Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>Monday's huge post-election move in Nikkei 225 and <a href="https://www.smartkarma.com/entities/advantest-corp" target="_blank" data-smartkarma-citation="entities:18107:1" rel="noopener">Advantest Corp (6857 JP)</a> caused Advantest to clear 10.00% realtime at day-end. Assuming nothing changes til end-Jan-2026, Advantest gets capped at end-Mar-2026</li>
<li>As of today, that would be roughly 1.6x ADV and US$2.75bn but it would be 10% of Max Real World Float. </li>
<li>This is far off but should stay on the radar. <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> is close behind at 8.7%. 15+% outperformance would put it in capping territory too.  </li>
</ul>


Monday's huge post-election move in Nikkei 225 and Advantest Corp (6857 JP) caused Advantest to clear 10.00% realtime at day-end. Assuming nothing changes til end-Jan-2026, Advantest gets capped at end-Mar-2026
As of today, that would be roughly 1.6x ADV and US$2.75bn but it would be 10% of Max Real World Float. 
This is far off but should stay on the radar. Softbank Group (9984 JP) is close behind at 8.7%. 15+% outperformance would put it in capping territory too.  


[Quiddity Index] HUGE Rally Brings Advantest to Nikkei Capping Territory

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.</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 IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.
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 IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.


JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, all of the listings this week ended up doing well.</li>
<li>On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, all of the listings this week ended up doing well.
On the placements front, given the holiday shortened week in Hong Kong and India, there were no major placements this week.


ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>ADP jobs paints a rosy picture for rate cuts despite the lack of official data this Friday.</li>
<li>Memory melted higher again, while INTC lines up AMD as a potential Fab customer.</li>
<li>Softbank will jump after Qualcomm announced use of ARM v9 in its latest PC and smartphone chips.</li>
</ul>


ADP jobs paints a rosy picture for rate cuts despite the lack of official data this Friday.
Memory melted higher again, while INTC lines up AMD as a potential Fab customer.
Softbank will jump after Qualcomm announced use of ARM v9 in its latest PC and smartphone chips.


Japan Morning Connection: No Hoots Given as Market Beelines for Hyper Risk-On as Govt. Shuts Down

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility</li>
<li>But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months</li>
<li>USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument</li>
</ul>


US Government invests $9bn in Intel, Nvidia another $5bn, Softbank $2bn. This solves Intel’s most pressing problem: the risk of financial fragility
But neither USG, nor Nvidia have semi manufacturing expertise, so $-injections don’t solve Intel’s 2nd problem. Intel has to  demonstrate a very solid 14A in the next 12 months
USG 1:1 import: domestic rule is positive to GlobalFoundries that can get orders away from SMIC or UMC. Positive to Texas Instrument


Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

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
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Softbank Group (9984 JP)

[Quiddity Index] HUGE Rally Brings Advantest to Nikkei Capping Territory

The big rally on Advantest puts it at 10% in Nikkei 225 meaning it will be subject to capping in March if it stays here to end-Jan. A thing to...

Travis Lundy

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Japan Morning Connection: No Hoots Given as Market Beelines for Hyper Risk-On as Govt. Shuts Down

Expect the squeeze for pharma to continue off the open. Dell's jump up may help the likes of Fujitsu and NEC. Lam Research sets a more positive...

Andrew Jackson

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

Nicolas Baratte

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index] HUGE Rally Brings Advantest to Nikkei Capping Territory

The big rally on Advantest puts it at 10% in Nikkei 225 meaning it will be subject to capping in March if it stays here to end-Jan. A thing to...

Travis Lundy

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

ECM Weekly (6 October 2025)- Zijin, Myungin, Pateo,Tekscend, Tata Capital, LG India, WeWork, Impact

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Japan Morning Connection: No Hoots Given as Market Beelines for Hyper Risk-On as Govt. Shuts Down

Expect the squeeze for pharma to continue off the open. Dell's jump up may help the likes of Fujitsu and NEC. Lam Research sets a more positive...

Andrew Jackson

Intel: Money Only Solves Half the Problem. The 1:1 Domestic-To-Import Ratio Not a Clear Positive

​USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....

Nicolas Baratte

USG, Nvidia, and Softbank invest billions in Intel to address financial fragility, but Intel must still demonstrate solid 14A in next 12 months....