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

Thematic (Sector/Industry)

<ul>
<li>Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.</li>
<li>Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.</li>
<li>Software rotation bid evaporates as AI surges. Expect an underperformance today.</li>
</ul>


Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.
Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.
Software rotation bid evaporates as AI surges. Expect an underperformance today.


Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

<ul>
<li>Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. </li>
<li>Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.</li>
<li>Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.</li>
</ul>


Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. 
Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.
Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.


Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

<ul>
<li>Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.</li>
<li>Software catches a defensive bid with NEC and Fujitsu set to outperform.</li>
<li>Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.</li>
</ul>


Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.
Software catches a defensive bid with NEC and Fujitsu set to outperform.
Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.


Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

<ul>
<li>Boeing China deal reported to be for as many as 500 aircraft — positive read for Toray and Japan's heavies who are suppliers to the 787 Dreamliner.</li>
<li>Space names heating up ahead of estimated June-July listing window with Astroscale +13.3% and QPS +5.8% yesterday.</li>
<li>TDK flagged alongside Himax as a key lifecording wearables play which will be the eyes and ears of AI as wearables become more and more ubiquitous.</li>
</ul>


Boeing China deal reported to be for as many as 500 aircraft — positive read for Toray and Japan's heavies who are suppliers to the 787 Dreamliner.
Space names heating up ahead of estimated June-July listing window with Astroscale +13.3% and QPS +5.8% yesterday.
TDK flagged alongside Himax as a key lifecording wearables play which will be the eyes and ears of AI as wearables become more and more ubiquitous.


Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

Japan

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

Price Gauge
52-week Range	0.00 - 0.00
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Advantest Corp (6857 JP)

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: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

SPE names brace for NVDA numbers tomorrow after already wavering post earnings. Market remains gun-shy on mainstay AI plays making it likely for...

Andrew Jackson

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

SPE names brace for NVDA numbers tomorrow after already wavering post earnings. Market remains gun-shy on mainstay AI plays making it likely for...

Andrew Jackson

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

​Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.

Andrew Jackson

Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.