Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Gains for Micron on the potential for DDR5 price hikes should help lift <a href="https://www.smartkarma.com/entities/micronics-japan-co-ltd" target="_blank" rel="noopener">6871 Micronics</a> after yesterdays excessive weakness.</li>
<li>More cheer for US home builders after Smith Douglas number beat, adding to the upside story for Sumi Forestry and Selkisui House.</li>
<li>Defence related plays should remain in the spotlight with Kishida replacement candidates Ishiba and Kono both ex-defence ministers.</li>
</ul>


Gains for Micron on the potential for DDR5 price hikes should help lift 6871 Micronics after yesterdays excessive weakness.
More cheer for US home builders after Smith Douglas number beat, adding to the upside story for Sumi Forestry and Selkisui House.
Defence related plays should remain in the spotlight with Kishida replacement candidates Ishiba and Kono both ex-defence ministers.


Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Tata Hitachi Targets Increased Market Share Amid Chinese Competition, Plans Manufacturing Expansion</li>
<li>Railways to Receive PLI Boost, Aiming to Reduce Import Dependency and Foster Local Manufacturing</li>
<li>India's Coal Production Surges 14% in June, Reaching 84.63 Million Tonnes, Boosting Sector Efficiency</li>
</ul>


Tata Hitachi Targets Increased Market Share Amid Chinese Competition, Plans Manufacturing Expansion
Railways to Receive PLI Boost, Aiming to Reduce Import Dependency and Foster Local Manufacturing
India's Coal Production Surges 14% in June, Reaching 84.63 Million Tonnes, Boosting Sector Efficiency


#23 India Insight: Tata Hitachi Market Share, Patanjali Acquires Non-Food Business, ITC Exports

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.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/shein-global-holdings" target="_blank" data-smartkarma-citation="entities:55372:1" rel="noopener">SHEIN Global Holdings (SHEIN HK)</a> is set to launch this week/today, as per media reports, while deal in India continue to flow in.</li>
<li>On the placement front, <a href="https://www.smartkarma.com/entities/alibaba-group-holding-limited" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba (9988 HK)</a> launched the largest HK primary raising yet on Sunday. </li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, SHEIN Global Holdings (SHEIN HK) is set to launch this week/today, as per media reports, while deal in India continue to flow in.
On the placement front, Alibaba (9988 HK) launched the largest HK primary raising yet on Sunday. 


Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Following a rally since early Feb, we believe the market has already priced in the upcoming recovery of machinery demand.</li><li>We see little upside potential in the near term, as (1) the recovery could be more seasonal (MoM) than structural (YoY), with sales of excavator (proxy for the sector) likely falling short of expectation in Mar; (2) We expect the strong credit growth will only translate into a moderate recovery of excavator demand this year (+10% YoY in our industry assumption).</li><li>Therefore, we are selective in our universe, and prefer only AWP (the only type of machinery that stands out by achieving 15% YoY growth in Jan). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Following a rally since early Feb, we believe the market has already priced in the upcoming recovery of machinery demand.We see little upside potential in the near term, as (1) the recovery could be more seasonal (MoM) than structural (YoY), with sales of excavator (proxy for the sector) likely falling short of expectation in Mar; (2) We expect the strong credit growth will only translate into a moderate recovery of excavator demand this year (+10% YoY in our industry assumption).Therefore, we are selective in our universe, and prefer only AWP (the only type of machinery that stands out by achieving 15% YoY growth in Jan). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Construction Machinery – Near-Term Recovery More Seasonal than Structural

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p style="text-align: center;"><strong>• 'WORST' &amp; BEST •</strong></p><p style="text-align: left;">All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &amp; Revisions Score. Therefore, the 'worst' side of our daily pair is a company where earnings momentum has already peaked out, and the upward revision to full-year earnings is below the trailing result - <a href="https://www.smartkarma.com/entities/koei-tecmo-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:20277:1" rel="noopener">Koei Tecmo (3635 JP)</a>. Conversely, the company with the largest undiscounted 'surprise' is <a href="https://www.smartkarma.com/entities/macnica-fuji-electronics-hol" target="_blank" data-smartkarma-citation="entities:26074:1" rel="noopener">Macnica Fuji Electronics (3132 JP)</a>. </p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/184/502/original/2021-01-26_06-07-10.png?1611608842" class="editor-image img-responsive" data-smartkarma-image-id="184502"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/184/504/original/2021-01-26_06-12-39.png?1611609171" class="editor-image img-responsive" data-smartkarma-image-id="184504"></figure></section><div class="content-caption"> Source for all charts &amp; tables: Japan Analytics</div>

• 'WORST' &amp; BEST •All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &amp; Revisions Score. Therefore, the 'worst' side of our daily pair is a company where earnings momentum has already peaked out, and the upward revision to full-year earnings is below the trailing result - Koei Tecmo (3635 JP). Conversely, the company with the largest undiscounted 'surprise' is Macnica Fuji Electronics (3132 JP).  Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​25 - Koei-Tecmo & Nidec

Japan

Hitachi Construction Machinery Co., Ltd. develops, manufactures, sells, and repairs construction machinery. The Company's products include hydraulic excavators, crawler cranes, wheel loaders, shield machines, and bulldozers. Hitachi Construction Machinery, a subsidiary of Hitachi, Ltd., markets its products worldwide through sales offices overseas.

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Hitachi Construction Machinery (6305 JP)

Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy

Micron's gains from potential DDR5 price hikes could boost Micronics; Defence-related stocks are in focus with Kishida replacement candidates both...

Andrew Jackson

Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China Construction Machinery – Near-Term Recovery More Seasonal than Structural

Following a rally since early Feb, we believe the market has already priced in the upcoming recovery of machinery demand.

CMB International

🇯🇵 JAPAN • Results & Revisions 01/25 - Koei-Tecmo & Nidec

All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &...

Campbell Gunn

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52-week Range

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Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy

​Micron's gains from potential DDR5 price hikes could boost Micronics; Defence-related stocks are in focus with Kishida replacement candidates both...

Andrew Jackson

#23 India Insight: Tata Hitachi Market Share, Patanjali Acquires Non-Food Business, ITC Exports

​Tata Hitachi aims for growth against Chinese competition, Railways to boost local manufacturing, India's coal production up 14% in June.

Sudarshan Bhandari

Aequitas ECM Weekly (24 August 2026)- Alibaba, Shein, Ingenic, Mech-Mind, Milky, TMBThan, Hitachi

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

China Construction Machinery – Near-Term Recovery More Seasonal than Structural

Following a rally since early Feb, we believe the market has already priced in the upcoming recovery of machinery demand.

CMB International

🇯🇵 JAPAN • Results & Revisions ​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​01/​​​​​​​​​25 - Koei-Tecmo & Nidec

All the large-caps that announced results or forecasts yesterday had positive scores, and none saw a quarter-on-quarter decline in Results &...

Campbell Gunn

Micron's gains from potential DDR5 price hikes could boost Micronics; Defence-related stocks are in focus with Kishida replacement candidates both...

Tata Hitachi aims for growth against Chinese competition, Railways to boost local manufacturing, India's coal production up 14% in June.

🇯🇵 JAPAN • Results & Revisions 01/25 - Koei-Tecmo & Nidec