Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.</li>
<li>Software catches a defensive bid with NEC and Fujitsu set to outperform.</li>
<li>Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.</li>
</ul>


Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.
Software catches a defensive bid with NEC and Fujitsu set to outperform.
Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.


Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.</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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.
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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.


JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

<ul>
<li>Sandisk +26.3% since earnings report. Looks very positive for Kioxia's numbers on the 15th.</li>
<li>SMCI +24.5% on strong margin recovery, a positive read for Nidec who supplies its cooling systems.</li>
<li>ARM's smartphone weakness warning seems to have drifted from investors minds with Taiyo Yuden and Murata still trading well despite heavy smartphone exposure.</li>
</ul>


Sandisk +26.3% since earnings report. Looks very positive for Kioxia's numbers on the 15th.
SMCI +24.5% on strong margin recovery, a positive read for Nidec who supplies its cooling systems.
ARM's smartphone weakness warning seems to have drifted from investors minds with Taiyo Yuden and Murata still trading well despite heavy smartphone exposure.


Japan Morning Connection: SPE and AI Set to Surge as Japan Prices in Golden Week Earnings

<ul>
<li>BOJ intervenes buying yen and selling dollars sending yen surging 2% for its biggest gain in 3 years.</li>
<li>Teradyne rebounds +12% after JPM steps in saying sell off was overdone and earnings miss was an order timing issue. A positive read for Advantest.</li>
<li>Strong DC enterprise data and storage sales from Monolithic Power adds to the argument that power/industrial names can be bucketed more as AI companies Fuji Electric the standout Japan play.</li>
</ul>


BOJ intervenes buying yen and selling dollars sending yen surging 2% for its biggest gain in 3 years.
Teradyne rebounds +12% after JPM steps in saying sell off was overdone and earnings miss was an order timing issue. A positive read for Advantest.
Strong DC enterprise data and storage sales from Monolithic Power adds to the argument that power/industrial names can be bucketed more as AI companies Fuji Electric the standout Japan play.


Japan Morning Connection: Kioxia Faces a Dour Open as Sandisk and WD Struggle to Meet Expectations

<ul>
<li>Seagate +11% after numbers beat setting off a broader rally, with Kioxia set to follow.</li>
<li>Intel managed another 12.1% gain, positive for Ibiden, Lasertec, Tokyo Electron as well as the whole SPE ecosystem.</li>
<li>NXP's rally helped pull the power-semi’s higher, a very good read for Fuji Electric, ROHM, and Renesas Electronics.</li>
</ul>


Seagate +11% after numbers beat setting off a broader rally, with Kioxia set to follow.
Intel managed another 12.1% gain, positive for Ibiden, Lasertec, Tokyo Electron as well as the whole SPE ecosystem.
NXP's rally helped pull the power-semi’s higher, a very good read for Fuji Electric, ROHM, and Renesas Electronics.


Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness

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: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Japan Morning Connection: SPE and AI Set to Surge as Japan Prices in Golden Week Earnings

Positive earnings reports from Sandisk and SMCI are boosting confidence in Kioxia and Nidec respectively, while concerns for MLCC makers about...

Andrew Jackson

Japan Morning Connection: Kioxia Faces a Dour Open as Sandisk and WD Struggle to Meet Expectations

Yen surges 2% on BOJ intervention. Sandisk sells off despite strong numbers, the sky-high expectations setting a dour tone for Kioxia ahead of its...

Andrew Jackson

Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness

Big tech blowouts set to wash away yesterday's pain with storage, semiconductor and multi-layer ceramic capacitor names all set for a strong open.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Japan Morning Connection: SPE and AI Set to Surge as Japan Prices in Golden Week Earnings

​Positive earnings reports from Sandisk and SMCI are boosting confidence in Kioxia and Nidec respectively, while concerns for MLCC makers about...

Andrew Jackson

Japan Morning Connection: Kioxia Faces a Dour Open as Sandisk and WD Struggle to Meet Expectations

Yen surges 2% on BOJ intervention. Sandisk sells off despite strong numbers, the sky-high expectations setting a dour tone for Kioxia ahead of its...

Andrew Jackson

Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness

Big tech blowouts set to wash away yesterday's pain with storage, semiconductor and multi-layer ceramic capacitor names all set for a strong open.

Andrew Jackson

Positive earnings reports from Sandisk and SMCI are boosting confidence in Kioxia and Nidec respectively, while concerns for MLCC makers about...