Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.</li>
<li>Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.</li>
<li>Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.</li>
</ul>


Heavily sold AI plays such as Ibiden, Advantest and Kokusai look likely to continue higher given the more constructive outlook in Iran and lower oil to start.
Amazon's AWS growth beat validates its AI spend, offering a positive read-through for Japan's SPE and semi-caps.
Westinghouse Electric Company applying for an IPO in the US should help put focus and improve valuation clarity for Mitsubishi Heavy Industries and Japan Steel Works.


Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

<ul>
<li>ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.</li>
<li>TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.</li>
<li>Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.</li>
</ul>


ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.
TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.
Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.


Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

<ul>
<li>MoD set to designate China as Japan's most serious concern in upcoming white paper. MHI, KHI, IHI and JSW worth watching as retail looks for new plays.</li>
<li>SMCI announcing plans to raise $7 billion to meet server orders may help lift Nidec who supplies their cooling modules.</li>
<li>Sumitomo Forestry -31% YTD may get some relief from homebuilder strength in the US overnight.</li>
</ul>


MoD set to designate China as Japan's most serious concern in upcoming white paper. MHI, KHI, IHI and JSW worth watching as retail looks for new plays.
SMCI announcing plans to raise $7 billion to meet server orders may help lift Nidec who supplies their cooling modules.
Sumitomo Forestry -31% YTD may get some relief from homebuilder strength in the US overnight.


Japan Morning Connection: Defense in Focus as MoD Is Set to Name China as Most Serious Concern

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>Oracle +10% AH after numbers showed strong gains for their Infra business and disciplined capex spending.</li>
<li>AT&amp;T looking to spend $250bn over 5-years to modernize networks will help the wire and cable plays.</li>
<li>The US running through its supplies of ordinance should help Japan's mainstay missile developers such as MHI.</li>
</ul>


Oracle +10% AH after numbers showed strong gains for their Infra business and disciplined capex spending.
AT&amp;T looking to spend $250bn over 5-years to modernize networks will help the wire and cable plays.
The US running through its supplies of ordinance should help Japan's mainstay missile developers such as MHI.


Japan Morning Connection: Markets Finished Well off Their Highs Given Mixed Signals from the WH

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)

Japan Morning Connection: Risk-On Sentiment Remains as Trump Holds off on More Attacks

Heavily sold AI plays such as Ibiden, Advantest and Kokusai, look likely to continue higher despite the missed US tape given the more constructive...

Andrew Jackson

Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

SPE names may give back yesterday's gains as ASML's numbers fail to lift US peers. TSMC will report today, so expect to see semi-cap fluctuations...

Andrew Jackson

Japan Morning Connection: Defense in Focus as MoD Is Set to Name China as Most Serious Concern

Markets remain gun-shy ahead of SpaceX IPO this week. Defense heavies worth watching as MoD prepares to flag China as most serious concern in...

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: Markets Finished Well off Their Highs Given Mixed Signals from the WH

Markets finished well off their highs given mixed signals from the WH, but managed to hold small gains. Tech and AI performed best amidst the...

Andrew Jackson

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