
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