Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. </li>
<li>The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  </li>
<li>Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. </li>
</ul>


Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  
Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 


Best Outright and Pair Trades for an Ishiba-Led LDP

Thematic (Sector/Industry)

<ul>
<li>Global renewable continue to outperform, although this is yet to be seen in Japan related names.</li>
<li>Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.</li>
<li>Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.</li>
</ul>


Global renewable continue to outperform, although this is yet to be seen in Japan related names.
Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.
Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.


Japan Morning Connection: Kose Aims for Global Growth

<ul>
<li>Watch for upside in names involved in HAMR drives such as TDK after positive comments from Seagate.</li>
<li>Rohm finally starting to get bucketed as an AI name could see significant upside after deep correction.</li>
<li>Quantum names continuing to surge with huge moves in IonQ and D-Wave sets positive tone for Socionext still.</li>
</ul>


Watch for upside in names involved in HAMR drives such as TDK after positive comments from Seagate.
Rohm finally starting to get bucketed as an AI name could see significant upside after deep correction.
Quantum names continuing to surge with huge moves in IonQ and D-Wave sets positive tone for Socionext still.


Japan Morning Connection: Power/Analog Names Lower, but Seagate IR Day a Big Success

<ul>
<li>Tech and AI sell off sparked by further chip restrictions to China and poor print from ASML.</li>
<li>Details of trade talks are set to have big implications for autos, energy, defense and agriculture.</li>
<li>US officials order the suspension of Biden era wind project already under constriction, adding more pressure to renewables.</li>
</ul>


Tech and AI sell off sparked by further chip restrictions to China and poor print from ASML.
Details of trade talks are set to have big implications for autos, energy, defense and agriculture.
US officials order the suspension of Biden era wind project already under constriction, adding more pressure to renewables.


Japan Morning Connection: Trump Lauding 'great Progress' with Japan Trade Talks.

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/renewable-japan-co-ltd" target="_blank" data-smartkarma-citation="entities:35211:1" rel="noopener">Renewable Japan (9522 JP)</a> has recommended a <a href="https://www.smartkarma.com/entities/tokyu-fudosan-holdings-corp" target="_blank" data-smartkarma-citation="entities:8355:1" rel="noopener">Tokyu Fudosan Holdings (3289 JP)</a>-sponsored MBO at JPY1,250 per share, a 132.3% premium to the last close.</li>
<li>The high takeover premium reflects the 55% YTD decline in the share price. While the timing is opportunistic, the offer is attractive compared to peer multiples. </li>
<li>The irrevocables and low required minority acceptance rate ensure that this is a done deal. The tender runs from 15 November to 8 January 2025 (34 business days).</li>
</ul>



Renewable Japan (9522 JP) has recommended a Tokyu Fudosan Holdings (3289 JP)-sponsored MBO at JPY1,250 per share, a 132.3% premium to the last close.
The high takeover premium reflects the 55% YTD decline in the share price. While the timing is opportunistic, the offer is attractive compared to peer multiples. 
The irrevocables and low required minority acceptance rate ensure that this is a done deal. The tender runs from 15 November to 8 January 2025 (34 business days).


Renewable Japan (9522 JP): Tokyu Fudosan (3289 JP)-Sponsored MBO Set at a 132% Takeover Premium

Japan

RENOVA, Inc. is mainly engaged in operating and managing solar power, biomass power, wind power (onshore and offshore), and geothermal power generations.

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RENOVA Inc (9519 JP)

Best Outright and Pair Trades for an Ishiba-Led LDP

How to position in Japanese equities after the surprise win by Shigeru Ishiba over Sanae Takaichi in Friday's LDP election.

Andrew Jackson

Japan Morning Connection: Kose Aims for Global Growth

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Japan Morning Connection: Power/Analog Names Lower, but Seagate IR Day a Big Success

Rebound for Wolfspeed despite no news on avoiding bankruptcy. Quantum names like IonQ and D-Wave surging, setting positive tone for Socionext....

Andrew Jackson

Japan Morning Connection: Trump Lauding 'great Progress' with Japan Trade Talks.

Earnings miss from ASML and further chip restrictions to China sparked Tech and AI sell off. JP renewables likely to be impacted by Equinor’s...

Andrew Jackson

Renewable Japan (9522 JP): Tokyu Fudosan (3289 JP)-Sponsored MBO Set at a 132% Takeover Premium

The high takeover premium reflects the 55% YTD decline in the share price. The irrevocables and low required minority acceptance rate ensure that...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Best Outright and Pair Trades for an Ishiba-Led LDP

How to position in Japanese equities after the surprise win by Shigeru Ishiba over Sanae Takaichi in Friday's LDP election.

Andrew Jackson

Japan Morning Connection: Kose Aims for Global Growth

​Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Japan Morning Connection: Power/Analog Names Lower, but Seagate IR Day a Big Success

Rebound for Wolfspeed despite no news on avoiding bankruptcy. Quantum names like IonQ and D-Wave surging, setting positive tone for Socionext....

Andrew Jackson

Japan Morning Connection: Trump Lauding 'great Progress' with Japan Trade Talks.

Earnings miss from ASML and further chip restrictions to China sparked Tech and AI sell off. JP renewables likely to be impacted by Equinor’s...

Andrew Jackson

Renewable Japan (9522 JP): Tokyu Fudosan (3289 JP)-Sponsored MBO Set at a 132% Takeover Premium

The high takeover premium reflects the 55% YTD decline in the share price. The irrevocables and low required minority acceptance rate ensure that...

Arun George

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...