Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>TSMC higher on news from the day before it is investing heavily in US fab capacity.</li>
<li>Continental AG -11.6% after earnings miss sets a poor tone for JP tire makers Bridgestone, Toyo, Yokohama and Sumitomo.</li>
<li>All eyes on Trumps speech to congress this morning, although markets should be firm off the open.</li>
</ul>


TSMC higher on news from the day before it is investing heavily in US fab capacity.
Continental AG -11.6% after earnings miss sets a poor tone for JP tire makers Bridgestone, Toyo, Yokohama and Sumitomo.
All eyes on Trumps speech to congress this morning, although markets should be firm off the open.


Japan Morning Connection: Volatile Session but Pointing Higher on Potential for a Tariff Flip-Flop

<ul>
<li>Japan defence may be buoyed by comments from Frances Macron that spending needs to rise.</li>
<li>Wild ride for Kokusai Electric continues as outstanding short interest jumps 46% over the last week.</li>
<li>Kura Sushi bringing back free meals - limit up yesterday, but with a big SI will there be more today?</li>
</ul>


Japan defence may be buoyed by comments from Frances Macron that spending needs to rise.
Wild ride for Kokusai Electric continues as outstanding short interest jumps 46% over the last week.
Kura Sushi bringing back free meals - limit up yesterday, but with a big SI will there be more today?


Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/leopalace21-corp" target="_blank" data-smartkarma-citation="entities:8244:1" rel="noopener">Leopalace21 Corp (8848 JP)</a> announced a tender offer from a <a href="https://www.smartkarma.com/entities/hikari-tsushin-inc" target="_blank" data-smartkarma-citation="entities:4909:1" rel="noopener">Hikari Tsushin (9435 JP)</a>-led consortium at JPY1,000, a 44.7% premium to the last close.  </li>
<li>While the offer represents a 10-year high, it is materially below the midpoint of the IFA’s DCF valuation range and light compared to precedents. </li>
<li>The process is marred by poor governance, including the absence of an auction and an agreement on a share buyback price with unequal after-tax benefits. </li>
</ul>



Leopalace21 Corp (8848 JP) announced a tender offer from a Hikari Tsushin (9435 JP)-led consortium at JPY1,000, a 44.7% premium to the last close.  
While the offer represents a 10-year high, it is materially below the midpoint of the IFA’s DCF valuation range and light compared to precedents. 
The process is marred by poor governance, including the absence of an auction and an agreement on a share buyback price with unequal after-tax benefits. 


Leopalace21 (8848 JP): Hikari Tsushin-Led Consortium’s Offer Is A Case Study for Poor Governance

<ul>
<li>Jensen in the White House did little to help NVDA on the spectre of further restrictions.</li>
<li>NEC +18% in one of its biggest moves ever on Friday as defense takes a bigger role.</li>
<li>Screen and Lasertec both reported earnings beats but its a mixed bag for both under the hood.</li>
</ul>


Jensen in the White House did little to help NVDA on the spectre of further restrictions.
NEC +18% in one of its biggest moves ever on Friday as defense takes a bigger role.
Screen and Lasertec both reported earnings beats but its a mixed bag for both under the hood.


Japan Morning Connection: Trump Tariffs Set to Roil Markets to Start the Week

Japan Specialist

Mark Chadwick

<ul>
<li>The recent market tremors sparked by DeepSeek, a Chinese AI firm, have rattled investors, prompting a wave of selling in AI stocks</li>
<li>The long-term AI narrative remains compelling and the current dip could offer compelling opportunities - we highlight the sell-off in Japanese names</li>
<li>The Bank of Japan’s long-standing commitment to ultra-loose monetary policy is looking increasingly untenable</li>
</ul>


The recent market tremors sparked by DeepSeek, a Chinese AI firm, have rattled investors, prompting a wave of selling in AI stocks
The long-term AI narrative remains compelling and the current dip could offer compelling opportunities - we highlight the sell-off in Japanese names
The Bank of Japan’s long-standing commitment to ultra-loose monetary policy is looking increasingly untenable


Japan Strategy Weekly | A Buying Opportunity in the AI Rubble?

Japan

NEC Corporation manufactures and markets computers, telecommunication equipment, electronic devices, semiconductors, and software.  The Company's products include printers, modems, cellular phones, plasma display panels (PDP), network systems, memory, integrated circuits (IC), thin film transistor-liquid crystal display (TFT-LCD), and printed circuit boards (PCB). NEC operates worldwide.

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NEC Corp (6701 JP)

Japan Morning Connection: Volatile Session but Pointing Higher on Potential for a Tariff Flip-Flop

TSMC rises on news of investment in US fab capacity, Continental AG drops after earnings miss sets poor tone for JP tire makers.

Andrew Jackson

Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy

Japan's defense may see a boost with Macron's call for increased spending. Kokusai Electric's short interest surges. Kura Sushi limit up yesterday...

Andrew Jackson

Leopalace21 (8848 JP): Hikari Tsushin-Led Consortium’s Offer Is A Case Study for Poor Governance

The offer is materially below the midpoint of IFA’s DCF and marred by poor governance. However, the support from the two largest holders and the...

Arun George

Japan Morning Connection: Trump Tariffs Set to Roil Markets to Start the Week

NVDA down as further tariff and export restrictions expected, NEC makes biggest move as defence comes into focus in JP, Screen and Lasertec beat...

Andrew Jackson

Japan Strategy Weekly | A Buying Opportunity in the AI Rubble?

Market tremors caused by DeepSeek have led to a sell-off in AI stocks, but long-term opportunities may arise, especially in Japanese names; Bank...

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Volatile Session but Pointing Higher on Potential for a Tariff Flip-Flop

​TSMC rises on news of investment in US fab capacity, Continental AG drops after earnings miss sets poor tone for JP tire makers.

Andrew Jackson

Japan Morning Connection: Walmart Results Raising Questions over the Overall Economy

​Japan's defense may see a boost with Macron's call for increased spending. Kokusai Electric's short interest surges. Kura Sushi limit up yesterday...

Andrew Jackson

Leopalace21 (8848 JP): Hikari Tsushin-Led Consortium’s Offer Is A Case Study for Poor Governance

The offer is materially below the midpoint of IFA’s DCF and marred by poor governance. However, the support from the two largest holders and the...

Arun George

Japan Morning Connection: Trump Tariffs Set to Roil Markets to Start the Week

NVDA down as further tariff and export restrictions expected, NEC makes biggest move as defence comes into focus in JP, Screen and Lasertec beat...

Andrew Jackson

Japan Strategy Weekly | A Buying Opportunity in the AI Rubble?

​Market tremors caused by DeepSeek have led to a sell-off in AI stocks, but long-term opportunities may arise, especially in Japanese names; Bank...

Mark Chadwick

TSMC rises on news of investment in US fab capacity, Continental AG drops after earnings miss sets poor tone for JP tire makers.

Japan's defense may see a boost with Macron's call for increased spending. Kokusai Electric's short interest surges. Kura Sushi limit up yesterday...

Market tremors caused by DeepSeek have led to a sell-off in AI stocks, but long-term opportunities may arise, especially in Japanese names; Bank...