Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>Japan's top defense and aerospace contractor is being rerated to account for the limits on relying on the U.S. for defense in an alarming national security environment.</li>
<li>A reasonably optimistic scenario brings MHI's P/E ratio down to 22X in FY Mar-28, by which time Japan's defense spending is scheduled reach 2% of GDP.</li>
<li>The Trump administration wants Japan to spend more, but getting the budget through the national Diet is difficult enough as it is. </li>
</ul>


Japan's top defense and aerospace contractor is being rerated to account for the limits on relying on the U.S. for defense in an alarming national security environment.
A reasonably optimistic scenario brings MHI's P/E ratio down to 22X in FY Mar-28, by which time Japan's defense spending is scheduled reach 2% of GDP.
The Trump administration wants Japan to spend more, but getting the budget through the national Diet is difficult enough as it is. 


MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.</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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Nov 28th. The aggregated net margin trading position is USD19,551m.
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 SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec, Fujikura, Toyoda Gosei, Mitsubishi Electric, Mitsui E&amp;S, Daihen, Sbi, Advantest, Furukawa Electric, Mizuho Financial.


JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

<ul>
<li>We analysed the earning revision of component stocks of MSCI 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 Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.</li>
</ul>


We analysed the earning revision of component stocks of MSCI 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 Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial, Ebara, Honda Motor, Softbank, Ebara, Kioxia, Toyota Motor, Honda Motor, Sony Financial, Rakuten.


MSCI Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.</li>
<li>Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.</li>
<li>Oil takes a sizeable hit with OPEC signalling supply increases on the way.</li>
</ul>


Memory names surging after bullish broker upgrades as mkt refuses to sell off into the shutdown.
Boeing taking a break but outlook for CF suppliers such as Toray ahead of the announcement for now Chinese orders looks positive.
Oil takes a sizeable hit with OPEC signalling supply increases on the way.


Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Japan Specialist

Mark Chadwick

<ul>
<li>US equities opened December lower as risk-off prevailed; bitcoin -7%, safe-havens gained, while markets price high odds of Fed cut next week.</li>
<li>
Yaskawa partners SoftBank on AI autonomous service robots, while FANUC teams with NVIDIA on AI-embedded industrial robots to accelerate physical AI adoption.</li>
<li>
MHI (7011 JP): 16% pullback reflects fading Takaichi trade; structural defence tailwinds remain intact as Japan’s contractors grew revenues 40% amid record $679bn global arms sales.</li>
</ul>


US equities opened December lower as risk-off prevailed; bitcoin -7%, safe-havens gained, while markets price high odds of Fed cut next week.

Yaskawa partners SoftBank on AI autonomous service robots, while FANUC teams with NVIDIA on AI-embedded industrial robots to accelerate physical AI adoption.

MHI (7011 JP): 16% pullback reflects fading Takaichi trade; structural defence tailwinds remain intact as Japan’s contractors grew revenues 40% amid record $679bn global arms sales.


Ohayo Japan | Risk Appetite Fades as Bitcoin Sells Off

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

Up 40% in the past month, but still reasonably valued on a 3-year view if Japan's defense spending rises and margins expand as expected. 22X...

Scott Foster

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted SBI (8473 JP), Advantest (6857 JP), Furukawa Electric (5801 JP),...

Ke Yan, CFA, FRM

MSCI Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

We analyzed MSCI Japan's consensus for Nov 2025 and highlighted changes of EPS in Toyota Motor (7203 JP), SoftBank (9984 JP), Rakuten (4755 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Ohayo Japan | Risk Appetite Fades as Bitcoin Sells Off

US equities lower, bitcoin down 7%, safe-havens up; Yaskawa partners SoftBank, FANUC teams with NVIDIA on industrial robots for AI adoption, MHI...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

Up 40% in the past month, but still reasonably valued on a 3-year view if Japan's defense spending rises and margins expand as expected. 22X...

Scott Foster

JPX Margin Trading Weekly (Nov 28th): SBI, Advantest, Furukawa Electric, Mizuho Financial, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted SBI (8473 JP), Advantest (6857 JP), Furukawa Electric (5801 JP),...

Ke Yan, CFA, FRM

MSCI Japan Index Earning Revision (Nov): Toyota Motor, SoftBank, Rakuten, Kioxia, Sony Financial

We analyzed MSCI Japan's consensus for Nov 2025 and highlighted changes of EPS in Toyota Motor (7203 JP), SoftBank (9984 JP), Rakuten (4755 JP),...

Ke Yan, CFA, FRM

Japan Morning Connection: Wolfspeed Out of Chapter 11 as Expected and Stock Rallies 1726%

Markets largely shake off shutdown concerns with memory exploding higher, watch 285A Kioxia. Toray may get a leg higher when China confirms...

Andrew Jackson

Ohayo Japan | Risk Appetite Fades as Bitcoin Sells Off

​US equities lower, bitcoin down 7%, safe-havens up; Yaskawa partners SoftBank, FANUC teams with NVIDIA on industrial robots for AI adoption, MHI...

Mark Chadwick

US equities lower, bitcoin down 7%, safe-havens up; Yaskawa partners SoftBank, FANUC teams with NVIDIA on industrial robots for AI adoption, MHI...