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 Oct 2nd. The aggregated net margin trading position is USD30,228m.</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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.
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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.


JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

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

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Global asset markets continue to look through the Iran War</li>
<li>US technical indicators and Dollar weakness mean we remain cautiously optimistic</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Global asset markets continue to look through the Iran War
US technical indicators and Dollar weakness mean we remain cautiously optimistic


Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>The Topix Index rose by +2.6% this week and is now 9.7% higher YTD. Tech/AI/Datacentre winners this week</li>
<li>Japan's wholesale inflation rose to 2.6% YoY in March while consumer confidence plunged to a 10-month low of 33.3, signaling weakening momentum from the conflict. </li>
<li>Japan's 10-year JGB yield climbed near its highest level since 1998 amid growing expectations of a BOJ rate hike this month to combat inflation.</li>
</ul>


The Topix Index rose by +2.6% this week and is now 9.7% higher YTD. Tech/AI/Datacentre winners this week
Japan's wholesale inflation rose to 2.6% YoY in March while consumer confidence plunged to a 10-month low of 33.3, signaling weakening momentum from the conflict. 
Japan's 10-year JGB yield climbed near its highest level since 1998 amid growing expectations of a BOJ rate hike this month to combat inflation.


Japan Strategy Weekly | Iran Ceasefire Lifts Nikkei

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Disco, Kokusai and Softbank among the biggest tech laggards set to scramble higher on ceasefire news.</li>
<li>Intel joining Musk's Terafab and generating interest from Google and Amazon a positive for the main Intel suppliers such as Lasertec and Ibiden.</li>
<li>Defensive outperformers set to lose their recent upside momentum on the risk-on shift.</li>
</ul>


Disco, Kokusai and Softbank among the biggest tech laggards set to scramble higher on ceasefire news.
Intel joining Musk's Terafab and generating interest from Google and Amazon a positive for the main Intel suppliers such as Lasertec and Ibiden.
Defensive outperformers set to lose their recent upside momentum on the risk-on shift.


Japan Morning Connection: Ceasefire Set to Send Tech and AI Laggards Surging Higher

<ul>
<li>Topix broadly flat (-0.1%) amid volatility; energy surge drove sector divergence, with Services/Food outperforming and Mining/Steel lagging. </li>
<li>US equities strongly outperformed Japan. Iran conflict drove ~12% oil spike and heightened volatility; Hormuz disruption risk dominated sentiment, though LNG transit flows provided limited reassurance. </li>
<li>Japan data resilient (strong Tankan), but inflation and weak yen raise BOJ hike odds; capital rotating into AI infrastructure (e.g., Microsoft investment) despite macro uncertainty.</li>
</ul>


Topix broadly flat (-0.1%) amid volatility; energy surge drove sector divergence, with Services/Food outperforming and Mining/Steel lagging. 
US equities strongly outperformed Japan. Iran conflict drove ~12% oil spike and heightened volatility; Hormuz disruption risk dominated sentiment, though LNG transit flows provided limited reassurance. 
Japan data resilient (strong Tankan), but inflation and weak yen raise BOJ hike odds; capital rotating into AI infrastructure (e.g., Microsoft investment) despite macro uncertainty.


Japan Strategy Weekly | Markets Navigate Volatility

Japan

Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. The Company holds patents in optical fiber coating technology and produces optical fiber cables in the United States.  Furukawa Electric's metal products include aluminum cans, air conditioner parts, and shape memory alloys.

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

Furukawa Electric (5801 JP)

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Overview #56 - Back to the Races?

A review of recent events/data impacting our investment themes and outlook. We take a look at Oil, Commodities and the strong move in US indices

Rikki Malik

Japan Strategy Weekly | Iran Ceasefire Lifts Nikkei

Topix Index up 2.6% this week, tech winners. Japan's inflation rises to 2.6%, consumer confidence drops. JGB yield near 1998 high on BOJ rate hike...

Mark Chadwick

Japan Morning Connection: Ceasefire Set to Send Tech and AI Laggards Surging Higher

A 2-week ceasefire has been agreed, subject to the straits being reopened, sending oil sharply lower and futures sharply higher. Will be a more...

Andrew Jackson

Japan Strategy Weekly | Markets Navigate Volatility

Energy surge drives sector divergence in Topix, US equities outperform Japan amid Iran conflict and oil spike, Japan data resilient but inflation...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Overview #56 - Back to the Races?

A review of recent events/data impacting our investment themes and outlook. We take a look at Oil, Commodities and the strong move in US indices

Rikki Malik

Japan Strategy Weekly | Iran Ceasefire Lifts Nikkei

​Topix Index up 2.6% this week, tech winners. Japan's inflation rises to 2.6%, consumer confidence drops. JGB yield near 1998 high on BOJ rate hike...

Mark Chadwick

Japan Morning Connection: Ceasefire Set to Send Tech and AI Laggards Surging Higher

A 2-week ceasefire has been agreed, subject to the straits being reopened, sending oil sharply lower and futures sharply higher. Will be a more...

Andrew Jackson

Japan Strategy Weekly | Markets Navigate Volatility

​Energy surge drives sector divergence in Topix, US equities outperform Japan amid Iran conflict and oil spike, Japan data resilient but inflation...

Mark Chadwick

Topix Index up 2.6% this week, tech winners. Japan's inflation rises to 2.6%, consumer confidence drops. JGB yield near 1998 high on BOJ rate hike...

Energy surge drives sector divergence in Topix, US equities outperform Japan amid Iran conflict and oil spike, Japan data resilient but inflation...