Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Fuji Electric rolling out new server cooling technology this month cutting power consumption by 85% — worth picking up after yesterday's -5.6% dip.</li>
<li>QD Laser still -17% over the last week despite TDK partnership, after collateral requirements were tightened for Japanese retail.</li>
<li>With Space names rebounding overnight, the big selling for Japanese peers should abates after big corrections over the last week.</li>
</ul>


Fuji Electric rolling out new server cooling technology this month cutting power consumption by 85% — worth picking up after yesterday's -5.6% dip.
QD Laser still -17% over the last week despite TDK partnership, after collateral requirements were tightened for Japanese retail.
With Space names rebounding overnight, the big selling for Japanese peers should abates after big corrections over the last week.


Japan Morning Connection: ASIC Names Surge on Huang's Endorsement as HPE Numbers Fuel AI Infra Plays

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>IPO catalyst already priced in – Tekscend Photomask IPO (¥300 bn base case) crystallizes hidden value, but with TOPPAN at ~¥3,900, the upside to bull case (~¥4,100) is limited.</li>
<li>Core execution the swing factor – Information &amp; Communication (~54% sales) and BPO/Digital DX must expand margins (target 10% by FY2030 vs. ~5% today) for further re-rating.</li>
<li>Balanced risk–reward – Strong balance sheet and shareholder returns (2.5% equity cancelled FY25) support valuation, but high capex and legacy print drag keep FCF and ROE volatile.</li>
</ul>


IPO catalyst already priced in – Tekscend Photomask IPO (¥300 bn base case) crystallizes hidden value, but with TOPPAN at ~¥3,900, the upside to bull case (~¥4,100) is limited.
Core execution the swing factor – Information &amp; Communication (~54% sales) and BPO/Digital DX must expand margins (target 10% by FY2030 vs. ~5% today) for further re-rating.
Balanced risk–reward – Strong balance sheet and shareholder returns (2.5% equity cancelled FY25) support valuation, but high capex and legacy print drag keep FCF and ROE volatile.


TOPPAN Holdings – IPO Premium Priced In, Core Execution the Next Test

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities rebounded strongly this week, with the Nikkei 225 up 3.3% and TOPIX up 2.4%, nearly reversing the prior week’s sharp losses.</li>
<li>This week's top performer was Toppan Printing due to strong interest in its “Double View Film” for solar panels and a new data-driven customer-experience service, highlighting innovation and growth potential.</li>
<li>A quieter week for Activists. Dalton increased its Anicom stake to 9.5%, signalling confidence in the pet insurer’s stable growth and potential capital returns.</li>
</ul>


Japanese equities rebounded strongly this week, with the Nikkei 225 up 3.3% and TOPIX up 2.4%, nearly reversing the prior week’s sharp losses.
This week's top performer was Toppan Printing due to strong interest in its “Double View Film” for solar panels and a new data-driven customer-experience service, highlighting innovation and growth potential.
A quieter week for Activists. Dalton increased its Anicom stake to 9.5%, signalling confidence in the pet insurer’s stable growth and potential capital returns.


Japan Strategy Weekly | Thanksgiving Rally

<ul>
<li>Japanese equities are rotating beneath the surface as financials surge and duration-heavy sectors lag, signalling an emerging sensitivity to higher domestic rates.</li>
<li>Inflation persistence and rising JGB yields are pushing markets to price a more hawkish Bank of Japan, despite soft consumer conditions.</li>
<li>The AI trade is becoming more valuation-sensitive as earnings volatility meets higher cost-of-capital expectations, with NVIDIA as the near-term catalyst.</li>
</ul>


Japanese equities are rotating beneath the surface as financials surge and duration-heavy sectors lag, signalling an emerging sensitivity to higher domestic rates.
Inflation persistence and rising JGB yields are pushing markets to price a more hawkish Bank of Japan, despite soft consumer conditions.
The AI trade is becoming more valuation-sensitive as earnings volatility meets higher cost-of-capital expectations, with NVIDIA as the near-term catalyst.


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

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." </li>
<li>We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.</li>
<li>Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.</li>
</ul>


Not much has changed since our latest Int'l Compass from May 31, 2024 titled "Buy the Pullback." 
We were buyers of the pullback in global equities (MSCI ACWI, ACWI ex-US, EAFE, EM, Europe, Japan, Taiwan, etc.) with important supports holding, combined with ongoing healthy market dynamics.
Supports are holding, and our bullish outlook (since early-November 2023) remains intact. Continue to buy dips.


Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Japan

Toppan Printing Co., Ltd. is a printing company that provides commercial and publication printing services. The Company also prints securities paper, packaging products, and electronic related products such as photomasks and colorfilters. Toppan Printing also produces inks and operates a text book publication business.

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Toppan Printing (7911 JP)

Japan Morning Connection: ASIC Names Surge on Huang's Endorsement as HPE Numbers Fuel AI Infra Plays

ASIC names surge on Huang's trillion dollar Marvell endorsement. HP enterprise up as much as 36% on bumper numbers. A strong focus on all things...

Andrew Jackson

TOPPAN Holdings – IPO Premium Priced In, Core Execution the Next Test

Tekscend Photomask IPO priced in, limited upside with TOPPAN at ¥3,900. Core execution key for margin expansion. Balanced risk-reward with strong...

Rahul Jain

Japan Strategy Weekly | Thanksgiving Rally

Japanese equities rebounded strongly this week, led by Toppan Printing's innovative products and Dalton's confidence in Anicom's growth potential.

Mark Chadwick

Japan Strategy Weekly | Regime Change?

Japanese equities are reacting to rising domestic rates, with financials surging and AI trade becoming more valuation-sensitive, led by NVIDIA.

Mark Chadwick

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Downgrading Europe to Market Weight $FEZ $STOXX; Europe Still Bullish From a Price Perspective; Bullish Outlook Intact on $ACWI $EEM; Supports...

Vermilion Research

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Japan Morning Connection: ASIC Names Surge on Huang's Endorsement as HPE Numbers Fuel AI Infra Plays

ASIC names surge on Huang's trillion dollar Marvell endorsement. HP enterprise up as much as 36% on bumper numbers. A strong focus on all things...

Andrew Jackson

TOPPAN Holdings – IPO Premium Priced In, Core Execution the Next Test

​Tekscend Photomask IPO priced in, limited upside with TOPPAN at ¥3,900. Core execution key for margin expansion. Balanced risk-reward with strong...

Rahul Jain

Japan Strategy Weekly | Thanksgiving Rally

​Japanese equities rebounded strongly this week, led by Toppan Printing's innovative products and Dalton's confidence in Anicom's growth potential.

Mark Chadwick

Japan Strategy Weekly | Regime Change?

​Japanese equities are reacting to rising domestic rates, with financials surging and AI trade becoming more valuation-sensitive, led by NVIDIA.

Mark Chadwick

Downgrading Europe to Market Weight; Europe Indexes Still Bullish (Price); Bullish Outlook Intact

Downgrading Europe to Market Weight $FEZ $STOXX; Europe Still Bullish From a Price Perspective; Bullish Outlook Intact on $ACWI $EEM; Supports...

Vermilion Research

Tekscend Photomask IPO priced in, limited upside with TOPPAN at ¥3,900. Core execution key for margin expansion. Balanced risk-reward with strong...

Japanese equities rebounded strongly this week, led by Toppan Printing's innovative products and Dalton's confidence in Anicom's growth potential.

Japanese equities are reacting to rising domestic rates, with financials surging and AI trade becoming more valuation-sensitive, led by NVIDIA.