Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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

<ul>
<li>Toyota further signalling a U-turn in its EV strategy by delaying long-range battery plant.</li>
<li>Nexon very squeezy, but does something this well flagged really deserve legs?</li>
<li>Activist Murakami up to his old tricks a la Pacific Metals with Ferrotec or just a tactic to shake retail?</li>
</ul>


Toyota further signalling a U-turn in its EV strategy by delaying long-range battery plant.
Nexon very squeezy, but does something this well flagged really deserve legs?
Activist Murakami up to his old tricks a la Pacific Metals with Ferrotec or just a tactic to shake retail?


Japan Morning Connection: Rudderless Tape in the US Points to Uninspired JP Trading to Start

<ul>
<li>Expect a strong follow through from Japan's SPE despite a rare outperformance last week</li>
<li>Laggards such as TEL, Screen and Micronics may be targets.  </li>
<li>Many mainstay EU defence names surged to new highs; expect heavies and JSW upside</li>
</ul>


Expect a strong follow through from Japan's SPE despite a rare outperformance last week
Laggards such as TEL, Screen and Micronics may be targets.  
Many mainstay EU defence names surged to new highs; expect heavies and JSW upside


Japan Morning Connection: Solid Tech Rebound Ahead of the NVDA Developers Conference This Week

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 11th. The aggregated net margin trading position is USD30,193m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec, Nintendo, Japan Airport Terminal, Tokyo Electron, Disco, Sumitomo Mitsui Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 11th. The aggregated net margin trading position is USD30,193m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec, Nintendo, Japan Airport Terminal, Tokyo Electron, Disco, Sumitomo Mitsui Financial.


JPX Margin Trading Weekly (Sep 11th): Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Two+ years ago, the TSE announced a second phase methodology change for its main equity index TOPIX. TOPIX would change from being inclusive to being exclusive, resembling global indices. </li>
<li>The data cutoff for TOPIX methodology change rankings is 14bd away. That cutoff determines who gets in, who stays in, and who gets the boot. The annual FFW review coincides.</li>
<li>The BEST trades are the unrelated FFW trades, the INs, the LFRs, and of course, the NOT OUTs. Borderlines are interesting. Two stocks +2%? -4%?, +42/24x ADV. Or not. </li>
</ul>


Two+ years ago, the TSE announced a second phase methodology change for its main equity index TOPIX. TOPIX would change from being inclusive to being exclusive, resembling global indices. 
The data cutoff for TOPIX methodology change rankings is 14bd away. That cutoff determines who gets in, who stays in, and who gets the boot. The annual FFW review coincides.
The BEST trades are the unrelated FFW trades, the INs, the LFRs, and of course, the NOT OUTs. Borderlines are interesting. Two stocks +2%? -4%?, +42/24x ADV. Or not. 


[Quiddity Index] The TOPIX Change in Oct26 - Part III (INs Vs OUTs - Borderlines Are Trading Opps)

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 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

Japan Morning Connection: Rudderless Tape in the US Points to Uninspired JP Trading to Start

Toyota delays long-range battery plant, pulling back from EV expansion. Nexon's recent move looks squeezy. Murakami's tactics with Ferrotec...

Andrew Jackson

Japan Morning Connection: Solid Tech Rebound Ahead of the NVDA Developers Conference This Week

Japan's SPE likely to continue strong performance, with potential targets in laggards like TEL, Screen, and Micronics. EU defense stocks have been...

Andrew Jackson

JPX Margin Trading Weekly (Sep 11th): Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Advantest (6857 JP),...

Ke Yan, CFA, FRM

[Quiddity Index] The TOPIX Change in Oct26 - Part III (INs Vs OUTs - Borderlines Are Trading Opps)

The TOPIX Rebal is interesting. One pricing date, on a long flat tail of rankings, to determine whether to buy or sell 5-40x ADV. That kicks up...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Japan Morning Connection: Rudderless Tape in the US Points to Uninspired JP Trading to Start

​Toyota delays long-range battery plant, pulling back from EV expansion. Nexon's recent move looks squeezy. Murakami's tactics with Ferrotec...

Andrew Jackson

Japan Morning Connection: Solid Tech Rebound Ahead of the NVDA Developers Conference This Week

​Japan's SPE likely to continue strong performance, with potential targets in laggards like TEL, Screen, and Micronics. EU defense stocks have been...

Andrew Jackson

JPX Margin Trading Weekly (Sep 11th): Kioxia, SoftBank, Advantest, Mitsubishi UFJ Financial, Lintec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), SoftBank (9984 JP), Advantest (6857 JP),...

Ke Yan, CFA, FRM

[Quiddity Index] The TOPIX Change in Oct26 - Part III (INs Vs OUTs - Borderlines Are Trading Opps)

The TOPIX Rebal is interesting. One pricing date, on a long flat tail of rankings, to determine whether to buy or sell 5-40x ADV. That kicks up...

Travis Lundy

Toyota delays long-range battery plant, pulling back from EV expansion. Nexon's recent move looks squeezy. Murakami's tactics with Ferrotec...

Japan's SPE likely to continue strong performance, with potential targets in laggards like TEL, Screen, and Micronics. EU defense stocks have been...