Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Kioxia looks vulnerable as not far from its ATH's and +720% off its September lows with almost no short interest.</li>
<li>Sony and Nintendo may catch a bid if supply-demand imbalance shows signs of abating.</li>
<li>Fujitsu and NEC likely to do better as the market goes risk-off.</li>
</ul>


Kioxia looks vulnerable as not far from its ATH's and +720% off its September lows with almost no short interest.
Sony and Nintendo may catch a bid if supply-demand imbalance shows signs of abating.
Fujitsu and NEC likely to do better as the market goes risk-off.


Japan Morning Connection: Heavy Selling Expected for SPE as Uncertainty Builds

<ul>
<li>Navitas Semi surged +24.9% after announcing two new additions to its 5th generation GeneSiC silicon carbide power semiconductor platform.</li>
<li>Sony is reportedly going ahead with the release of its PS6 console sometime in 2027-2028 despite the risk of a memory supply crunch.</li>
<li>Nintendo surged 8.9% after new Pokémon game ‘Pokopia’ was a surprise worldwide hit with physical copies fully sold out in the US.</li>
</ul>


Navitas Semi surged +24.9% after announcing two new additions to its 5th generation GeneSiC silicon carbide power semiconductor platform.
Sony is reportedly going ahead with the release of its PS6 console sometime in 2027-2028 despite the risk of a memory supply crunch.
Nintendo surged 8.9% after new Pokémon game ‘Pokopia’ was a surprise worldwide hit with physical copies fully sold out in the US.


Japan Morning Connection: Markets Grind Higher with Bright Spots Despite Ongoing Uncertainty

<ul>
<li>Amazon down -11% AH after its capex guidance seen as unjustified in light of earnings.</li>
<li>ARM makes a surprise turn around on DC upside...watch Softbank.</li>
<li>Estee lauder -19% with numbers not good enough to justify rally. -ve Kose and Shiseido.</li>
</ul>


Amazon down -11% AH after its capex guidance seen as unjustified in light of earnings.
ARM makes a surprise turn around on DC upside...watch Softbank.
Estee lauder -19% with numbers not good enough to justify rally. -ve Kose and Shiseido.


Japan Morning Connection: Risk-Off Mood Continues, but Semi-Caps Pick up After Google Capex Surprise

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

INFRONEER Holdings  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infroneer-holdings-inc" target="_blank" data-smartkarma-citation="entities:35785:1" rel="noopener">INFRONEER Holdings (5076 JP)</a> aims to raise around US$800m to fund the acquisition of Swing Corporation.</li>
<li>The acquisition was announced earlier this year, with the company revising its earnings a few months ago and hence, this is the last leg of the transaction.</li>
<li>In this note, we will run the deal through our ECM framework.</li>
</ul>



INFRONEER Holdings (5076 JP) aims to raise around US$800m to fund the acquisition of Swing Corporation.
The acquisition was announced earlier this year, with the company revising its earnings a few months ago and hence, this is the last leg of the transaction.
In this note, we will run the deal through our ECM framework.


Aequitas: Infroneer Holding Placement - Positives Baked In, Somewhat Flagged

Japan Specialist

Mark Chadwick

<ul>
<li>Snap election called as PM Takaichi seeks mandate for consumption tax suspension and ¥21tn stimulus, boosting approval but reviving concerns over fiscal expansion and rising debt.</li>
<li>BOJ held rates at 0.75%, upgraded growth forecasts on stimulus effects, watched yen weakness and inflation, while bond yields wobbled on election-driven fiscal worries. </li>
<li>Corporate Japan accelerates structural reform: divesting low-return assets, deepening US strategic ties, and facing stronger shareholder activism enforcing market discipline over renewed stimulus reliance.</li>
</ul>


Snap election called as PM Takaichi seeks mandate for consumption tax suspension and ¥21tn stimulus, boosting approval but reviving concerns over fiscal expansion and rising debt.
BOJ held rates at 0.75%, upgraded growth forecasts on stimulus effects, watched yen weakness and inflation, while bond yields wobbled on election-driven fiscal worries. 
Corporate Japan accelerates structural reform: divesting low-return assets, deepening US strategic ties, and facing stronger shareholder activism enforcing market discipline over renewed stimulus reliance.


Japan Strategy | Snap Elections and the Rise of Corporate Discipline

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Japan Morning Connection: Heavy Selling Expected for SPE as Uncertainty Builds

SPE and optical names face a brutal open as tech melts down overnight. Sony and Nintendo may be the bright spots on easing NAND cost pressures.

Andrew Jackson

Japan Morning Connection: Markets Grind Higher with Bright Spots Despite Ongoing Uncertainty

Markets managed to put on a brave face despite the higher oil price and mixed messaging. Defense stocks softened after Rheinmetall missed earnings.

Andrew Jackson

Japan Morning Connection: Risk-Off Mood Continues, but Semi-Caps Pick up After Google Capex Surprise

The market has been quick to punish lavish spending on AI. Qualcomm's statement about the shortage of memory chips will be negative for names...

Andrew Jackson

Aequitas: Infroneer Holding Placement - Positives Baked In, Somewhat Flagged

INFRONEER Holdings (5076 JP) aims to raise around US$800m to fund the acquisition of Swing Corporation. In this note, we talk about the deal dynamics.

Sumeet Singh

Japan Strategy | Snap Elections and the Rise of Corporate Discipline

PM Takaichi calls snap election raising concerns over fiscal expansion and rising debt. BOJ holds rates, upgrades growth forecasts, as bond yields...

Mark Chadwick

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Market Cap (USDm)

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Dividend (Yield)

Japan Morning Connection: Heavy Selling Expected for SPE as Uncertainty Builds

SPE and optical names face a brutal open as tech melts down overnight. Sony and Nintendo may be the bright spots on easing NAND cost pressures.

Andrew Jackson

Japan Morning Connection: Markets Grind Higher with Bright Spots Despite Ongoing Uncertainty

Markets managed to put on a brave face despite the higher oil price and mixed messaging. Defense stocks softened after Rheinmetall missed earnings.

Andrew Jackson

Japan Morning Connection: Risk-Off Mood Continues, but Semi-Caps Pick up After Google Capex Surprise

The market has been quick to punish lavish spending on AI. Qualcomm's statement about the shortage of memory chips will be negative for names...

Andrew Jackson

Aequitas: Infroneer Holding Placement - Positives Baked In, Somewhat Flagged

INFRONEER Holdings (5076 JP) aims to raise around US$800m to fund the acquisition of Swing Corporation. In this note, we talk about the deal dynamics.

Sumeet Singh

Japan Strategy | Snap Elections and the Rise of Corporate Discipline

​PM Takaichi calls snap election raising concerns over fiscal expansion and rising debt. BOJ holds rates, upgrades growth forecasts, as bond yields...

Mark Chadwick

PM Takaichi calls snap election raising concerns over fiscal expansion and rising debt. BOJ holds rates, upgrades growth forecasts, as bond yields...