Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Kioxia +650% YTD, and the most crowded name on the TSE, likely to face sharp selling at the open.</li>
<li>Optical fiber names Furukawa, SEI and Fujikura all in the firing line along with MLCC plays Taiyo Yuden, Murata and TDK.</li>
<li>Expect a sharp rotation back to domestic defensives and the software plays.</li>
</ul>


Kioxia +650% YTD, and the most crowded name on the TSE, likely to face sharp selling at the open.
Optical fiber names Furukawa, SEI and Fujikura all in the firing line along with MLCC plays Taiyo Yuden, Murata and TDK.
Expect a sharp rotation back to domestic defensives and the software plays.


Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

Japan Specialist

Mark Chadwick

<ul>
<li>Japan’s economy remained resilient, supported by easing inflation, stronger industrial activity and improving consumer sentiment </li>
<li>Equities reached fresh record highs as easing Middle East tensions and sustained AI-driven demand boosted confidence</li>
<li>Investor focus shifted towards AI infrastructure components, with MLCC, wafer and substrate suppliers leading gains</li>
</ul>


Japan’s economy remained resilient, supported by easing inflation, stronger industrial activity and improving consumer sentiment 
Equities reached fresh record highs as easing Middle East tensions and sustained AI-driven demand boosted confidence
Investor focus shifted towards AI infrastructure components, with MLCC, wafer and substrate suppliers leading gains


<ul>
<li>Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.</li>
<li>Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.</li>
<li>Software rotation bid evaporates as AI surges. Expect an underperformance today.</li>
</ul>


Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.
Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.
Software rotation bid evaporates as AI surges. Expect an underperformance today.


Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

<ul>
<li>MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.</li>
<li>Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.</li>
<li>Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal</li>
</ul>


MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.
Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.
Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal


Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

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

Japan

MURATA MANUFACTURING COMPANY, LTD. manufactures and sells ceramic applied electronic components.  The Company's products include filters, capacitors, thermistors, resistors, noise suppression components, coils, piezoelectric sound components, power supplies, sensors, hybrid integrated circuit (IC), and microwave components.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Murata Manufacturing (6981 JP)

Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

SOX worst day in 6 years leaves Japan's AI names facing a tough open. Expect a sharp rotation back to domestic defensives and the software plays.

Andrew Jackson

Japan Strategy Weekly: AI Rotation

Cooling geopolitical tensions, resilient domestic data and surging AI infrastructure demand propelled Japanese equities to fresh highs this week.

Mark Chadwick

Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

SOX worst day in 6 years leaves Japan's AI names facing a tough open. Expect a sharp rotation back to domestic defensives and the software plays.

Andrew Jackson

Japan Strategy Weekly: AI Rotation

Cooling geopolitical tensions, resilient domestic data and surging AI infrastructure demand propelled Japanese equities to fresh highs this week.

Mark Chadwick

Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

​MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

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

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.