Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>HDD plays WD and Seagate pulling ahead of NAND plays but there may be upside on potential for increased DC adoption for likes of Kioxia.</li>
<li>Mitsubishi Motors cut their FY guidance as competition heats up in key Asian markets as China makers muscle their way in.</li>
<li>Nikon +21% yesterday as EL takes a bigger stake, but don't forget the largest holder activist Silchester-  who may have their own plans.</li>
</ul>


HDD plays WD and Seagate pulling ahead of NAND plays but there may be upside on potential for increased DC adoption for likes of Kioxia.
Mitsubishi Motors cut their FY guidance as competition heats up in key Asian markets as China makers muscle their way in.
Nikon +21% yesterday as EL takes a bigger stake, but don't forget the largest holder activist Silchester-  who may have their own plans.


Japan Morning Connection: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TSE Tokyo Price Index TOPIX / Event-Driven

<ul>
<li>Every year (actually, every half year) it is a similar trade. There is a fiscal year-end dividend reinvestment trade for passive funds in Japan. </li>
<li>The month-end and quarter-end bring big flows, or not, depending on how things have gone.</li>
<li>Over the past 10-15 years or so, the two-day return on the March trade is pretty good. This year? It's complicated. </li>
</ul>


Every year (actually, every half year) it is a similar trade. There is a fiscal year-end dividend reinvestment trade for passive funds in Japan. 
The month-end and quarter-end bring big flows, or not, depending on how things have gone.
Over the past 10-15 years or so, the two-day return on the March trade is pretty good. This year? It's complicated. 


The Japan March-End Rebal and Dividend Trade (2026 Version)

<ul>
<li>Intel rising afterhours on the news the private sector is also coming to its rescue, likely prompted by the Govt.</li>
<li>Palo Alto beating after hours puts focus on Cybersecurity, while the trend for Trend Micro has lots of room to improve.</li>
<li>Homebuilder confidence down to post pandemic lows but homebuilders barely dipping as market looks through to Sep.</li>
</ul>


Intel rising afterhours on the news the private sector is also coming to its rescue, likely prompted by the Govt.
Palo Alto beating after hours puts focus on Cybersecurity, while the trend for Trend Micro has lots of room to improve.
Homebuilder confidence down to post pandemic lows but homebuilders barely dipping as market looks through to Sep.


Japan Morning Connection: Trump Changes Intel's Deal to a Stake for Chips Money

<ul>
<li>Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.</li>
<li>Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.</li>
<li>CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.</li>
</ul>


Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.
Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.
CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.


Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

<ul>
<li>Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.</li>
<li>Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.</li>
<li>NVDA selling Blackwell in China positive for substrate supplier Ibiden.</li>
</ul>


Intel CEO Tan summoned to Washington for meetings will likely result in a bigger domestic fab push.
Micron beats on HBM, Kioxia on NAND - sets a good tone for memory overall.
NVDA selling Blackwell in China positive for substrate supplier Ibiden.


Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

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: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

Expect slight weakness for JP SPE after NVDA dip, guidance cut from Mitsubishi Motors looks like it was expected, Nikon limit up on news of EL...

Andrew Jackson

The Japan March-End Rebal and Dividend Trade (2026 Version)

Every year, twice a year, a large number of companies pay dividends. That event is coming up again Monday. ETFs will have to buy the dividend...

Travis Lundy

Japan Morning Connection: Trump Changes Intel's Deal to a Stake for Chips Money

News just out that Softbank is signing a $2bn investment deal with Intel. Homebuilders barely dipping despite low confidence. Some analysts saying...

Andrew Jackson

Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

Power semis higher on positive broker comments, Intel continues to benefit from CEO in the limelight, moves higher for airlines and homebuilders.

Andrew Jackson

Japan Morning Connection: AMD and NVDA Set to Pay 15% of China Chip Sales to US for Export Licenses

JP still needs to price in large cap tech gains in the US from Friday, Intel up after Trump's meeting with CEO Tan, positive for Ibiden if NVDA is...

Andrew Jackson

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