Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.</li>
<li>JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.</li>
<li>Quantum names all strong on good numbers, but will Socionext catch on this time?</li>
</ul>


Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.
JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.
Quantum names all strong on good numbers, but will Socionext catch on this time?


Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

<ul>
<li>Marvell's bullish guidance sets strong tone for ASIC with revs set to rise 4x by next year.</li>
<li>Reports that the Trump admin is going to issue executive orders for robotics firms will help Japanese FA.</li>
<li>Microchip Tech numbers will continue to buoy industrial and component names even after yesterdays strength.</li>
</ul>


Marvell's bullish guidance sets strong tone for ASIC with revs set to rise 4x by next year.
Reports that the Trump admin is going to issue executive orders for robotics firms will help Japanese FA.
Microchip Tech numbers will continue to buoy industrial and component names even after yesterdays strength.


Japan Morning Connection: Power/Industrial Semi Strength Offsets Relative Weakness for Tech Big Guns

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Chugoku Electric Power Co / Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs and DELs for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-November 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential ADDs and DELs for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-November 2025.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

<ul>
<li>Reports that Apple is set to release a touchscreen MacBook should help Nitto Denko.</li>
<li>China AI play Cambricon sees revs and OP surge, pointing to more upside for JP FA plays with Sino-semi exposure.</li>
<li>Luxury back in the spotlight may help Shiseido and Kose rebound off multi-month lows.</li>
</ul>


Reports that Apple is set to release a touchscreen MacBook should help Nitto Denko.
China AI play Cambricon sees revs and OP surge, pointing to more upside for JP FA plays with Sino-semi exposure.
Luxury back in the spotlight may help Shiseido and Kose rebound off multi-month lows.


Japan Morning Connection: LDP and Ishin May Sign a Pact to Pave the Way for Japan's First Female PM

<ul>
<li>Memory and specifically DRAM and NAND surges as memory makers delay enterprise pricing guidance as supply/demand imbalance grows.</li>
<li>As AMD-Samsung vs NVDA-SK Hynix alliances form, Micronics should be the big winner.</li>
<li>Factory automatic and robotics stocks the next AI winners? Masa thinks so.</li>
</ul>


Memory and specifically DRAM and NAND surges as memory makers delay enterprise pricing guidance as supply/demand imbalance grows.
As AMD-Samsung vs NVDA-SK Hynix alliances form, Micronics should be the big winner.
Factory automatic and robotics stocks the next AI winners? Masa thinks so.


Japan Morning Connection: US Govt Rumored to Be Looking at Taking Stake in Wolfspeed

Japan

OMRON Corporation manufactures electronic components, equipment and systems used for factory automation. The Company provides products and services in a variety of fields including industrial automation, electronic components, automotive electronics, social systems such as ticket gate machines and traffic control, and healthcare.

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Omron Corp (6645 JP)

Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

A rotation back towards larger cap names and Memory made a bit of a comeback after a few down days. Quantum computing names are back in favor after...

Andrew Jackson

Japan Morning Connection: Power/Industrial Semi Strength Offsets Relative Weakness for Tech Big Guns

Calls for an end of year rally growing, especially for tech. Some excitement for all things robot related. Could be room for Japanese FA laggards...

Andrew Jackson

Quiddity JPX-Nikkei 400 Rebal 2026: End-Nov 2025 Ranks

In total, there are 48 Potential ADDs and 47 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

Japan Morning Connection: LDP and Ishin May Sign a Pact to Pave the Way for Japan's First Female PM

Tech and AI lower in the US including Oracle despite releasing positive long term guidance. May see further upside for Shiseido and Kose if...

Andrew Jackson

Japan Morning Connection: US Govt Rumored to Be Looking at Taking Stake in Wolfspeed

Tech and AI bounce back after pullback the day before, flash/NAND related especially strong. WOLF a potential target for the US Government to take...

Andrew Jackson

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