Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>JPX's October 7 review adds 35 names and phases out 683 over eight quarterly steps, creating dated passive buying and selling in several AI and semiconductor stocks.</li>
<li>Ferrotec, santec, Seikoh Giken and C.Uyemura get passive buying at the October 29 close; Samco, Tazmo, Torex Semiconductor and Fixstars face eight quarterly passive selling dates.</li>
<li>The October 2027 re-evaluation is an escape hatch: deleted names that regain liquidity stop being cut, making buybacks, cross-shareholding unwinds and float will increase the catalysts to watch.</li>
</ul>


JPX's October 7 review adds 35 names and phases out 683 over eight quarterly steps, creating dated passive buying and selling in several AI and semiconductor stocks.
Ferrotec, santec, Seikoh Giken and C.Uyemura get passive buying at the October 29 close; Samco, Tazmo, Torex Semiconductor and Fixstars face eight quarterly passive selling dates.
The October 2027 re-evaluation is an escape hatch: deleted names that regain liquidity stop being cut, making buybacks, cross-shareholding unwinds and float will increase the catalysts to watch.


Japan AI Small Caps: Who Topix Funds Must Buy/Sell Following the Oct 30 Index Cull

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Hibiki Path has taken a stake in Fujikura Composites, arguing its high-quality golf-shaft business is undervalued due to conservative capital allocation, and is pushing for reforms to boost shareholder returns.</li>
<li>Asset Value Investors has taken a stake in Foster Electric, pressing for stronger capital returns to address excess cash and low ROE, despite short term tariffs &amp; rare earth risks</li>
<li>Ferrotec faces rising activist pressure as investors target value unlocking through monetising Chinese subsidiaries, simplifying its complex structure, and boosting shareholder returns.</li>
</ul>


Hibiki Path has taken a stake in Fujikura Composites, arguing its high-quality golf-shaft business is undervalued due to conservative capital allocation, and is pushing for reforms to boost shareholder returns.
Asset Value Investors has taken a stake in Foster Electric, pressing for stronger capital returns to address excess cash and low ROE, despite short term tariffs &amp; rare earth risks
Ferrotec faces rising activist pressure as investors target value unlocking through monetising Chinese subsidiaries, simplifying its complex structure, and boosting shareholder returns.


Japan Activist Briefs | Fujikura Composites, Foster Electric, Ferrotec

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>The correction in momentum is done as index moves mask the price action underneath</li>
<li>Will the Bank of Japan finally hike rates again ?</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
The correction in momentum is done as index moves mask the price action underneath
Will the Bank of Japan finally hike rates again ?


<ul>
<li>US stocks fell as tech shares slid, with the Nasdaq down 1.8%, after a report said Oracle’s $10bn data centre project lost backing from Blue Owl Capital, reviving funding concerns.</li>
<li>Asahi Group will acquire 65% of Diageo’s East African business for ¥465bn, entering Kenya, Uganda and Tanzania, with FY25 sales of ¥155bn and completion expected in the 2H26.</li>
<li>Oasis Management disclosed an 8.5% stake in <strong>Ferrotec</strong>, attracted by its semiconductor exposure, low valuations and potential for corp action re-rating</li>
</ul>


US stocks fell as tech shares slid, with the Nasdaq down 1.8%, after a report said Oracle’s $10bn data centre project lost backing from Blue Owl Capital, reviving funding concerns.
Asahi Group will acquire 65% of Diageo’s East African business for ¥465bn, entering Kenya, Uganda and Tanzania, with FY25 sales of ¥155bn and completion expected in the 2H26.
Oasis Management disclosed an 8.5% stake in Ferrotec, attracted by its semiconductor exposure, low valuations and potential for corp action re-rating


Ohayo Japan | Oracle’s AI Build-Out: Who Pays the Bill?

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Micron up AH as numbers beat handily, but not on what you maybe thought. TP's for Sandisk and Kioxia get doubled but expect more on the follow.</li>
<li>Defense will be in focus after loosing their shine to AI on Trump's Ukraine comments and big Boeing deals in the wings.</li>
<li>Quantum names continue higher and Socionext's 7.5% move Monday should have more to run.</li>
</ul>


Micron up AH as numbers beat handily, but not on what you maybe thought. TP's for Sandisk and Kioxia get doubled but expect more on the follow.
Defense will be in focus after loosing their shine to AI on Trump's Ukraine comments and big Boeing deals in the wings.
Quantum names continue higher and Socionext's 7.5% move Monday should have more to run.


Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

Japan

Ferrotec Corporation develops, manufactures, and sells equipment that incorporates magnetic fluid (ferrofluid) technology. The Company manufactures and processes electronics components, manufactures machine tools, and cleans parts used in semiconductor manufacturing equipment as CMS (contract manufacturing service) business in China.

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Ferrotec Corp (6890 JP)

Japan AI Small Caps: Who Topix Funds Must Buy/Sell Following the Oct 30 Index Cull

Topix funds must buy 6 and sell 15 Japanese AI/semiconductor small caps after the Oct 30 index cull. Names and flow sizes, plus notes on the Oct...

Nico Rosti

Japan Activist Briefs | Fujikura Composites, Foster Electric, Ferrotec

Investors push for reforms and value unlocking at Fujikura Composites, Foster Electric, and Ferrotec to boost shareholder returns.

Mark Chadwick

Overview #61- Back to the Races

A review of recent events/data impacting our investment themes and outlook. We look at the momentum correction and expectations for what happens next

Rikki Malik

Ohayo Japan | Oracle’s AI Build-Out: Who Pays the Bill?

US stocks fell due to tech shares sliding, Nasdaq down 1.8% after Oracle's data center project lost backing, raising funding concerns.

Mark Chadwick

Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

Quantum names continue to do well which may send Socionext even higher. Micron's numbers after hours will add upside to Ibiden. Any pullback in...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan AI Small Caps: Who Topix Funds Must Buy/Sell Following the Oct 30 Index Cull

Topix funds must buy 6 and sell 15 Japanese AI/semiconductor small caps after the Oct 30 index cull. Names and flow sizes, plus notes on the Oct...

Nico Rosti

Japan Activist Briefs | Fujikura Composites, Foster Electric, Ferrotec

​Investors push for reforms and value unlocking at Fujikura Composites, Foster Electric, and Ferrotec to boost shareholder returns.

Mark Chadwick

Overview #61- Back to the Races

A review of recent events/data impacting our investment themes and outlook. We look at the momentum correction and expectations for what happens next

Rikki Malik

Ohayo Japan | Oracle’s AI Build-Out: Who Pays the Bill?

​US stocks fell due to tech shares sliding, Nasdaq down 1.8% after Oracle's data center project lost backing, raising funding concerns.

Mark Chadwick

Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

Quantum names continue to do well which may send Socionext even higher. Micron's numbers after hours will add upside to Ibiden. Any pullback in...

Andrew Jackson

Investors push for reforms and value unlocking at Fujikura Composites, Foster Electric, and Ferrotec to boost shareholder returns.

US stocks fell due to tech shares sliding, Nasdaq down 1.8% after Oracle's data center project lost backing, raising funding concerns.