Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel reportedly producing chips for Apple should also help Ibiden.</li>
<li>Kioxia shakes off Bain selling although there looks to be plenty of upside yet after recent correction.</li>
<li>China tensions simmer further over the w/e positive for defense, negative for tourism related.</li>
</ul>


Intel reportedly producing chips for Apple should also help Ibiden.
Kioxia shakes off Bain selling although there looks to be plenty of upside yet after recent correction.
China tensions simmer further over the w/e positive for defense, negative for tourism related.


Japan Morning Connection: Strong Month-End for Tech Sets Japan up for a Solid Start to Dec

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities rebounded strongly this week, with the Nikkei 225 up 3.3% and TOPIX up 2.4%, nearly reversing the prior week’s sharp losses.</li>
<li>This week's top performer was Toppan Printing due to strong interest in its “Double View Film” for solar panels and a new data-driven customer-experience service, highlighting innovation and growth potential.</li>
<li>A quieter week for Activists. Dalton increased its Anicom stake to 9.5%, signalling confidence in the pet insurer’s stable growth and potential capital returns.</li>
</ul>


Japanese equities rebounded strongly this week, with the Nikkei 225 up 3.3% and TOPIX up 2.4%, nearly reversing the prior week’s sharp losses.
This week's top performer was Toppan Printing due to strong interest in its “Double View Film” for solar panels and a new data-driven customer-experience service, highlighting innovation and growth potential.
A quieter week for Activists. Dalton increased its Anicom stake to 9.5%, signalling confidence in the pet insurer’s stable growth and potential capital returns.


Japan Strategy Weekly | Thanksgiving Rally

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.</li>
<li>Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.</li>
<li>Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.</li>
</ul>


Japan is widely owned but lightly held: 88% of global funds now hold Japan—well ahead of Asian peers—yet average weights remain near 15-year lows and structurally underweight vs. ACWI.
Allocations are shallow and skewed: 75% of global funds hold less than 6.3% in Japan; exposures above 10% are rare and concentrated in Value and Yield strategies.
Tech &amp; Industrials dominate; ownership is fragmented: Japan exposure is concentrated in Tech/Industrials, with few consensus stocks beyond Sony and Keyence, and a long tail of lightly held names.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jd-industrial-technology-ltd" target="_blank" data-smartkarma-citation="entities:36875:1" rel="noopener">JD Industrial Technology</a> is now looking to raise about US$500m in its upcoming HK IPO.</li>
<li>JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.</li>
<li>We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.</li>
</ul>



JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO.
JDI is a leading industrial supply chain technology and service provider in China in terms of GMV in each year during the Track Record Period, according to CIC.
We have looked at the company background and refiling updates in our previous notes. In this note, we will talk about the refiling updates.


JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

<ul>
<li>Dell bouncing in regular trading after initial weakness after-mkt on numbers the day before.</li>
<li>Semi-Cap names strong led by Teradyne and ASML sets a good tone for Japan SPE overall.</li>
<li>Homebuilders follow through with more gains on rate outlook, watch Shin Etsu on PVC.</li>
</ul>


Dell bouncing in regular trading after initial weakness after-mkt on numbers the day before.
Semi-Cap names strong led by Teradyne and ASML sets a good tone for Japan SPE overall.
Homebuilders follow through with more gains on rate outlook, watch Shin Etsu on PVC.


Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain's 36m Shs Sale a Blip at Best

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.

Price Gauge
52-week Range	0.00 - 0.00
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Softbank Group (9984 JP)

Japan Morning Connection: Strong Month-End for Tech Sets Japan up for a Solid Start to Dec

Sentiment for all things AI back on the rise, boosting glass fiber makers. A rebound for memory and Japanese SPE names. Kioxia may keep rising...

Andrew Jackson

Japan Strategy Weekly | Thanksgiving Rally

Japanese equities rebounded strongly this week, led by Toppan Printing's innovative products and Dalton's confidence in Anicom's growth potential.

Mark Chadwick

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain's 36m Shs Sale a Blip at Best

Big moves up from semi-cap names bodes well for Japan SPE, with Ibiden as a dip buying candidate. Kioxia may find support trading close to its 50...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Strong Month-End for Tech Sets Japan up for a Solid Start to Dec

Sentiment for all things AI back on the rise, boosting glass fiber makers. A rebound for memory and Japanese SPE names. Kioxia may keep rising...

Andrew Jackson

Japan Strategy Weekly | Thanksgiving Rally

​Japanese equities rebounded strongly this week, led by Toppan Printing's innovative products and Dalton's confidence in Anicom's growth potential.

Mark Chadwick

Japan: Cautious Reengagment

Global ownership of Japan is rising, but conviction remains weak. Allocations sit near historic lows, with Value funds leading a cautious rotation...

Steven Holden

JD Industrials Pre-IPO - Updated Peer Comparison and Thoughts on Valuations

JD Industrial Technology is now looking to raise about US$500m in its upcoming HK IPO. In this note, we undertake an updated peer comparison and...

Sumeet Singh

Japan Morning Connection: Kioxia Weakness Unlikely to Last with Bain's 36m Shs Sale a Blip at Best

Big moves up from semi-cap names bodes well for Japan SPE, with Ibiden as a dip buying candidate. Kioxia may find support trading close to its 50...

Andrew Jackson

Japanese equities rebounded strongly this week, led by Toppan Printing's innovative products and Dalton's confidence in Anicom's growth potential.