Pesek on Asia: Breakfast at Tiffany’s – Bloomberg 10-02-13

Salient to Investors:

William Pesek writes:

  • Asia represents more than half the global economy.
  • Softbank founder Masayoshi Son’s $326 million purchase of Tokyo’s landmark Tiffany Building may be a sign Japan’s long-suffering property market is turning around – the success of this investment will be a good barometer.
  • Every scrap of growth matters in a region struggling to reduce poverty and narrow wage gaps, so Asia is in for a rocky few months as the Fed decides on tapering.
  • Eventually the Chinese will discover tuna and begin outbidding Japan for it.
  • The BRICs are not a genuine collective endeavor with clear aspirations for humankind.

Read the full article at  http://www.bloomberg.com/news/2013-10-02/pesek-on-asia-breakfast-at-tiffany-s.html

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Asian Stocks Post Biggest Weekly Decline in Eight Months – Bloomberg 03-22-13

Salient to Investors:

Grace Tam at JPMorgan Asset Mgmt said nobody knows what will happen next, but Cyprus is something we have already seen happening in Europe, so are not concerned.

The MSCI Asia Pacific Index is at 14.9 times estimated earnings versus 14.1 for the S&P 500 and 12.7 for the Stoxx Europe 600.

Morgan Stanley cut the rating of Japanese real estate stocks.

Read the full article at http://www.bloomberg.com/news/2013-03-23/asian-stocks-post-biggest-weekly-decline-in-eight-months.html

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Fortress Finds Bargain in Non-Office Assets and Debt in Japan – Bloomberg 01-08-13

Salient to Investors:

Thomas Pulley at Fortress Investment plans to buy real estate debt backed by rental apartments, retail space and business hotels in Japan’s metropolitan areas. Pulley says the deleveraging and asset-cleansing process has occurred more at the mid-size than the larger properties.  Pulley is underweight offices because the differential between rent in place relative to market rent is more severe.

Moddy’s estimates a record 700 billion yen of commercial buildings are to be sold over the next 2 years to repay debt.

Miki Shoji said the office vacancy rate rose to a record high in June in Tokyo’s five central wards, pushing rents to a record low.

Read the full article at http://www.bloomberg.com/news/2013-01-09/fortress-finds-bargain-in-non-office-assets-and-debt-in-japan.html.

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