Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Big gains for AMD with analysts more upbeat than last weeks reaction to its AI conference suggests.</li>
<li>Advantest 9.6% yesterday on broker comments should see market hunting for laggards such as Kokusai Electric.</li>
<li>Estee lauder seeing an uptick in China may help beleaguered Shiseido and Kose move higher.</li>
</ul>


Big gains for AMD with analysts more upbeat than last weeks reaction to its AI conference suggests.
Advantest 9.6% yesterday on broker comments should see market hunting for laggards such as Kokusai Electric.
Estee lauder seeing an uptick in China may help beleaguered Shiseido and Kose move higher.


Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Equity Bottom-Up

<ul>
<li>NVDA numbers AH were a beat - but not a blowout...does it even matter? Not really</li>
<li>5803 Fujikura -56% collapse in 5-days makes for a very attractive long reentry given the markets continued excitement over emerging photonic technologies</li>
<li>Buy the Japanese Space names with both hands with the nascent sector set to get a LOT more attention into the SpaceX listing next month</li>
</ul>


NVDA numbers AH were a beat - but not a blowout...does it even matter? Not really
5803 Fujikura -56% collapse in 5-days makes for a very attractive long reentry given the markets continued excitement over emerging photonic technologies
Buy the Japanese Space names with both hands with the nascent sector set to get a LOT more attention into the SpaceX listing next month


SpaceX Dials up Its TAM as the Space-Space Becomes the Next AI Frontier

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.</li>
<li>In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

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.

<ul>
<li>After months of going nowhere, Astroscale shot up more than 20% in the two trading days following the election of defense hawk Sanae Takaichi as president of the LDP.</li>
<li>Astroscale made a small gross profit last quarter, but needs a rising flow of contracts and subsidies in order to turn profitable at the operating and net levels.</li>
<li>At ¥825, the stock price is 38% below the ¥1,326 high reached just over a year ago. If Takaichi becomes prime minister, the chances of regaining that high would improve.</li>
</ul>


After months of going nowhere, Astroscale shot up more than 20% in the two trading days following the election of defense hawk Sanae Takaichi as president of the LDP.
Astroscale made a small gross profit last quarter, but needs a rising flow of contracts and subsidies in order to turn profitable at the operating and net levels.
At ¥825, the stock price is 38% below the ¥1,326 high reached just over a year ago. If Takaichi becomes prime minister, the chances of regaining that high would improve.


Astroscale (186A.T-JP/ASTRO): The Small-Cap Takaichi Defense Trade

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

<ul>
<li>The company has had good 2024 absolute and relative to Topix performance.</li>
<li>Will Jafco continue this winning streak into 2025 and beyond?</li>
<li>Results for the quarter ending December 2024 are encouraging with exit multiples increasing</li>
</ul>


The company has had good 2024 absolute and relative to Topix performance.
Will Jafco continue this winning streak into 2025 and beyond?
Results for the quarter ending December 2024 are encouraging with exit multiples increasing


Japan

Astroscale, the satellite servicing and debris removal company

Price Gauge
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Astroscale (186A JP)

Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Japan SPE underperformers may catch a bid. Estee Lauder's jump up has positive implications for Japan's Shiseido and Kose.

Andrew Jackson

SpaceX Dials up Its TAM as the Space-Space Becomes the Next AI Frontier

NVDA beat AH numbers, but not a blowout. 5803 Fujikura's 56% drop presents a good reentry opportunity. Japanese Space names are worth buying ahead...

Andrew Jackson

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

Astroscale (186A.T-JP/ASTRO): The Small-Cap Takaichi Defense Trade

Takaichi's election as LDP party president focuses attention on Astroscale. Should turn profitable within 3 years as space defense orders rise....

Scott Foster

Jafco- Continues to Perform

Looking at whether Jafco's strong 2024 absolute and relative performance will continue into 2025 as it releases Q3 results.

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Markets Seeing Iran's Potential Demise as Fuel to Risk-On Fire

Japan SPE underperformers may catch a bid. Estee Lauder's jump up has positive implications for Japan's Shiseido and Kose.

Andrew Jackson

SpaceX Dials up Its TAM as the Space-Space Becomes the Next AI Frontier

​NVDA beat AH numbers, but not a blowout. 5803 Fujikura's 56% drop presents a good reentry opportunity. Japanese Space names are worth buying ahead...

Andrew Jackson

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

​Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

Astroscale (186A.T-JP/ASTRO): The Small-Cap Takaichi Defense Trade

Takaichi's election as LDP party president focuses attention on Astroscale. Should turn profitable within 3 years as space defense orders rise....

Scott Foster

Jafco- Continues to Perform

Looking at whether Jafco's strong 2024 absolute and relative performance will continue into 2025 as it releases Q3 results.

Rikki Malik

NVDA beat AH numbers, but not a blowout. 5803 Fujikura's 56% drop presents a good reentry opportunity. Japanese Space names are worth buying ahead...

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...