Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Inpex reported strong Q2 financial results with operating income rising 161% to ¥584 billion </li>
<li>The company revised its full-year OP guidance by 23% to ¥1,133 billion. It is still conservative </li>
<li>Inpex also announced a blockbuster buyback of 120 million shares, or 8.65% of its outstanding capital </li>
</ul>


Inpex reported strong Q2 financial results with operating income rising 161% to ¥584 billion 
The company revised its full-year OP guidance by 23% to ¥1,133 billion. It is still conservative 
Inpex also announced a blockbuster buyback of 120 million shares, or 8.65% of its outstanding capital 


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Japan Petroleum Exploration / Event-Driven

<ul>
<li>Japanese companies are buying back more stock than ever before, and recent moves by the TSE and METI are effectively pushing for more.</li>
<li>The new goal is to lift PBR and ROE. The easiest way to lift ROE is reduce E. Low-PBR Cos with excess assets and cross-holdings (outbound and inbound) are targets.</li>
<li>In this insight I look at several possible rankings for potential large buyback targets.</li>
</ul>


Japanese companies are buying back more stock than ever before, and recent moves by the TSE and METI are effectively pushing for more.
The new goal is to lift PBR and ROE. The easiest way to lift ROE is reduce E. Low-PBR Cos with excess assets and cross-holdings (outbound and inbound) are targets.
In this insight I look at several possible rankings for potential large buyback targets.


JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

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

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Oil’s positive reaction to bearish news was a signal to go long.</li>
<li>Regardless of the outcome of the current fighting between Israel and Iran, oil has likely bottomed.</li>
<li>We add oil and related equities to the inflation basket</li>
</ul>


Oil’s positive reaction to bearish news was a signal to go long.
Regardless of the outcome of the current fighting between Israel and Iran, oil has likely bottomed.
We add oil and related equities to the inflation basket


Tactical Trading -Oil Joins the Commodity Rally

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>AMAT numbers sends US SPE lower on Friday which should spill over into Japan.</li>
<li>Trump's Energy Secretary nomination may be a short term positive for oil and gas related, longer-term questionable.</li>
<li>Both Ibiden and Renesas have potential to be rerated on their NVDA exposure, but market indifferent so far.</li>
</ul>


AMAT numbers sends US SPE lower on Friday which should spill over into Japan.
Trump's Energy Secretary nomination may be a short term positive for oil and gas related, longer-term questionable.
Both Ibiden and Renesas have potential to be rerated on their NVDA exposure, but market indifferent so far.


Japan Morning Connection: Potential for Ibiden and Renesas to Be Seen as NVDA Plays

<ul>
<li>NVDA lifts markets on comments from Hon Hai Chairman that demand for Blackwell was 'crazy'.</li>
<li>Oil related names in JP will follow US lower on the drop in oil, despite Hurricane Milton having the potential to disrupt production.</li>
<li>HK futures finding off the lows overnight should point to upside for related China names in Japan to start; Gamers to be sold heavily after PIF sale.</li>
</ul>


NVDA lifts markets on comments from Hon Hai Chairman that demand for Blackwell was 'crazy'.
Oil related names in JP will follow US lower on the drop in oil, despite Hurricane Milton having the potential to disrupt production.
HK futures finding off the lows overnight should point to upside for related China names in Japan to start; Gamers to be sold heavily after PIF sale.


Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names

Japan

INPEX CORPORATION is a holding company established through the reorganization of INPEX Corp and Teikoku Oil.  The Company manages subsidiaries that explores, produces, and sells oil and natural gas.

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Inpex Corp (1605 JP)

Inpex (1605) | Blockbuster Buyback

[EARNINGS] INPEX CORP(1605) Q2 FY12/2023 Net Profit 102.78 billion yen,13.7%YoY above Consensus 72.8 billion yen. Company Full Year Net Profit...

Mark Chadwick

JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

JAPAN GOVERNANCE: There is a buyback story coming. It will be big. Bigger than the past year or two, and it will continue. What to buy?

Travis Lundy

Tactical Trading -Oil Joins the Commodity Rally

Oil joins the commodity rally and has likely bottommed regardless of the outcome in the current Israel/Iran fighting. OIl related equities are now...

Rikki Malik

Japan Morning Connection: Potential for Ibiden and Renesas to Be Seen as NVDA Plays

AMAT numbers impact US SPE which should effect in Japan, Trump's Energy Secretary nomination may benefit oil/gas short term, Ibiden and Renesas...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Inpex (1605) | Blockbuster Buyback

[EARNINGS] INPEX CORP(1605) Q2 FY12/2023 Net Profit 102.78 billion yen,13.7%YoY above Consensus 72.8 billion yen. Company Full Year Net Profit...

Mark Chadwick

JAPAN GOVERNANCE CHANGES II - Who Could Surprise on Buybacks? Quant Rankings

JAPAN GOVERNANCE: There is a buyback story coming. It will be big. Bigger than the past year or two, and it will continue. What to buy?

Travis Lundy

Tactical Trading -Oil Joins the Commodity Rally

Oil joins the commodity rally and has likely bottommed regardless of the outcome in the current Israel/Iran fighting. OIl related equities are now...

Rikki Malik

Japan Morning Connection: Potential for Ibiden and Renesas to Be Seen as NVDA Plays

​AMAT numbers impact US SPE which should effect in Japan, Trump's Energy Secretary nomination may benefit oil/gas short term, Ibiden and Renesas...

Andrew Jackson

Japan Morning Connection: HK Futures off the Lows Should Point to Upside for China Related Names

NVDA +4.1% on comments from Hon Hai that demand for Blackwell chips was ‘crazy’, Oil related will follow US lower, HK futures off the lows should...

Andrew Jackson

AMAT numbers impact US SPE which should effect in Japan, Trump's Energy Secretary nomination may benefit oil/gas short term, Ibiden and Renesas...