Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Samsung posts record 4Q earnings keeps the memory train running. Sandisk up again, HDD down</li>
<li>Market warming up to Intel's Core Ultra Series 3 which seemed to be lost in the static after yesterday's announcement at CES</li>
<li>Cheesesteak for breakfast?? Its no different to eating carrots and broccoli according to Bobby Kennedy's inverted pyramid</li>
</ul>


Samsung posts record 4Q earnings keeps the memory train running. Sandisk up again, HDD down
Market warming up to Intel's Core Ultra Series 3 which seemed to be lost in the static after yesterday's announcement at CES
Cheesesteak for breakfast?? Its no different to eating carrots and broccoli according to Bobby Kennedy's inverted pyramid


Japan Morning Connection: Trump Looking to Hike Defense Budget 50% to Outweigh Governance Gripes

Japan Specialist

Mark Chadwick

<ul>
<li>Calbee: Profitability pressured by rising input costs, but valuation is attractive at 11x EBIT vs sector 14x, leaving it exposed to potential M&amp;A interest.</li>
<li>Eiken: Strategic shareholders near 30% with governance changes underway; growth steady, but trajectory points toward a likely management buyout.</li>
<li>Pacific Industrial &amp; AI Holdings: Pacific reflects Japan’s activist-driven MBO scrutiny, while AI stands out as a rare compounding “buy and build” platform with activist backing.</li>
</ul>


Calbee: Profitability pressured by rising input costs, but valuation is attractive at 11x EBIT vs sector 14x, leaving it exposed to potential M&amp;A interest.
Eiken: Strategic shareholders near 30% with governance changes underway; growth steady, but trajectory points toward a likely management buyout.
Pacific Industrial &amp; AI Holdings: Pacific reflects Japan’s activist-driven MBO scrutiny, while AI stands out as a rare compounding “buy and build” platform with activist backing.


Japan Activist Briefs | Calbee, Eiken, Pacific Industrial, AI Holdings

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>April, which along with October is the month when many Japanese FMCG brands adjust prices, saw far fewer price hikes this year compared to 2023. </li>
<li>Even so, numerous major brands still announced hefty price increases for later in the year.</li>
<li>Meanwhile, government subsidies for utility costs are ending and the weak Yen is an increasing concern for many consumer-facing companies. </li>
</ul>


April, which along with October is the month when many Japanese FMCG brands adjust prices, saw far fewer price hikes this year compared to 2023. 
Even so, numerous major brands still announced hefty price increases for later in the year.
Meanwhile, government subsidies for utility costs are ending and the weak Yen is an increasing concern for many consumer-facing companies. 


Fewer Price Hikes in Spring, but Prices Still Rising

<ul>
<li>OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY</li>
<li>JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel</li>
<li>NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.</li>
</ul>


OVERSEAS. SPX close near Feb lows as US 2Y hits 4.82%; Inflation -   Mkt sees higher for longer; AMAT disrupt ASML Monopoly? ;  GS gets thumbs down; TESLA DAY
JAPAN. NKY Futs flat vs Cash; USDJPY 136.2;  Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: + Daikin/Toto; Broker Sell D/G: Makita, Nippon Steel
NUGGET:  Cyberagent - Loss Making Media business set for a turnaround. Looking discounted and the sell off since late 2021,  and given the outlook for its 3 businesses.


Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; US2YR@4.82 ; JP Baby Crisis; Nugget: CyberAgent

<ul>
<li>OVERSEAS.  SPX Pulls Back for 2nd day as Spy Balloons dominate - mkts just stretched;  Google responds to ChatGPT with BARD; Dell cuts headcount as PC struggle continues</li>
<li>JAPAN. NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with Sakura!</li>
<li>DAILY NUGGET. MHI  formalizes exit from Spacejet. No surprise as it has been on ice for 2 years.   Opportunity to put a positive spin on the $7bn failure.</li>
</ul>


OVERSEAS.  SPX Pulls Back for 2nd day as Spy Balloons dominate - mkts just stretched;  Google responds to ChatGPT with BARD; Dell cuts headcount as PC struggle continues
JAPAN. NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with Sakura!
DAILY NUGGET. MHI  formalizes exit from Spacejet. No surprise as it has been on ice for 2 years.   Opportunity to put a positive spin on the $7bn failure.


Good Morning Japan | Spy Balloons?? SPX Holds; Google Responds with BARD; BOJ AMAMIYA Story Refuted!

Japan

CALBEE, Inc. manufactures a wide range of snack foods using potato, wheat, and corn as a main ingredient. The company also manufactures bakery products and cereals.

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Calbee Inc (2229 JP)

Japan Morning Connection: Trump Looking to Hike Defense Budget 50% to Outweigh Governance Gripes

Likely to see a weakness in Japan's semiconduction production chemical companies with new competition from China. Homebuilders took a hit from...

Andrew Jackson

Japan Activist Briefs | Calbee, Eiken, Pacific Industrial, AI Holdings

Calbee faces cost pressures and waning institutional support, but with solid balance sheet, cheap valuation, and activist interest, it may attract...

Mark Chadwick

Fewer Price Hikes in Spring, but Prices Still Rising

April saw fewer price hikes on the year, but major brands are still planning hefty increases soon. Government subsidies for utilities are ending...

Michael Causton

Good Morning Japan |SPX: Top-Left, Bottom-Right Feb; [email protected] ; JP Baby Crisis; Nugget: CyberAgent

SPX closes Feb on the lows; Baby Crisis in Japan. Toshiba Deal in Doubt; Bullish Calbee Investment Plan; Chinese Real Estate Mkt looking up: +...

Mark Chadwick

Good Morning Japan | Spy Balloons?? SPX Holds; Google Responds with BARD; BOJ AMAMIYA Story Refuted!

NKY Fut flat vs Cash; USDJPY 132.63; Govt denies BOJ-Amamiya claim(really !); Son to skip Softban earnings call; Masa Takafumi wins Grammy with...

Mark Chadwick

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