Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>The US released its framework for further semiconductor related export restrictions to China late last week, including access to quantum computers and components, chipmaking tools including gate all-around (GAA) technologies.</li>
<li>US homebuilders jumped after a survey showed new home orders rebounded sharply in August ahead of the expected rate cuts in September.</li>
<li>Plenty of positive headlines for Alimentation Couche-Tard's bid for 7&amp;I, including comments that they are confident financing the deal in cash, and ready and willing to advance friendly discussions.</li>
</ul>


The US released its framework for further semiconductor related export restrictions to China late last week, including access to quantum computers and components, chipmaking tools including gate all-around (GAA) technologies.
US homebuilders jumped after a survey showed new home orders rebounded sharply in August ahead of the expected rate cuts in September.
Plenty of positive headlines for Alimentation Couche-Tard's bid for 7&amp;I, including comments that they are confident financing the deal in cash, and ready and willing to advance friendly discussions.


Japan Morning Connection: US Export Curbs Tighten on China

<ul>
<li>NKY225 rebalance decision was made yesterday: Ryohin Keikaku and NRI replaced Nippon Paper and DIC. A focus on sector balance should continue to be positive for future consumer goods candidates.</li>
<li>With US markets stabilizing there are several names with strong fundamental drivers which look attractive as buy the dip candidates after yesterdays heavy selling.</li>
<li>US job opening data below street estimates increases likelihood that Fed will start with a 50 bps cut this month. Should help the likes of Shin Etsu and Sumitomo Forestry.</li>
</ul>


NKY225 rebalance decision was made yesterday: Ryohin Keikaku and NRI replaced Nippon Paper and DIC. A focus on sector balance should continue to be positive for future consumer goods candidates.
With US markets stabilizing there are several names with strong fundamental drivers which look attractive as buy the dip candidates after yesterdays heavy selling.
US job opening data below street estimates increases likelihood that Fed will start with a 50 bps cut this month. Should help the likes of Shin Etsu and Sumitomo Forestry.


Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

<ul>
<li>Good retailer numbers and outlooks by Target and TJX setting a positive tone for the likes of Mercari on the read for consumer spending.</li>
<li>Toll Bros numbers from the day before lifting US Homebuilders should see the likes of <a href="https://www.smartkarma.com/entities/sumitomo-forestry-co-ltd" target="_blank" rel="noopener">Sumitomo Forestry</a> rebound off yesterdays weak price action.</li>
<li>Japanese R/E names look increasingly vulnerable to downside ahead of Ueda's speech tomorrow which should point to a BoJ trajectory for future rate hikes.</li>
</ul>


Good retailer numbers and outlooks by Target and TJX setting a positive tone for the likes of Mercari on the read for consumer spending.
Toll Bros numbers from the day before lifting US Homebuilders should see the likes of Sumitomo Forestry rebound off yesterdays weak price action.
Japanese R/E names look increasingly vulnerable to downside ahead of Ueda's speech tomorrow which should point to a BoJ trajectory for future rate hikes.


Japan Morning Connection: Mercari, Sumitomo Forestry, Anritsu

<ul>
<li>TXN lowering capex slightly and commenting that demand remains below 2019 levels a slight negative for SPE and analog/power names such as Rohm and Fuji Elec.</li>
<li>Keysight technologies strong earnings and guidance beat after hours is a strong positive read for Anritsu who offers similar telco testing products.</li>
<li>Poor sales figures from Hainan Island point to a continued tough operating environment in China for cosmetics names such as Shiseido.</li>
</ul>


TXN lowering capex slightly and commenting that demand remains below 2019 levels a slight negative for SPE and analog/power names such as Rohm and Fuji Elec.
Keysight technologies strong earnings and guidance beat after hours is a strong positive read for Anritsu who offers similar telco testing products.
Poor sales figures from Hainan Island point to a continued tough operating environment in China for cosmetics names such as Shiseido.


Japan Morning Connection: Rohm, Anritsu, Shiseido

<ul>
<li>Watch for a 'megaquake' reversal after a big rotation for names deemed to be winners/losers on Friday on heightened expectations for a major Nankai Trough earthquake over the w/e</li>
<li>Retail related should rebound sharply after a solid 1Q showing from 3099 <a href="https://www.smartkarma.com/entities/isetan-mitsukoshi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18871:1" rel="noopener">Isetan Mitsukoshi</a>, with several related names yet to rebound on concerns the stronger yen will curb tourist spending.</li>
<li>1911 <a href="https://www.smartkarma.com/entities/sumitomo-forestry-co-ltd" target="_blank" data-smartkarma-citation="entities:9769:1" rel="noopener">Sumitomo Forestry</a> business briefing Friday confirms the strength of its US housing business, with it likely to easily exceed its latest MTP.</li>
</ul>


Watch for a 'megaquake' reversal after a big rotation for names deemed to be winners/losers on Friday on heightened expectations for a major Nankai Trough earthquake over the w/e
Retail related should rebound sharply after a solid 1Q showing from 3099 Isetan Mitsukoshi, with several related names yet to rebound on concerns the stronger yen will curb tourist spending.
1911 Sumitomo Forestry business briefing Friday confirms the strength of its US housing business, with it likely to easily exceed its latest MTP.


Japan Morning Connection: 3099 JP, 1911 JP, 5803 JP

Japan

Sumitomo Forestry Co., Ltd. sells lumber and wood-related construction materials.  The Company constructs and markets a variety of homes, including custom-built wooden houses, and also manufactures and distributes high-value added wood-based products.  Sumitomo Forestry also maintains a significant amount of Japan's forests.

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Sumitomo Forestry (1911 JP)

Japan Morning Connection: US Export Curbs Tighten on China

US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Andrew Jackson

Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

A focus on sector balance continues to be positive for consumer goods candidates. US markets stabilizing with strong buy the dip candidates. Fed...

Andrew Jackson

Japan Morning Connection: Mercari, Sumitomo Forestry, Anritsu

Positive retail numbers from Target and TJX bode well for consumer spending, while Toll Bros' strong performance lifts Homebuilders. Japanese R/E...

Andrew Jackson

Japan Morning Connection: Rohm, Anritsu, Shiseido

TXN's lower capex and weak demand as slight negative for SPE and analog/power companies; Keysight's strong earnings and guidance is positive for...

Andrew Jackson

Japan Morning Connection: 3099 JP, 1911 JP, 5803 JP

Expect a 'megaquake' reversal in stock names post-rotation due to earthquake warnings, retail rebound likely after strong 3099 1Q showing,...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: US Export Curbs Tighten on China

​US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Andrew Jackson

Tokyo Morning Connection: NKY225 Rebalance Decision, Likely Dip Buying After Yesterdays Rout

A focus on sector balance continues to be positive for consumer goods candidates. US markets stabilizing with strong buy the dip candidates. Fed...

Andrew Jackson

Japan Morning Connection: Mercari, Sumitomo Forestry, Anritsu

​Positive retail numbers from Target and TJX bode well for consumer spending, while Toll Bros' strong performance lifts Homebuilders. Japanese R/E...

Andrew Jackson

Japan Morning Connection: Rohm, Anritsu, Shiseido

TXN's lower capex and weak demand as slight negative for SPE and analog/power companies; Keysight's strong earnings and guidance is positive for...

Andrew Jackson

Japan Morning Connection: 3099 JP, 1911 JP, 5803 JP

​Expect a 'megaquake' reversal in stock names post-rotation due to earthquake warnings, retail rebound likely after strong 3099 1Q showing,...

Andrew Jackson

US tightens semiconductor related export restrictions to China, US homebuilders see surge in new home orders, positive headlines surround...

Positive retail numbers from Target and TJX bode well for consumer spending, while Toll Bros' strong performance lifts Homebuilders. Japanese R/E...

Expect a 'megaquake' reversal in stock names post-rotation due to earthquake warnings, retail rebound likely after strong 3099 1Q showing,...