Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Markets go risk-on with the Fed's 50 bps cut a greenlight for AI/tech favourites to rebound sharply.</li>
<li>New highs for homebuilders setting the tone for further gains the Sumitomo Forestry and Sekisui House, while logistics may be weak after FedEx numbers.</li>
<li>Worth noting out-of-favour JP autos with high short interests and US sales ratios who may be squeeze targets with undeployed capital and foreigners coming back to the Japanese market post-Fed.</li>
</ul>


Markets go risk-on with the Fed's 50 bps cut a greenlight for AI/tech favourites to rebound sharply.
New highs for homebuilders setting the tone for further gains the Sumitomo Forestry and Sekisui House, while logistics may be weak after FedEx numbers.
Worth noting out-of-favour JP autos with high short interests and US sales ratios who may be squeeze targets with undeployed capital and foreigners coming back to the Japanese market post-Fed.


Japan Morning Connection: Out-Of-Favour JP Autos May Be Squeeze Targets

<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

<ul>
<li>US homebuilders outperformance after Freddie Mac reported 30-year mortgages were at 18-month lows a positive for Sumitomo Forestry and Sekisui House.</li>
<li>Shin-Etsu should also see upside given its US PVC exposure, with the stock looking oversold after heavy foreigner selling MTD.</li>
<li>Shiseido's first new product launch in 4-years for 'Elixir' range, along with reports that its domestic business is picking up, may be enough to spark a squeeze off multi-year lows.</li>
</ul>


US homebuilders outperformance after Freddie Mac reported 30-year mortgages were at 18-month lows a positive for Sumitomo Forestry and Sekisui House.
Shin-Etsu should also see upside given its US PVC exposure, with the stock looking oversold after heavy foreigner selling MTD.
Shiseido's first new product launch in 4-years for 'Elixir' range, along with reports that its domestic business is picking up, may be enough to spark a squeeze off multi-year lows.


Japan Morning Connection: Shiseido May Squeeze off the Lows

<ul>
<li>Strong tech rebound off the morning lows with AI related names starting to pick up favour again helped by good numbers from Oracle.</li>
<li>The hefty price tag for Sony's PS5 Pro is unlikely to appeal to casual gamers, but should still boost sales in the interim as a mid-cycle boost for the PlayStation.</li>
<li>Fujitsu's IR day yesterday sets an upbeat tone, but lacks catalysts which could help push the stock to new highs.</li>
</ul>


Strong tech rebound off the morning lows with AI related names starting to pick up favour again helped by good numbers from Oracle.
The hefty price tag for Sony's PS5 Pro is unlikely to appeal to casual gamers, but should still boost sales in the interim as a mid-cycle boost for the PlayStation.
Fujitsu's IR day yesterday sets an upbeat tone, but lacks catalysts which could help push the stock to new highs.


Japan Morning Connection: Rotation Towards AI May See Japan SPE Gains

<ul>
<li>The US released its framework for further semiconductor related export restrictions to China late last week, including access to quantum computers and components, chipmaking tools including gate all-around (GAA) technologies.</li>
<li>US homebuilders jumped after a survey showed new home orders rebounded sharply in August ahead of the expected rate cuts in September.</li>
<li>Plenty of positive headlines for Alimentation Couche-Tard's bid for 7&amp;I, including comments that they are confident financing the deal in cash, and ready and willing to advance friendly discussions.</li>
</ul>


The US released its framework for further semiconductor related export restrictions to China late last week, including access to quantum computers and components, chipmaking tools including gate all-around (GAA) technologies.
US homebuilders jumped after a survey showed new home orders rebounded sharply in August ahead of the expected rate cuts in September.
Plenty of positive headlines for Alimentation Couche-Tard's bid for 7&amp;I, including comments that they are confident financing the deal in cash, and ready and willing to advance friendly discussions.


Japan Morning Connection: US Export Curbs Tighten on China

Japan

Sekisui House, Ltd. builds and sells steel-frame and wooden housings. The Company constructs single-family houses, condominiums, and apartment buildings.  Sekisui House also operates real estate brokerage and leasing businesses.  Additionally, the Company sells construction materials.

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Sekisui House (1928 JP)

Japan Morning Connection: Out-Of-Favour JP Autos May Be Squeeze Targets

Markets go risk-on with AI/tech favorites rebounding sharply, homebuilders hitting new highs, JP autos with high short interests and US sales...

Andrew Jackson

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

Japan Morning Connection: Shiseido May Squeeze off the Lows

US homebuilders outperform despite low mortgage rates, a positive for Sumitomo Forestry and Sekisui House. Shin-Etsu should see upside given its...

Andrew Jackson

Japan Morning Connection: Rotation Towards AI May See Japan SPE Gains

AI names gaining favor with Oracle's positive numbers. Sony's PS5 Pro may not attract casual gamers but could boost sales as a mid-cycle upgrade....

Andrew Jackson

Japan Morning Connection: US Export Curbs Tighten on China

US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Out-Of-Favour JP Autos May Be Squeeze Targets

Markets go risk-on with AI/tech favorites rebounding sharply, homebuilders hitting new highs, JP autos with high short interests and US sales...

Andrew Jackson

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

Japan Morning Connection: Shiseido May Squeeze off the Lows

​US homebuilders outperform despite low mortgage rates, a positive for Sumitomo Forestry and Sekisui House. Shin-Etsu should see upside given its...

Andrew Jackson

Japan Morning Connection: Rotation Towards AI May See Japan SPE Gains

AI names gaining favor with Oracle's positive numbers. Sony's PS5 Pro may not attract casual gamers but could boost sales as a mid-cycle upgrade....

Andrew Jackson

Japan Morning Connection: US Export Curbs Tighten on China

​US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Andrew Jackson

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

US homebuilders outperform despite low mortgage rates, a positive for Sumitomo Forestry and Sekisui House. Shin-Etsu should see upside given its...

US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...