Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Topix declined by 5.6%, while the Nikkei lost almost 2,400 points, or 6%. However, equities took a back seat to the FX market</li>
<li>Given the currency movements and the global tech sell-off, it's no surprise that the worst performers were semiconductors (-10%) and autos (-9%).</li>
<li>The recent market movements appear to have been driven primarily by macro events, particularly the yen's reversal, which impacted high beta and momentum stocks.</li>
</ul>


The Topix declined by 5.6%, while the Nikkei lost almost 2,400 points, or 6%. However, equities took a back seat to the FX market
Given the currency movements and the global tech sell-off, it's no surprise that the worst performers were semiconductors (-10%) and autos (-9%).
The recent market movements appear to have been driven primarily by macro events, particularly the yen's reversal, which impacted high beta and momentum stocks.


Japan Weekly | Renesas, Ibiden Get Slammed in Tech Rout

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

JAPAN PURE CHEMICAL CO., LTD. develops, manufactures, and sells various types of plating solutions used primarily in electronic components and precious metals.

<ul><li>Revenue increased to JPY3.1bn (+8.3% YoY), with operating profit at JPY149mn (+173.2% YoY) and net income at JPY271mn (+127.3% YoY).</li><li>Revenue from plating chemicals for PCBs and semiconductor substrates was JPY1.5bn (+75.1% YoY), with stable sales for generative AI.</li><li>Revenue from plating chemicals for connectors was JPY444mn (-27.7% YoY), while revenue for lead frames was JPY1.1bn (-12.7% YoY).</li></ul>

Revenue increased to JPY3.1bn (+8.3% YoY), with operating profit at JPY149mn (+173.2% YoY) and net income at JPY271mn (+127.3% YoY).Revenue from plating chemicals for PCBs and semiconductor substrates was JPY1.5bn (+75.1% YoY), with stable sales for generative AI.Revenue from plating chemicals for connectors was JPY444mn (-27.7% YoY), while revenue for lead frames was JPY1.1bn (-12.7% YoY).

Japan Pure Chemical (4973 JP): Q1 FY03/25 flash update

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company, Ltd. manufactures and markets integrated circuits. The Company provides the following services: wafer manufacturing, wafer probing, assembly and testing, mask production, and design services. TSMC's ICs are used in computer, communication, consumer electronics, automotive, and industrial equipment industries.

<ul><li>Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges.</li><li>The revenue for the quarter was notably strong, increasing by 13.6% sequentially in NT or 10.3% in U.S. dollars.</li><li>This substantial growth was fueled by robust demand for the cutting-edge 3- and 5- nanometer technologies, although somewhat offset by smartphone seasonality.</li></ul>

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges.The revenue for the quarter was notably strong, increasing by 13.6% sequentially in NT or 10.3% in U.S. dollars.This substantial growth was fueled by robust demand for the cutting-edge 3- and 5- nanometer technologies, although somewhat offset by smartphone seasonality.

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients worldwide.

<ul><li>ASML announced its second quarter 2024 financial results, revealing data that both supports and raises concerns about its short-term performance and long-term strategy.</li><li>The company posted total net sales of EUR 6.2 billion, slightly ahead of its guided figures, with net system sales contributing EUR 4.8 billion.</li><li>The net system sales were driven by 54% Logic and 46% Memory, with Installed Base Management sales slightly higher than expected at EUR 1.48 billion.</li></ul>

ASML announced its second quarter 2024 financial results, revealing data that both supports and raises concerns about its short-term performance and long-term strategy.The company posted total net sales of EUR 6.2 billion, slightly ahead of its guided figures, with net system sales contributing EUR 4.8 billion.The net system sales were driven by 54% Logic and 46% Memory, with Installed Base Management sales slightly higher than expected at EUR 1.48 billion.

ASML Holding N.V.: What Is The Impact Of Impact of the Chips Act and Global Expansion? - Major Drivers

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

<ul>
<li>China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.</li>
<li>The pace of China game approval appears to have accelerated to the same level as pre-tightening. Of companies that we are monitoring, none got any approval.</li>
<li>China's CADPA published a semi-annual report pointing to flattish growth of gaming revenue in the first half. </li>
</ul>


China announced game approval for the June batch. The number of games approved remained at a higher level than 2023.
The pace of China game approval appears to have accelerated to the same level as pre-tightening. Of companies that we are monitoring, none got any approval.
China's CADPA published a semi-annual report pointing to flattish growth of gaming revenue in the first half. 


Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

Semiconductors
Insights on Semiconductor Supply Chain

Japan Weekly | Renesas, Ibiden Get Slammed in Tech Rout

Japanese stock market took a hit, but FX market stole the show. Semiconductors and autos hit hard by global tech sell-off. Yen's reversal driving...

Mark Chadwick

Japan Pure Chemical (4973 JP): Q1 FY03/25 flash update

Revenue increased to JPY3.1bn (+8.3% YoY), with operating profit at JPY149mn (+173.2% YoY) and net income at JPY271mn (+127.3% YoY). Revenue from...

Shared Research

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges. The revenue for...

Baptista Research

ASML Holding N.V.: What Is The Impact Of Impact of the Chips Act and Global Expansion? - Major Drivers

ASML announced its second quarter 2024 financial results, revealing data that both supports and raises concerns about its short-term performance...

Baptista Research

Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

We analyzed the July China game approval data. Though China is approving games at an speed that is upbeat for investors, concerns remains as to...

Ke Yan, CFA, FRM

Japan Weekly | Renesas, Ibiden Get Slammed in Tech Rout

​Japanese stock market took a hit, but FX market stole the show. Semiconductors and autos hit hard by global tech sell-off. Yen's reversal driving...

Mark Chadwick

Japan Pure Chemical (4973 JP): Q1 FY03/25 flash update

Revenue increased to JPY3.1bn (+8.3% YoY), with operating profit at JPY149mn (+173.2% YoY) and net income at JPY271mn (+127.3% YoY). Revenue from...

Shared Research

Taiwan Semiconductor (TSMC): How Will They Deal With The Strained Production Capacity & Geopolitical Risks & Regulatory Pressures? - Major Drivers

Taiwan Semiconductor Manufacturing Company's (TSMC) second quarter 2024 results reveal a mixed picture of advances and challenges. The revenue for...

Baptista Research

ASML Holding N.V.: What Is The Impact Of Impact of the Chips Act and Global Expansion? - Major Drivers

ASML announced its second quarter 2024 financial results, revealing data that both supports and raises concerns about its short-term performance...

Baptista Research

Tencent/Netease: Zero for Major Names; Industry Revenue Growth Flattish in First Half

We analyzed the July China game approval data. Though China is approving games at an speed that is upbeat for investors, concerns remains as to...

Ke Yan, CFA, FRM

Japanese stock market took a hit, but FX market stole the show. Semiconductors and autos hit hard by global tech sell-off. Yen's reversal driving...