Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Nikkei 225 surged 2.7% over the week, reclaiming the 35,000 level as easing U.S.-China trade tensions and a softer yen bolstered investor sentiment.</li>
<li>Tokyo core CPI jumped to 3.4% in April 2025 (highest in two years), driven by reduced energy subsidies and April food price increases.</li>
<li>The weaker yen supported export-dependent sectors, such as machinery, auto parts and tech hardware. For individual stocks, it is all about results and capital policies. </li>
</ul>


The Nikkei 225 surged 2.7% over the week, reclaiming the 35,000 level as easing U.S.-China trade tensions and a softer yen bolstered investor sentiment.
Tokyo core CPI jumped to 3.4% in April 2025 (highest in two years), driven by reduced energy subsidies and April food price increases.
The weaker yen supported export-dependent sectors, such as machinery, auto parts and tech hardware. For individual stocks, it is all about results and capital policies. 


Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.</li>
<li>In Japan its <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>,<a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>. In China its <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group-limited" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> &amp; <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>.</li>
<li>In India its a mix of recently listed - <a href="https://www.smartkarma.com/entities/milky-mist-dairy-food-limited" target="_blank" data-smartkarma-citation="entities:45604:1" rel="noopener">Milky Mist Dairy Food (1231D IN)</a>, <a href="https://www.smartkarma.com/entities/lalithaa-jewellery-mart-limited" target="_blank" data-smartkarma-citation="entities:56011:1" rel="noopener">Lalithaa Jewellery (LALITHAA IN)</a> , Holdco - <a href="https://www.smartkarma.com/entities/tvs-holdings-limited" target="_blank" data-smartkarma-citation="entities:16591:1" rel="noopener">TVS (TVSHLTD IN)</a> and select Auto OEs</li>
</ul>


We compile our selection of companies across Japan,China &amp;India based on bottom-up triggers in each company post their recent quarterly/half yearly results and their guidance for remaining of the year.
In Japan its ROHM Co Ltd (6963 JP),Suzuki Motor (7269 JP) &amp; Mazda Motor (7261 JP). In China its Chow Tai Fook Jewellery (1929 HK) &amp; Midea Group (300 HK).
In India its a mix of recently listed - Milky Mist Dairy Food (1231D IN), Lalithaa Jewellery (LALITHAA IN) , Holdco - TVS (TVSHLTD IN) and select Auto OEs


Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>Since the announcement of the US$0.7 billion secondary offering, <a href="https://www.smartkarma.com/entities/lintec-corp" target="_blank" data-smartkarma-citation="entities:5564:1" rel="noopener">Lintec Corp (7966 JP)</a>’s shares have declined 3.7% to the undisturbed price of JPY5,730 per share (20 August).</li>
<li>It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Lintec's share decline is lower than the median of recent large placements.</li>
<li>The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.</li>
</ul>


Since the announcement of the US$0.7 billion secondary offering, Lintec Corp (7966 JP)’s shares have declined 3.7% to the undisturbed price of JPY5,730 per share (20 August).
It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Lintec's share decline is lower than the median of recent large placements.
The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.


Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lintec-corp" target="_blank" data-smartkarma-citation="entities:5564:1" rel="noopener">Lintec Corp (7966 JP)</a> has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).</li>
<li>The offering will enable <a href="https://www.smartkarma.com/entities/nippon-paper-industries-co-l" target="_blank" data-smartkarma-citation="entities:557:1" rel="noopener">Nippon Paper Industries Co L (3863 JP)</a>, the largest shareholder, to sell all its directly owned shares.</li>
<li>The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.</li>
</ul>



Lintec Corp (7966 JP) has announced a secondary offering of 17.1 million shares (19.7 million including overallotment), valued at around US$0.6 billion (US$0.7 billion including overallotment).
The offering will enable Nippon Paper Industries Co L (3863 JP), the largest shareholder, to sell all its directly owned shares.
The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements since 2021.


Lintec (7966 JP): A US$0.7 Billion Secondary Offering

<ul>
<li>OVERSEAS: SPX Rallies supported by Bullish ARM (+25%) trading;  Markets ignore implications Producer prices; Retail sales strong;   UAW Strike Looms - GM Sweetens offer; China cuts RRR. </li>
<li>JAPAN: NKY Futs 0.1% vs Cash; USDJPY 147.5; Japan Corp profits not trickling down; No boost for Kishida post reshuffle; More JP firms lifting shareholder returns; Bullish Aisin MTP </li>
<li>JAPAN X: Sparx Group's Billion-Dollar Bet on Japan's Future. CEO Abe goes all in with a view of catching the start of the wave of resurgence of Japanese equities.</li>
</ul>


OVERSEAS: SPX Rallies supported by Bullish ARM (+25%) trading;  Markets ignore implications Producer prices; Retail sales strong;   UAW Strike Looms - GM Sweetens offer; China cuts RRR. 
JAPAN: NKY Futs 0.1% vs Cash; USDJPY 147.5; Japan Corp profits not trickling down; No boost for Kishida post reshuffle; More JP firms lifting shareholder returns; Bullish Aisin MTP 
JAPAN X: Sparx Group's Billion-Dollar Bet on Japan's Future. CEO Abe goes all in with a view of catching the start of the wave of resurgence of Japanese equities.


Ohayo Japan: SPX Rallies on Bullish ARM Debut; JAPAN X: Sparx Founder Retirement Trade - $2bn Fund

Japan

Aisin Corporation manufactures and distributes motor vehicle parts. The Company produces drive train, transmissions, clutches, disc brakes, anti-skid brake system, suspensions, oil pumps, power windows, power door locks, and more. Aisin operates sales and production subsidiaries worldwide.

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Aisin (7259 JP)

Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen

Nikkei 225 climbs on easing trade tensions and weaker yen, Tokyo core CPI at 3.4% driven by reduced subsidies and food prices, export-dependent...

Mark Chadwick

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Lintec (7966 JP): The Current Playbook

The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.

Arun George

Lintec (7966 JP): A US$0.7 Billion Secondary Offering

The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements...

Arun George

Ohayo Japan: SPX Rallies on Bullish ARM Debut; JAPAN X: Sparx Founder Retirement Trade - $2bn Fund

US equities rally supported buy bullish ARM debut; NKY Futs 0.1% vs Cash; USDJPY 147.5; Japan Corp profits not trickling down; More JP firms...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Japan Strategy Weekly | Stocks Strong on Trade Optimism and Weaker Yen

​Nikkei 225 climbs on easing trade tensions and weaker yen, Tokyo core CPI at 3.4% driven by reduced subsidies and food prices, export-dependent...

Mark Chadwick

Shortlist of High-Conviction Ideas Across Japan, China & India – August 2026 (Post-Results)

Among the companies mentioned here, Milky Mist reported out of the court results for Q1. The stock is up 20% in last two days post results. Also...

Sreemant Dudhoria

Lintec (7966 JP): The Current Playbook

The offering will likely be priced on 1 September. Since 2021, the average large Japanese placement has tended to generate positive returns.

Arun George

Lintec (7966 JP): A US$0.7 Billion Secondary Offering

The offering, as a percentage of outstanding shares, is the sixth-highest, and, in terms of ADV, the fifth-highest among large Japanese placements...

Arun George

Ohayo Japan: SPX Rallies on Bullish ARM Debut; JAPAN X: Sparx Founder Retirement Trade - $2bn Fund

US equities rally supported buy bullish ARM debut; NKY Futs 0.1% vs Cash; USDJPY 147.5; Japan Corp profits not trickling down; More JP firms...

Mark Chadwick

Nikkei 225 climbs on easing trade tensions and weaker yen, Tokyo core CPI at 3.4% driven by reduced subsidies and food prices, export-dependent...