Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Stronger-Than-Expected Q1 GDP and resilient exports suggest Japan’s recovery remains intact despite global headwinds.</li>
<li>AI-driven semiconductor demand and trade diversion from US tariffs are supporting a sustained export upswing.</li>
<li>Japan’s earnings season highlighted resilient profit growth, AI- and export-driven strength, and improving shareholder returns, supporting a constructive outlook for Japanese equities despite rising global cost and energy pressures</li>
</ul>


Stronger-Than-Expected Q1 GDP and resilient exports suggest Japan’s recovery remains intact despite global headwinds.
AI-driven semiconductor demand and trade diversion from US tariffs are supporting a sustained export upswing.
Japan’s earnings season highlighted resilient profit growth, AI- and export-driven strength, and improving shareholder returns, supporting a constructive outlook for Japanese equities despite rising global cost and energy pressures


Japan Weekly Strategy | Stocks Defy Global Headwinds

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.</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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.
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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.


JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.</li>
<li>Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.</li>
<li>Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.</li>
</ul>


Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.
Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.
Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.


Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

<ul>
<li>NVDA was good - but not good enough to shake off worries the longer-term growth trajectory is unsustainable, regardless of what's projected this year.</li>
<li>Expect names with smartphone exposure and particularly MLCC suppliers who have rallied sharply as the latest AI plays to pullback into month-end.</li>
<li>Dell +12% in AH as its earnings silence critics concerned it would struggle to contain rising memory costs.</li>
</ul>


NVDA was good - but not good enough to shake off worries the longer-term growth trajectory is unsustainable, regardless of what's projected this year.
Expect names with smartphone exposure and particularly MLCC suppliers who have rallied sharply as the latest AI plays to pullback into month-end.
Dell +12% in AH as its earnings silence critics concerned it would struggle to contain rising memory costs.


Japan Morning Connection: IDC Drops a Bombshell Expecting Smartphone Mkt to Contract 12.9% This Year

<ul>
<li>Software down again in US trading, but Cadence numbers beat AH sending stock and EDA peers higher.</li>
<li>Apple sending a warning shot to Nikon investor EssilorLuxottica with its plans to develop Apple AI glasses, sending its -7% in late trading.</li>
<li>Demand for MLCC's is surging according to Murata's CEO who is hiking prices as enquiries outpace prod capacity 2:1.</li>
</ul>


Software down again in US trading, but Cadence numbers beat AH sending stock and EDA peers higher.
Apple sending a warning shot to Nikon investor EssilorLuxottica with its plans to develop Apple AI glasses, sending its -7% in late trading.
Demand for MLCC's is surging according to Murata's CEO who is hiking prices as enquiries outpace prod capacity 2:1.


Japan Morning Connection: Trump Touts Infra Investment a Win for ‘Coercion Through Tariffs’ Approach

Japan

Taiyo Yuden Co., Ltd. manufactures and markets electronic components such as, ceramic capacitors, inductors, hybrid integrated circuits (IC), and ferrite. The Company's products include power supplies, inverters, optical disks, filters, coils, and thermistors.

Price Gauge
52-week Range	0.00 - 0.00
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Taiyo Yuden (6976 JP)

Japan Weekly Strategy | Stocks Defy Global Headwinds

Japan's economy shows strength with strong Q1 GDP, resilient exports, and positive earnings season, despite global challenges.

Mark Chadwick

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Datadog surge to spark a reversal into Software. Smaller photonics names to take a hit from Coherent's miss. Softbank in danger of giving back...

Andrew Jackson

Japan Morning Connection: IDC Drops a Bombshell Expecting Smartphone Mkt to Contract 12.9% This Year

The unprecedented memory chip shortage will force manufacturers to focus on higher end more profitable phone models. Questions raised about if NVDA...

Andrew Jackson

Japan Morning Connection: Trump Touts Infra Investment a Win for ‘Coercion Through Tariffs’ Approach

Trump is touting the $550bn worth of Japanese investment that’s set to be deployed as a win for his ‘coercion through tariffs’ approach, with...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Weekly Strategy | Stocks Defy Global Headwinds

​Japan's economy shows strength with strong Q1 GDP, resilient exports, and positive earnings season, despite global challenges.

Mark Chadwick

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Datadog surge to spark a reversal into Software. Smaller photonics names to take a hit from Coherent's miss. Softbank in danger of giving back...

Andrew Jackson

Japan Morning Connection: IDC Drops a Bombshell Expecting Smartphone Mkt to Contract 12.9% This Year

The unprecedented memory chip shortage will force manufacturers to focus on higher end more profitable phone models. Questions raised about if NVDA...

Andrew Jackson

Japan Morning Connection: Trump Touts Infra Investment a Win for ‘Coercion Through Tariffs’ Approach

Trump is touting the $550bn worth of Japanese investment that’s set to be deployed as a win for his ‘coercion through tariffs’ approach, with...

Andrew Jackson

Japan's economy shows strength with strong Q1 GDP, resilient exports, and positive earnings season, despite global challenges.