External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.</li><li>Most players expect the impact will materialize starting from 3Q should the tariffs be in place.</li><li>Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs.Most players expect the impact will materialize starting from 3Q should the tariffs be in place.Based on the numbers provided, Komatsu (6301 JP, NR) seems to be taking a relatively large hit among the major names. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Major global players’ forecast about tariff impact

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Sentiment for AI related rising with NVDA de-risked and outlook strong, despite the marginal beat.</li>
<li>Kioxia IPO pricing at $4.84bn supportive for memory ecosystem names.</li>
<li>Deere numbers and outlook for farming lifting AG machinery names - watch Kubota.</li>
</ul>


Sentiment for AI related rising with NVDA de-risked and outlook strong, despite the marginal beat.
Kioxia IPO pricing at $4.84bn supportive for memory ecosystem names.
Deere numbers and outlook for farming lifting AG machinery names - watch Kubota.


Japan Morning Connection: Risk-On for the AI Ecosystem

<ul>
<li>Tech weakness in Japan to continue, following the profit taking lead out of the US with NVDA numbers on Wednesday.</li>
<li>Defence related may get a lift after yesterdays weakness, with Middle East tensions rising, Japan warding off a Chinese spy plane and ex-Defence Minister announcing candidacy for LDP leader.</li>
<li>Typhoon Shanshan is expected in Kyushu. Resulting weakness on related names is usually short-lived and largely retail investor driven, making reverse positioning into the moves the more attractive tactic.</li>
</ul>


Tech weakness in Japan to continue, following the profit taking lead out of the US with NVDA numbers on Wednesday.
Defence related may get a lift after yesterdays weakness, with Middle East tensions rising, Japan warding off a Chinese spy plane and ex-Defence Minister announcing candidacy for LDP leader.
Typhoon Shanshan is expected in Kyushu. Resulting weakness on related names is usually short-lived and largely retail investor driven, making reverse positioning into the moves the more attractive tactic.


Japan Morning Connection: Further Sector Rotation on the Cards as Risk-Off Mood for Tech Continues

<ul>
<li>Gains for Micron on the potential for DDR5 price hikes should help lift <a href="https://www.smartkarma.com/entities/micronics-japan-co-ltd" target="_blank" rel="noopener">6871 Micronics</a> after yesterdays excessive weakness.</li>
<li>More cheer for US home builders after Smith Douglas number beat, adding to the upside story for Sumi Forestry and Selkisui House.</li>
<li>Defence related plays should remain in the spotlight with Kishida replacement candidates Ishiba and Kono both ex-defence ministers.</li>
</ul>


Gains for Micron on the potential for DDR5 price hikes should help lift 6871 Micronics after yesterdays excessive weakness.
More cheer for US home builders after Smith Douglas number beat, adding to the upside story for Sumi Forestry and Selkisui House.
Defence related plays should remain in the spotlight with Kishida replacement candidates Ishiba and Kono both ex-defence ministers.


Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy

<ul>
<li>US rebound lacks breadth, and while tech should be strong to start it may be too early to predict an extended rally off the lows in Japan after yesterday's gains.</li>
<li>An SMCI after-market miss is dulling the mood which may also dent sentiment for AI/SPE related to start.</li>
<li>A good print from CAT sets a positive tone for the likes of 6301 Komatsu and 6326 Kubota who were both sold heavily in the recent panic.</li>
</ul>


US rebound lacks breadth, and while tech should be strong to start it may be too early to predict an extended rally off the lows in Japan after yesterday's gains.
An SMCI after-market miss is dulling the mood which may also dent sentiment for AI/SPE related to start.
A good print from CAT sets a positive tone for the likes of 6301 Komatsu and 6326 Kubota who were both sold heavily in the recent panic.


Japan Morning Connection: 6301 JP, 6326 JP, 2503 JP

Japan

KOMATSU LTD. manufactures and sells construction and mining machinery, including excavators, bulldozers, and wheel loaders.  The Company, operating on a global scale, also produces forklift trucks and engineering equipment such as press system.

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Komatsu Ltd (6301 JP)

Capital Goods - Major global players’ forecast about tariff impact

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs. Most players expect the impact will...

CMB International

Japan Morning Connection: Risk-On for the AI Ecosystem

AI sentiment rising with NVDA de-risked, Kioxia IPO positive for memory ecosystem names, Deere's positive outlook lifts AG machinery names like...

Andrew Jackson

Japan Morning Connection: Further Sector Rotation on the Cards as Risk-Off Mood for Tech Continues

Tech weakness in Japan likely to persist. Defense stocks may see a boost amid rising tensions. Reverse position into Typhoon-related weakness.

Andrew Jackson

Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy

Micron's gains from potential DDR5 price hikes could boost Micronics; Defence-related stocks are in focus with Kishida replacement candidates both...

Andrew Jackson

Japan Morning Connection: 6301 JP, 6326 JP, 2503 JP

US rebound lacks breadth, tech may be strong but early to predict extended rally in Japan. SMCI after-market miss may dent sentiment, CAT's good...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Capital Goods - Major global players’ forecast about tariff impact

We have summarized the selected global machinery manufacturers’ estimates about the impact of US tariffs. Most players expect the impact will...

CMB International

Japan Morning Connection: Risk-On for the AI Ecosystem

​AI sentiment rising with NVDA de-risked, Kioxia IPO positive for memory ecosystem names, Deere's positive outlook lifts AG machinery names like...

Andrew Jackson

Japan Morning Connection: Further Sector Rotation on the Cards as Risk-Off Mood for Tech Continues

​Tech weakness in Japan likely to persist. Defense stocks may see a boost amid rising tensions. Reverse position into Typhoon-related weakness.

Andrew Jackson

Japan Morning Connection: Micronics, Mitsubishi Heavy, Kawasaki Heavy

​Micron's gains from potential DDR5 price hikes could boost Micronics; Defence-related stocks are in focus with Kishida replacement candidates both...

Andrew Jackson

Japan Morning Connection: 6301 JP, 6326 JP, 2503 JP

​US rebound lacks breadth, tech may be strong but early to predict extended rally in Japan. SMCI after-market miss may dent sentiment, CAT's good...

Andrew Jackson

AI sentiment rising with NVDA de-risked, Kioxia IPO positive for memory ecosystem names, Deere's positive outlook lifts AG machinery names like...

Tech weakness in Japan likely to persist. Defense stocks may see a boost amid rising tensions. Reverse position into Typhoon-related weakness.

Micron's gains from potential DDR5 price hikes could boost Micronics; Defence-related stocks are in focus with Kishida replacement candidates both...

US rebound lacks breadth, tech may be strong but early to predict extended rally in Japan. SMCI after-market miss may dent sentiment, CAT's good...