4 Japanese stocks trading at a ‘deep discount’: Bernstein

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4 ********* stocks trading at a ‘deep discount’: Bernstein

Japan’s stock market has rebounded from last week’s sell-off and investment firm Bernstein sees promise looking ahead, recommending a specific trading strategy and naming overweight-rated stocks. Japan’s broad-based Topix index plunged 12.23% on Aug. 5 and the benchmark Nikkei 225 index fell 12.4% — its worst decline since 1987′s “****** Monday.” Both indexes have since recouped some losses, with the Topix and Nikkei ending 2.83% and 3.45% higher respectively on Tuesday. Referencing past crises, analyst Rupal Agarwal noted that the “near-term market bottom might be in; and the recent dovish comment from BOJ [Bank of Japan] is likely to stall the forced carry winds.” “The sharp correction, has given long-term investors a great opportunity to add back Japan as the structural story was never broken. However, given the broader macro and political uncertainty, rising equity risk-premium and moderating earnings revision trends, we expect markets to remain volatile,” she added in an Aug. 8 research note. Below are four stocks from the investment bank’s defensive screen, listed on the Tokyo Stock Exchange. They also trade as ********* Depository Receipts in the U.S. All stand out for having substantial upside potential, according to FactSet’s consensus price targets. Stocks trading at a ‘deep discount’ Among the names on the bank’s screen is video games company Nintendo . It made headlines after revenue and profit for the first fiscal quarter plunged as sales of its aging Switch console declined. Nintendo’s shares tanked following the announcement, but remain up 5.3% year-to-date. According to FactSet data, of 25 analysts covering the stock, 14 give it a buy or overweight rating, eight have a hold rating, while three have an underweight or sell call. The average target price on the stock is 7,750 ********* Yen ($52.5), giving it around 19% upside. Other companies that turned up on the screen include video gaming player Capcom , electronics manufacturer Keyence Corp and entertainment company Bandai Namco Holdings . According to FactSet, analysts on average give Capcom over 19% upside, Keyence almost 24% upside and Bandai Namco 22.5% upside potential. — CNBC’s Michael Bloom, Charmaine Jacob and Arjun Kharpal contributed to this report.

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