Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵

Japan-focused shareholder activist. Buying stakes in Japanese small caps for ~30c on the $ and engaging with them to realise the embedded value . DMs open

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

Japanese stocks are rallying to heights not seen since the 1990s. Back then it was the aftermath of bubble valuations. Now, there is a solid foundation of earnings growth, corporate governance improvements, and increasing cash returns to shareholders! 1/n

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

I am hosting a panel on shareholder activism at the Private Wealth Network NSW Family Office Summit on the 27th of November in Sydney.

Joining me will be industry legend @GeoffWilsonWAM (needs no introduction) and Vidhur Rangaswamy of Majority Capital Partners (formerly PM for Tanarra Capital's public markets strategy).

If you are a high net-worth or family office investor and not already a PWN member, reach out to them - they run a great series of events & educational seminars not limited to investments, but also covering all the other issues important to you - such as governance, succession etc.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

As damning an indictment of government policy as there can possibly be.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@art_vandellay More in the IT services space. But not much outside that

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

Business is booming!

No work-from-home impact in this data.

Perhaps an increase in labour mobility is forcing companies to upgrade their office spaced.

Anyone who has spent some time visiting Japanese companies will be aware that many of the office spaces are like something out of a time capsule from the 1970s/80s.

You can still almost smell the decades worth of accumulated cigarette smoke emanating from the walls, despite companies adopting no-smoking policies from the mid-2010s.

Historically, job-for-life employees put up with these conditions.

Younger employees may not be willing to do so, as they are much more willing to switch companies than prior generations.

Could this portend an ongoing bull market for Tokyo offices?

I would love to hear views from players in Japan's real estate sector.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@masuminishida Nishida-sensei, no doubt your Melbourne-influenced tastes have also influenced your investment style!

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

In Melbourne for two days of meetings with advisors and consultants to discuss the new Senjin Capital Japan Activist Fund.

Day one done, and happy to report that Melbourne’s reputation for cultivated/refined taste appears to extend to the investment world.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@masuminishida Exactly!

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@GeoffWilsonWAM Thanks @GeoffWilsonWAM !

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@GeoffWilsonWAM Australians are not stupid. They know that this is just another tax grab from a government that is already wasting much of its revenue.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@dj_blight 😂😂 this comment wins.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@mamos20 It’s a venue called “the apartment”.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

Celebrating our kids’ second year at Cranbrook.

A great group of guys, and a great community for immigrants like me.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@LALC_Capital @platassetmgmt Suite of products in all the major Japanese companies, priced at 1/4 of the US equivalents (eg:Okta) , and looking to price up via add ons.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

Up 22% on results on a day like today.

It's a very interesting little company (disclosure: no position, but I used to own it in the @platassetmgmt Japan Fund when I managed it).

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@willschoebs @platassetmgmt CEO is the only man I’ve met in Japan who always wears a yukata. But speaks perfect English.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@finphysnerd What are you basing the earnings estimate on?

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

And the endless cycle continues…

[Joe Weisenthal @TheStalwart]

Video for today

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

It's all fun and games when the hot new theme is sending stocks up day after day...

Just remember, it can turn on you very quickly.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

The Korean equities market has been hammered due to the AI sell-off, with leading DRAM makers SK Hynix and Samsung falling 58% and 46% respectively.

Under the headline index returns, influenced to a huge effect by the disproportionate size of the big memory-makers, are many hugely cheap companies.

These stocks look likely to benefit from a corporate governance reform that is following #Japan's lead.

Will Main (PM for @AntipodesInvest Asia and Emerging Markets funds) and I discussed the drivers of the reform, including the rise of the Korean retail investor a couple of months back.

At the time we were lamenting the crazy valuations, and the retail hype - with speculators piling in to levered single-stock ETF's at crazy valuations.

The stocks had been going up, a lot, and they had FOMO.

The market has a tendency to punish FOMO extremely harshly.

The full conversation between Will and I is available in the News & Insights section of Senjin Capital's website.

To learn more about opportunities in extremely cheap companies with a tailwind from governance reform, if you are a wholesale / sophisticated investor, then visit Senjin Capital's website, sign up to our newsletter, and book a call with us.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

@mclemow99 To be clear, which I thought was already the case from my post, I’m accusing Qantas of doing the rorting.

Maybe the CTM is your experience. It is not everyone’s.

[Jamie Halse (Senjin Capital) 🇳🇿🇦🇺🇯🇵 @JamieHalse]

Given it's Melbourne Cup Day, a quintessential part of Australian culture, it seemed a good time to point out some particularly un-Australian behaviour from the national carrier.

I am surprised corporate expense departments don't look at this much more closely.

$925 difference for the same economy ticket to Tokyo, except one gives you more Qantas points and status credits.

The cheaper one has fees to cancel or change, but you would have to change the flight six times to incur a greater cost than the difference between the two prices.

It is clearly Qantas rorting the payer (the business-owner), by incentivising the buyer (the frequent flyer traveller) to choose the more expensive ticket.

This happens all the time, but this is the most pronounced I have seen it.

Illegal? Probably not.

Ethically questionable?

You decide.