Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.</li>
<li>US shippers outperformed given lower oil despite an outlook for lower global trade overall.</li>
<li>Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.</li>
</ul>


The horse trading continues with Israel bowing to the US and bilateral talks with Japan set to commence imminently.
US shippers outperformed given lower oil despite an outlook for lower global trade overall.
Samsung numbers beating this morning on strong demand for the Galaxy S25 smartphones and DRAM.


Japan Morning Connection: US Relief Rally Sending JP Futures Sharply Higher

Fundamental Analyses, Contrarian Cashflows

Contrarian Cashflows

Fundamental Analyses

The purpose of Contrarian Cashflows is to document my investment research and share it with everyone who is interested in value investing. My long term aspiration for Contrarian Cashflows is to become a platform for professional investors and serious amateurs where they can get inspiration and discuss investing-related topics.
I plan to publish one company deep dive per month that is guided by my investment approach. All information I use for my write-ups is publicly available and most of the time directly sourced from public filings issued by the respective companies. To guarantee maximum transparency, for every post I provide a list of all used sources in the resources section.
Contrarian Cashflows is built around the principles of respect, honesty, open-mindedness and a touch of humour. Please consider these principles in any engagement interaction with me, other readers and the content on this blog. Misbehaviour is not tolerated.
If you want to reach out to me directly, the best way is via LinkedIn, Twitter or email. You can find the details at my homepage contrariancashflows.com

Equity Bottom-Up

<ul><li>Naikai Zosen is a Japanese shipbuilder running two yards in the Seto Inland Sea (Setoda and Innoshima, both in Onomichi, Hiroshima), building mid-size ferries, RO-RO cargo ships, and — a newer line — landing craft for the Japan Ground Self-Defense Force.</li><li>It has been Kanadevia Corporation’s (formerly Hitachi Zosen) 39%+ affiliate since 1967.</li><li>A more accurate description for Naikai is that it is a pile of cash that happens to also build ships. </li></ul>

Naikai Zosen is a Japanese shipbuilder running two yards in the Seto Inland Sea (Setoda and Innoshima, both in Onomichi, Hiroshima), building mid-size ferries, RO-RO cargo ships, and — a newer line — landing craft for the Japan Ground Self-Defense Force.It has been Kanadevia Corporation’s (formerly Hitachi Zosen) 39%+ affiliate since 1967.A more accurate description for Naikai is that it is a pile of cash that happens to also build ships. 

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Cross Asset Strategy

<ul>
<li>A monthly review of how the markets and our themes are currently performing</li>
<li>Analysing what went wrong and what went right in stocks and sectors</li>
<li>Highlighting positions added or removed from the thematic investment portfolio</li>
</ul>


A monthly review of how the markets and our themes are currently performing
Analysing what went wrong and what went right in stocks and sectors
Highlighting positions added or removed from the thematic investment portfolio


November Themes and Thematic Portfolio Review

<ul>
<li>The main Japanese indices have been moving sideways this year</li>
<li>Continued weakness in the JPY has diminished returns in USD terms</li>
<li>Technically the market has similar weak underlying breadth as the US market</li>
</ul>


The main Japanese indices have been moving sideways this year
Continued weakness in the JPY has diminished returns in USD terms
Technically the market has similar weak underlying breadth as the US market


Revisiting the Japanese Market – Time to Increase Allocations?

<ul>
<li>The JGB  market is doing the BoJ’s work for it</li>
<li>Japanese financials will continue to perform in this market environment</li>
<li>US bonds follow the same pattern as inflation and bond issuance rises</li>
</ul>


The JGB  market is doing the BoJ’s work for it
Japanese financials will continue to perform in this market environment
US bonds follow the same pattern as inflation and bond issuance rises


Japan

T&D Holdings, Inc. is a holding company established through the merger of Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance. The Company manages life insurance operations for its subsidiaries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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T&D Holdings (8795 JP)

Japan Morning Connection: US Relief Rally Sending JP Futures Sharply Higher

Israel bows to US pressure, Japan to begin bilateral trade talks. US shippers despite global trade decline. Samsung numbers beat with Galaxy S25...

Andrew Jackson

Monday Delight: 14/09/2026

Naikai Zosen is a Japanese shipbuilder running two yards in the Seto Inland Sea (Setoda and Innoshima, both in Onomichi, Hiroshima), building...

Contrarian Cashflows

November Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Revisiting the Japanese Market – Time to Increase Allocations?

Japanese indices have been stagnant due to a weak JPY and share a technically weak underlying breadth as the US market.

Rikki Malik

Banks Prefer Bonds

Japanese bond market doing the BoJ's job, leading to strong performance for Japanese financials, while US bonds also face inflation and excess...

Rikki Malik

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: US Relief Rally Sending JP Futures Sharply Higher

Israel bows to US pressure, Japan to begin bilateral trade talks. US shippers despite global trade decline. Samsung numbers beat with Galaxy S25...

Andrew Jackson

Monday Delight: 14/09/2026

Naikai Zosen is a Japanese shipbuilder running two yards in the Seto Inland Sea (Setoda and Innoshima, both in Onomichi, Hiroshima), building...

Contrarian Cashflows

November Themes and Thematic Portfolio Review

We review overall market performance, our investment themes, highlighting additions and substractions in the thematic portfolio.

Rikki Malik

Revisiting the Japanese Market – Time to Increase Allocations?

​Japanese indices have been stagnant due to a weak JPY and share a technically weak underlying breadth as the US market.

Rikki Malik

Banks Prefer Bonds

​Japanese bond market doing the BoJ's job, leading to strong performance for Japanese financials, while US bonds also face inflation and excess...

Rikki Malik

Japanese indices have been stagnant due to a weak JPY and share a technically weak underlying breadth as the US market.

Japanese bond market doing the BoJ's job, leading to strong performance for Japanese financials, while US bonds also face inflation and excess...