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

DZT Research

DZT 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 analyzed the changes in margin trading positions of JPX stocks as of Apr 3rd. The aggregated net margin trading position is USD21,015m.</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 Kioxia, Advantest, Furukawa Electric, West Japan Railway Company, SoftBank, Kyushu Railway Company, Edion, Sanrio, Mitsubishi Heavy Industries, Kintetsu.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Apr 3rd. The aggregated net margin trading position is USD21,015m.
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 Kioxia, Advantest, Furukawa Electric, West Japan Railway Company, SoftBank, Kyushu Railway Company, Edion, Sanrio, Mitsubishi Heavy Industries, Kintetsu.


JPX Margin Trading Weekly (Apr 3rd): Kioxia, Advantest, Furukawa Electric

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Smartphones. 6 months ago, most forecasts were expecting +2% unit growth in 2026. Now -13% YoY. Memory’s share of component costs (BOM) has surged from ~15% to ~35%. </li>
<li>Computers. 6 months ago, very rosy forecasts expecting +8% unit growth in 2026 because Win10 end-of-life. Now -11% YoY. Memory share of notebook BOM up from 10% to above 20%. </li>
<li>Game consoles. 6 months ago flat. Now -4% YoY. Expect Consumer Electronics to be hit, in general. </li>
</ul>


Smartphones. 6 months ago, most forecasts were expecting +2% unit growth in 2026. Now -13% YoY. Memory’s share of component costs (BOM) has surged from ~15% to ~35%. 
Computers. 6 months ago, very rosy forecasts expecting +8% unit growth in 2026 because Win10 end-of-life. Now -11% YoY. Memory share of notebook BOM up from 10% to above 20%. 
Game consoles. 6 months ago flat. Now -4% YoY. Expect Consumer Electronics to be hit, in general. 


Demand Destruction – when Massive Memory Price Hikes Kill Demand

<ul>
<li>Memory prices gone ballistic since 4Q25. 1Q26 DRAM/NAND price increased ~80% QoQ. In 2Q ~60% QoQ. In Jan-26, Trend was forecasting total Memory value would increase by 130% in 2026. </li>
<li>AI-HBM growth will continue – low risk here. We know Nvidia, AMD, Google roadmap; we know HBM roadmap and specs, volumes and revenue indications from firms (Jensen $1 trillion revenue).</li>
<li>On the conventional side, sharp price hikes (DRAM has doubled over a year) lead to demand destruction. IDC and others are revising down PC, Smartphone, Consumer Elec forecasts. Big cuts. </li>
</ul>


Memory prices gone ballistic since 4Q25. 1Q26 DRAM/NAND price increased ~80% QoQ. In 2Q ~60% QoQ. In Jan-26, Trend was forecasting total Memory value would increase by 130% in 2026. 
AI-HBM growth will continue – low risk here. We know Nvidia, AMD, Google roadmap; we know HBM roadmap and specs, volumes and revenue indications from firms (Jensen $1 trillion revenue).
On the conventional side, sharp price hikes (DRAM has doubled over a year) lead to demand destruction. IDC and others are revising down PC, Smartphone, Consumer Elec forecasts. Big cuts. 


Memory Revenue Growth: Where Is the Peak?

<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 Shimizu, Kioxia, Mitsui &amp;, Mitsubishi, Nissan Motor, Eneos, Honda Motor.</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 Shimizu, Kioxia, Mitsui &amp;, Mitsubishi, Nissan Motor, Eneos, Honda Motor.


MS-Japan Index Earning Revision (Mar): Shimizu, Kioxia, Mitsui &, Mitsubishi, Nissan Motor, Eneos

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Mar 27th. The aggregated net margin trading position is USD17,856m.</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 Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Mar 27th. The aggregated net margin trading position is USD17,856m.
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 Fujikura, SoftBank, Sanrio, West Japan Railway Company, Advantest, Kioxia, Honda Motor, Kyushu Railway Company, Sumitomo Metal Mining, SBI.


JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

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.

Price Gauge
52-week Range	0.00 - 0.00
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Dividend (Yield)	0.00

Kioxia Holdings (285A JP)

JPX Margin Trading Weekly (Apr 3rd): Kioxia, Advantest, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Furukawa Electric (5801...

Ke Yan, CFA, FRM

Demand Destruction – when Massive Memory Price Hikes Kill Demand

Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Nicolas Baratte

Memory Revenue Growth: Where Is the Peak?

Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...

Nicolas Baratte

MS-Japan Index Earning Revision (Mar): Shimizu, Kioxia, Mitsui &, Mitsubishi, Nissan Motor, Eneos

We analyzed MS-Japan's consensus for Mar 2026 and highlighted changes of EPS in Shimizu, Kioxia, Mitsui &, Mitsubishi, Nissan Motor, Eneos, Honda...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

We analyzed JPX margin trading positions report for the past week and highlighted Fujikura (5803 JP), SoftBank (9984 JP), Sanrio (8136 JP), West...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

JPX Margin Trading Weekly (Apr 3rd): Kioxia, Advantest, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Advantest (6857 JP), Furukawa Electric (5801...

Ke Yan, CFA, FRM

Demand Destruction – when Massive Memory Price Hikes Kill Demand

​Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Nicolas Baratte

Memory Revenue Growth: Where Is the Peak?

​Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...

Nicolas Baratte

MS-Japan Index Earning Revision (Mar): Shimizu, Kioxia, Mitsui &, Mitsubishi, Nissan Motor, Eneos

We analyzed MS-Japan's consensus for Mar 2026 and highlighted changes of EPS in Shimizu, Kioxia, Mitsui &, Mitsubishi, Nissan Motor, Eneos, Honda...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Mar 27th): Fujikura, SoftBank, Sanrio, West Japan Railway Company

We analyzed JPX margin trading positions report for the past week and highlighted Fujikura (5803 JP), SoftBank (9984 JP), Sanrio (8136 JP), West...

Ke Yan, CFA, FRM

Forecasts for smartphones, computers, and game consoles have drastically shifted in the past 6 months, with memory costs surging and unit growth...

Memory prices have skyrocketed, with DRAM/NAND prices increasing by 80% in 1Q26 and 60% in 2Q. AI-HBM growth on track, but sharp price hikes are...