Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Airliners have started to find a bottom so we may see a bit of a bid for Japan Airlines and Ana Holdings.</li>
<li>Memory names surge with Sandisk now +28% off its Iran war lows; HDD supply chain names may soon catch a bid.</li>
<li>Wafer names stirring with Soitec +41% last week and Sumco looking attractive as a buy the dip.</li>
</ul>


Airliners have started to find a bottom so we may see a bit of a bid for Japan Airlines and Ana Holdings.
Memory names surge with Sandisk now +28% off its Iran war lows; HDD supply chain names may soon catch a bid.
Wafer names stirring with Soitec +41% last week and Sumco looking attractive as a buy the dip.


Japan Morning Connection: Will HDD Supply Chain Laggards Minebea and Hoya Soon Catch a Bid?

<ul>
<li>Brent dropping as much as -25% off the intraday highs sending refiners, shippers and defense lower and sparking a rebound in airlines and AI/Tech.</li>
<li>HPE numbers were inline but the stock is holding up AH, and management expects a memory shortage well into next year.</li>
<li>Expect a rotation out of software and defensive havens into momentum favorites such as Kioxia and Kokusai Elec.</li>
</ul>


Brent dropping as much as -25% off the intraday highs sending refiners, shippers and defense lower and sparking a rebound in airlines and AI/Tech.
HPE numbers were inline but the stock is holding up AH, and management expects a memory shortage well into next year.
Expect a rotation out of software and defensive havens into momentum favorites such as Kioxia and Kokusai Elec.


Japan Morning Connection: Markets Snap Back Sharply with on Trump's Comments on the War Ending

<ul>
<li>AI lower with the US looking to impose global AI chip sales permits, although memory rallied in a general rotation to laggards.</li>
<li>Broadcom CEO throwing cold water on DC optical connectivity 'scale-up', sending Corning, Lumentum and Coherent lower setting a dour tone for JP cable plays.</li>
<li>Kioxia and PPIH make it into the NKY225, which Advantest gets capped as expected. Small surprise for Kioxia, but ADV is low for all.</li>
</ul>


AI lower with the US looking to impose global AI chip sales permits, although memory rallied in a general rotation to laggards.
Broadcom CEO throwing cold water on DC optical connectivity 'scale-up', sending Corning, Lumentum and Coherent lower setting a dour tone for JP cable plays.
Kioxia and PPIH make it into the NKY225, which Advantest gets capped as expected. Small surprise for Kioxia, but ADV is low for all.


Japan Morning Connection: Oil Spike Starting to Bite with Airlines Tumbling on the Outlook for Fuel

<ul>
<li>Watch refiners, shippers, and heavies for upside vs weakness for airlines and companies with shipping exposure to EU.</li>
<li>This rotation could be short lived given the very one-sided outcome of the conflict so far, so expect volatility.</li>
<li>Precious metals and oil are already starting to pare early gains this morning which may be indicative of the longevity of some of these moves.</li>
</ul>


Watch refiners, shippers, and heavies for upside vs weakness for airlines and companies with shipping exposure to EU.
This rotation could be short lived given the very one-sided outcome of the conflict so far, so expect volatility.
Precious metals and oil are already starting to pare early gains this morning which may be indicative of the longevity of some of these moves.


Japan Morning Connection: Japan Set for Short-Term Rotation Away from Tech After Attacks on Iran

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 analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.


MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

Japan

ANA Holdings Inc provides a variety of air transportation-related services. The Company offers scheduled & unscheduled air passenger services and air courier services. ANA sells aircraft parts and provides travel arrangement & reservation services as well.

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Ana Holdings (9202 JP)

Japan Morning Connection: Will HDD Supply Chain Laggards Minebea and Hoya Soon Catch a Bid?

Memory leads the way as markets stay resilient, with wafer names stirring and airlines may finally catch a bid after weeks of pressure.

Andrew Jackson

Japan Morning Connection: Markets Snap Back Sharply with on Trump's Comments on the War Ending

Markets snap back sharply with Trump commenting the war with Iran is “very complete, pretty much”. It was a mad scramble back into tech and AI...

Andrew Jackson

Japan Morning Connection: Oil Spike Starting to Bite with Airlines Tumbling on the Outlook for Fuel

Shippers were lower globally after a slightly better day in Asia yesterday. Big drops for US airlines. Continues to look good for long 9202 ANA vs...

Andrew Jackson

Japan Morning Connection: Japan Set for Short-Term Rotation Away from Tech After Attacks on Iran

Expect a fairly sharp rotation away from tech and AI into defense and defensives names in Japan today. JP defense names are all trading close to...

Andrew Jackson

MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

We analyzed MS-Japan's consensus for Sep 2026 and highlighted changes of EPS in Toyota Motor (7203 JP), Nippon Yusen Kabushiki Kaisha (9101 JP),...

Ke Yan, CFA, FRM

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52-week Range

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