Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Nikkei +4.6%, Topix +2.5% – strongest weekly performance since February and new YTD highs, driven by semiconductors and broad-based tech momentum.</li>
<li>Risk sentiment normalized after initial geopolitical shock from U.S. strikes on Iranian nuclear facilities; focus rotated back to U.S. macro and policy dovishness.</li>
<li>Sector divergence – semiconductors and telcos sharply outperform; Oil &amp; Gas lags amid energy volatility.</li>
</ul>


Nikkei +4.6%, Topix +2.5% – strongest weekly performance since February and new YTD highs, driven by semiconductors and broad-based tech momentum.
Risk sentiment normalized after initial geopolitical shock from U.S. strikes on Iranian nuclear facilities; focus rotated back to U.S. macro and policy dovishness.
Sector divergence – semiconductors and telcos sharply outperform; Oil &amp; Gas lags amid energy volatility.


Japan Weekly | Tech Soars as Geopolitics Risks Ease

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Japan SPE names starting to stir day 1 of trading.</li>
<li>Watch oversold previous winners for renewed interest such as Disco, Screen and TEL now China concerns are priced in.</li>
<li>A good read for photoresist/semi-chem plays after TOK's better than expected MTP yesterday.</li>
</ul>


Japan SPE names starting to stir day 1 of trading.
Watch oversold previous winners for renewed interest such as Disco, Screen and TEL now China concerns are priced in.
A good read for photoresist/semi-chem plays after TOK's better than expected MTP yesterday.


AI Related Plays Out of the Gates Strong for 2025

<ul>
<li>Topix added 1.7%, driven by speculation that the Government Pension Investment Fund (GPIF) will increase its investment ratio in Japanese stocks</li>
<li>Retail stocks notable performers this week as the TSE's retail sector hit a year-to-date high, surging 21% since January</li>
<li>Notable performers this week included Fujikura on street upgrades, Ito-en after announcing a new marketing campaign, and Ebara's gaining recognition as a laggard</li>
</ul>


Topix added 1.7%, driven by speculation that the Government Pension Investment Fund (GPIF) will increase its investment ratio in Japanese stocks
Retail stocks notable performers this week as the TSE's retail sector hit a year-to-date high, surging 21% since January
Notable performers this week included Fujikura on street upgrades, Ito-en after announcing a new marketing campaign, and Ebara's gaining recognition as a laggard


<ul>
<li>DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.</li>
<li>Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. </li>
<li>Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.</li>
</ul>


DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.
Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. 
Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.


Japan Morning Connection – 18 July, 2024

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Equity Bottom-Up

<ul>
<li>Profit continues to expand at Mitsui E&amp;S after its transition to a holding company, now reporting over 400% profit growth for 9 months YTD. </li>
<li>The company is doing well to keep its operating costs down, with an improving funding structure and balance, as its revenue grows more than COGs.</li>
<li>We wonder if there will be more revisions upward to profit, with new initiatives and with a more proven recent track record.</li>
</ul>


Profit continues to expand at Mitsui E&amp;S after its transition to a holding company, now reporting over 400% profit growth for 9 months YTD. 
The company is doing well to keep its operating costs down, with an improving funding structure and balance, as its revenue grows more than COGs.
We wonder if there will be more revisions upward to profit, with new initiatives and with a more proven recent track record.


Mitsui E&S - Near Record ROE as Profit Continues to Expand From Multiple Drivers

Japan

EBARA CORPORATION manufactures pneumatic and hydraulic pumps and related equipment.  The Company's products include fuel, oil, water, and firefighting pumps, as well as steam turbines and boilers.  Ebara Corporation also engineers garbage incinerators, smoke desulfurizers, and other products related to environmental technology.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ebara Corp (6361 JP)

Japan Weekly | Tech Soars as Geopolitics Risks Ease

Japanese stock market saw strong gains this week, led by semiconductors and tech, as risk sentiment normalized post-geopolitical tensions.

Mark Chadwick

Japan Weekly | Nikkei Surges 2.3%

Speculation of GPIF increasing investment in Japanese stocks boosts Topix by 1.7%, retail sector hits year-to-date high with notable performers...

Mark Chadwick

Japan Morning Connection – 18 July, 2024

Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...

Andrew Jackson

Mitsui E&S - Near Record ROE as Profit Continues to Expand From Multiple Drivers

Mitsui E&S is recording strong expansion in profit from multiple drivers which can continue and there is room for the company and the market to...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Weekly | Tech Soars as Geopolitics Risks Ease

​Japanese stock market saw strong gains this week, led by semiconductors and tech, as risk sentiment normalized post-geopolitical tensions.

Mark Chadwick

AI Related Plays Out of the Gates Strong for 2025

​Watch JP SPE oversold previous winners like Disco, Screen, and TEL gaining renewed interest. A good read for photoresist/semi-chem plays after...

Andrew Jackson

Japan Weekly | Nikkei Surges 2.3%

​Speculation of GPIF increasing investment in Japanese stocks boosts Topix by 1.7%, retail sector hits year-to-date high with notable performers...

Mark Chadwick

Japan Morning Connection – 18 July, 2024

​Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...

Andrew Jackson

Mitsui E&S - Near Record ROE as Profit Continues to Expand From Multiple Drivers

Mitsui E&S is recording strong expansion in profit from multiple drivers which can continue and there is room for the company and the market to...

Daniel Tabbush

Japanese stock market saw strong gains this week, led by semiconductors and tech, as risk sentiment normalized post-geopolitical tensions.

Watch JP SPE oversold previous winners like Disco, Screen, and TEL gaining renewed interest. A good read for photoresist/semi-chem plays after...

Speculation of GPIF increasing investment in Japanese stocks boosts Topix by 1.7%, retail sector hits year-to-date high with notable performers...

Investors shift from growth to value stocks, tech stocks fall on ASML earnings miss and US export restrictions to China, VSF surges after Essilor...