Schroder Japanese Equity Strategies...For professional investors only. Not for retail clients...
Transcript of Schroder Japanese Equity Strategies...For professional investors only. Not for retail clients...
For professional investors only. Not for retail clients
Schroders Investment Conference Edinburgh 2019
May 2019
Andrew Rose
Schroder Japanese Equity Strategies
Team
Transition
2
Source: Schroders, as at May 2019
Masaki Taketsume to assume fund manager role after the retirement of Andrew Rose in June
Culmination of long-term succession plan
Andrew and Masaki have been working closely since 2014 and co-managing the funds for the last 2 years
Business as usual – investment philosophy and team-based investment process to be maintained
Japanese Equity team
3
Team of 18 investment professionals
Source: Schroders, as at 31 March 2019. 1Based in London.
Ken MaedaHead of Japanese Equities
Sector Analyst Small CapFund Manager/Analyst
Taku AraiDeputy Head of Japanese Equities
Product Manager
Kazuhiro ToyodaHirokazu Kawachi
Andrew Rose1
Masaki Taketsume1
Nathan Gibbs1
Fund Manager
Masaaki NishikoriHead of Japanese Equities ResearchMadoka SatoAkira NamegawaHiromi MoriJoshua Bennison
Tetsuo IwashitaKazuko YabutaniTakafumi Miura
Ayumi KobayashiSmall Cap Team LeaderTakuya FurutaniKota Takahashi
Large and mid cap Analyst Years of investmentexperience
Schroderscareer
Real Estate, Electric Power and Gas, Housing Construction, Plant Construction Masaaki Nishikori 21 19
Machinery, Transport Equipment, Rubber Products Tetsuo Iwashita 29 12
Telecommunication, Media, Printing, Amusement, Service, Software, Internet, Foods Akira Namegawa 28 19
Pharmaceutical, Medical Equipment Madoka Sato 26 33
Banks, Securities, Insurance, Other Financials Kazuko Yabutani 20 18
Air, Land and Marine Transport, Warehouse, Retail, Toiletry Products Hiromi Mori 16 12
Precision, Consumer Electronics, Electronic Components, Industrial Electronics, Semiconductor Production Equipment, Glass and Ceramics Takafumi Miura 8 4
Wholesale, Non-ferrous Metals, Oil, Chemical, Iron&Steel Joshua Bennison 5 1
Small cap Fund Manager/Analyst
Services, Healthcare, Housing/Real Estate, Transportation, Electronic Components, Consumer Goods, Specialty Retailer, Financials Ayumi Kobayashi 25 15
Materials, Chemicals, Capital Goods, Foods (Materials), Restaurants, Constructions, Transportation Equipment Takuya Furutani 24 15
Electrical Appliances, IT Services, Media, Internet Kota Takahashi 13 6
Research team
4
Deep knowledge and experience in sectors/industries
Source: Schroders, as at 31 March 2019.
Key features
Schroder Tokyo Fund
6
Key features
Source: Schroders, as at 31 March 2019.
Bottom-up approach based on in-house research
Strong valuation discipline with contrarian bias
Long-term approach with low turnover
Typically overweight in mid and small caps
Positioning
Active sector positions
8
Overweight/underweight positions %
As at 30 April 2019
Source: Schroders FactSet. Fund position less benchmark weight. Based on unaudited data. Sectors shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
3.8
2.2
2.1
2.0
-1.7
-2.9
-3.1
-4.0
Land Transportation
Rubber Products
Machinery
Insurance
Electric Power & Gas
Foods
Services
Electric Appliances
8.5
3.0
7.4
4.2
0.0
1.3
1.9
9.7
% of portfolio Underweight Overweight
Active stock positions
9
Overweight positions (%)
As at 30 April 2019
Source: Schroders FactSet. Fund position less benchmark weight. Based on unaudited data. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
Underweight positions (%)
2.5
2.4
2.4
2.3
2.0
1.9
1.9
1.8
1.8
1.8
Sankyu Inc
Bridgestone
SMFG
TDK Corp
Disco Corp
SK Kaken Co
Mitsui & Co
Koito Manu
East Japan…
SMC Corp
-2.0
-1.6
-1.5
-1.5
-1.1
-1.0
-0.9
-0.9
-0.9
-0.9
SoftBank
Mitsubishi UFJ Fin
Sony Corp
Keyence
Honda Motor
Mizuho Financial Gp
Nintendo Co Ltd
Mitsubishi Corp
Kao Corp
Fanuc Corp
UnderweightOverweight
Recent transactions (last 3 months to 30 April 2019)
10
Source: Schroders. Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
– Mitsubishi Tanabe Pharma– ORIX Corp– Nippon Densetsu– Nomura Research – Fuji Oil Holdings
Newly added +
Additions
– Nichias Corp– Japan Post– NGK Spark Plug– Paltac Corp– Takeda Pharma
– Sompo Holdings– Leopalace21– Mitsubishi UFJ– Mitsubishi Electric– Unipres Corp– T&K Toka
Outright sales +
Reductions
– Fujitsu Ltd– 77 Bank – Sumitomo Electric– Inabata & Co– FujiFilm– Isuzu Motors
Structural tailwinds
11
Source: Schroders, as at 31 March 2019.
Companies investing to improve productivity
Opening of economy to foreign workers and inbound tourism
Corporate governance and improved shareholder returns
Nomura Research Institute
12
Initiating position into short-term weakness
Competitive full-range service to capture the productivity improvement efforts
Source: Thomson DataStream, as at 30 April 2019.
Revenue by services (Ym)
80
85
90
95
100
105
110
115
120
0.00
0.05
0.10
0.15
0.20
0.25
0.30
Nov
201
5
Feb
2016
May
201
6
Aug
2016
Nov
201
6
Feb
2017
May
201
7
Aug
2017
Nov
201
7
Feb
2018
May
201
8
Aug
2018
Nov
201
8
Feb
2019
NRI Post Weighting (lhs) NRI relative to Topix (rhs)
0
100,000
200,000
300,000
400,000
500,000
600,000
FY20
12
FY20
13
FY20
14
FY20
15
FY20
16
FY20
17
FY20
18
Consulting System developmentOutsourcing Package
(%) Rebased to 100
Pan Pacific International Holdings
13
Maintaining overweight position
Unique store format capturing the growth in inbound tourist demandSource: Thomson DataStream, as at 30 April 2019.
Revenue trends of major retailers (FY2012=100)
70
80
90
100
110
120
130
140
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Nov
201
5
Feb
2016
May
201
6
Aug
2016
Nov
201
6
Feb
2017
May
201
7
Aug
2017
Nov
201
7
Feb
2018
May
201
8
Aug
2018
Nov
201
8
Feb
2019
Pan Pacific Int Weighting (lhs)Pan Pacific relative to Topix (rhs)
80
100
120
140
160
180
200
FY20
12
FY20
13
FY20
14
FY20
15
FY20
16
FY20
17
7&i Fast retailing AeonPPH Mitsukoshi isetan Yamada denkiTakashimaya BIC camera
(%) Rebased to 100
Haseko
14
Gradually reducing position as catalyst being realised
Ongoing engagement leads to improved shareholder remunerations
Source: Thomson DataStream, as at 30 April 2019
DPS and pay-out ratio(%) Rebased to 100
80
85
90
95
100
105
110
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
Nov
201
5
Feb
2016
May
201
6
Aug
2016
Nov
201
6
Feb
2017
May
201
7
Aug
2017
Nov
201
7
Feb
2018
May
201
8
Aug
2018
Nov
201
8
Feb
2019
Haseko Weighting (lhs) Haseko relative to Topix (rhs)
0%
5%
10%
15%
20%
25%
30%
35%
0
10
20
30
40
50
60
70
80
90
03/3
1/20
08
03/3
1/20
09
03/3
1/20
10
03/3
1/20
11
03/3
1/20
12
03/3
1/20
13
03/3
1/20
14
03/3
1/20
15
03/3
1/20
16
03/3
1/20
17
03/3
1/20
18
03/3
1/20
19
03/3
1/20
20
Dividends per share Dividend payout ratio
Fund risk characteristics
15
Style Research Skyline
As at 30 April 2019
Past performance is not a guide to future performance and may not be repeated. Source: Style Research, Schroders, Skyline represents style factor exposures for a representative Tokyo Fund vs. Topix Index as of 30 April 2019.
-3.0
-2.0
-1.0
0.0
1.0
2.0
Div
iden
d Yi
eld
Pric
e to
Boo
k
Earn
ings
Yie
ld
Cash
flow
Yie
ld
Sale
s to
Pric
e
EBIT
DA
on E
quity
ROE
Earn
ing
Gro
wth
Inco
me/
Sale
s
Sale
s G
row
th
IBES
1yr
Gro
wth
IBES
1yr
Rev
Deb
t to
Equi
ty
Fore
ign
Sale
s
Mom
entu
m S
hort
Ter
m
Mom
entu
m M
ediu
m T
erm
Mar
ket C
ap
Value Growth Others Momentum Risk
Style TiltTM
Tokyo Fund Performance
Performance – Schroder Tokyo Fund
17
As at 30 April 2019
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Morningstar, Performance is presented for Z class Acc. units, net of fees, bid to bid, GBP. 1Includes a fair market value adjustment of -0.6%.
Returns in GBP 2010(%)
2011(%)
2012(%)
2013(%)
2014*(%)
2015(%)
2016(%)
2017(%)
2018 (%)
Schroder Tokyo Fund1 +21.2 -7.3 +4.0 +25.0 +3.1 +16.4 +27.2 +13.6 -10.4
TSE 1st Section Index (TOPIX) +19.5 -11.9 +2.8 +24.6 +2.7 +18.2 +23.4 +15.6 -8.4
Relative +1.7 +4.6 +1.2 +0.4 +0.4 -1.8 +3.8 -2.0 -2.0
Returns in GBP
Schroder Tokyo Fund +1.5 -5.4 +12.5 +12.3 +10.1
TSE 1st Section Index (TOPIX) +2.9 -3.2 +11.6 +12.9 +9.1
Relative -1.4 -2.2 +0.9 -0.6 +1.0
3 months(%)
3 year(% p.a.)
5 year(% p.a.)
10 year(% p.a.)
1 year(%)
Schroder Tokyo Fund
18
Source: Schroders.
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.
Funds that invest solely in the companies of one country or region can carry more risk than funds spread over a number of countries or regions.
Schroder Tokyo Fund – risk factors – Currency risk: The fund can be exposed to different currencies. Changes in foreign exchange
rates could create losses– Equity risk: Equity prices fluctuate daily, based on many factors including general, economic,
industry or company news– Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for
full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares
– Operational risk: Failures at service providers could lead to disruptions of fund operations or losses
Performance relative to peer group – Schroder Tokyo Fund
19
Percentile ranking
As at 30 April 2019
Past performance is not a guide to future performance and may not be repeated.Source: Morningstar, bid to bid, Acc. units, GBP, Basic Rate Tax, net of fees. Universe: all UK Registered Investment Funds, Japan Large Cap Equity.
24
49
20 1624 22 23
1825
13
29
615
55
93
1 1 4
93
19
95
31 2823
45
32
13
40
64
25
53
26
72
61
81
0th10th20th30th40th50th60th70th80th90th
100th
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
YTD
19
Largest positive contributions to performance
Largest negative contributions to performance
Stock selection attribution
20
12 months to 30 April 2019
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Securities shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell. Source: FactSet. Contributions are purely indicative as FactSet uses unaudited data. Stock weights are average weights over the period and returns are expressed in GBP.
Security Fund (%)
Load difference
(%)
Absolute return
(%)
Impact Security Fund (%)
Load difference
(%)
Absolute return
(%)
Impact
SMC Corp 1.7 1.2 15.8 0.3 SoftBank 0.0 -1.7 41.7 -0.7
TDK Corp 2.5 2.3 8.2 0.3 T&D Holdings 1.8 1.6 -31.3 -0.5
FUJIFILM Holdings 1.5 1.1 24.1 0.3 JGC Corp 1.0 0.9 -38.1 -0.4
Panasonic 0.0 -0.6 -33.3 0.2 Hi-Lex Corp 1.6 1.6 0.0 -0.4
Disco Corp 1.7 1.6 4.7 0.2 Otsuka Holdings 1.7 1.3 -26.7 -0.3
Total 1.4 Total -2.3
Correlation with ‘value’ is a recent phenomenon
21
Typically style factors are outweighed by stock selection
Source: Thomson Reuters DataStream, weekly data as at 25 April 2019. Securities/Index shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
1.08
1.10
1.12
1.14
1.16
1.18
1.20
0.280
0.285
0.290
0.295
0.300
0.305
0.310
0.315
Mar 2013 Sep 2013 Mar 2014 Sep 2014 Feb 2015 Aug 2015 Feb 2016 Jul 2016 Jan 2017 Jul 2017 Dec 2017 Jun 2018 Dec 2018
Schroder Tokyo Fund relative to Topix Index Topix Value relative to Topix Index (rhs)
Schroder Japan Growth Fund Plc Performance
Schroder Japan Growth Fund plc – performance
23
As at 30 April 2019
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested.Source: Schroders, Morningstar, cum-income NAV with dividends reinvested, net of fees. *Inception date 11 July 1994. The fund holds investments denominated in currencies other than sterling, changes in exchange rates will cause the value of these investments, and the income from them, to rise or fall.
Fund size: £301.6mBenchmark: Tokyo Stock Exchange 1st Section Index (TOPIX) (Total Return)Net gearing: 13.0% Number of holdings: 87
Returns in GBP
Schroder Japan Growth +1.5 -7.3 +11.7 +13.0 +3.5
TSE 1st Section Index (TOPIX) +2.9 -3.2 +11.6 +12.9 +1.6
Relative -1.4 -4.1 +0.1 +0.1 +1.9
3 Months (%) 3 year (%p.a.) 5 year (%p.a.) Since inception (%p.a.)*1 year (%)
Schroder Japan Growth Fund plc
24
Source: Schroders, Morningstar, cum-income NAV with dividends reinvested, net of fees. The fund holds investments denominated in currencies other than sterling, changes in exchange rates will cause the value of these investments, and the income from them, to rise or fall.
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.
Schroder Japan Growth Fund plc – Risk Factors:
– Currency risk: The fund can be exposed to different currencies. Changes in foreign exchange rates could create losses
– Equity risk: Equity prices fluctuate daily, based on many factors including general, economic, industry or company news
– Liquidity risk: In difficult market conditions, the fund may not be able to sell a security for full value or at all. This could affect performance and could cause the fund to defer or suspend redemptions of its shares
– Operational risk: Failures at service providers could lead to disruptions of fund operations or losses
Returns in GBP
Schroder Japan Growth plc +21.5 -8.2 +5.7 +32.9 +7.0 +17.9 +23.0 +16.1 -12.7
TSE 1st Section Index (TOPIX) +19.5 -11.9 +2.8 +24.6 +2.7 +18.2 +23.4 +15.6 -8.4
Relative +2.0 +3.7 +2.9 +8.3 +4.3 -0.3 -0.4 +0.5 -4.3
2011(%)
2018(%)
2017(%)
2016(%)
2015(%)
2010(%)
2012(%)
2013(%)
2014(%)
Strong record of long-term outperformance
25
Fund premium/discount1
As at 30 April 2019
Relative performance vs. TOPIX2
90
100
110
120
130
140
150
160
170
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
250
200
150
100
50
10
0
-10
-20
1995
1996
1997
1998
1999
2000
2001
2015
2016
2017
2018
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
-25
-15
5
-5
Price Net asset value% premium/discount
2019
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them can go down as well as up and investors may not get back the amounts originally invested.1Source: Bloomberg as at 30 April 2019, Premium/discount is calculated as the fund’s share price as a percentage of NAV.2Source: Schroders, Thomson Reuters DataStream.
Appendix
Investment process summary
27
Idea generation from in-house research
Source: Schroders, as at 31 March 2019.
Analyst researchMarket cap
Top 600 stocks+ Small cap
Research discussion
Stock ideas and sector views
Portfolio construction
Investment meeting exchange
views
Trade execution and risk control
Stock Selection Portfolio Construction and Risk Management
Fund Manager research
Research universe
28
Idea generation from in-house research
Source: Schroders, as at 31 March 2019.
2,396 Company contacts in 2018
Large and Mid Cap Stocks
– Unbiased
– Cover of c.600 largest stocks
Small Cap Stocks
– Cover stocks with market cap smaller than top c.600 stocks
– Buy list of c.200 companies
Large and Mid Cap Analyst
– 8 sector analysts
– Average 19 years experience
Small Cap Team
– 3 Specialists
– Average 21 years experience
Selection of Research Universe for whichFair Value and Investment Rating will be determined
DiscussStock Ideas and Sector
Views
Research recommendations drive portfolio construction
29
Positions by stock grading
Source: Schroders. 1Active positions for Schroder Tokyo Fund at 31 January 2019.
– Research recommendations are the key input to the portfolio construction process
– The greater the level of conviction in a recommendation (grades 1 –strong buy and 4 – strong sell) the more closely this is reflected in portfolios
-50% -30% -10% 10% 30% 50%
Not graded
Grade 4
Grade 3
Grade 2
Grade 1
Overweight Underweight
Buy
Sell
Portfolio: combined active positions by stock grading
Fund managers and analysts discuss fair values and stock grading proposed by analysts
Fair value model
30
Valuation discipline
Source: Schroders, as at 31 March 2019.
Fair value
EPS (FY3)Analysts’ earnings forecasts
Market PER(FY3)
Quality ranking criteria– Growth– Quality of earnings– Financial strength– Management– Shareholder focus
Qualitative analysis Premium/discount
Net cash adjustment Profit cycle adjustment
Qualitative assessmentAn essential input in deriving fair value
Quality rankings are designed to capture factors which are difficult to express explicitly in earnings models
Quality of earnings
– Volatility of earnings
– Transparency in accounting
– Proportion of recurring income
– Dependency on major customers
– Regulatory risks
– Balance sheet constraints
Quality of management
– Environmental and social
– Track record in downturns
– Depth of talent
– Fair disclosure
– Focus on shareholder return
– Governance structure
Source: Schroders, as at 31 March 2019.
31
Strengthening our convictionLooking beyond the Fair Value framework
Additional research from Japanese Equity analysts
– Supplementary valuation metrics
– Cross sector and supply-chain research
– Context tool
– Feedback from Japan Stewardship committee
– Feedback from active engagement in Japan
– Discussion with Expert Networks
Additional research from Schroders’ Global Network
– Collaboration with Data Insights Unit
– Research from global and regional investment teams
– Thematic research from Sustainable Investment team
– Feedback from global engagement process
– Changes in ESG ratings
Source: Schroders, as at 31 March 2019.
32
Japan Post Holdings
33
New position in Q2 2018
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Thomson DataStream, as at 30 April 2019. Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
– A Deep value idea– Combination of nationwide delivery services
plus separately listed bank and insurance operations
– No value for postal and parcel delivery service being implied in share price
– Industrywide tailwind (i.e. price increases) benefiting Japan Post parcel delivery, which can allocate capacity more easily than competitors
(%) Rebased to 100
50
60
70
80
90
100
110
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
Nov
201
5
Feb
2016
May
201
6
Aug
2016
Nov
201
6
Feb
2017
May
201
7
Aug
2017
Nov
201
7
Feb
2018
May
201
8
Aug
2018
Nov
201
8
Feb
2019
Japan Post Weighting (lhs) Japan Post relative to Topix (rhs)
Bandai Namco
34
New position in Q1 2018
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Thomson DataStream, as at 31 March 2019. Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
– An underappreciated quality idea– Gaming software and toy producer– Market tending to focus on quarterly earnings
volatility and mobile gaming trends– Seeing value in the company’s intellectual
property and long-term sustainability in its business model
(%) Rebased to 100
70
80
90
100
110
120
130
140
150
160
170
0.00
0.10
0.20
0.30
0.40
0.50
Dec
201
3Ap
r 201
4Au
g 20
14D
ec 2
014
Apr 2
015
Aug
2015
Dec
201
5Ap
r 201
6Au
g 20
16D
ec 2
016
Apr 2
017
Aug
2017
Dec
201
7Ap
r 201
8Au
g 20
18D
ec 2
018
Bandai Namco Weighting (lhs)Bandai Namco relative to Topix (rhs)
Takeda Pharmaceutical
35
Impact of grade changes on Tokyo Fund Positioning
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Thomson DataStream, as at 30 April 2019. Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
(%)
50
60
70
80
90
100
110
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
1.8
Dec
201
3Ap
r 201
4
Aug
2014
Dec
201
4Ap
r 201
5
Aug
2015
Dec
201
5Ap
r 201
6
Aug
2016
Dec
201
6Ap
r 201
7
Aug
2017
Dec
201
7Ap
r 201
8
Aug
2018
Dec
201
8Ap
r 201
9
Takeda Pharmaceutial Weighting (lhs)Takeda relative to Topix Index (rhs)
Grade 2 to 3
Grade 3 to 2
Grade 2 to 1
Rebased to 100
Shimadzu
36
Impact of grade changes on Tokyo Fund Positioning
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Thomson DataStream, as at 30 April 2019. Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
(%) Rebased to 100
100
120
140
160
180
200
220
240
260
280
0.4
0.5
0.6
0.7
0.8
0.9
1.0
Dec
201
3Ap
r 201
4Au
g 20
14D
ec 2
014
Apr 2
015
Aug
2015
Dec
201
5Ap
r 201
6Au
g 20
16D
ec 2
016
Apr 2
017
Aug
2017
Dec
201
7Ap
r 201
8Au
g 20
18D
ec 2
018
Apr 2
019
Shimadzu Weighting (lhs) Shimadzu relative to Topix (rhs)
Grade 2 to 1 Grade 1 to 2
Enplas
37
Impact of grade changes on Tokyo Fund Positioning
Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amounts originally invested.Source: Thomson DataStream, as at 30 April 2019. Securities and regions shown are for illustrative purposes only and should not be viewed as a recommendation to buy or sell.
(%) Rebased to 100
20
30
40
50
60
70
80
90
100
110
0.00
0.10
0.20
0.30
0.40
0.50
Dec
201
3Ap
r 201
4Au
g 20
14D
ec 2
014
Apr 2
015
Aug
2015
Dec
201
5Ap
r 201
6Au
g 20
16D
ec 2
016
Apr 2
017
Aug
2017
Dec
201
7Ap
r 201
8Au
g 20
18D
ec 2
018
Apr 2
019
Enplas Weighting (lhs) Enplas relative to Topix (rhs)
Initiated at 2 by small cap team
Grade 2 reiterated
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