Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Kokusai +25% last week and JX Metals +25.6% likely reversal targets at the open.</li>
<li>TeraDrone is pivoting from industrial drones to defense after consolidating two Ukrainian combat drone companies, an interesting thematic to get behind.</li>
<li>Astroscale continued to drop -8.6% yesterday after its earnings showed increasing losses but still an interesting name given its focus on space-junk removal and orbital services.</li>
</ul>


Kokusai +25% last week and JX Metals +25.6% likely reversal targets at the open.
TeraDrone is pivoting from industrial drones to defense after consolidating two Ukrainian combat drone companies, an interesting thematic to get behind.
Astroscale continued to drop -8.6% yesterday after its earnings showed increasing losses but still an interesting name given its focus on space-junk removal and orbital services.


Japan Morning Connection: AI Related Names Set to Slide Following SOX's Skittish Retreat from Highs

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.

Equity Capital Markets

<ul>
<li>Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.</li>
<li>We look at the company's core segments: system-level devices and solutions, and sensors.</li>
<li>We discuss our preliminary thoughts on the company's valuation based on the A-H premium.</li>
</ul>


Orbbec, a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.
We look at the company's core segments: system-level devices and solutions, and sensors.
We discuss our preliminary thoughts on the company's valuation based on the A-H premium.


Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Japan Specialist

Mark Chadwick

<ul>
<li>Topix +0.3% this week with strength in smaller caps and value names. Market breadth still relatively poor</li>
<li>BoJ held rates but 3 members dissented for hikes; outlook flagged upside inflation risks; signals potential June hike.</li>
<li>Japan likely intervened as USD/JPY plunged 160→155; officials warned of “decisive measures,” with more intervention possible near-term.  </li>
</ul>


Topix +0.3% this week with strength in smaller caps and value names. Market breadth still relatively poor
BoJ held rates but 3 members dissented for hikes; outlook flagged upside inflation risks; signals potential June hike.
Japan likely intervened as USD/JPY plunged 160→155; officials warned of “decisive measures,” with more intervention possible near-term.  


Japan Strategy Weekly | BoJ Held Rates but Sent Hawkish Signals

<ul>
<li>Softbank +32% last week but still has higher to climb as ARM surges on CPU ambitions.</li>
<li>Fanuc beat with strong demand across all segments and capex picking up in automotive, sharpening focus on FA plays.</li>
<li>Rohm faces a nasty open after Denso withdraws its takeover bid. Worth watching for a bottom around the Y3000 level.</li>
</ul>


Softbank +32% last week but still has higher to climb as ARM surges on CPU ambitions.
Fanuc beat with strong demand across all segments and capex picking up in automotive, sharpening focus on FA plays.
Rohm faces a nasty open after Denso withdraws its takeover bid. Worth watching for a bottom around the Y3000 level.


Japan Morning Connection: AI Names Set to Keep Charging Higher Amidst Cancelled Peace Talks

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.</li>
<li>TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.</li>
<li>Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.</li>
</ul>


Technology dominates global active portfolios, with 8 of the 11 most widely held stocks coming from the sector.
TSMC hits record ownership at 65.7% of funds, becoming the second most widely held stock globally.
Broadcom, Tencent and Alibaba see rising adoption, while Novo Nordisk and UnitedHealth face sharp ownership declines.


Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Japan

KEYENCE CORPORATION develops, manufactures, and sells sensors and measuring instruments used for factory automation (FA) and high technology hobby products. The Company's products include fiber optic sensors, photoelectric sensors, programmable logic controllers (PLC), laser scan micrometers, bar code readers, and radio-controlled model cars.

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Keyence Corp (6861 JP)

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Orbbec is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

Japan Strategy Weekly | BoJ Held Rates but Sent Hawkish Signals

Topix up 0.3% with strength in smaller caps and value names, BoJ hints at potential rate hike in June, Japan intervenes as USD/JPY plunges.

Mark Chadwick

Japan Morning Connection: AI Names Set to Keep Charging Higher Amidst Cancelled Peace Talks

Softbank eyes October highs as AI names continue to surge. Fanuc's beat sharpens focus on FA plays while Keyence looks interesting with some...

Andrew Jackson

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

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52-week Range

Market Cap (USDm)

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Japan Morning Connection: AI Related Names Set to Slide Following SOX's Skittish Retreat from Highs

AI trade cracks under its own weight but big dips likely buying opportunities. Kokusai and JX Metals likely reversal targets.

Andrew Jackson

Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts

Orbbec is seeking an A+H listing. In this note, we look at the company's business, its industry context and provide our early thoughts on valuation.

Ke Yan, CFA, FRM

Japan Strategy Weekly | BoJ Held Rates but Sent Hawkish Signals

​Topix up 0.3% with strength in smaller caps and value names, BoJ hints at potential rate hike in June, Japan intervenes as USD/JPY plunges.

Mark Chadwick

Japan Morning Connection: AI Names Set to Keep Charging Higher Amidst Cancelled Peace Talks

Softbank eyes October highs as AI names continue to surge. Fanuc's beat sharpens focus on FA plays while Keyence looks interesting with some...

Andrew Jackson

Global Stock Positioning: Tech Dominance, China Rotation, and Record TSMC Ownership

Technology continues to anchor global active portfolios, with TSMC at record ownership. Rotation persists across regions as managers selectively...

Steven Holden

Topix up 0.3% with strength in smaller caps and value names, BoJ hints at potential rate hike in June, Japan intervenes as USD/JPY plunges.