Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Technology stocks led gains with Tokyo Electron (+20%) and Resonac (+19%) driven by Intel investment news and semiconductor demand recovery expectations.</li>
<li>Bank of Japan surprised markets by announcing ETF sales while maintaining rates, intensifying October rate hike speculation and triggering profit-taking.</li>
<li>Mixed economic data showed fourth consecutive month of export declines, but core inflation eased to 2.7%, lowest since November 2024.</li>
</ul>


Technology stocks led gains with Tokyo Electron (+20%) and Resonac (+19%) driven by Intel investment news and semiconductor demand recovery expectations.
Bank of Japan surprised markets by announcing ETF sales while maintaining rates, intensifying October rate hike speculation and triggering profit-taking.
Mixed economic data showed fourth consecutive month of export declines, but core inflation eased to 2.7%, lowest since November 2024.


Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.</li>
<li>Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.</li>
<li>Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.</li>
</ul>


Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.
Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.
Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.


Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

<ul>
<li>Trump's Miram quick to show how dovish a republican picked committee could look.</li>
<li>Quantum names surged higher with D-Wave touting successes in Japan.</li>
<li>Kokusai Elec now +36% in a week as the market finally sees the NAND connection with flash memory pricing to remain tight through 2026.</li>
</ul>


Trump's Miram quick to show how dovish a republican picked committee could look.
Quantum names surged higher with D-Wave touting successes in Japan.
Kokusai Elec now +36% in a week as the market finally sees the NAND connection with flash memory pricing to remain tight through 2026.


Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.


JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

<ul>
<li>Semi-Cap higher after positive comments from JPM on ASML that the worst is behind it given strong WFE and memory trends.</li>
<li>Wafer names surging globally as demand for memory outstrips supply, while Wolfspeed announces its has reached 200m SiC capability.</li>
<li>A brave short seller for Coreweave calling it a “debt fuelled GPU rental business with no moat”.</li>
</ul>


Semi-Cap higher after positive comments from JPM on ASML that the worst is behind it given strong WFE and memory trends.
Wafer names surging globally as demand for memory outstrips supply, while Wolfspeed announces its has reached 200m SiC capability.
A brave short seller for Coreweave calling it a “debt fuelled GPU rental business with no moat”.


Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tokyo Electron Ltd Unsp Adr (TOELY US)

Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...

Mark Chadwick

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

Positive news sent Quantum computing names surging higher. NVDA dropped on news that Chinese Govt is encouraging companies towards Chinese made AI...

Andrew Jackson

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

Apple suppliers sent higher after announcement of Apple involvement with IC packaging. Power and industrial semi's shaking off China's anti-dumping...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Strategy Weekly | Tech Surges on Intel News While BOJ Policy Shift Sparks Volatility

​Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...

Mark Chadwick

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

Positive news sent Quantum computing names surging higher. NVDA dropped on news that Chinese Govt is encouraging companies towards Chinese made AI...

Andrew Jackson

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

Apple suppliers sent higher after announcement of Apple involvement with IC packaging. Power and industrial semi's shaking off China's anti-dumping...

Andrew Jackson

Technology stocks surged on Intel investment news and semiconductor demand recovery expectations, while Bank of Japan's ETF sales announcement...