Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel buying back its Irish fab stake sets a positive tone for Lasertec and TEL at the open.</li>
<li>Socionext, Kokusai and Softbank all oversold yesterday and looking like buys given improving memory sentiment.</li>
<li>Further upside for the space sector after SpaceX increased IPO valuation to $2trn as well as the news that Amazon is looking to acquire satellite group Globalstar for $9bn.</li>
</ul>


Intel buying back its Irish fab stake sets a positive tone for Lasertec and TEL at the open.
Socionext, Kokusai and Softbank all oversold yesterday and looking like buys given improving memory sentiment.
Further upside for the space sector after SpaceX increased IPO valuation to $2trn as well as the news that Amazon is looking to acquire satellite group Globalstar for $9bn.


Japan Morning Connection: US Recovers After a Shaky Asia Tape and Space Names Continue to Fly

<ul>
<li>Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.</li>
<li>Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.</li>
<li>Upside for airlines on the prospect for lower oil and increased travel.</li>
</ul>


Softbank set to gap and run with ARM +10.5% and OpenAI reaching a $850bn valuation.
Aehr Test +23% on a major new data center customer, a positive read for Advantest, Micronics and Teraprobe after heavy selling last week.
Upside for airlines on the prospect for lower oil and increased travel.


Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan Specialist

Mark Chadwick

<ul>
<li>US equity indices plunged Friday amid rising Middle East tensions and WTI +3%, with S&amp;P 500, and Nasdaq each falling over 2% on the week.</li>
<li>Japanese stocks demonstrated resilience but remained highly sensitive to headlines on oil supply risks and Middle East developments, with limited domestic offsets.</li>
<li>Tokio Marine (+24%) confirmed a strategic partnership with Berkshire Hathaway’s National Indemnity, which will acquire a 2.5% stake for ¥290bn alongside reinsurance collaboration and potential joint M&amp;A</li>
</ul>


US equity indices plunged Friday amid rising Middle East tensions and WTI +3%, with S&amp;P 500, and Nasdaq each falling over 2% on the week.
Japanese stocks demonstrated resilience but remained highly sensitive to headlines on oil supply risks and Middle East developments, with limited domestic offsets.
Tokio Marine (+24%) confirmed a strategic partnership with Berkshire Hathaway’s National Indemnity, which will acquire a 2.5% stake for ¥290bn alongside reinsurance collaboration and potential joint M&amp;A


Japan Strategy Weekly | Surging Energy Costs

<ul>
<li>News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.</li>
<li>This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.</li>
<li>Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.</li>
</ul>


News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.
This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.
Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.


Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIKKEI 225 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon Yusen Kabushiki Kaisha, Mitsubishi Materials.</li>
</ul>


We analysed the earning revision of component stocks of NIKKEI 225 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon Yusen Kabushiki Kaisha, Mitsubishi Materials.


NIKKEI 225 Index Earning Revision (Sep): Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION

Japan

Socionext Inc. designs, develops, and provides SoC (system on chip) solutions and services. The Company offers digital broadcast demodulation solution, video interface conversion solution, imaging solution, engine and accelerator solution, industrial connected solution, and more. Socionext serves customers in consumer, automotive, industrial, and other fields.

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Socionext (6526 JP)

Japan Morning Connection: US Recovers After a Shaky Asia Tape and Space Names Continue to Fly

Japan's space names gave back gains in yesterday's selloff but set to recover with SpaceX upping its IPO target to $2 trillion.

Andrew Jackson

Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan set for a positive open as Iran deal hopes send oil lower and markets anticipate a return to normal travel and shipping through the Straits.

Andrew Jackson

Japan Strategy Weekly | Surging Energy Costs

US stocks dropped due to Middle East tensions, while Japanese stocks remained sensitive to oil supply risks. Tokio Marine partners with Berkshire...

Mark Chadwick

Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

Andrew Jackson

NIKKEI 225 Index Earning Revision (Sep): Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION

We analyzed NIKKEI 225's consensus for Sep 2026 and highlighted changes of EPS in Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: US Recovers After a Shaky Asia Tape and Space Names Continue to Fly

Japan's space names gave back gains in yesterday's selloff but set to recover with SpaceX upping its IPO target to $2 trillion.

Andrew Jackson

Japan Morning Connection: Iran Heads to the Negotiating Table Sending Markets Sharply Higher

Japan set for a positive open as Iran deal hopes send oil lower and markets anticipate a return to normal travel and shipping through the Straits.

Andrew Jackson

Japan Strategy Weekly | Surging Energy Costs

​US stocks dropped due to Middle East tensions, while Japanese stocks remained sensitive to oil supply risks. Tokio Marine partners with Berkshire...

Mark Chadwick

Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

Andrew Jackson

NIKKEI 225 Index Earning Revision (Sep): Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION

We analyzed NIKKEI 225's consensus for Sep 2026 and highlighted changes of EPS in Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon...

Ke Yan, CFA, FRM

US stocks dropped due to Middle East tensions, while Japanese stocks remained sensitive to oil supply risks. Tokio Marine partners with Berkshire...