Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Profit taking hit tech/semi's as tensions rapidly escalate in the Middle East, causing defense and oil related names to move higher</li>
<li>NEC remains overlooked as a defence play in Japan despite the MoD's growing for budget for electronic warfare and satellite defence capabilities</li>
<li>Renewables in the US are leading the way YTD, although Japan is far behind the curve despite PM Ishiba being a pro wind/solar and hawkish towards nuclear.</li>
</ul>


Profit taking hit tech/semi's as tensions rapidly escalate in the Middle East, causing defense and oil related names to move higher
NEC remains overlooked as a defence play in Japan despite the MoD's growing for budget for electronic warfare and satellite defence capabilities
Renewables in the US are leading the way YTD, although Japan is far behind the curve despite PM Ishiba being a pro wind/solar and hawkish towards nuclear.


Japan Morning Connection: NEC Overlooked as a Defence Play

<ul>
<li>Plenty of Ishiba trades to pickup this morning after yesterday's panic.</li>
<li>Defence related saw some initial profit taking after pricing in some gains, but KHI and NEC remain attractive on the long side.</li>
<li>Selective Inbound tourism, domestic revitalization, and China plays should snap back fairly quickly with Ishiba unlikely to upset voters ahead of elections.</li>
</ul>


Plenty of Ishiba trades to pickup this morning after yesterday's panic.
Defence related saw some initial profit taking after pricing in some gains, but KHI and NEC remain attractive on the long side.
Selective Inbound tourism, domestic revitalization, and China plays should snap back fairly quickly with Ishiba unlikely to upset voters ahead of elections.


Japan Morning Connection: Selective Rebound Expected After Yesterday's Panic

<ul>
<li>Japan set to tick higher with more cuts on the horizon and markets mostly unchanged after yesterdays holiday.</li>
<li>6758 Sony announced a ‘State of Play’ where it will showcase 20 upcoming PS5 and PS VR2 games from 3rd party studios a day ahead of the Tokyo Games Show.</li>
<li>Defence names may be in focus after Japan fighters fired flares at a Russian military plane which violated Japanese airspace three times off Hokkaido on Monday afternoon.</li>
</ul>


Japan set to tick higher with more cuts on the horizon and markets mostly unchanged after yesterdays holiday.
6758 Sony announced a ‘State of Play’ where it will showcase 20 upcoming PS5 and PS VR2 games from 3rd party studios a day ahead of the Tokyo Games Show.
Defence names may be in focus after Japan fighters fired flares at a Russian military plane which violated Japanese airspace three times off Hokkaido on Monday afternoon.


Japan Morning Connection: Watch Defence Names After Russian Violation

<ul>
<li>Major rebound for tech/AI as markets went risk-on with the debate de-risked and consumer inflation data adding to the certainty for Sep rate cuts and a soft landing for the US economy.</li>
<li>Renewables in Japan should follow US names higher after the likes of FSLR surged on expectations measures such as the inflation reduction act will continue.</li>
<li>SPE set to surge, but avoid excessive optimism for China export names after Harris comments that the US will win the AI and quantum computing race, and Trump's China critisism.</li>
</ul>


Major rebound for tech/AI as markets went risk-on with the debate de-risked and consumer inflation data adding to the certainty for Sep rate cuts and a soft landing for the US economy.
Renewables in Japan should follow US names higher after the likes of FSLR surged on expectations measures such as the inflation reduction act will continue.
SPE set to surge, but avoid excessive optimism for China export names after Harris comments that the US will win the AI and quantum computing race, and Trump's China critisism.


Japan Morning Connection: SPE Set to Surge

<ul>
<li>Echoes of August with Japan looking to start the day very weak on the lead from US semi related.</li>
<li>Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.</li>
<li>Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.</li>
</ul>


Echoes of August with Japan looking to start the day very weak on the lead from US semi related.
Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.
Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.


Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

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: NEC Overlooked as a Defence Play

Middle East tensions cause defense/oil stocks to rise; NEC undervalued in Japan defense sector; US leads in renewables, Japan lags behind despite...

Andrew Jackson

Japan Morning Connection: Selective Rebound Expected After Yesterday's Panic

Opportunities in Ishiba trades this morning, particularly in defence-related stocks, inbound tourism, domestic revitalization, and China plays.

Andrew Jackson

Japan Morning Connection: Watch Defence Names After Russian Violation

Japan's market set to rise, Sony to showcase upcoming games, and defense sector in focus after Japan fires flares at Russian plane violating...

Andrew Jackson

Japan Morning Connection: SPE Set to Surge

Tech/AI rebounds as markets went risk-on following consumer inflation data. Renewables in Japan to follow US names higher. SPE set to surge but...

Andrew Jackson

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: NEC Overlooked as a Defence Play

Middle East tensions cause defense/oil stocks to rise; NEC undervalued in Japan defense sector; US leads in renewables, Japan lags behind despite...

Andrew Jackson

Japan Morning Connection: Selective Rebound Expected After Yesterday's Panic

Opportunities in Ishiba trades this morning, particularly in defence-related stocks, inbound tourism, domestic revitalization, and China plays.

Andrew Jackson

Japan Morning Connection: Watch Defence Names After Russian Violation

​Japan's market set to rise, Sony to showcase upcoming games, and defense sector in focus after Japan fires flares at Russian plane violating...

Andrew Jackson

Japan Morning Connection: SPE Set to Surge

​Tech/AI rebounds as markets went risk-on following consumer inflation data. Renewables in Japan to follow US names higher. SPE set to surge but...

Andrew Jackson

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

​Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Japan's market set to rise, Sony to showcase upcoming games, and defense sector in focus after Japan fires flares at Russian plane violating...

Tech/AI rebounds as markets went risk-on following consumer inflation data. Renewables in Japan to follow US names higher. SPE set to surge but...

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...