Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

<ul>
<li>Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing. </li>
<li>Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong </li>
<li>Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025</li>
</ul>


Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing. 
Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong 
Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025


Super Dovish Comments From Bessent Fuels Home Builder Strength

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 Aug 8th. The aggregated net margin trading position is USD15,664m.</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 Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.
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 Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

Thematic (Sector/Industry)

<ul>
<li>Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.</li>
<li>Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.</li>
<li>CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.</li>
</ul>


Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.
Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.
CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.


Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.</li>
<li>Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).</li>
<li>The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.</li>
</ul>


There are 39 adds/34 deletes for the JPX Nikkei 400 Index to bring the number of index constituents back to 400. There are stocks with multiple days ADV to trade.
Based on the adds, deletes and capping changes, we estimate one way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn).
The adds have outperformed the deletes over the last year and there has been a move higher in the last few days too.


JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

<ul>
<li>Solid earnings print from Rohm likely to see this squeeze today given the elevated short interest.</li>
<li>Broadcom's new networking chip may fuel wire and cable demand.</li>
<li>Homebuilders up again making Shin Etsu look increasingly attractive on the long side after weakness in PVC biz.</li>
</ul>


Solid earnings print from Rohm likely to see this squeeze today given the elevated short interest.
Broadcom's new networking chip may fuel wire and cable demand.
Homebuilders up again making Shin Etsu look increasingly attractive on the long side after weakness in PVC biz.


Japan Morning Connection: Tech Rebound Although Onsemi Drops -16% on Numbers

Japan

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic, and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

Price Gauge
52-week Range	0.00 - 0.00
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Shin Etsu Chemical (4063 JP)

Super Dovish Comments From Bessent Fuels Home Builder Strength

Sumitomo Forestry sentiment rises with US rate pressure, Coreweave drops on profit miss, Cisco's AI orders exceed expectations for 2025.

Andrew Jackson

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

Power semis higher on positive broker comments, Intel continues to benefit from CEO in the limelight, moves higher for airlines and homebuilders.

Andrew Jackson

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

There are 39 adds/34 deletes for the JPX Nikkei 400 Index resulting in a one-way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn)....

Brian Freitas

Japan Morning Connection: Tech Rebound Although Onsemi Drops -16% on Numbers

Strong numbers from Rohm may lead to a short squeeze, Broadcom's new chip should help with energy accessibility for AI farms, US homebuilders...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Super Dovish Comments From Bessent Fuels Home Builder Strength

​Sumitomo Forestry sentiment rises with US rate pressure, Coreweave drops on profit miss, Cisco's AI orders exceed expectations for 2025.

Andrew Jackson

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

Power semis higher on positive broker comments, Intel continues to benefit from CEO in the limelight, moves higher for airlines and homebuilders.

Andrew Jackson

JPX Nikkei 400 Index Rebalance: US$6.4bn Round-Trip Trade Coming Up

There are 39 adds/34 deletes for the JPX Nikkei 400 Index resulting in a one-way turnover of 6.7% and a round-trip trade of JPY 946bn (US$6.4bn)....

Brian Freitas

Japan Morning Connection: Tech Rebound Although Onsemi Drops -16% on Numbers

Strong numbers from Rohm may lead to a short squeeze, Broadcom's new chip should help with energy accessibility for AI farms, US homebuilders...

Andrew Jackson

Sumitomo Forestry sentiment rises with US rate pressure, Coreweave drops on profit miss, Cisco's AI orders exceed expectations for 2025.