Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.</li>
<li>Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.</li>
<li>Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.</li>
</ul>


Meta taking a $3.5bn stake in Essilor Luxottica now gives them exposure to both Nikon and Paris Miki.
Further positive broker rhetoric for power-semis should continues to lift Rohm, while WOLF gains positive for Renesas.
Intel announcing plans to sell Mobileye stake may be seen as positive for foundry expansion plans.


Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

<ul>
<li>Trump extending the implementation deadline leaves plenty of wiggle room for further negotiation.</li>
<li>Renesas should be helped by the Wolf's new restructuring hire and TPX FFW buying this month.</li>
<li>Samsung numbers weak with failed NVDA accreditation weighing on outlook.</li>
</ul>


Trump extending the implementation deadline leaves plenty of wiggle room for further negotiation.
Renesas should be helped by the Wolf's new restructuring hire and TPX FFW buying this month.
Samsung numbers weak with failed NVDA accreditation weighing on outlook.


Japan Morning Connection: Trumps Latest 25% Tariff Salvo on JP Unlikely to Be Final

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a> announced a preconditional tender offer from MBK Partners at JPY11,751, a 4.8% premium to last close and a 6.8% premium to Nidec’s withdrawn JPY11,000 offer.</li>
<li>The offer is broadly in line with the midpoint of the IFA DCF valuation range. The tender offer is expected to commence in early December.</li>
<li>Despite the offer resulting from an auction, there remains a medium probability that <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> or a spurned white knight bidder (Candidate A) emerges with a higher offer.</li>
</ul>



Makino Milling Machine Co (6135 JP) announced a preconditional tender offer from MBK Partners at JPY11,751, a 4.8% premium to last close and a 6.8% premium to Nidec’s withdrawn JPY11,000 offer.
The offer is broadly in line with the midpoint of the IFA DCF valuation range. The tender offer is expected to commence in early December.
Despite the offer resulting from an auction, there remains a medium probability that Nidec Corp (6594 JP) or a spurned white knight bidder (Candidate A) emerges with a higher offer.


Makino Milling Machine (6135 JP): MBK’s Preconditional Offer Is Not the Likely Endgame

<ul>
<li>Positive US-China talks and the de-escalation of tariffs signal a major softening by both sides.</li>
<li>Expect momentum favourites to continue climbing as risk-on greenlights CTA factor buying.</li>
<li>US Pharma rebounded with Trump executive order seen as toothless and vague.</li>
</ul>


Positive US-China talks and the de-escalation of tariffs signal a major softening by both sides.
Expect momentum favourites to continue climbing as risk-on greenlights CTA factor buying.
US Pharma rebounded with Trump executive order seen as toothless and vague.


Japan Morning Connection: Japan Tech and SPE to Continue Higher with Nasdaq100 Back in a Bull Mkt

<ul>
<li>Late session rally for chips and semi-cap names with the US signalling a softening of export curbs.</li>
<li>ARM numbers after the bell sending stock -10% point to Softbank missing todays upside.</li>
<li>Is Japanese shipbuilding expertise the new bargaining chip against tariffs? </li>
</ul>


Late session rally for chips and semi-cap names with the US signalling a softening of export curbs.
ARM numbers after the bell sending stock -10% point to Softbank missing todays upside.
Is Japanese shipbuilding expertise the new bargaining chip against tariffs? 


Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher

Japan

YASKAWA Electric Corporation manufactures and markets servomotors, controllers, inverters, and industrial robots.  The Company's products include spindle controllers, computerized numerical control (CNC) systems, and system engineering.

Price Gauge
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Yaskawa Electric (6506 JP)

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

Japan Morning Connection: Trumps Latest 25% Tariff Salvo on JP Unlikely to Be Final

Risk off for Tech and AI in the US. Fallout for Tesla after Musk announced forming a new political party. Samsung struggles with weak numbers due...

Andrew Jackson

Makino Milling Machine (6135 JP): MBK’s Preconditional Offer Is Not the Likely Endgame

Despite the offer resulting from an auction, there remains a medium probability that Nidec or a spurned white knight bidder (Candidate A) emerges...

Arun George

Japan Morning Connection: Japan Tech and SPE to Continue Higher with Nasdaq100 Back in a Bull Mkt

US-China trade tensions ease as tariffs are de-escalated, resulting in risk-on buying across sectors. Should see improved sentiment for Japan...

Andrew Jackson

Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher

Upside for chips and semi-cap as US eases export curbs, poor outlook for Softbank as ARM drops 10%, Japanese shipbuilding expertise may be used as...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Pharma Set for Rough Start on Trump Threats

​Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

Andrew Jackson

Japan Morning Connection: Trumps Latest 25% Tariff Salvo on JP Unlikely to Be Final

Risk off for Tech and AI in the US. Fallout for Tesla after Musk announced forming a new political party. Samsung struggles with weak numbers due...

Andrew Jackson

Makino Milling Machine (6135 JP): MBK’s Preconditional Offer Is Not the Likely Endgame

Despite the offer resulting from an auction, there remains a medium probability that Nidec or a spurned white knight bidder (Candidate A) emerges...

Arun George

Japan Morning Connection: Japan Tech and SPE to Continue Higher with Nasdaq100 Back in a Bull Mkt

​US-China trade tensions ease as tariffs are de-escalated, resulting in risk-on buying across sectors. Should see improved sentiment for Japan...

Andrew Jackson

Japan Morning Connection: Rescinding of US Chip Restrictions to Send JP Semi Plays Higher

Upside for chips and semi-cap as US eases export curbs, poor outlook for Softbank as ARM drops 10%, Japanese shipbuilding expertise may be used as...

Andrew Jackson

Meta announces stake in Essilor Luxottica, with aims for AI smart glasses. A good tone set for power semis, particularly Renesas. Pharma names...

US-China trade tensions ease as tariffs are de-escalated, resulting in risk-on buying across sectors. Should see improved sentiment for Japan...