Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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

Japan Specialist

Mark Chadwick

<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

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI Brazil Capped ETF / Technical Analysis

<ul>
<li>In our October 26, 2023 Int'l Compass we discussed our expectations for a bounce in global equities (MSCI ACWI). So far, that has been the low.</li>
<li>Then, in our November 2, 2023 report, we discussed the bullish implications of the false breakdown in MSCI ACWI (local currency), before discussing expectations for a year-end rally on Nov.16</li>
<li>We see a massive opportunity in global gold/silver miners with gold nearing multi-year breakout. Also buy opportunities: Utilities in Europe, UK, and India; Materials, Industrials, Transportation, Real Estate, and Technology</li>
</ul>


In our October 26, 2023 Int'l Compass we discussed our expectations for a bounce in global equities (MSCI ACWI). So far, that has been the low.
Then, in our November 2, 2023 report, we discussed the bullish implications of the false breakdown in MSCI ACWI (local currency), before discussing expectations for a year-end rally on Nov.16
We see a massive opportunity in global gold/silver miners with gold nearing multi-year breakout. Also buy opportunities: Utilities in Europe, UK, and India; Materials, Industrials, Transportation, Real Estate, and Technology


Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Kurita Water Industries / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kurita-water-industries-ltd" target="_blank" data-smartkarma-citation="entities:3870:1" rel="noopener">Kurita Water Industries (6370 JP)</a> is an indirect beneficiary of the growing AI CapEx spending, and as a result, it trades at a discount to its global peers.  </li>
<li>The management is committed to doing a share buyback of around USD 220 million from now to mid-next year, which will provide some floor for the share price. </li>
<li>It is also less volatile and less correlated with the other large caps within the AI CapEx spending beneficiaries such as TSMC, and SK Hynix. </li>
</ul>



Kurita Water Industries (6370 JP) is an indirect beneficiary of the growing AI CapEx spending, and as a result, it trades at a discount to its global peers.  
The management is committed to doing a share buyback of around USD 220 million from now to mid-next year, which will provide some floor for the share price. 
It is also less volatile and less correlated with the other large caps within the AI CapEx spending beneficiaries such as TSMC, and SK Hynix. 


Kurita Water (6370): Stable AI CapEx Beneficiary

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.

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Ebara Corp (6361 JP)

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

Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

Our bullish outlook on global equities $ACWI remains intact. We are also upgrading Brazil $EWZ to overweight. We continue to expect a rally into...

Vermilion Research

Kurita Water (6370): Stable AI CapEx Beneficiary

Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.

Henry Soediarko

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52-week Range

Market Cap (USDm)

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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

Bullish Outlook Intact; Upgrading Brazil to Overweight; Buying Global Gold/Silver Miners + More Buys

Our bullish outlook on global equities $ACWI remains intact. We are also upgrading Brazil $EWZ to overweight. We continue to expect a rally into...

Vermilion Research

Kurita Water (6370): Stable AI CapEx Beneficiary

​Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.

Henry Soediarko

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...

Kurita Water Industries benefits from AI CapEx spending, trades at discount to peers, plans share buyback to support share price.