Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Memory continues higher with WD announcing price hikes due to extreme demand.</li>
<li>More and more chatter about high-bandwidth-flash as the next-gen memory for AI.</li>
<li>China launching anti-dumping measures against analog IC's keeping power-names down.</li>
</ul>


Memory continues higher with WD announcing price hikes due to extreme demand.
More and more chatter about high-bandwidth-flash as the next-gen memory for AI.
China launching anti-dumping measures against analog IC's keeping power-names down.


Japan Morning Connection: Tech Juggernaut Continues with No Signs of a Slowdown

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>With <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota (7203 JP)</a> having sold some of its stake in <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso</a>, <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI</a> and <a href="https://www.smartkarma.com/entities/harmonic-drive-systems-inc" target="_blank" data-smartkarma-citation="entities:10238:1" rel="noopener">Harmonic Drive</a> this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.</li>
<li>Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


With Toyota (7203 JP) having sold some of its stake in Denso, KDDI and Harmonic Drive this year, it has firmly set the ball rolling for unwinding some of its cross-shareholding.
Toyota has a shareholding in around 60 listed companies, with its combined disposable stake worth over US$26bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

<ul>
<li>Almost a year ago, I wrote a report titled “Humanoids are coming and this overlooked stock could be their Nvidia”.  There's been progress, but mass production still hasn't started.</li>
<li>Despite advancements in generative AI and large language models, it’s proving technologically challenging to teach humanoids to reason, adapt, and multitask like humans.</li>
<li>2026 seems to be the new target, but there likely needs to be evidence of an order increase before the related stocks get moving.</li>
</ul>


Almost a year ago, I wrote a report titled “Humanoids are coming and this overlooked stock could be their Nvidia”.  There's been progress, but mass production still hasn't started.
Despite advancements in generative AI and large language models, it’s proving technologically challenging to teach humanoids to reason, adapt, and multitask like humans.
2026 seems to be the new target, but there likely needs to be evidence of an order increase before the related stocks get moving.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.</li>
<li>Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. </li>
<li>The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.</li>
</ul>


On 28 August, Robotis (108490 KS) announced a rights offering capital increase of 100 billion won.
Rights offering plan is to allocate 1,349,528 new shares (10% of outstanding shares) to existing shareholders, and then conduct a public offering for general investors once forfeited shares are issued. 
The expected rights offering price is 74,100 won per share (12.8% lower than current price). We are Negative on this rights offering.


Robotis - Rights Offering of 100 Billion Won

<ul>
<li>AI and tech took a backseat, although momentum significantly outperformed value which is likely to be reflected in JP.</li>
<li>Trend Micro may be in focus after analyst pushes cyber security as biggest tech trade this year.</li>
<li>KHI looking to release its own humanoid, but Harmonic joints are out of favor and worth another look after steep decline.</li>
</ul>


AI and tech took a backseat, although momentum significantly outperformed value which is likely to be reflected in JP.
Trend Micro may be in focus after analyst pushes cyber security as biggest tech trade this year.
KHI looking to release its own humanoid, but Harmonic joints are out of favor and worth another look after steep decline.


Japan Morning Connection: Oil Down and Defense up as Trump Rails at Putin and Sends More Patriots

Japan

Harmonic Drive Systems Inc. manufactures speed reducers used in industrial robots, semiconductor manufacturing equipment, and other precision instruments. The Company offers cup type, hollow-shaft type, and rotary type speed reducers. Harmonic Drive Systems also produces gear heads and harmonic drive actuators.

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Harmonic Drive Systems (6324 JP)

Japan Morning Connection: Tech Juggernaut Continues with No Signs of a Slowdown

Market expecting Elon Musk to have something up his sleeve after buying 1bl worth of Tesla Stock. New catalysts for AI memory may oush NAND names...

Andrew Jackson

Toyota Cross-Shareholding - To Say a Whole Lot Is Left Would Be a US$26bn Understatement

Toyota, Toyota Industries and Denso are tag teaming to unwind some of their stake in Aisin, in a deal worth over US$1bn. While the timing of the...

Sumeet Singh

The Humanoids Are Coming… But When?

Almost a year ago, I wrote a report titled “Humanoids are coming and this overlooked stock could be their Nvidia”. As the move to mass production...

Finimize Research

Robotis - Rights Offering of 100 Billion Won

Robotis announced a rights offering of 100 billion won. The expected rights offering price is 74,100 won per share (12.8% lower than current...

Douglas Kim

Japan Morning Connection: Oil Down and Defense up as Trump Rails at Putin and Sends More Patriots

JP autos look ripe for a squeeze if better than expected tarrif outcome. Musk convinced by his humanoid robots despite setbacks. JP heavies should...

Andrew Jackson

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