Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Japan to follow US higher on the much better-than-expected jobs report and the yen back to 148.9</li>
<li>Exporters including the Autos with high US exposures as well as Inbound related laggards such as Isetan Mitsukoshi and Shiseido/Kose should see sentiment improve</li>
<li>The strong US data should also help the JP Shippers rebound after dropping -8.2% on Fri on the end of the US port workers strike</li>
</ul>


Japan to follow US higher on the much better-than-expected jobs report and the yen back to 148.9
Exporters including the Autos with high US exposures as well as Inbound related laggards such as Isetan Mitsukoshi and Shiseido/Kose should see sentiment improve
The strong US data should also help the JP Shippers rebound after dropping -8.2% on Fri on the end of the US port workers strike


Japan Morning Connection: Expect Rebound After Strong US Job Data

<ul>
<li>Further PM Ishiba flip-flopping on his previously hawkish rates policy, set to catch markets wrong footed today.</li>
<li>Homebuilders may face a bigger fallout than expected from hurricane Helene given the potential to squeeze margins as materials and workers are prioritized for emergency efforts.</li>
<li>Exporters including autos, R/E and tourism related names should see renewed interest on the weak yen.</li>
</ul>


Further PM Ishiba flip-flopping on his previously hawkish rates policy, set to catch markets wrong footed today.
Homebuilders may face a bigger fallout than expected from hurricane Helene given the potential to squeeze margins as materials and workers are prioritized for emergency efforts.
Exporters including autos, R/E and tourism related names should see renewed interest on the weak yen.


Japan Morning Connection: Exporters to Jump on the Weak Yen

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>BOJ sows confusion with hawkish and dovish statements regarding its tightening policy. On a USD-basis the Japan market failed again to break its long-term resistance indicating a "Dead Cat Bounce".</li>
<li>Auto and Semiconductor sectors pressured by US trade policies and Trading Companies are affected by JPY strength.  US rejection of <a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a>merger affects Japan steel sector.</li>
<li>Higher domestic yields is a catalyst to reverse the large money flows from Japan during the Kuroda years.</li>
</ul>


BOJ sows confusion with hawkish and dovish statements regarding its tightening policy. On a USD-basis the Japan market failed again to break its long-term resistance indicating a "Dead Cat Bounce".
Auto and Semiconductor sectors pressured by US trade policies and Trading Companies are affected by JPY strength.  US rejection of Nippon Steel Corporation (5401 JP)merger affects Japan steel sector.
Higher domestic yields is a catalyst to reverse the large money flows from Japan during the Kuroda years.


JAPAN:  No Lifeguard on Duty, Swim at Your Own Risk

<ul>
<li>Japan's markets have again failed to break to new highs creating a potential for a double-top pattern.</li>
<li>Trump's policies which target lower interest rates and a weaker dollar will put pressure on Japan's markets as can be seen from the high correlation between the JPY and TPX.</li>
<li>Sectors such as trading companies, autos and semiconductors could see the most pressure under a Trump presidency.</li>
</ul>


Japan's markets have again failed to break to new highs creating a potential for a double-top pattern.
Trump's policies which target lower interest rates and a weaker dollar will put pressure on Japan's markets as can be seen from the high correlation between the JPY and TPX.
Sectors such as trading companies, autos and semiconductors could see the most pressure under a Trump presidency.


Trump Trades and the JAPAN Market Are Like Oil and Vinegar

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>A group of shareholders aims to raise around US$330m via selling around 3.6% of <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP).</a>
</li>
<li>This will be another cross-shareholding unwind and hence, won’t be a huge surprise, although the stock hasn’t been doing particularly well lately.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


A group of shareholders aims to raise around US$330m via selling around 3.6% of Yamaha Motor (7272 JP).

This will be another cross-shareholding unwind and hence, won’t be a huge surprise, although the stock hasn’t been doing particularly well lately.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Yamaha Motors Placement - A Relatively Small Cross-Shareholding Unwind

Japan

MITSUBISHI MOTORS CORPORATION develops and manufactures passenger cars and its related parts.  The Company has production facilities in Japan, the US, and Thailand.  Mitsubishi Motors Corp provides vehicle-related financing and leasing service through its subsidiary.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Mitsubishi Motors (7211 JP)

Japan Morning Connection: Expect Rebound After Strong US Job Data

Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

Andrew Jackson

Japan Morning Connection: Exporters to Jump on the Weak Yen

PM Ishiba's policy shift could surprise markets, hurricane Helene may impact homebuilders more than expected, and exporters such as autos and...

Andrew Jackson

JAPAN: No Lifeguard on Duty, Swim at Your Own Risk

BOJ sends mixed signals on its pace of tightening as the JPY strengthens. Auto, semi and trading company sectors continue to be under pressure. A...

David Mudd

Trump Trades and the JAPAN Market Are Like Oil and Vinegar

We pointed out that Japan's semi industry may be at risk as part of the "Trump Trade" sentiment. It turns out that Biden has already thrown...

David Mudd

Yamaha Motors Placement - A Relatively Small Cross-Shareholding Unwind

A group of shareholders aims to raise around US$330m via selling around 3.6% of Yamaha Motor (7272 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Expect Rebound After Strong US Job Data

​Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

Andrew Jackson

Japan Morning Connection: Exporters to Jump on the Weak Yen

​PM Ishiba's policy shift could surprise markets, hurricane Helene may impact homebuilders more than expected, and exporters such as autos and...

Andrew Jackson

JAPAN: No Lifeguard on Duty, Swim at Your Own Risk

BOJ sends mixed signals on its pace of tightening as the JPY strengthens. Auto, semi and trading company sectors continue to be under pressure. A...

David Mudd

Trump Trades and the JAPAN Market Are Like Oil and Vinegar

We pointed out that Japan's semi industry may be at risk as part of the "Trump Trade" sentiment. It turns out that Biden has already thrown...

David Mudd

Yamaha Motors Placement - A Relatively Small Cross-Shareholding Unwind

A group of shareholders aims to raise around US$330m via selling around 3.6% of Yamaha Motor (7272 JP). In this note, we talk about the deal dynamics.

Sumeet Singh

Japan's market is expected to rise following the US jobs report, benefiting exporters and shippers after a recent drop.

PM Ishiba's policy shift could surprise markets, hurricane Helene may impact homebuilders more than expected, and exporters such as autos and...