Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Japan's space names down as much as -43% recently set to recover sharply with SpaceX IPO priced at $135 and $100bn of retail demand.</li>
<li>Recently sold US AI and semi plays surging the most since April last year after several sessions of weak and choppy trading.</li>
<li>Retail losers Musashi Seimitsu, Rigaku, JX Metals, Teraprobe and Seikoh Giken among the names that could rebound as AI sentiment recovers.</li>
</ul>


Japan's space names down as much as -43% recently set to recover sharply with SpaceX IPO priced at $135 and $100bn of retail demand.
Recently sold US AI and semi plays surging the most since April last year after several sessions of weak and choppy trading.
Retail losers Musashi Seimitsu, Rigaku, JX Metals, Teraprobe and Seikoh Giken among the names that could rebound as AI sentiment recovers.


Japan Morning Connection: Space Names to Fly High on SpaceX IPO Success

<ul>
<li>Fuji Electric rolling out new server cooling technology this month cutting power consumption by 85% — worth picking up after yesterday's -5.6% dip.</li>
<li>QD Laser still -17% over the last week despite TDK partnership, after collateral requirements were tightened for Japanese retail.</li>
<li>With Space names rebounding overnight, the big selling for Japanese peers should abates after big corrections over the last week.</li>
</ul>


Fuji Electric rolling out new server cooling technology this month cutting power consumption by 85% — worth picking up after yesterday's -5.6% dip.
QD Laser still -17% over the last week despite TDK partnership, after collateral requirements were tightened for Japanese retail.
With Space names rebounding overnight, the big selling for Japanese peers should abates after big corrections over the last week.


Japan Morning Connection: ASIC Names Surge on Huang's Endorsement as HPE Numbers Fuel AI Infra Plays

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>CPO architectures do not eliminate InP demand; escalating power requirements for Continuous Wave lasers expand die size and crush wafer yield, potentially increasing substrate intensity per module.</li>
<li>Merchant InP supply is tighter than headline capacity implies. While all are increasing capacity, Sumitomo is increasingly captive, AXT’s export cadence dictates revenue, and JX remains a minor player.</li>
<li>While the market tracks indium prices, a major supply chain anchor is 7N red phosphorus, where a near-monopoly is held by two Japanese companies dictating substrate production limits.</li>
</ul>


CPO architectures do not eliminate InP demand; escalating power requirements for Continuous Wave lasers expand die size and crush wafer yield, potentially increasing substrate intensity per module.
Merchant InP supply is tighter than headline capacity implies. While all are increasing capacity, Sumitomo is increasingly captive, AXT’s export cadence dictates revenue, and JX remains a minor player.
While the market tracks indium prices, a major supply chain anchor is 7N red phosphorus, where a near-monopoly is held by two Japanese companies dictating substrate production limits.


[Part 1: The Materials Chokepoint] Looking Into (And Past) The Indium Price Story

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.</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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.
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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.


JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

<ul>
<li>Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. </li>
<li>Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.</li>
<li>Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.</li>
</ul>


Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. 
Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.
Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.


Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

Japan

JX Advanced Metals Corporation mines and distributes non ferrous metal products. The Company smelts, refines, and markets non ferrous metals such as copper, gold, silver, and more. JX Advanced Metals also sells semiconductor materials, special steel materials, and other products.

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JX Advanced Metals (5016 JP)

Japan Morning Connection: Space Names to Fly High on SpaceX IPO Success

Synspective, QPS, Astroscale and Axelspace all set to recover after heavy recent selling with SpaceX IPO priced at $135 and $100bn of retail demand.

Andrew Jackson

Japan Morning Connection: ASIC Names Surge on Huang's Endorsement as HPE Numbers Fuel AI Infra Plays

ASIC names surge on Huang's trillion dollar Marvell endorsement. HP enterprise up as much as 36% on bumper numbers. A strong focus on all things...

Andrew Jackson

[Part 1: The Materials Chokepoint] Looking Into (And Past) The Indium Price Story

AI optics demand crushes InP yield. Supply is squeezed with Sumitomo captive and AXT export-bound. Yet Japan's 7N red phosphorus monopoly is the...

Mint Finance

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

SPE names brace for NVDA numbers tomorrow after already wavering post earnings. Market remains gun-shy on mainstay AI plays making it likely for...

Andrew Jackson

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