Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.</li>
<li>A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems</li>
<li>Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.</li>
</ul>


Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.
A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems
Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.


Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

<ul>
<li>Yesterday's holdouts Screen +4.2% and TEL +3.2% likely next in line as AI derate spreads.</li>
<li>Softbank -8.3% yesterday as talks to raise $6bn margin loan backed by its OpenAI stake reportedly stall.</li>
<li>MLCC names Taiyo Yuden and Murata finally give up the ghost and likely to continue lower with the unlimited upside spell shattered.</li>
</ul>


Yesterday's holdouts Screen +4.2% and TEL +3.2% likely next in line as AI derate spreads.
Softbank -8.3% yesterday as talks to raise $6bn margin loan backed by its OpenAI stake reportedly stall.
MLCC names Taiyo Yuden and Murata finally give up the ghost and likely to continue lower with the unlimited upside spell shattered.


Japan Morning Connection: AI Derate Continues and Recent Intel Winners Face Capitulation

<ul>
<li>Ibiden -27% since start of month but set to recover as Intel wins Google TPU deal. TEL, Lasertec, Screen and TOK also set for a stronger session.</li>
<li>Fujikura and peers should be helped by Corning's multi-billion dollar Amazon optical fiber deal.</li>
<li>Softbank -23% since start of month looking attractive as OpenAI formally announces IPO plans.</li>
</ul>


Ibiden -27% since start of month but set to recover as Intel wins Google TPU deal. TEL, Lasertec, Screen and TOK also set for a stronger session.
Fujikura and peers should be helped by Corning's multi-billion dollar Amazon optical fiber deal.
Softbank -23% since start of month looking attractive as OpenAI formally announces IPO plans.


Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

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>Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. </li>
<li>Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.</li>
<li>Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.</li>
</ul>


Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. 
Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.
Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.


Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

Japan

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)

Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

Softbank lagging peers while ARM eyes new ATHs. Lasertec may build on yesterday's gains as ASML flags rising AI demand. Nikon worth watching on...

Andrew Jackson

Japan Morning Connection: AI Derate Continues and Recent Intel Winners Face Capitulation

Another risk-off day for tech and AI as the market grapples with the deteriorating situation in Iran as well as uncertainty over what the SpaceX...

Andrew Jackson

Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

Intel's Google TPU win may lift Ibiden, while Corning's Amazon deal may help Fujikura recover. Panasonic could see a lift on AI infrastructure plans.

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: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

SPE names brace for NVDA numbers tomorrow after already wavering post earnings. Market remains gun-shy on mainstay AI plays making it likely for...

Andrew Jackson

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