Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIKKEI 225 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon Yusen Kabushiki Kaisha, Mitsubishi Materials.</li>
</ul>


We analysed the earning revision of component stocks of NIKKEI 225 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon Yusen Kabushiki Kaisha, Mitsubishi Materials.


NIKKEI 225 Index Earning Revision (Sep): Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Meta, Tesla and Microsoft all post big capex guidance beats which sets strong tone for JP SPE.</li>
<li>Lam Research numbers beat, while Advantest AH yesterday knocked it out of the park.</li>
<li>Seagate +19% will add fuel to the fire for HDD components and memory names.</li>
</ul>


Meta, Tesla and Microsoft all post big capex guidance beats which sets strong tone for JP SPE.
Lam Research numbers beat, while Advantest AH yesterday knocked it out of the park.
Seagate +19% will add fuel to the fire for HDD components and memory names.


Japan Morning Connection: Huge Earnings After Hours All Point to Increased AI Capex Spending

<ul>
<li>Intel meltdown on Friday looks largely priced in already, although mood skittish to start.</li>
<li>Takaichi approval already on the wane with tax cuts seen as likely ineffective against inflation.</li>
<li>Trump sending an armada to the Middle East positive for defense.</li>
</ul>


Intel meltdown on Friday looks largely priced in already, although mood skittish to start.
Takaichi approval already on the wane with tax cuts seen as likely ineffective against inflation.
Trump sending an armada to the Middle East positive for defense.


Japan Morning Connection: Semi Caps Mixed but Largely Look Through Intel Capex Headlines

<ul>
<li>Massive capex numbers from TSMC set to propel JP SPE to new highs today.</li>
<li>Softbank is likely to continue to lag as ARM fails to catch a bid despite being -42% from recent highs.</li>
<li>The hottest momo names in JP last year have cooled, but there should be more upside yet.</li>
</ul>


Massive capex numbers from TSMC set to propel JP SPE to new highs today.
Softbank is likely to continue to lag as ARM fails to catch a bid despite being -42% from recent highs.
The hottest momo names in JP last year have cooled, but there should be more upside yet.


Japan Morning Connection: SOX Closes at New Highs After TSMC Numbers and Capex Beat Ests

<ul>
<li>Expectations for Intel's 14A process grows with TSMC leading-node capacity tapped out.</li>
<li>China banning US cybersecurity firm had limited impact, although VMware connection takes Broadcom lower.</li>
<li>Dentsu down -10.5% yesterday after its International sale fell through. Watch for rebound.</li>
</ul>


Expectations for Intel's 14A process grows with TSMC leading-node capacity tapped out.
China banning US cybersecurity firm had limited impact, although VMware connection takes Broadcom lower.
Dentsu down -10.5% yesterday after its International sale fell through. Watch for rebound.


Japan Morning Connection: Mkt Rotation Not Really Hitting Tech and AI but Expect Mild Weakness

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

NIKKEI 225 Index Earning Revision (Sep): Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION

We analyzed NIKKEI 225's consensus for Sep 2026 and highlighted changes of EPS in Advantest, Kioxia, Fujikura, Tokyo Electron, TDK, ARCHION, Nippon...

Ke Yan, CFA, FRM

Japan Morning Connection: Huge Earnings After Hours All Point to Increased AI Capex Spending

Meta is surging +11% after reporting 1Q sales guidance. Tesla plans to invest $2bn in Musk’s xAI. Expect whole SPE ecosystem in Japan to be sharply...

Andrew Jackson

Japan Morning Connection: Semi Caps Mixed but Largely Look Through Intel Capex Headlines

Japanese SPE already priced in the Intel miss Friday. Intel's CEO Tan reports that they will be more selective on spending.

Andrew Jackson

Japan Morning Connection: SOX Closes at New Highs After TSMC Numbers and Capex Beat Ests

Likely for Kioxia to hit new highs today with memory names trading well. Strong tone for JP SPE after US tarrifs on Taiwan were lowered.

Andrew Jackson

Japan Morning Connection: Mkt Rotation Not Really Hitting Tech and AI but Expect Mild Weakness

Some rotation from mega tech into smaller cap value plays. China retaliates with tech bans for the US. KDDI may suffer after news of "innapropriate...

Andrew Jackson

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