Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel's upsized $20bn share offering points to increased capex plans, a positive for Japanese SPE and its main suppliers.</li>
<li>Interesting news that SpaceX is chasing the low-band spectrum with comments to the FCC that it looks to “advance rapid, widespread deployment of flexible broadband spectrum resources”.</li>
<li>Kioxia may feel slight pressure with news its Y800bn buyback has concluded.</li>
</ul>


Intel's upsized $20bn share offering points to increased capex plans, a positive for Japanese SPE and its main suppliers.
Interesting news that SpaceX is chasing the low-band spectrum with comments to the FCC that it looks to “advance rapid, widespread deployment of flexible broadband spectrum resources”.
Kioxia may feel slight pressure with news its Y800bn buyback has concluded.


Japan Morning Connection: Intel's Upsized Share Offering May Lift Suppliers Lasertec, Screen and TOK

Equity/Index & Cross Asset Volatility Specialist, Cameron Design

Jay Cameron

Equity/Index & Cross Asset Volatility Specialist

Cameron Design

We specialize in financial products and volatility. Our strategies balance speed, data, and risk control to capture opportunities across global markets. Our research leverages AI and data analytics to continuously refine our algorithms and adapt to evolving market dynamics.

Equity Derivatives

<ul>
<li>Kioxia set for inclusion in the Nikkei Semiconductor Index next week, alongside JX Advanced Metals, less than one day's average daily volume in passive inflow at the close.</li>
<li>Kioxia's Q2 2025 results show an accelerating QoQ recovery and solid Q3 2025 forecasts, driven by high demand from data center and smart device products, confirming effective business structure reform.</li>
<li>Stock is fairly valued after 2025 rally, potential weaknesses being value metrics such as P/E alongside execution of margin and product pipeline targets.</li>
</ul>


Kioxia set for inclusion in the Nikkei Semiconductor Index next week, alongside JX Advanced Metals, less than one day's average daily volume in passive inflow at the close.
Kioxia's Q2 2025 results show an accelerating QoQ recovery and solid Q3 2025 forecasts, driven by high demand from data center and smart device products, confirming effective business structure reform.
Stock is fairly valued after 2025 rally, potential weaknesses being value metrics such as P/E alongside execution of margin and product pipeline targets.


The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> has sold over 5% of shares outstanding in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> over the last month as the stock has run up.</li>
<li>The increased market cap and higher float should result in index inclusion and passive buying for <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> in November. Then an upweight in another index in December.</li>
<li>
<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a>'s selling could also lead to <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> meeting JPX's tradable share ratio and removes an overhang for the stock.</li>
</ul>



Toshiba Corp (6502 JP) has sold over 5% of shares outstanding in Kioxia Holdings (285A JP) over the last month as the stock has run up.
The increased market cap and higher float should result in index inclusion and passive buying for Kioxia Holdings (285A JP) in November. Then an upweight in another index in December.

Toshiba Corp (6502 JP)'s selling could also lead to Kioxia Holdings (285A JP) meeting JPX's tradable share ratio and removes an overhang for the stock.


Kioxia (285A JP): Toshiba Selling Leads to Passive Buying & Removes Overhang

<ul>
<li>Kioxia, Minebea Misumi and Hoya may face a wobbly open after both Sandisk and WD missed expectations.</li>
<li>Sumco and Shin Etsu could see limited impact or even gains from proposed US polysilicon tariffs, as both source directly from US-based suppliers.</li>
<li>SpaceX dropped -13.6% after earnings AH yesterday, which looked good, but the firm spooked the mkt with its higher AI spend.</li>
</ul>


Kioxia, Minebea Misumi and Hoya may face a wobbly open after both Sandisk and WD missed expectations.
Sumco and Shin Etsu could see limited impact or even gains from proposed US polysilicon tariffs, as both source directly from US-based suppliers.
SpaceX dropped -13.6% after earnings AH yesterday, which looked good, but the firm spooked the mkt with its higher AI spend.


Japan Morning Connection: Memory Names Set for a Tough Session After Sandisk, WD Earnings Disappoint

<ul>
<li>Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.</li>
<li>Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.</li>
<li>Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.</li>
</ul>


Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.
Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.
Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.


Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...

Jay Cameron

Kioxia (285A JP): Toshiba Selling Leads to Passive Buying & Removes Overhang

Kioxia was up 98.55% from when this insight was published to yesterday's close. Toshiba sold another 16.5m shares over the last month (and a total...

Brian Freitas

Japan Morning Connection: Memory Names Set for a Tough Session After Sandisk, WD Earnings Disappoint

Kioxia, Minebea Misumi, and Hoya may have a rough open due to missed expectations from Sandisk and WD, while US polysilicon tariffs shouldn't be a...

Andrew Jackson

Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Heavily sold AI plays such as Ibiden, Advantest and Kokusai, look likely to continue higher despite the missed US tape given the more constructive...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Intel's Upsized Share Offering May Lift Suppliers Lasertec, Screen and TOK

Intel suppliers could see a lift after Intel's upsized share offering signals increased capex plans, while Kioxia may feel slight pressure as its...

Andrew Jackson

The Nikkei Semiconductor Index Rebalance, Kioxia, Nikkei Volatility Hedge

​Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...

Jay Cameron

Kioxia (285A JP): Toshiba Selling Leads to Passive Buying & Removes Overhang

Kioxia was up 98.55% from when this insight was published to yesterday's close. Toshiba sold another 16.5m shares over the last month (and a total...

Brian Freitas

Japan Morning Connection: Memory Names Set for a Tough Session After Sandisk, WD Earnings Disappoint

Kioxia, Minebea Misumi, and Hoya may have a rough open due to missed expectations from Sandisk and WD, while US polysilicon tariffs shouldn't be a...

Andrew Jackson

Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Heavily sold AI plays such as Ibiden, Advantest and Kokusai, look likely to continue higher despite the missed US tape given the more constructive...

Andrew Jackson

Kioxia to be added to Nikkei Semiconductor Index after positive Q2 results and optimistic Q3 forecasts, but potential concerns over valuation and...