Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Disco, Lasertec and Advantest all trading below recent highs despite reporting this season but set to close the gap on positive news.</li>
<li>Softbank -4.5% Friday but looks attractive after reducing its margin loan from $10bn to $6bn easing overextension concerns.</li>
<li>QD Laser +23% on Friday, a positive for Samco Inc, Seikoh Giken and Santec Corp also on this theme.</li>
</ul>


Disco, Lasertec and Advantest all trading below recent highs despite reporting this season but set to close the gap on positive news.
Softbank -4.5% Friday but looks attractive after reducing its margin loan from $10bn to $6bn easing overextension concerns.
QD Laser +23% on Friday, a positive for Samco Inc, Seikoh Giken and Santec Corp also on this theme.


Japan Morning Connection: Sumco Surges on AI Wafer Demand and SPE Laggards Set for a Rebound

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 analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.</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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 2nd. The aggregated net margin trading position is USD30,228m.
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 Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec, Simplex, Furukawa Electric, Tokyo Electron, Nagoya Railroad, Taiyo Yuden, Toyota Motor.


JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

<ul>
<li>Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.</li>
<li>Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.</li>
<li>Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.</li>
</ul>


Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.
Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.
Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.


Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

<ul>
<li>Softbank +32% last week but still has higher to climb as ARM surges on CPU ambitions.</li>
<li>Fanuc beat with strong demand across all segments and capex picking up in automotive, sharpening focus on FA plays.</li>
<li>Rohm faces a nasty open after Denso withdraws its takeover bid. Worth watching for a bottom around the Y3000 level.</li>
</ul>


Softbank +32% last week but still has higher to climb as ARM surges on CPU ambitions.
Fanuc beat with strong demand across all segments and capex picking up in automotive, sharpening focus on FA plays.
Rohm faces a nasty open after Denso withdraws its takeover bid. Worth watching for a bottom around the Y3000 level.


Japan Morning Connection: AI Names Set to Keep Charging Higher Amidst Cancelled Peace Talks

<ul>
<li>TEL, Screen and Kokusai with high China exposure set to underperform with prospect of MATCH act resulting in export curbs.</li>
<li>Tesla adopting Intel's 14A production tech as a cornerstone client a positive read for Lasertec, Ibiden and TEL.</li>
<li>Texas Instruments beat with strong guidance, a great read for Fuji Electric, Rohm and Renesas.</li>
</ul>


TEL, Screen and Kokusai with high China exposure set to underperform with prospect of MATCH act resulting in export curbs.
Tesla adopting Intel's 14A production tech as a cornerstone client a positive read for Lasertec, Ibiden and TEL.
Texas Instruments beat with strong guidance, a great read for Fuji Electric, Rohm and Renesas.


Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

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 (9984 JP)

Japan Morning Connection: Sumco Surges on AI Wafer Demand and SPE Laggards Set for a Rebound

Intel's Apple deal and Micron's structural shift drive gains, a positive for Japan's SPE laggards Disco, Lasertec and Advantest now set to close...

Andrew Jackson

JPX Margin Trading Weekly (Oct 2nd): Mitsubishi UFJ Financial, Advantest, Fujikura, Lasertec

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Advantest (6857 JP), Fujikura...

Ke Yan, CFA, FRM

Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Datadog surge to spark a reversal into Software. Smaller photonics names to take a hit from Coherent's miss. Softbank in danger of giving back...

Andrew Jackson

Japan Morning Connection: AI Names Set to Keep Charging Higher Amidst Cancelled Peace Talks

Softbank eyes October highs as AI names continue to surge. Fanuc's beat sharpens focus on FA plays while Keyence looks interesting with some...

Andrew Jackson

Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

Kioxia set to follow as memory surges. MATCH act casts a shadow over SPE with high China exposure. Texas Instruments beat points to upside for Fuji...

Andrew Jackson

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