Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Bullish growth estimates from AMD will help alleviate negativity to start.</li>
<li>Yesterday saw some disappointing SPE/semi results from Kokusai Elec, Sumco and JX Advanced metals.</li>
<li>Sony surprised to the upside with a flurry of analysts weighing in with TP hikes overnight.</li>
</ul>


Bullish growth estimates from AMD will help alleviate negativity to start.
Yesterday saw some disappointing SPE/semi results from Kokusai Elec, Sumco and JX Advanced metals.
Sony surprised to the upside with a flurry of analysts weighing in with TP hikes overnight.


Japan Morning Connection: Softbank Numbers Smash Estimates, but Selling NVDA Sours Market Overall

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.</li><li>The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.</li><li>Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.</li></ul>

We recommend selling MUFG19 and cutting losses on SONY80, with returns of –2.7% and –6.6%, respectively, while opening a new position in AMD80, a DR linked to Advanced Micro Devices (AMD) listed on the NASDAQ.The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising bad-debt risks among US regional banks.Our study using the KTX Fundamental USD/THB Tracker indicates that the baht is currently excessively weak.

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

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>Global funds remain structurally underweight Asia, with Japan and China &amp; HK widely held but still below index weight; India stands out as the clearest consensus underweight.</li>
<li>Taiwan Technology dominates sector positioning as the largest regional overweight, while Australian and Asian Financials are structural underweights; rotation shows China sectors and Japan Financials/Industrials gaining traction.</li>
<li>Stock leadership is highly concentrated in TSMC, now owned by 61% of funds; second-tier names stagnate while SK Hynix, BYD, and Sea Ltd attract rising investor participation.</li>
</ul>


Global funds remain structurally underweight Asia, with Japan and China &amp; HK widely held but still below index weight; India stands out as the clearest consensus underweight.
Taiwan Technology dominates sector positioning as the largest regional overweight, while Australian and Asian Financials are structural underweights; rotation shows China sectors and Japan Financials/Industrials gaining traction.
Stock leadership is highly concentrated in TSMC, now owned by 61% of funds; second-tier names stagnate while SK Hynix, BYD, and Sea Ltd attract rising investor participation.


<ul>
<li>NFP beat sends yields higher, sending US homebuilders down, positive JP banks.</li>
<li>Big week for Renesas should also see more upside for Rohm and Fuji Elec with Auto/industrial inflection.</li>
<li>Capcom announced its latest Resident Evil installment at the SGF, but further upside looks limited.</li>
</ul>


NFP beat sends yields higher, sending US homebuilders down, positive JP banks.
Big week for Renesas should also see more upside for Rohm and Fuji Elec with Auto/industrial inflection.
Capcom announced its latest Resident Evil installment at the SGF, but further upside looks limited.


Japan Morning Connection: Meta's $10bn Scale AI Investment to Buoy Sentiment for SPE

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.</li>
<li>Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish</li>
<li>200-Day MAs on ACWI-US and SPX are spots where they <em>could</em> roll over. This is just a lean; if we see no reason to sell at those levels, we won't.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass when we discussed SPX 5110-5120 as a bounce spot and a level to trade [long] against.
Possible that major lows are in at 4800-4820 SPX and $402-$412 on the Nasdaq 100 (QQQ), as discussed in 4/10/25 Int'l Compass. For now we want to remain near-term bullish
200-Day MAs on ACWI-US and SPX are spots where they could roll over. This is just a lean; if we see no reason to sell at those levels, we won't.


Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Japan

Sony Group Corporation manufactures and distributes electronics products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products. game equipment, and more. Sony Group also engages in game production,  movie production, music production, and other businesses.

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Sony Corp (SONY US)

Japan Morning Connection: Softbank Numbers Smash Estimates, but Selling NVDA Sours Market Overall

NVDA spooked by Softbank selling its stake to pay for AI investments. Coreweave's reduced sales guidance contributed to the widespread weakness.

Andrew Jackson

KTX TACTICAL DR PICKS - October 20, 2025 (Eng.)

The return of KTX DR Tactical Picks portfolio fell 1.66% from the previous day, pressured by weakness in Asian equities amid concerns over rising...

Krungthai XSpring

Global Fund Positioning in Asia

Global funds stay structurally underweight Asia, with Japan and China leading the way. Taiwan Tech dominates sector overweights, while TSMC tops...

Steven Holden

Japan Morning Connection: Meta's $10bn Scale AI Investment to Buoy Sentiment for SPE

Negative for Socionext after Broadcom's numbers failed to impress. Rohm and Fuji Electric look as though they have more upside. Tech and Semi's led...

Andrew Jackson

Invest As If the Lows Are In; EURO STOXX 50 and TOPIX Reclaim Key Levels

Invest As If the Lows Are In; EURO $STOXX 50 and $TOPIX Reclaim Key Levels; Still near-term bullish since our 4/22/25 Compass report. Possible...

Vermilion Research

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