Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Open AI at $500bn sends the whole AI edifice surging once again.</li>
<li>Siltronic's jumped 12% in EU and the outlook for the likes of Sumco and Shin Estu remains very positive.</li>
<li>Market see record deliveries for Tesla more as front-loading than an increase in overall demand, but robots likely to keep turning heads.</li>
</ul>


Open AI at $500bn sends the whole AI edifice surging once again.
Siltronic's jumped 12% in EU and the outlook for the likes of Sumco and Shin Estu remains very positive.
Market see record deliveries for Tesla more as front-loading than an increase in overall demand, but robots likely to keep turning heads.


Japan Morning Connection: AMAT Expecting Hit from China Export Restrictions May Take Shine off SPE

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-September 2025.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at potential Inclusions and Removals for the JPX-Nikkei 400 Rebalance to come in August 2026 based on trading data as of end-September 2025.


Quiddity JPX-Nikkei 400 Rebal 2026: End-Sep 2025 Ranks

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

Sunwoda Electronic Co Ltd A / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.</li>
<li>Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
Market dynamics remain overwhelmingly risk-on; with plenty of global liquidity, we expect upside to continue into year-end and the early part of 2026.
Remain Overweight Taiwan, China, Korea, U.S., and Greece. Many buys in these countries, and also Europe and Japan. EURO STOXX 50 on the cusp of major breakout above 5500


Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

<ul>
<li>Semi-Cap higher after positive comments from JPM on ASML that the worst is behind it given strong WFE and memory trends.</li>
<li>Wafer names surging globally as demand for memory outstrips supply, while Wolfspeed announces its has reached 200m SiC capability.</li>
<li>A brave short seller for Coreweave calling it a “debt fuelled GPU rental business with no moat”.</li>
</ul>


Semi-Cap higher after positive comments from JPM on ASML that the worst is behind it given strong WFE and memory trends.
Wafer names surging globally as demand for memory outstrips supply, while Wolfspeed announces its has reached 200m SiC capability.
A brave short seller for Coreweave calling it a “debt fuelled GPU rental business with no moat”.


Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>In this insight, we discuss about SK Inc (034730 KS) which is considering on selling the controlling stake of SK Siltron.</li>
<li>If SK is successful in selling 70.6% stake in SK Siltron for about 5 trillion won, it could result in more than 3 trillion won cash inflow for SK Inc. </li>
<li>Our base case valuation of SK Inc is NAV of 13.9 trillion won (NAV per share of 192,217 won), representing a 61% upside from current levels.</li>
</ul>


In this insight, we discuss about SK Inc (034730 KS) which is considering on selling the controlling stake of SK Siltron.
If SK is successful in selling 70.6% stake in SK Siltron for about 5 trillion won, it could result in more than 3 trillion won cash inflow for SK Inc. 
Our base case valuation of SK Inc is NAV of 13.9 trillion won (NAV per share of 192,217 won), representing a 61% upside from current levels.


Potential Sale of a Controlling Stake in SK Siltron to Hahn & Co

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)

Japan Morning Connection: AMAT Expecting Hit from China Export Restrictions May Take Shine off SPE

AMAT expecting a $710m hit to its revenue from new US export restrictions which may dampen Japan SPE somewhat. Expect another jump higher for...

Andrew Jackson

Quiddity JPX-Nikkei 400 Rebal 2026: End-Sep 2025 Ranks

In total, there are 46 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard.

Janaghan Jeyakumar, CFA

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact

Buys Focused in China, Taiwan, and Korea; Bullish Outlook Intact. Actionable Themes: Communications, Manufacturing (Robotics and Batteries),...

Vermilion Research

Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

Apple suppliers sent higher after announcement of Apple involvement with IC packaging. Power and industrial semi's shaking off China's anti-dumping...

Andrew Jackson

Potential Sale of a Controlling Stake in SK Siltron to Hahn & Co

If SK is successful in selling 70.6% stake in SK Siltron for about 5 trillion won, it could result in more than 3 trillion won cash inflow for SK Inc.

Douglas Kim

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