Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.</li>
<li>EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.</li>
<li>Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.</li>
</ul>


Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.
EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.
Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.


Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>The shakeout in clothing and fashion retailing continues, with most of the good fortune spread amongst a smaller group of either very large or very small retail chains and brands. </li>
<li>In specialty, lower cost national chains largely located in the suburbs continued to increase share but premium fashion retailers also had a great year boosting profits.</li>
<li>More dramatic was the startling growth of a few department stores which helped the format increase share of the apparel market for only the 4th time in 20 years.</li>
</ul>


The shakeout in clothing and fashion retailing continues, with most of the good fortune spread amongst a smaller group of either very large or very small retail chains and brands. 
In specialty, lower cost national chains largely located in the suburbs continued to increase share but premium fashion retailers also had a great year boosting profits.
More dramatic was the startling growth of a few department stores which helped the format increase share of the apparel market for only the 4th time in 20 years.


Japan Fashion Retailing: Stores Still Popular and Profit Soars for Some

<ul>
<li>Tech largely down in the US after AMD's AI event failed to impress with somewhat conflicting CPI and jobless data.</li>
<li>A strong print for Fast Retailing will add to short-seller woes although some brokers have started cutting estimates after the outsized move.</li>
<li>7&amp;I announced a flurry of restructuring initiatives aimed at raising corporate value and fending off Couche-Tard before its too late.</li>
</ul>


Tech largely down in the US after AMD's AI event failed to impress with somewhat conflicting CPI and jobless data.
A strong print for Fast Retailing will add to short-seller woes although some brokers have started cutting estimates after the outsized move.
7&amp;I announced a flurry of restructuring initiatives aimed at raising corporate value and fending off Couche-Tard before its too late.


Japan Morning Connection: 7&I Continues Restructuring Plan

<ul>
<li>Big move higher for oil set to spike the JP oil major Inpex although the refiners have large outstanding short interests and may squeeze</li>
<li>The higher oil price is negative for Japan’s utilities which have yet to restart reactors and are dependent on oil/gas imports to fuel their thermal generation</li>
<li>Details are limited on a potential Seven Bank stake sale by 7&amp;I, but there should be room for upside as shorts continue to cover</li>
</ul>


Big move higher for oil set to spike the JP oil major Inpex although the refiners have large outstanding short interests and may squeeze
The higher oil price is negative for Japan’s utilities which have yet to restart reactors and are dependent on oil/gas imports to fuel their thermal generation
Details are limited on a potential Seven Bank stake sale by 7&amp;I, but there should be room for upside as shorts continue to cover


Japan Morning Connection: Spike in Oil Positive for Inpex and Refiners

<ul>
<li>Positive sentiment from Intel's deal with AWS and extra Govt. backing may outweigh plans to delay its EU fab capex for JP SPE suppliers.</li>
<li>Concerns iPhone 16 Pro preorders are below expectations to weigh on JP component suppliers, but can this be much of a surprise?</li>
<li>The JP Govt. agreeing for 7&amp;I to be designated as a 'core' company is not a show-stopper and may compel Couche-Tard to up their game.</li>
</ul>


Positive sentiment from Intel's deal with AWS and extra Govt. backing may outweigh plans to delay its EU fab capex for JP SPE suppliers.
Concerns iPhone 16 Pro preorders are below expectations to weigh on JP component suppliers, but can this be much of a surprise?
The JP Govt. agreeing for 7&amp;I to be designated as a 'core' company is not a show-stopper and may compel Couche-Tard to up their game.


Japan Morning Connection: IPhone 16 Pro Orders Miss Expectations

Japan

Seven & i Holdings Co., Ltd. is a holding company which was established through the merger of Ito-Yokado Co., Seven Eleven Japan Co., and Denny's Japan. The Company plans, manages, and operates mainly convenience stores, supermarkets, and department stores.

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Seven & I Holdings (3382 JP)

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Japan Fashion Retailing: Stores Still Popular and Profit Soars for Some

A major review of Japanese clothing retail markets: the ongoing shakeout benefits large and small chains, but profit growth across the sector is...

Michael Causton

Japan Morning Connection: 7&I Continues Restructuring Plan

Tech down in the US after conflicting CPI and jobless data, Fast Retailing's strong print beat streat estimates, 7&I announced further plans to...

Andrew Jackson

Japan Morning Connection: Spike in Oil Positive for Inpex and Refiners

Surge in oil may squeeze refiners with short interests. Negative for Japanese utilities yet to restart reactors. Potential upside for Seven Bank as...

Andrew Jackson

Japan Morning Connection: IPhone 16 Pro Orders Miss Expectations

Positive sentiment from Intel's deal with AWS and Govt. iPhone 16 Pro miss will weigh on JP component suppliers. JP Govt. designating 7&I as...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Japan Fashion Retailing: Stores Still Popular and Profit Soars for Some

A major review of Japanese clothing retail markets: ​the ongoing shakeout benefits large and small chains, but profit growth across the sector is...

Michael Causton

Japan Morning Connection: 7&I Continues Restructuring Plan

​Tech down in the US after conflicting CPI and jobless data, Fast Retailing's strong print beat streat estimates, 7&I announced further plans to...

Andrew Jackson

Japan Morning Connection: Spike in Oil Positive for Inpex and Refiners

Surge in oil may squeeze refiners with short interests. Negative for Japanese utilities yet to restart reactors. Potential upside for Seven Bank as...

Andrew Jackson

Japan Morning Connection: IPhone 16 Pro Orders Miss Expectations

​Positive sentiment from Intel's deal with AWS and Govt. iPhone 16 Pro miss will weigh on JP component suppliers. JP Govt. designating 7&I as...

Andrew Jackson

A major review of Japanese clothing retail markets: the ongoing shakeout benefits large and small chains, but profit growth across the sector is...

Tech down in the US after conflicting CPI and jobless data, Fast Retailing's strong print beat streat estimates, 7&I announced further plans to...

Positive sentiment from Intel's deal with AWS and Govt. iPhone 16 Pro miss will weigh on JP component suppliers. JP Govt. designating 7&I as...