Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Brent dropping as much as -25% off the intraday highs sending refiners, shippers and defense lower and sparking a rebound in airlines and AI/Tech.</li>
<li>HPE numbers were inline but the stock is holding up AH, and management expects a memory shortage well into next year.</li>
<li>Expect a rotation out of software and defensive havens into momentum favorites such as Kioxia and Kokusai Elec.</li>
</ul>


Brent dropping as much as -25% off the intraday highs sending refiners, shippers and defense lower and sparking a rebound in airlines and AI/Tech.
HPE numbers were inline but the stock is holding up AH, and management expects a memory shortage well into next year.
Expect a rotation out of software and defensive havens into momentum favorites such as Kioxia and Kokusai Elec.


Japan Morning Connection: Markets Snap Back Sharply with on Trump's Comments on the War Ending

<ul>
<li>NVDA investment in Lumentum and Coherent increases the focus on optical over copper connectivity technologies.</li>
<li>Shipper strength on the prospect for higher rates should continue to be reflected in Japan names.</li>
<li>Defense names were obviously strong following gains in Asia yesterday, but geospatial imaging names lead the way.</li>
</ul>


NVDA investment in Lumentum and Coherent increases the focus on optical over copper connectivity technologies.
Shipper strength on the prospect for higher rates should continue to be reflected in Japan names.
Defense names were obviously strong following gains in Asia yesterday, but geospatial imaging names lead the way.


Japan Morning Connection: Markets Firm in the Face of War with Momentum and Growth Outperforming

<ul>
<li>Watch refiners, shippers, and heavies for upside vs weakness for airlines and companies with shipping exposure to EU.</li>
<li>This rotation could be short lived given the very one-sided outcome of the conflict so far, so expect volatility.</li>
<li>Precious metals and oil are already starting to pare early gains this morning which may be indicative of the longevity of some of these moves.</li>
</ul>


Watch refiners, shippers, and heavies for upside vs weakness for airlines and companies with shipping exposure to EU.
This rotation could be short lived given the very one-sided outcome of the conflict so far, so expect volatility.
Precious metals and oil are already starting to pare early gains this morning which may be indicative of the longevity of some of these moves.


Japan Morning Connection: Japan Set for Short-Term Rotation Away from Tech After Attacks on Iran

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 analysed the earning revision of component stocks of MS-Japan in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.</li>
</ul>


We analysed the earning revision of component stocks of MS-Japan in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, Nippon Yusen Kabushiki Kaisha, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Recruit, Mitsubishi Chemical.


MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

<ul>
<li>The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.</li>
<li>US shippers outperformed given lower oil despite an outlook for lower global trade overall.</li>
<li>Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.</li>
</ul>


The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.
US shippers outperformed given lower oil despite an outlook for lower global trade overall.
Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.


Japan Morning Connection: US Relief Rally Sending JP Futures Sharply Higher

Japan

Kawasaki Kisen Kaisha, Ltd. operates marine cargo and passenger transportation around the world.  The Company provides ocean liner, bulk carrier, car carrier, unscheduled specialized carrier, and energy transportation services. The Company also offers insurance, warehousing, and land transportation services.  Items transported include automobile, grain, petroleum, coal, iron ore, and wood chip.

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Kawasaki Kisen Kaisha (9107 JP)

Japan Morning Connection: Markets Snap Back Sharply with on Trump's Comments on the War Ending

Markets snap back sharply with Trump commenting the war with Iran is “very complete, pretty much”. It was a mad scramble back into tech and AI...

Andrew Jackson

Japan Morning Connection: Markets Firm in the Face of War with Momentum and Growth Outperforming

Markets were surprisingly calm overnight with tech and AI hardly skipping a beat in the face of war in Iran. Airlines were lower with dented demand...

Andrew Jackson

Japan Morning Connection: Japan Set for Short-Term Rotation Away from Tech After Attacks on Iran

Expect a fairly sharp rotation away from tech and AI into defense and defensives names in Japan today. JP defense names are all trading close to...

Andrew Jackson

MS-Japan Index Earning Revision (Sep): Toyota Motor, Nippon Yusen Kabushiki Kaisha, Recruit

We analyzed MS-Japan's consensus for Sep 2026 and highlighted changes of EPS in Toyota Motor (7203 JP), Nippon Yusen Kabushiki Kaisha (9101 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: US Relief Rally Sending JP Futures Sharply Higher

Israel bows to US pressure, Japan to begin bilateral trade talks. US shippers despite global trade decline. Samsung numbers beat with Galaxy S25...

Andrew Jackson

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