Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Yamaha Motor (7272) | Silchester raised stake to 8.8%; shares down 20% despite core motorcycles/marine generating 20-30% ROIC, undermined by ¥62bn losses in RVs/Robotics.</li>
<li>Tamron (7740) | Effissimo increased holding to 13%; company trades at 6x EBIT with 20%+ margins, expanding from camera lenses into automotive ADAS and industrial optics.</li>
<li>NPC (6255) | LIM acquired 6% stake in solar equipment maker down 20% year-to-date, betting on perovskite cycle recovery despite withdrawn guidance and customer weakness.</li>
</ul>


Yamaha Motor (7272) | Silchester raised stake to 8.8%; shares down 20% despite core motorcycles/marine generating 20-30% ROIC, undermined by ¥62bn losses in RVs/Robotics.
Tamron (7740) | Effissimo increased holding to 13%; company trades at 6x EBIT with 20%+ margins, expanding from camera lenses into automotive ADAS and industrial optics.
NPC (6255) | LIM acquired 6% stake in solar equipment maker down 20% year-to-date, betting on perovskite cycle recovery despite withdrawn guidance and customer weakness.


Japan Activism Briefs: Yamaha Motor, Tamron, NPC

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.</li>
<li>Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.</li>
<li>Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.</li>
</ul>


Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.
Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.
Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.


Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

<ul>
<li>Wolfspeed formally goes into Chapter 11, but the upside for Renesas makes its recent write off look excessive.</li>
<li>Short interest for some Japanese autos has surged which points to a squeeze once US trade deal reached.</li>
<li>Space names should be back in  focus ahead of next week's 'Space Tide Conference' in Tokyo. Watch iQPS, Synspective and Sky Perfect JSAT for upside.</li>
</ul>


Wolfspeed formally goes into Chapter 11, but the upside for Renesas makes its recent write off look excessive.
Short interest for some Japanese autos has surged which points to a squeeze once US trade deal reached.
Space names should be back in  focus ahead of next week's 'Space Tide Conference' in Tokyo. Watch iQPS, Synspective and Sky Perfect JSAT for upside.


Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

<ul>
<li>Tech is off the menu for most as CoreWeave shakes AI sentiment further.</li>
<li>Japanese autos largely priced in the tariff news yesterday, although big dividends up for grabs may see renewed interest.</li>
<li>Japan set for another day of duck-and-cover with the rotation back towards domestic defensive set to continue.</li>
</ul>


Tech is off the menu for most as CoreWeave shakes AI sentiment further.
Japanese autos largely priced in the tariff news yesterday, although big dividends up for grabs may see renewed interest.
Japan set for another day of duck-and-cover with the rotation back towards domestic defensive set to continue.


Japan Morning Connection: US Auto Tariffs Shaking Markets but Ex-Date May Lure Buyers Back in Japan

<ul>
<li>Higher yields leading to profit taking ahead of tomorrows CPI print.</li>
<li>TEL numbers show expected WFE growth despite its pivot away from China.</li>
<li>Good numbers from Softbank, as its SVF posts strong unrealized gains on its solid unlisted pipeline.</li>
</ul>


Higher yields leading to profit taking ahead of tomorrows CPI print.
TEL numbers show expected WFE growth despite its pivot away from China.
Good numbers from Softbank, as its SVF posts strong unrealized gains on its solid unlisted pipeline.


Japan Morning Connection: Market Reflects Concerns over Tomorrow's CPI Print

Japan

Yamaha Motor Co., Ltd. manufactures motorcycles.  The Company also produces motor vehicle engines for Toyota Motor Corp. and Ford Motor Co.  Yamaha Motor's specialty products include motor boats, snowmobiles, golf carts, and electric power generators.  Yamaha Motor sells products in Japan, North America, Europe, Asia, and South America.

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Yamaha Motor (7272 JP)

Japan Activism Briefs: Yamaha Motor, Tamron, NPC

Top activist investors are making contrarian bets in Japan: Silchester raises Yamaha Motor stake, Effissimo raised Tamron stake to 13% at 6x EBIT,...

Mark Chadwick

Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

With reversal from momentum and Ishiba's resignation, defense names may drop further. Autos may have plenty more upside despite big moves yesterday.

Andrew Jackson

Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

Andrew Jackson

Japan Morning Connection: US Auto Tariffs Shaking Markets but Ex-Date May Lure Buyers Back in Japan

CoreWeave's announcement drives AI sentiment down further. May see renewed interest in Japanese autos today. Expecting Japan to continue rotation...

Andrew Jackson

Japan Morning Connection: Market Reflects Concerns over Tomorrow's CPI Print

Profit taking ahead of CPI report, TEL shows WFE growth despite its pivot away from China, Softbank's SVF shows strong unreaslised gains on its...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Activism Briefs: Yamaha Motor, Tamron, NPC

Top activist investors are making contrarian bets in Japan: Silchester raises Yamaha Motor stake, Effissimo raised Tamron stake to 13% at 6x EBIT,...

Mark Chadwick

Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

With reversal from momentum and Ishiba's resignation, defense names may drop further. Autos may have plenty more upside despite big moves yesterday.

Andrew Jackson

Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

​Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

Andrew Jackson

Japan Morning Connection: US Auto Tariffs Shaking Markets but Ex-Date May Lure Buyers Back in Japan

​CoreWeave's announcement drives AI sentiment down further. May see renewed interest in Japanese autos today. Expecting Japan to continue rotation...

Andrew Jackson

Japan Morning Connection: Market Reflects Concerns over Tomorrow's CPI Print

Profit taking ahead of CPI report, TEL shows WFE growth despite its pivot away from China, Softbank's SVF shows strong unreaslised gains on its...

Andrew Jackson

Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

CoreWeave's announcement drives AI sentiment down further. May see renewed interest in Japanese autos today. Expecting Japan to continue rotation...