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 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 Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ Financial, Nippon Steel, Kioxia.</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 Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ Financial, Nippon Steel, Kioxia.


MS-Japan Index Earning Revision (Jul): Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Kioxia

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Equity Bottom-Up

<ul>
<li>We follow up our original piece after the release of full-year results and the annual IR day.</li>
<li>Some decent outperformance from the stock despite AI disruption fears.</li>
<li>Stock is cheap if the medium-term plan is achieved with Q1 results, the first scorecard.</li>
</ul>


We follow up our original piece after the release of full-year results and the annual IR day.
Some decent outperformance from the stock despite AI disruption fears.
Stock is cheap if the medium-term plan is achieved with Q1 results, the first scorecard.


NEC (6701.T) – Thesis Playing Out, Market Not Fully Convinced

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>Saturday's 7.1 earthquake in Japan could have caused important supply disruptions for semiconductors.  We reached out to over a dozen companies to check their status, and those who replied indicated that there was little impact.  Still, the automotive sector has reason to be nervous.</p>

Saturday's 7.1 earthquake in Japan could have caused important supply disruptions for semiconductors.  We reached out to over a dozen companies to check their status, and those who replied indicated that there was little impact.  Still, the automotive sector has reason to be nervous.

Japan Quake and Chip Shortages, Tough on Auto?

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

<p>Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to trend higher and are devoid of bearish inflections. Additionally, the US dollar (DXY) is likely headed lower, something we view as a positive risk-on signal for global equities. As a result, we remain bullish and we continue to recommend adding exposure on pullbacks.</p>

Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to trend higher and are devoid of bearish inflections. Additionally, the US dollar (DXY) is likely headed lower, something we view as a positive risk-on signal for global equities. As a result, we remain bullish and we continue to recommend adding exposure on pullbacks.

Japan Breaking Out; EM Remains Leadership

Focus on Smaller Cap Value Names, Altay Capital

Altay Capital

Focus on Smaller Cap Value Names

Long time value investor. Long/Short portfolio that’s always net long (between 30-80%). I have extensive experience in the video game industry as I founded a leading media company in the space, which I have since exited after an acquisition. Gaming companies only make up ~15% of my portfolio, but its a sector where I believe I have an edge. A newsletter about value investing! Mostly focus on smaller cap value names that aren't widely covered.

Sanyo Engineering & Construc / Equity Bottom-Up

<ul><li>In late May, Kinden Corp. (1944) announced a takeover of Kodensha (1948) at a massive premium.</li><li>Kodensha was trading around ¥2,500 per share in late 2025, then more than doubled before a Nikkei article came out in January 2026 suggesting that Mitsubishi Electric would sell its 50% stake in the company.</li><li>By then, the stock was trading around ¥6,500. Kinden then announced it would take the company private at ¥11,501 per share. </li></ul>

In late May, Kinden Corp. (1944) announced a takeover of Kodensha (1948) at a massive premium.Kodensha was trading around ¥2,500 per share in late 2025, then more than doubled before a Nikkei article came out in January 2026 suggesting that Mitsubishi Electric would sell its 50% stake in the company.By then, the stock was trading around ¥6,500. Kinden then announced it would take the company private at ¥11,501 per share. 

Two Near Net-Net Japanese Electrical Contractors at ~3.5x EV/EBIT with Industry Tailwinds

Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

MS-Japan Index Earning Revision (Jul): Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Kioxia

We analyzed MS-Japan's consensus for Jul 2026 and highlighted changes of EPS in Recruit, Japan Exchange, Panasonic, Idemitsu Kosan, Mitsubishi UFJ...

Ke Yan, CFA, FRM

NEC (6701.T) – Thesis Playing Out, Market Not Fully Convinced

+6% after Q1results. revenue +14.5% to ¥819.8bn; non-GAAP OP +¥34.7bn to ¥74.7bn. FY OP guidance raised ¥10bn to ¥430bn (revenue +¥40bn to...

Rikki Malik

Japan Quake and Chip Shortages, Tough on Auto?

Will Saturday's Japan earthquake further disrupt the semiconductor supply chain? Early reports seem tame enough, but automobile manufacturers are...

Jim Handy

Japan Breaking Out; EM Remains Leadership

Major global indexes continue to trend higher and are devoid of bearish inflections. As a result, we remain bullish and we continue to recommend...

Vermilion Research

Two Near Net-Net Japanese Electrical Contractors at ~3.5x EV/EBIT with Industry Tailwinds

n late May, Kinden Corp. (1944) announced a takeover of Kodensha (1948) at a massive premium. Kodensha was trading around ¥2,500 per share in late...

Altay Capital

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