Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japanese equities rose but is AI optimism starting to appear fatigued amid concerns over circular investment flows and capex sustainability. </li>
<li>Diverging central bank policies complicate yen outlook; softer Tokyo inflation and resilient US data challenge expectations for BOJ tightening and Fed easing. </li>
<li>Trump’s 100% drug tariffs hit Japanese pharma stocks, while resource scarcity boosted miners and Russian incursions over EU airspace lifted defence names. </li>
</ul>


Japanese equities rose but is AI optimism starting to appear fatigued amid concerns over circular investment flows and capex sustainability. 
Diverging central bank policies complicate yen outlook; softer Tokyo inflation and resilient US data challenge expectations for BOJ tightening and Fed easing. 
Trump’s 100% drug tariffs hit Japanese pharma stocks, while resource scarcity boosted miners and Russian incursions over EU airspace lifted defence names. 


Japan Strategy Weekly | Between Hype and Hard Ground

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Nickel surges after Freeport's Indonesian closure will have long term pricing impact. Watch SMM, MMS and Mit Materials.</li>
<li>Inrel approaches Apple for partnership, although its unlikely they can push out TSMC for chips.</li>
<li>Memory takes a break after Micon's earnings seen as not quite good enough after recent gains.</li>
</ul>


Nickel surges after Freeport's Indonesian closure will have long term pricing impact. Watch SMM, MMS and Mit Materials.
Inrel approaches Apple for partnership, although its unlikely they can push out TSMC for chips.
Memory takes a break after Micon's earnings seen as not quite good enough after recent gains.


Japan Morning Connection: Tech Takes a Breather but Marvell Doubles Down with Announced Buyback

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.</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 SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.
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 SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.


JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.</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 Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.
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 Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.


JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Japan’s defence renaissance is underway, driven by structural budget growth toward 2%+ of GDP.</li>
<li>Multi-Decade tailwinds in missiles, cyber, and naval systems will reshape the domestic defence industry.</li>
<li>Investors should balance national champions with mid-cap leverage plays to capture both visibility and alpha.</li>
</ul>


Japan’s defence renaissance is underway, driven by structural budget growth toward 2%+ of GDP.
Multi-Decade tailwinds in missiles, cyber, and naval systems will reshape the domestic defence industry.
Investors should balance national champions with mid-cap leverage plays to capture both visibility and alpha.


Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

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.

Price Gauge
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IHI Corp (7013 JP)

Japan Strategy Weekly | Between Hype and Hard Ground

Japanese equities rise amid concerns over AI optimism fatigue, diverging central bank policies complicate yen outlook, Trump's drug tariffs impact...

Mark Chadwick

Japan Morning Connection: Tech Takes a Breather but Marvell Doubles Down with Announced Buyback

Global defense names did well after Trump's comments of support for Ukraine. Marvell jumped after management announced a $1bn accelerated buyback.

Andrew Jackson

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

Japan's defense industry is experiencing a renaissance with increased budget allocation, leading to opportunities for investors in national...

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Strategy Weekly | Between Hype and Hard Ground

​Japanese equities rise amid concerns over AI optimism fatigue, diverging central bank policies complicate yen outlook, Trump's drug tariffs impact...

Mark Chadwick

Japan Morning Connection: Tech Takes a Breather but Marvell Doubles Down with Announced Buyback

Global defense names did well after Trump's comments of support for Ukraine. Marvell jumped after management announced a $1bn accelerated buyback.

Andrew Jackson

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

​Japan's defense industry is experiencing a renaissance with increased budget allocation, leading to opportunities for investors in national...

Rahul Jain

Japanese equities rise amid concerns over AI optimism fatigue, diverging central bank policies complicate yen outlook, Trump's drug tariffs impact...

Japan's defense industry is experiencing a renaissance with increased budget allocation, leading to opportunities for investors in national...