Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Oracle's good numbers pulling AI and DC related names up, while Samsung failing its NVDA HBM certification (again) positive for Micron.</li>
<li>Tencent is back at the table looking to bid for Nexon, whose outstanding short interest could see a rapid squeeze.</li>
<li>All the good news out for Konami? Looks like it after their even last night with further upside catalysts lacking.</li>
</ul>


Oracle's good numbers pulling AI and DC related names up, while Samsung failing its NVDA HBM certification (again) positive for Micron.
Tencent is back at the table looking to bid for Nexon, whose outstanding short interest could see a rapid squeeze.
All the good news out for Konami? Looks like it after their even last night with further upside catalysts lacking.


Japan Morning Connection: Air India Crash Sends Boing Lower, AMD's AI Event Fails to Impress

<ul>
<li>Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.</li>
<li>Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.</li>
<li>Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?</li>
</ul>


Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.
Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.
Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?


Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

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 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.</li>
<li>We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.</li>
<li>We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.</li>
</ul>


We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.
We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.
We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.


MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese markets surged, with the Nikkei rising 3.2% on a weaker yen, strong earnings, and tech sector gains, while BoJ held rates steady amid cautious forecasts.</li>
<li>Japan’s economic data showed mixed trends, including falling industrial output, modest retail growth, and declining consumer confidence, raising concerns about domestic demand and labour market softness.</li>
<li>Top stock performers included Sumi Pharma, Toyota Industries, and Nidec, driven by strong earnings, privatization speculation, and bold profit and restructuring plans that lifted investor sentiment.</li>
</ul>


Japanese markets surged, with the Nikkei rising 3.2% on a weaker yen, strong earnings, and tech sector gains, while BoJ held rates steady amid cautious forecasts.
Japan’s economic data showed mixed trends, including falling industrial output, modest retail growth, and declining consumer confidence, raising concerns about domestic demand and labour market softness.
Top stock performers included Sumi Pharma, Toyota Industries, and Nidec, driven by strong earnings, privatization speculation, and bold profit and restructuring plans that lifted investor sentiment.


Japan Strategy Weekly | Seven-Day Winning Streak

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shift-up-corp" target="_blank" data-smartkarma-citation="entities:36232:1" rel="noopener">Shift Up (462870 KS)</a> raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from their lockup soon.</li>
<li>Shift Up is a South Korean games developer, which as released three games so far for the global markets.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from their lockup soon.
Shift Up is a South Korean games developer, which as released three games so far for the global markets.
In this note, we will talk about the lockup dynamics and possible placement.


Shift Up IPO Lockup - US$1.2bn Lockup Release of Strategic, Employees and IPO Investors

Japan

SQUARE ENIX HOLDINGS CO., LTD. develops and sells entertainment software for home video game consoles including Dragon Quest and Final Fantasy series. The Company also publishes books such as informational guide books for its game software, and comic magazines and books.  Additionally, Square Enix sells character goods and stationery items from its software products.

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Square Enix Holdings (9684 JP)

Japan Morning Connection: Air India Crash Sends Boing Lower, AMD's AI Event Fails to Impress

Tech and Semi's led higher by Oracle, setting upbeat tone for AI and data center related plays. Watch for knock on effects from recent Boeing 787...

Andrew Jackson

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Japan Strategy Weekly | Seven-Day Winning Streak

Japanese markets surged on weaker yen, strong earnings, and tech gains, while BoJ held rates steady; mixed economic data raises concerns about...

Mark Chadwick

Shift Up IPO Lockup - US$1.2bn Lockup Release of Strategic, Employees and IPO Investors

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Air India Crash Sends Boing Lower, AMD's AI Event Fails to Impress

Tech and Semi's led higher by Oracle, setting upbeat tone for AI and data center related plays. Watch for knock on effects from recent Boeing 787...

Andrew Jackson

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

​Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Japan Strategy Weekly | Seven-Day Winning Streak

​Japanese markets surged on weaker yen, strong earnings, and tech gains, while BoJ held rates steady; mixed economic data raises concerns about...

Mark Chadwick

Shift Up IPO Lockup - US$1.2bn Lockup Release of Strategic, Employees and IPO Investors

Shift Up (462870 KS) raised around US$320m in its South Korean IPO, after pricing at the top. Around US$1.2bn worth of shares will be released from...

Sumeet Singh

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Japanese markets surged on weaker yen, strong earnings, and tech gains, while BoJ held rates steady; mixed economic data raises concerns about...