Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Lacklustre numbers for both Dell and HP show tapering demand for PC's.</li>
<li>Keisei Electric Rail snubbing Murakami with another 1% Oriental Land sale?</li>
<li>Nikon analysts meeting does little to clarify the intentions of EssilorLuxottic's 8.45% stake.</li>
</ul>


Lacklustre numbers for both Dell and HP show tapering demand for PC's.
Keisei Electric Rail snubbing Murakami with another 1% Oriental Land sale?
Nikon analysts meeting does little to clarify the intentions of EssilorLuxottic's 8.45% stake.


Japan Morning Connection: AI Edge Computing Is Failing to Drive PC Demand

Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Sanwa Holdings revised its first-half (1H) forecasts, increasing sales estimates from ¥293 billion to ¥313 billion, and operating profit (OP) from ¥25.6 billion to ¥32 billion</li>
<li>Essilor's growing investment in Nikon, with the optical giant increasing its stake from 5.1% to 7.38% in just a few weeks, underscores our bullish view on the name.</li>
<li>Nihon Kohden recently revised its first-half (1H24) guidance, raising sales expectations by ¥700 million to ¥102.7 billion and operating profit by ¥2 billion to ¥5 billion. </li>
</ul>


Sanwa Holdings revised its first-half (1H) forecasts, increasing sales estimates from ¥293 billion to ¥313 billion, and operating profit (OP) from ¥25.6 billion to ¥32 billion
Essilor's growing investment in Nikon, with the optical giant increasing its stake from 5.1% to 7.38% in just a few weeks, underscores our bullish view on the name.
Nihon Kohden recently revised its first-half (1H24) guidance, raising sales expectations by ¥700 million to ¥102.7 billion and operating profit by ¥2 billion to ¥5 billion. 


Japan Value | Sanwa, Nikon, Nihon Kohden, Maruichi Steel

<ul>
<li>Japan SPE set for a big pullback after a terrible ASML order outlook.</li>
<li>EUV related plays will be under pressure including Lasertec and Hoya.</li>
<li>Expect rotation towards domestic defensive, with rails in focus after Tokyo Metro IPO priced top of range.</li>
</ul>


Japan SPE set for a big pullback after a terrible ASML order outlook.
EUV related plays will be under pressure including Lasertec and Hoya.
Expect rotation towards domestic defensive, with rails in focus after Tokyo Metro IPO priced top of range.


Japan Morning Connection: SPE Set for a Serous Pullback After ASML Order Outlook

<ul>
<li>Essilor’s investment underscores Nikon’s undervalued potential, spotlighting its advanced optical technologies as strategic growth drivers in emerging high-tech sectors like AR.</li>
<li>Nikon’s established expertise in precision optics is highly adaptable for AR applications, positioning the company to capitalize on rising demand for wearable and immersive technology.</li>
<li>Increased collaboration with EssilorLuxottica may enhance Nikon’s R&amp;D capabilities, promising new innovations and potential revenue streams, which could strengthen Nikon’s profitability and share value long-term.</li>
</ul>


Essilor’s investment underscores Nikon’s undervalued potential, spotlighting its advanced optical technologies as strategic growth drivers in emerging high-tech sectors like AR.
Nikon’s established expertise in precision optics is highly adaptable for AR applications, positioning the company to capitalize on rising demand for wearable and immersive technology.
Increased collaboration with EssilorLuxottica may enhance Nikon’s R&amp;D capabilities, promising new innovations and potential revenue streams, which could strengthen Nikon’s profitability and share value long-term.


Nikon (7731) | Eyeing the Future? Nikon and Essilor's Partnership in AR

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Yesterday, post-close, Bloomberg reported a headline "<strong>*SILCHESTER REPORTS NIKON STAKE; MAY SEEK CAPITAL POLICY CHANGES</strong>"</li>
<li>That was exciting. It was in all caps. It was activist-ish-y. Today the stock rose 10.3% and we got another article saying it was up because of Silchester's filing.</li>
<li>Beware the Bloomberg headline. Nuance is sometimes lost. They aren't always designed to help investors invest. Often, the main purpose is clickbait.</li>
</ul>


Yesterday, post-close, Bloomberg reported a headline "*SILCHESTER REPORTS NIKON STAKE; MAY SEEK CAPITAL POLICY CHANGES"
That was exciting. It was in all caps. It was activist-ish-y. Today the stock rose 10.3% and we got another article saying it was up because of Silchester's filing.
Beware the Bloomberg headline. Nuance is sometimes lost. They aren't always designed to help investors invest. Often, the main purpose is clickbait.


Nikon (7731) - Beware The Bloomberg Headline But There's Value Here

Japan

NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related equipment, eyeglasses, microscopes, and measuring instruments.

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Nikon Corp (7731 JP)

Japan Morning Connection: AI Edge Computing Is Failing to Drive PC Demand

PC demand is slowing as Dell and HP report lacklustre numbers, Keisei Electric Rail sells more Oriental Land shares, and Nikon's meeting leaves...

Andrew Jackson

Japan Value | Sanwa, Nikon, Nihon Kohden, Maruichi Steel

Sanwa Holdings, Essilor, and Nihon Kohden all revise their first-half forecasts, showing increased sales estimates and operating profits.

Mark Chadwick

Japan Morning Connection: SPE Set for a Serous Pullback After ASML Order Outlook

SPE faces pullback after ASML's poor order outlook, impacting EUV-related plays including. Expect rotation towards domestic defensive, particularly...

Andrew Jackson

Nikon (7731) | Eyeing the Future? Nikon and Essilor's Partnership in AR

Essilor's investment in Nikon highlights its potential in advanced optical technologies for emerging sectors like AR, with collaboration...

Mark Chadwick

Nikon (7731) - Beware The Bloomberg Headline But There's Value Here

Nikon is a cheap company with dual personalities, which keeps its multiple low. It has cash and securities too. Silchester bought 5% and Bloomberg...

Travis Lundy

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Japan Morning Connection: AI Edge Computing Is Failing to Drive PC Demand

​PC demand is slowing as Dell and HP report lacklustre numbers, Keisei Electric Rail sells more Oriental Land shares, and Nikon's meeting leaves...

Andrew Jackson

Japan Value | Sanwa, Nikon, Nihon Kohden, Maruichi Steel

​Sanwa Holdings, Essilor, and Nihon Kohden all revise their first-half forecasts, showing increased sales estimates and operating profits.

Mark Chadwick

Japan Morning Connection: SPE Set for a Serous Pullback After ASML Order Outlook

SPE faces pullback after ASML's poor order outlook, impacting EUV-related plays including. Expect rotation towards domestic defensive, particularly...

Andrew Jackson

Nikon (7731) | Eyeing the Future? Nikon and Essilor's Partnership in AR

​Essilor's investment in Nikon highlights its potential in advanced optical technologies for emerging sectors like AR, with collaboration...

Mark Chadwick

Nikon (7731) - Beware The Bloomberg Headline But There's Value Here

Nikon is a cheap company with dual personalities, which keeps its multiple low. It has cash and securities too. Silchester bought 5% and Bloomberg...

Travis Lundy

PC demand is slowing as Dell and HP report lacklustre numbers, Keisei Electric Rail sells more Oriental Land shares, and Nikon's meeting leaves...

Sanwa Holdings, Essilor, and Nihon Kohden all revise their first-half forecasts, showing increased sales estimates and operating profits.

Essilor's investment in Nikon highlights its potential in advanced optical technologies for emerging sectors like AR, with collaboration...