Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>This domestic sector has been  outperforming the Topix and should continue</li>
<li>Fits the current investment zeitgeist for Japan amidst the market turbulence</li>
<li>The Japanese Yen will continue to strengthen against the USD </li>
</ul>


This domestic sector has been  outperforming the Topix and should continue
Fits the current investment zeitgeist for Japan amidst the market turbulence
The Japanese Yen will continue to strengthen against the USD 


Japanese Railway Companies – Back on Track

<ul>
<li>One of the sectors we like for the next phase of the Japanese stock market</li>
<li>The market is not giving the benefit of the doubt to monetisation of its property portfolio</li>
<li>The core  railway business is back to pre-Covid 19  levels</li>
</ul>


One of the sectors we like for the next phase of the Japanese stock market
The market is not giving the benefit of the doubt to monetisation of its property portfolio
The core  railway business is back to pre-Covid 19  levels


All Aboard! JR East and the Monetisation of Its Property Assets

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.</li>
<li>Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.</li>
<li>Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.</li>
</ul>


Don't expect initial 'sell the fact' reaction to Fed's best-case 50 bps cut to weigh on Japan, with a lot of money on the sidelines in Asia to be deployed.
Shin-Etsu via its PVC sub Shintech and the Japanese home builders with high US exposure continue to look attractive as rate cut plays.
Further US export controls for allies on chip making equipment are imminent and names with lower China sales ratios remain the safer SPE plays.


Japan Morning Connection: Market Expected to Recover After Fed Announcement

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

Shenton Research

Shenton 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>MS-Japan rebalance one ADD, Kokusai Electric, and two DELETEs, JFE Holdings and Seibu Holdings, on 1 Sep 2026. We review the completed bridge against nine prior cycles.</li>
<li>Kokusai Electric added +2.8% alpha over the bridge on top of its +13.5% pre-announcement run. Both DELETEs were near flat over the bridge after negative announcement days.</li>
<li>Historically, positive-bridge ADDs gave back in the first implementation week. The historical DELETE first-week record after a positive bridge is flat.</li>
</ul>


MS-Japan rebalance one ADD, Kokusai Electric, and two DELETEs, JFE Holdings and Seibu Holdings, on 1 Sep 2026. We review the completed bridge against nine prior cycles.
Kokusai Electric added +2.8% alpha over the bridge on top of its +13.5% pre-announcement run. Both DELETEs were near flat over the bridge after negative announcement days.
Historically, positive-bridge ADDs gave back in the first implementation week. The historical DELETE first-week record after a positive bridge is flat.


MS-Japan Sep 2026 Index Rebalance: Pre-Implementation Update

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 21st. The aggregated net margin trading position is USD28,184m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Murata Manufacturing, Sumitomo Mitsui Financial, Mizuho Financial, Lasertec, SoftBank, Tokyo Electron, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 21st. The aggregated net margin trading position is USD28,184m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Murata Manufacturing, Sumitomo Mitsui Financial, Mizuho Financial, Lasertec, SoftBank, Tokyo Electron, Toyota Motor.


JPX Margin Trading Weekly (Aug 21st): Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Lasertec

Japan

Seibu Holdings Inc. offers diversified operation. The Company through its subsidiary companies operates transportation, construction, hotel, leisure facilities, and real estate business. Seibu Holdings provides group enterprises strategy planning, operation management, asset management and supply, and business promotions.

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

Seibu Holdings (9024 JP)

Japanese Railway Companies – Back on Track

Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Rikki Malik

All Aboard! JR East and the Monetisation of Its Property Assets

An undervalued sector in the Japanese stock market which is at the intersection of a few key themes including activism, raising returns and...

Rikki Malik

Japan Morning Connection: Market Expected to Recover After Fed Announcement

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

MS-Japan Sep 2026 Index Rebalance: Pre-Implementation Update

MS-Japan enters implementation on 1 Sep with one ADD and two DELETEs. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Aug 21st): Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Mitsubishi UFJ Financial (8306 JP), Taiyo Yuden...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japanese Railway Companies – Back on Track

​Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Rikki Malik

All Aboard! JR East and the Monetisation of Its Property Assets

An undervalued sector in the Japanese stock market which is at the intersection of a few key themes including activism, raising returns and...

Rikki Malik

Japan Morning Connection: Market Expected to Recover After Fed Announcement

​Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...

Andrew Jackson

MS-Japan Sep 2026 Index Rebalance: Pre-Implementation Update

MS-Japan enters implementation on 1 Sep with one ADD and two DELETEs. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Aug 21st): Kioxia, Mitsubishi UFJ Financial, Taiyo Yuden, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Mitsubishi UFJ Financial (8306 JP), Taiyo Yuden...

Ke Yan, CFA, FRM

Domestic sector in Japan outperforming the broad market amid continued turbulence. Supported by the strengthening of the JPY against USD.

Japan expected to recover this morning after Fed announcement. Japanese home builders continue to look attractive. Companies with lower China...