Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.</li>
<li>Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.</li>
<li>Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.</li>
</ul>


Expect big gains for the likes of TEL, Lasertec, TOK with Intel emerging as the clear national champion.
Memory names continue to surge higher, so Kioxia's -7% drop off the highs yesterday likely to draw interest.
Not good news for ARM though, as a NVDA/INTC partnership will make it harder for their architectures to gain traction. Sell Softback.


Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

<ul>
<li>Trump's Miram quick to show how dovish a republican picked committee could look.</li>
<li>Quantum names surged higher with D-Wave touting successes in Japan.</li>
<li>Kokusai Elec now +36% in a week as the market finally sees the NAND connection with flash memory pricing to remain tight through 2026.</li>
</ul>


Trump's Miram quick to show how dovish a republican picked committee could look.
Quantum names surged higher with D-Wave touting successes in Japan.
Kokusai Elec now +36% in a week as the market finally sees the NAND connection with flash memory pricing to remain tight through 2026.


Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

<ul>
<li>Memory continues higher with WD announcing price hikes due to extreme demand.</li>
<li>More and more chatter about high-bandwidth-flash as the next-gen memory for AI.</li>
<li>China launching anti-dumping measures against analog IC's keeping power-names down.</li>
</ul>


Memory continues higher with WD announcing price hikes due to extreme demand.
More and more chatter about high-bandwidth-flash as the next-gen memory for AI.
China launching anti-dumping measures against analog IC's keeping power-names down.


Japan Morning Connection: Tech Juggernaut Continues with No Signs of a Slowdown

<ul>
<li>Breakout move higher for Lam Research should add some more zest to TEL which continues to lag.</li>
<li>Sandisk 14% as NAND heats up, but has Kioxia gone too far with huge blocks probably not too far off.</li>
<li>US Eco data cements expectations for a Sep cut sending rates down and home builders up.</li>
</ul>


Breakout move higher for Lam Research should add some more zest to TEL which continues to lag.
Sandisk 14% as NAND heats up, but has Kioxia gone too far with huge blocks probably not too far off.
US Eco data cements expectations for a Sep cut sending rates down and home builders up.


Japan Morning Connection: Tech Strength Continues with a Swing to Semi-Cap, Boding Well for Japan

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.</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 Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.
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 Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.


JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

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)

Japan Morning Connection: Intel/NVDA Partnership Very Positive for Japanese SPE Suppliers

NVDA taking a stake in Intel to allow codevelopment of chips sent INTC rocketing higher, a positive for Shin Etsu as Intel's largest wafer...

Andrew Jackson

Japan Morning Connection: Fed Cuts 25 Bps as Expected, Markets Finish Largely Unchanged

Positive news sent Quantum computing names surging higher. NVDA dropped on news that Chinese Govt is encouraging companies towards Chinese made AI...

Andrew Jackson

Japan Morning Connection: Tech Juggernaut Continues with No Signs of a Slowdown

Market expecting Elon Musk to have something up his sleeve after buying 1bl worth of Tesla Stock. New catalysts for AI memory may oush NAND names...

Andrew Jackson

Japan Morning Connection: Tech Strength Continues with a Swing to Semi-Cap, Boding Well for Japan

EDA names bounce back after yesterdays weakness. TEL flagged as an interesting underperforer. Kioxia may be running out of room to climb higher.

Andrew Jackson

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

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