Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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 Specialist

Mark Chadwick

<ul>
<li>OVERSEAS: SPX -0.9% as Fed opted not to raise interest rates. However, the CB now sees rates higher for longer</li>
<li>JAPAN: NKY Futures -0.8% v cash, JPY 148.3/$; Toshiba Tender Offer gets done (finally); </li>
<li>JAPAN X: Tokyo has long-dreamed of becoming a global financial city. Now PM Kishida is inviting foreigners to revitalize the Asset Management Industry</li>
</ul>


OVERSEAS: SPX -0.9% as Fed opted not to raise interest rates. However, the CB now sees rates higher for longer
JAPAN: NKY Futures -0.8% v cash, JPY 148.3/$; Toshiba Tender Offer gets done (finally); 
JAPAN X: Tokyo has long-dreamed of becoming a global financial city. Now PM Kishida is inviting foreigners to revitalize the Asset Management Industry


Ohayo Japan: Dots Say Higher for Longer; JapanX: Kishida Lays Out Welcome Mat for Foreign Investors

<ul>
<li>Japanese stocks had a good week with Topix up +3.68% and +24.21% year-to-date</li>
<li>Japanese exporters are seeing better pricing power in key overseas markets - the weak yen is an additional tailwind</li>
<li>Weakness in the Chinese economy is impacting stocks that benefit from a strong Chinese consumer and inbound tourism</li>
</ul>


Japanese stocks had a good week with Topix up +3.68% and +24.21% year-to-date
Japanese exporters are seeing better pricing power in key overseas markets - the weak yen is an additional tailwind
Weakness in the Chinese economy is impacting stocks that benefit from a strong Chinese consumer and inbound tourism


Japan Weekly | Kubota, Hitachi Construction, Ain

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Last week (Aug. 18) we discussed the 10-year Treasury yield and DXY testing respective resistance (4.3%-4.35% and $103.50-$103.70).</li>
<li>As long as no decisive breakouts in the 10-year yield or DXY, we were buyers on the pullback to $93 on MSCI ACWI (ACWI-US).</li>
<li>Outside of our overweight countries (Japan, India, Taiwan, Greece), defensive Sectors continue to lag. We highlight buys in Technology, Services, Consumer Discretionary, Industrials, Materials/Energy, and Financials.</li>
</ul>


Last week (Aug. 18) we discussed the 10-year Treasury yield and DXY testing respective resistance (4.3%-4.35% and $103.50-$103.70).
As long as no decisive breakouts in the 10-year yield or DXY, we were buyers on the pullback to $93 on MSCI ACWI (ACWI-US).
Outside of our overweight countries (Japan, India, Taiwan, Greece), defensive Sectors continue to lag. We highlight buys in Technology, Services, Consumer Discretionary, Industrials, Materials/Energy, and Financials.


Key Supports Holding Strong; 10-Year Treasury Yield Below Key Resistance; Buys in Non-Defensives

Japan

KUBOTA CORPORATION manufactures industrial machinery, farm machinery, and fluid piping systems.  The Company's products include ductile iron pipes, engines, tractors, combine harvesters, reaper binders, rice planters, and excavators.  Kubota also produces forged iron products, housing equipment, and environmental control plants.

Price Gauge
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Kubota Corp (6326 JP)

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

Ohayo Japan: Dots Say Higher for Longer; JapanX: Kishida Lays Out Welcome Mat for Foreign Investors

Fed keeps interest rates unchanged, but signals rates will remain higher for longer. Toshiba Tender Offer completed. PM Kishida invites foreigners...

Mark Chadwick

Japan Weekly | Kubota, Hitachi Construction, Ain

Japanese stocks had a strong week, driven by improved pricing power for exporters and a weak yen, but weakness in the Chinese economy is impacting...

Mark Chadwick

Key Supports Holding Strong; 10-Year Treasury Yield Below Key Resistance; Buys in Non-Defensives

We remain constructive on global equities as long as $ACWI remains above $93 (1+ year base support). 10-year Treasury yield $TNX holding below 4.3...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Ohayo Japan: Dots Say Higher for Longer; JapanX: Kishida Lays Out Welcome Mat for Foreign Investors

​Fed keeps interest rates unchanged, but signals rates will remain higher for longer. Toshiba Tender Offer completed. PM Kishida invites foreigners...

Mark Chadwick

Japan Weekly | Kubota, Hitachi Construction, Ain

​Japanese stocks had a strong week, driven by improved pricing power for exporters and a weak yen, but weakness in the Chinese economy is impacting...

Mark Chadwick

Key Supports Holding Strong; 10-Year Treasury Yield Below Key Resistance; Buys in Non-Defensives

We remain constructive on global equities as long as $ACWI remains above $93 (1+ year base support). 10-year Treasury yield $TNX holding below 4.3...

Vermilion Research

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...

Fed keeps interest rates unchanged, but signals rates will remain higher for longer. Toshiba Tender Offer completed. PM Kishida invites foreigners...

Japanese stocks had a strong week, driven by improved pricing power for exporters and a weak yen, but weakness in the Chinese economy is impacting...