Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>
OVERSEAS.  US recession fears dominate,  SPX -0.7%/-3.7%WoW; Nov PPI print higher vs Cons, Cements +50bp Fed hike; China stocks win WoW amid COVID loosening + Property rescue;  Tech looks supported</li>
<li>
JAPAN.  NKY Futs -0.4% vs Cash, USDJPY ¥136.56;  US asks JP to help curb China chip access; More  Boeing orders, +ve JP related;  FY23 Defense to rise by ¥1trn</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.


OVERSEAS.  US recession fears dominate,  SPX -0.7%/-3.7%WoW; Nov PPI print higher vs Cons, Cements +50bp Fed hike; China stocks win WoW amid COVID loosening + Property rescue;  Tech looks supported

JAPAN.  NKY Futs -0.4% vs Cash, USDJPY ¥136.56;  US asks JP to help curb China chip access; More  Boeing orders, +ve JP related;  FY23 Defense to rise by ¥1trn


Good Morning Japan |+50bp Fed Hike in the Bag, but Watching Tuesday's US CPI Print

<ul>
<li>
Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.
</li>
<li>
OVERSEAS: SPX continue to hold as Tech leads the rebound; FTC moves to block MSFT acquistion of Activision (good); China stocks continue to be bid; Broadcom strong;  PPI on Friday</li>
<li>
JAPAN: Major SQ  futures point to +0.4% open on the NKY;  Govt continues to push forward with Nuclear rebirth(postive MHI);  Kishida outlines how to pay for massive defense spending rise</li>
</ul>



Good Morning Japan:  We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP ABREAST.


OVERSEAS: SPX continue to hold as Tech leads the rebound; FTC moves to block MSFT acquistion of Activision (good); China stocks continue to be bid; Broadcom strong;  PPI on Friday

JAPAN: Major SQ  futures point to +0.4% open on the NKY;  Govt continues to push forward with Nuclear rebirth(postive MHI);  Kishida outlines how to pay for massive defense spending rise


Good Morning Japan |Equities Continue to Hold; China Stocks on Fire; Japan Major SQ

Equity Bottom-Up

<ul>
<li>Sumco is a pure play wafer maker that is geared into demand for cutting edge 300mm wafers</li>
<li>Sumco is attractive given weak sentiment towards tech, attractive valuation, strong profitability and long-term earnings drivers</li>
<li>With the stock down 12% YTD, we believe the stocks is undervalued and see at least 20% upside from here</li>
</ul>


Sumco is a pure play wafer maker that is geared into demand for cutting edge 300mm wafers
Sumco is attractive given weak sentiment towards tech, attractive valuation, strong profitability and long-term earnings drivers
With the stock down 12% YTD, we believe the stocks is undervalued and see at least 20% upside from here


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

Taiwan Stock Exchange Weighted Index / Technical Analysis

<ul>
<li>The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.</li>
<li>As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.</li>
<li>Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services</li>
</ul>


The bear market rally that we have discussed since our Sept. 29 Int'l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.
Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services


Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

<ul>
<li>Good Morning Japan: A detailed look at the overnight news and market moves that will impact the trading day in Japan</li>
<li>OVERNIGHT: Gridlock rally continues.. Materials and tech leading.  Brief interruptions from a mini-crypto crash.  All good now. but we look to inflation numbers </li>
<li>IN JAPAN:  All good - Govt approves stimulus of ¥29trn; USDJPY stabilizing as market turns bullish yen; Strong earnings from Sumco;  Positive semi initiation in European with positive JP read </li>
</ul>


Good Morning Japan: A detailed look at the overnight news and market moves that will impact the trading day in Japan
OVERNIGHT: Gridlock rally continues.. Materials and tech leading.  Brief interruptions from a mini-crypto crash.  All good now. but we look to inflation numbers 
IN JAPAN:  All good - Govt approves stimulus of ¥29trn; USDJPY stabilizing as market turns bullish yen; Strong earnings from Sumco;  Positive semi initiation in European with positive JP read 


Japan

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

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SUMCO Corp (3436 JP)

Good Morning Japan |+50bp Fed Hike in the Bag, but Watching Tuesday's US CPI Print

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Good Morning Japan |Equities Continue to Hold; China Stocks on Fire; Japan Major SQ

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Sumco (3436) | Bargain Basement

Sumco is attractive given weak sentiment towards tech, attractive valuation, strong profitability and long-term earnings drivers

Mark Chadwick

Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Bullish reversals: Taiwan $TAIEX, Korea $KOSPI, Netherlands' $AEX reversing YTD downtrends, while Hang Seng $HSI and China's CSI 300 are reversing...

Vermilion Research

Good Morning Japan - Wed Gridlock Rally

Good Morning Japan: We take a detailed look at the overnight news and market moves that will impact the trading day in Japan.

Mark Chadwick

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