TOKYO - day traders and hedge fund superbly taken advantage of volatility surrounding the actions of the Tokyo Electric Power Co. immediately after the earthquake could soon be replaced by a different breed of investor : asset managers long only to research to reinvest in Tepco, on a bet that in the Japan will leave the utility go bust.
Daisuke Iketani, a 30 day trader in Tokyo, the volatility of the Tepco shares after the March 11 earthquake provided a rare golden opportunity: he made a profit of 2 million to ￥ ($ 24,500) especially through a flurry of orders short as the stock plunged briefly to level earthquake ￥ 2,100 to below ￥. 300, decimating the 80% of its market capitalization. Thursday, shares increased by 3.2% to ￥ 425.
"If you are a day trader, is a great temptation to invest in a stock like that," said investor retail Yuuki Hakamata, citing sharp price movements and the massive volume.
In the wake of the initial panic sale stung by concerns of radiation leaks crippled plant nuclear power of Fukushima Daiichi company on the northeast coast of the Japan, mysterious trades also emerged.
March 30, an unidentified investor purchased shares of Tepco 40 million dollars - evaluated about 18,17 billion from ￥-in last 10 seconds before the close of trading at ￥ 466, according to several traders at major brokerage houses. It remains uncertain whether the position is still detained, but much of market players speculate that investors unloaded position after shares staged a rebound in the short term in subsequent sessions.
While it remains one of the stocks most actively traded on the Tokyo Stock Exchange, trade Tepco shares has stabilized recently. Volume decreased by 90% from a high of 303 million shares registered on 6 April, undermining the appeal for speculative traders cashed on volatility.
Many investors believe that Tepco is too big to fail, and the Government is developing a framework to support the ongoing disaster utility through the nuclear crisis. This is what has prompted some managers of assets based in the United States to invest in the stock and reassess their assets.
"At the beginning of April, a long couple of buyers were coming and buying the stock, said a trader at a foreign brokerage.". One other Fund Manager in the business of Japanese asset management has added this asset based in United States, managers seem to be placing long orders, adding that investment has not come to pension funds, either the United States or of Europe.
Market experts say that the key to the feasibility of an investment in the shares of the company's long term will depend on the scale and timing of the recovery of the company will be obliged to pay to the victims of the nuclear reactor accident andmore importantly, how the Government is ready to provide financial assistance to facilitate the survival of the Tepco in the crisis.
"Markets despise most is uncertainty so that the Government should clarify its position, said Mana Nakazora, analyst credit Chief at BNP Paribas Securities in Tokyo."
She added that local media reports suggest a chance more than corporate bonds and stock of Tepco retains some value.
"It would be possible to invest in the stock, once the value of the business can be estimated through more clarity on how much and how much time he will have to pay for compensation," said Naoki Fujiwara, a manager of funds to Shinkin Asset Management Co.
But Mr. Fujiwara, who removed Tepco to its portfolio, after the earthquake stated that another essential question is how shareholders should assume responsibility. Even if the actions are not removed from the list, he said investors remain nervous about the persistent risks of reduction of capital and dilution.
On Tuesday, Tepco held his first briefing for institutional investors and analysts since the disaster, but the return of the so-called traditional long community should be further on the road from their main incentive to invest in the stock had been high dividends, which will likely be demolished for the years to come.
The arm of management of the assets of the largest Japanese life insurer Nippon Life Insurance Co. removed Tepco shares in the portfolio of one of its funds. Nippon life is also one of the largest investors in Tepco suite Dai - ichi Life Insurance Co., which recently said it expects to book a special loss of approximately 100 billion from ￥ due to its portfolio of shares in the utility. Business investment management based on United States AllianceBernstein Holding LP also dressed its weight on Tepco at "the lower end of an active position significant" at the end of the month of March.
"I don't know yet if I can buy the stock, even though I am still active as a Fund Manager." Perhaps I'll buy a single share after retirement, "said a Japanese institutional investor.
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