Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.</li>
<li>Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.</li>
<li>Oil takes a sizeable hit with OPEC signalling supply increases on the way.</li>
</ul>


Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.
Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.
Oil takes a sizeable hit with OPEC signalling supply increases on the way.


Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

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

Rikki Malik

<ul>
<li>Increasing Nuclear energy use is a key platform for PM Takaichi</li>
<li>Recent geopolitical events will likely accelerate this push for energy security</li>
<li>We introduce a basket of stocks to benefit from this theme</li>
</ul>


Increasing Nuclear energy use is a key platform for PM Takaichi
Recent geopolitical events will likely accelerate this push for energy security
We introduce a basket of stocks to benefit from this theme


Critical Mass - Japan's Nuclear Renaissance and the Supply Chain Stocks to Play It.

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

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.

Equity Bottom-Up

<ul>
<li>Sales and operating profit declined YoY in 1H, but new orders were up 17.5% and the book-to-bill ratio rose from 1.00 to 1.25. anagement has raised full-year guidance.</li>
<li>Aerospace &amp; Defense continue to lead growth, with nuclear energy and Asian EPC making significant contributions to new orders and the restructuring of Industrial Systems &amp; Machinery boosting operating profit.</li>
<li>Share price down 15% in two weeks to 23x FY Mar-26 EPS guidance. Once again a reasonably valued investment in Japan's rising defense budget and corporate restructuring.</li>
</ul>


Sales and operating profit declined YoY in 1H, but new orders were up 17.5% and the book-to-bill ratio rose from 1.00 to 1.25. anagement has raised full-year guidance.
Aerospace &amp; Defense continue to lead growth, with nuclear energy and Asian EPC making significant contributions to new orders and the restructuring of Industrial Systems &amp; Machinery boosting operating profit.
Share price down 15% in two weeks to 23x FY Mar-26 EPS guidance. Once again a reasonably valued investment in Japan's rising defense budget and corporate restructuring.


IHI (7013 JP): Orders and Profits Headed Up, Share Price Down

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.</li>
<li>In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,000+ insights shared on Smartkarma. After a brief one-issue break, we’re back with fresh perspectives.
In this cut, we explore Japan’s renewed defense ambitions, Asia’s eyewear evolution, and US diagnostics' next frontiers.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

<ul>
<li>New Japanese Prime Minister Sanae Takaichi aims to raise defense spending to 2% of GDP this fiscal year, two years ahead of the original schedule.</li>
<li>Takaichi also wants to accelerate investment in advanced defense technologies. IHI, which recently signed an agreement with ICEYE to build earth observations satellites, should be among the beneficiaries.</li>
<li>IHI's sales and profit comparisons should turn positive during FY Mar-26. A 7-for-1 stock split effective October 1, 2025, makes the shares more attractive to retail investors. </li>
</ul>


New Japanese Prime Minister Sanae Takaichi aims to raise defense spending to 2% of GDP this fiscal year, two years ahead of the original schedule.
Takaichi also wants to accelerate investment in advanced defense technologies. IHI, which recently signed an agreement with ICEYE to build earth observations satellites, should be among the beneficiaries.
IHI's sales and profit comparisons should turn positive during FY Mar-26. A 7-for-1 stock split effective October 1, 2025, makes the shares more attractive to retail investors. 


IHI (7013 JP): SAR Satellite Deal Adds to Takaichi Trade

Japan

IHI Corporation manufactures heavy machinery. The Company produces aircraft jet engines, rocket propulsion systems, and ships for military and commercial use. Ishikawajima-Harima also constructs petroleum refineries and nuclear power plants.

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IHI Corp (7013 JP)

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Critical Mass - Japan's Nuclear Renaissance and the Supply Chain Stocks to Play It.

Many nuclear supply chain stocks limit up yesterday based on Kyodo news report that the 3rd tranche of the $550bn Japan–US investment package is...

Rikki Malik

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

IHI (7013 JP): SAR Satellite Deal Adds to Takaichi Trade

Japanese defense spending should rise more rapidly under PM Takaichi. That plus a satellite deal with ICEYE should provide new impetus for IHI,...

Scott Foster

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Critical Mass - Japan's Nuclear Renaissance and the Supply Chain Stocks to Play It.

Many nuclear supply chain stocks limit up yesterday based on Kyodo news report that the 3rd tranche of the $550bn Japan–US investment package is...

Rikki Malik

IHI (7013 JP): Orders and Profits Headed Up, Share Price Down

Down 15% in the recent market sell-off, IHI is again an attractive play on Japan's rising defense spending and the company's own restructuring....

Scott Foster

Curator's Cut: Japan's Defense Drive, Asia's Vision Opportunities & US Diagnostics Picks

​Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...

Pranav Rao

IHI (7013 JP): SAR Satellite Deal Adds to Takaichi Trade

Japanese defense spending should rise more rapidly under PM Takaichi. That plus a satellite deal with ICEYE should provide new impetus for IHI,...

Scott Foster

Curator's Cut highlights Japan's defense ambitions, Asia's eyewear evolution, and US diagnostics' advancements. Share your thoughts on future...