Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>KHI has retreated 12% from its June 30 high, but is still 69% above its April low, despite guiding for a decline in orders and weak profits in FY Mar-26.</li>
<li>Orders from Japan's Ministry of Defense are forecast to drop from ¥772.3 billion to ¥400 billion this fiscal year, while the overall profit of the Aerospace division drops 14%.</li>
<li>The potential impact of U.S. tariffs on Power Sports &amp; Engines is not factored into guidance, offsetting  what otherwise seem to be conservative assumptions.</li>
</ul>


KHI has retreated 12% from its June 30 high, but is still 69% above its April low, despite guiding for a decline in orders and weak profits in FY Mar-26.
Orders from Japan's Ministry of Defense are forecast to drop from ¥772.3 billion to ¥400 billion this fiscal year, while the overall profit of the Aerospace division drops 14%.
The potential impact of U.S. tariffs on Power Sports &amp; Engines is not factored into guidance, offsetting  what otherwise seem to be conservative assumptions.


Kawasaki Heavy Industries (7012 JP): Sell into Strength

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Kawasaki Heavy Industries / Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of ~45 potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-April 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End Apr 2025 Ranks

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-March 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-March 2025.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Mar 2025 Ranks

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 Nov 28th. The aggregated net margin trading position is USD19,551m.</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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.
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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.</li>
<li>Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.</li>
<li>Oil takes a sizeable hit with OPEC signalling supply increases on the way.</li>
</ul>


Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.
Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.
Oil takes a sizeable hit with OPEC signalling supply increases on the way.


Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Japan

Kawasaki Heavy Industries, Ltd. designs, develops, and manufactures transport equipment and industrial heavy machinery for military and commercial use.  The Company produces ships, railroad cars, aircraft engines and parts, hydraulic and gas turbines, submarine engines, boilers, and industrial robots.  Kawasaki Heavy Industries offers engineering and construction services to industrial plants.

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Kawasaki Heavy Industries (7012 JP)