Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: Equity Rally Continues SPX +1.5% with all Sectors Up; Tech Surges -&gt;NDX100 +2.2%;  China Banks Cuts Mortgage rates to shore up economy;  BitCoin lease on life w/US Court Ruling</li>
<li>JAPAN: NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up-risk for higher wages; SDF Head says Military Capabilities Inadequate</li>
<li>JAPAN X: Fast Retailing Aims to Dominate India with Manufacturing Expansion. With more locally manufactured products, Fasty will be better able to grow share in India. </li>
</ul>


OVERSEAS: Equity Rally Continues SPX +1.5% with all Sectors Up; Tech Surges -&gt;NDX100 +2.2%;  China Banks Cuts Mortgage rates to shore up economy;  BitCoin lease on life w/US Court Ruling
JAPAN: NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up-risk for higher wages; SDF Head says Military Capabilities Inadequate
JAPAN X: Fast Retailing Aims to Dominate India with Manufacturing Expansion. With more locally manufactured products, Fasty will be better able to grow share in India. 


Ohayo Japan|Equity Rally Continues; Tech Surges; JAPAN X: Fast Retailing Sets Its Sights on India

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>Friday's 'best' and 'worst' larger-cap announcements came from <a href="https://www.smartkarma.com/entities/hamamatsu-photonics-kk" target="_blank" data-smartkarma-citation="entities:14074:1" rel="noopener">Hamamatsu Photonics (6965 JP)</a> and <a href="https://www.smartkarma.com/entities/oracle-corp-japan" target="_blank" data-smartkarma-citation="entities:16787:1" rel="noopener">Oracle Japan (4716 JP)</a>.  For more, see the<strong> DETAIL</strong> section below.</p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/196/070/original/image?1616365750" class="editor-image img-responsive" data-smartkarma-image-id="196070"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/196/069/original/image?1616365750" class="editor-image img-responsive" data-smartkarma-image-id="196069"></figure>
</div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div>

• BEST &amp; WORST •
Friday's 'best' and 'worst' larger-cap announcements came from Hamamatsu Photonics (6965 JP) and Oracle Japan (4716 JP).  For more, see the DETAIL section below.

Source for all charts &amp; tables: Japan Analytics

🇯🇵 JAPAN • Results & Revisions 03/​​​19 - Hamamatsu Photonics & Oracle Japan

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

DZT Research

DZT 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.

Index Rebalance

<ul>
<li>MSCI Japan June 2026 added 3 stocks and deleted 14. With the first implementation week complete, we review current-cycle performance vs history.</li>
<li>ADDs gave back after a positive bridge. All 3 ADDs fell in WI0-4, with aggregate return of -9.0% vs the historical ADD mean of -2.9%.</li>
<li>DELETEs rose +3.4% in WI0-4, the strongest first-week result in the study history. Low-velocity DELETEs also rose, returning +2.6% across 4 names with data.</li>
</ul>


MSCI Japan June 2026 added 3 stocks and deleted 14. With the first implementation week complete, we review current-cycle performance vs history.
ADDs gave back after a positive bridge. All 3 ADDs fell in WI0-4, with aggregate return of -9.0% vs the historical ADD mean of -2.9%.
DELETEs rose +3.4% in WI0-4, the strongest first-week result in the study history. Low-velocity DELETEs also rose, returning +2.6% across 4 names with data.


MS-Japan June 2026 Rebalance: Post-Implementation Review

<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p>Our best and worst pair from yesterday is <a href="https://www.smartkarma.com/entities/hirose-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:13513:1" rel="noopener">Hirose Electric (6806 JP)</a> with a 41% upward revision to interim operating income, and leisure and travel conglomerate <a href="https://www.smartkarma.com/entities/seibu-holdings-inc" target="_blank" data-smartkarma-citation="entities:458:1" rel="noopener">Seibu (9024 JP)</a> which revised down both for the interim and full-year, the latter scoring a maximum negative -30.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/651/original/2020-09-25_06-15-33.png?1600982296" class="editor-image img-responsive" data-smartkarma-image-id="161651"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/652/original/2020-09-25_06-14-28.png?1600982419" class="editor-image img-responsive" data-smartkarma-image-id="161652"></figure><p></p><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div><p style="text-align: center;"><strong>DAILY STATS </strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/650/original/2020-09-25_06-07-47.png?1600981686" class="editor-image img-responsive" data-smartkarma-image-id="161650"></figure><p><strong><a href="https://www.smartkarma.com/entities/oracle-corp-japan" target="_blank" data-smartkarma-citation="entities:16787:1" rel="noopener">Oracle Japan (4716 JP)</a></strong>- Seasonally, the first quarter is the low point of Oracle's annual cycle following the fourth quarter high. This first quarter was unusually subdued as revenue growth was flat for the second quarter in a row. As revenues slow to a single-digit pace, the company has focused on cost reductions, resulting in a Q1 year-on-year 50bps operating margin improvement. OJ is becoming more of an annuity. As such and noting the ¥225b in Net Financial Assets on the Balance Sheet and no debt, it is time for another extraordinary dividend.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/653/original/2020-09-25_06-29-09.png?1600982967" class="editor-image img-responsive" data-smartkarma-image-id="161653"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/654/original/2020-09-25_06-28-42.png?1600983014" class="editor-image img-responsive" data-smartkarma-image-id="161654"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/161/655/original/2020-09-25_06-33-14.png?1600983265" class="editor-image img-responsive" data-smartkarma-image-id="161655"></figure><hr><div>
<p style="text-align: center;"><strong><br>12 Annual • 13 Interim Forecasts/Revisions</strong></p>
<p style="text-align: left;">The trend in forecasts and revisions has turned down again - only four of 25 announcements made yesterday scored positively and the average score change was -11: -</p>
</div><div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 17% Positive / 0% Neutral / 83% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 15% Positive / 8% Neutral / 77% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -11.2 points</p></li>
</ul></div>

• BEST &amp; WORST •Our best and worst pair from yesterday is Hirose Electric (6806 JP) with a 41% upward revision to interim operating income, and leisure and travel conglomerate Seibu (9024 JP) which revised down both for the interim and full-year, the latter scoring a maximum negative -30.Source for all charts &amp; tables: Japan AnalyticsDAILY STATS Oracle Japan (4716 JP)- Seasonally, the first quarter is the low point of Oracle's annual cycle following the fourth quarter high. This first quarter was unusually subdued as revenue growth was flat for the second quarter in a row. As revenues slow to a single-digit pace, the company has focused on cost reductions, resulting in a Q1 year-on-year 50bps operating margin improvement. OJ is becoming more of an annuity. As such and noting the ¥225b in Net Financial Assets on the Balance Sheet and no debt, it is time for another extraordinary dividend.
 12 Annual • 13 Interim Forecasts/Revisions
The trend in forecasts and revisions has turned down again - only four of 25 announcements made yesterday scored positively and the average score change was -11: -

Annual Forecast/Revision Score: 17% Positive / 0% Neutral / 83% Negative
Interim Forecast/Revision Score Change: 15% Positive / 8% Neutral / 77% Negative
Average Forecast/Revision Score Change: -11.2 points


🇯🇵 JAPAN • Results & Revisions 09/​​​​​​​​​​​​24 - A Quieter Oracle, Hirose, Shippers, NGK, Seibu

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. Major indexes around the world continue to do next to nothing, making Sector, Group, and stock selection all the more important. We prefer to use a barbell strategy of growth and safety. Attractive and actionable themes highlighted in today’s report include IT Services/Tech Software, Communications, Precious Metals, and Utilities.</p>

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain cautious and concerned that global equities remain vulnerable and could be poised for additional weakness moving forward. Major indexes around the world continue to do next to nothing, making Sector, Group, and stock selection all the more important. We prefer to use a barbell strategy of growth and safety. Attractive and actionable themes highlighted in today’s report include IT Services/Tech Software, Communications, Precious Metals, and Utilities.

Global Equity Strategy: Stay on the Defensive

Japan

ORACLE CORPORATION JAPAN sells a variety of software, including database management system software, application development tools, decision-making support tools, and business related applications.  The Company also provides support services for users.

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

Oracle Corp Japan (4716 JP)

Ohayo Japan|Equity Rally Continues; Tech Surges; JAPAN X: Fast Retailing Sets Its Sights on India

US stocks rally; Tech surges. NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up; SDF Head...

Mark Chadwick

🇯🇵 JAPAN • Results & Revisions 03/19 - Hamamatsu Photonics & Oracle Japan

• BEST & WORST • Friday's 'best' and 'worst' larger-cap announcements came from Hamamatsu Photonics (6965 JP) and Oracle Japan (4716 JP). For...

Campbell Gunn

MS-Japan June 2026 Rebalance: Post-Implementation Review

MSCI Japan June 2026 rebalance has passed the first post-implementation week. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

🇯🇵 JAPAN • Results & Revisions 09/24 - A Quieter Oracle, Hirose, Shippers, NGK, Seibu

• BEST WORST • DAILY STATS

Campbell Gunn

Global Equity Strategy: Stay on the Defensive

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ohayo Japan|Equity Rally Continues; Tech Surges; JAPAN X: Fast Retailing Sets Its Sights on India

US stocks rally; Tech surges. NKY Futures +0.7% v Cash; USDJPY 145.9; Yen's buying power at 53 year low; Japan's jobless rate ticks up; SDF Head...

Mark Chadwick

🇯🇵 JAPAN • Results & Revisions 03/​​​19 - Hamamatsu Photonics & Oracle Japan

• BEST & WORST • Friday's 'best' and 'worst' larger-cap announcements came from Hamamatsu Photonics (6965 JP) and Oracle Japan (4716 JP). For...

Campbell Gunn

MS-Japan June 2026 Rebalance: Post-Implementation Review

MSCI Japan June 2026 rebalance has passed the first post-implementation week. We review what worked, what did not, and how current results compare...

Ke Yan, CFA, FRM

🇯🇵 JAPAN • Results & Revisions 09/​​​​​​​​​​​​24 - A Quieter Oracle, Hirose, Shippers, NGK, Seibu

• BEST WORST • DAILY STATS

Campbell Gunn

Global Equity Strategy: Stay on the Defensive

Deterioration for ACWI ex-US, EAFE, and EM, continued bearish-leaning indicators, and the downward trajectory of bond yields leads us to remain...

Vermilion Research

🇯🇵 JAPAN • Results & Revisions 03/19 - Hamamatsu Photonics & Oracle Japan

🇯🇵 JAPAN • Results & Revisions 09/24 - A Quieter Oracle, Hirose, Shippers, NGK, Seibu