Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Big AI related capex announced for MSFT should help buoy tech to start.</li>
<li>Room for SPE once deemed as China plays to rebound on sales diversification.</li>
<li>2024 was a big year for momentum plays and US stock moves so far seem to point to more of the same.</li>
</ul>


Big AI related capex announced for MSFT should help buoy tech to start.
Room for SPE once deemed as China plays to rebound on sales diversification.
2024 was a big year for momentum plays and US stock moves so far seem to point to more of the same.


Japan Morning Connection: AI Winners Leading Higher to Start the Year

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Tobila’s security moat remains intact, but monthly users have stalled near 15 million; pricing and data depth now matter more than penetration.</li>
<li>Solutions rose from roughly 11% of revenue in FY10/2022 to 43% in 9M FY10/2026, shifting the thesis from monopoly durability to reinvestment quality.</li>
<li>The most interesting optionality may be Tobila’s database becoming communications-trust infrastructure, while the biggest risk is organizational complexity quietly eroding incremental returns.</li>
</ul>


Tobila’s security moat remains intact, but monthly users have stalled near 15 million; pricing and data depth now matter more than penetration.
Solutions rose from roughly 11% of revenue in FY10/2022 to 43% in 9M FY10/2026, shifting the thesis from monopoly durability to reinvestment quality.
The most interesting optionality may be Tobila’s database becoming communications-trust infrastructure, while the biggest risk is organizational complexity quietly eroding incremental returns.


Tobila Systems Revisited: The Monopoly Is No Longer the Thesis

<ul>
<li>Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.</li>
<li>Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.</li>
<li>Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?</li>
</ul>


Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.
Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.
Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?


Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

<ul>
<li>Further tech weakness in the US as markets brace for a more inflationary outlook.</li>
<li>Isetan Mitsukoshi numbers and new MTP should end recent underperformance.</li>
<li>Excessive Nintendo weakness on PIF cutting holdings a chance to buy ahead of new NSW announcement.</li>
</ul>


Further tech weakness in the US as markets brace for a more inflationary outlook.
Isetan Mitsukoshi numbers and new MTP should end recent underperformance.
Excessive Nintendo weakness on PIF cutting holdings a chance to buy ahead of new NSW announcement.


Japan Morning Connection: Softbank Further Consolidating Its AI Focus

Japan Specialist

Mark Chadwick

<ul>
<li>The S&amp;P 500 closed nearly unchanged on Wednesday, as traders digested the in-line October consumer price index report (+2.6%)</li>
<li>SoftBank has unveiled plans for an ambitious AI grid in Japan, aiming to deploy 200,000 mini data centers across the country.</li>
<li>Seven &amp; i Holdings, owner of Japan's 7-Eleven convenience stores, is exploring a potential management buyout valued at over ¥6 trillion</li>
</ul>


The S&amp;P 500 closed nearly unchanged on Wednesday, as traders digested the in-line October consumer price index report (+2.6%)
SoftBank has unveiled plans for an ambitious AI grid in Japan, aiming to deploy 200,000 mini data centers across the country.
Seven &amp; i Holdings, owner of Japan's 7-Eleven convenience stores, is exploring a potential management buyout valued at over ¥6 trillion


Ohayo Japan | US Stocks Flatline as Post-Election Rally Loses Steam

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Japan Morning Connection: AI Winners Leading Higher to Start the Year

MSFT's announced AI investment should buoy tech, potential for previously China SPE as they diversify, US stocks pointing to big momentum plays .

Andrew Jackson

Tobila Systems Revisited: The Monopoly Is No Longer the Thesis

Tobila’s monopoly survived. The investment case has moved to what management builds with its cash, data, distribution and customer-funded balance...

Urbem Capital

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

Japan Morning Connection: Softbank Further Consolidating Its AI Focus

Tech weaknes continues in the US, new numbers from Isetan Mitsukoshi should end recent underperformance and Nintendo weakness offer opportunities...

Andrew Jackson

Ohayo Japan | US Stocks Flatline as Post-Election Rally Loses Steam

S&P 500 closes flat after in-line CPI report, SoftBank plans AI grid in Japan, Seven & i Holdings considers management buyout.

Mark Chadwick

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: AI Winners Leading Higher to Start the Year

​MSFT's announced AI investment should buoy tech, potential for previously China SPE as they diversify, US stocks pointing to big momentum plays .

Andrew Jackson

Tobila Systems Revisited: The Monopoly Is No Longer the Thesis

Tobila’s monopoly survived. The investment case has moved to what management builds with its cash, data, distribution and customer-funded balance...

Urbem Capital

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

​Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

Japan Morning Connection: Softbank Further Consolidating Its AI Focus

Tech weaknes continues in the US, new numbers from Isetan Mitsukoshi should end recent underperformance and Nintendo weakness offer opportunities...

Andrew Jackson

Ohayo Japan | US Stocks Flatline as Post-Election Rally Loses Steam

​S&P 500 closes flat after in-line CPI report, SoftBank plans AI grid in Japan, Seven & i Holdings considers management buyout.

Mark Chadwick

MSFT's announced AI investment should buoy tech, potential for previously China SPE as they diversify, US stocks pointing to big momentum plays .

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

S&P 500 closes flat after in-line CPI report, SoftBank plans AI grid in Japan, Seven & i Holdings considers management buyout.