Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Disco, Kokusai and Softbank among the biggest tech laggards set to scramble higher on ceasefire news.</li>
<li>Intel joining Musk's Terafab and generating interest from Google and Amazon a positive for the main Intel suppliers such as Lasertec and Ibiden.</li>
<li>Defensive outperformers set to lose their recent upside momentum on the risk-on shift.</li>
</ul>


Disco, Kokusai and Softbank among the biggest tech laggards set to scramble higher on ceasefire news.
Intel joining Musk's Terafab and generating interest from Google and Amazon a positive for the main Intel suppliers such as Lasertec and Ibiden.
Defensive outperformers set to lose their recent upside momentum on the risk-on shift.


Japan Morning Connection: Ceasefire Set to Send Tech and AI Laggards Surging Higher

<ul>
<li>Tech and AI down again ahead of Trump's tariff 'liberation day' on April 2.</li>
<li>Wolfspeed -51% puts Renesas's $2bn advance payment for SiC under jeopardy.</li>
<li>Dead rat, anyone? Should be positive for Yoshinoya as Sukiya shutters most stores.</li>
</ul>


Tech and AI down again ahead of Trump's tariff 'liberation day' on April 2.
Wolfspeed -51% puts Renesas's $2bn advance payment for SiC under jeopardy.
Dead rat, anyone? Should be positive for Yoshinoya as Sukiya shutters most stores.


Japan Morning Connection: US Defense Secretary Hegseth Reconfirming Commitment to Japan

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 analyzed the changes in margin trading positions of JPX stocks as of Aug 28th. The aggregated net margin trading position is USD29,092m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 28th. The aggregated net margin trading position is USD29,092m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest, Create Restaurants, Sumitomo Mitsui Financial, Yoshinoya, Nintendo, Mizuho Financial, Bic Camera.


JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

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>The <a href="https://www.nikkei.com/article/DGXZQOUC268OL0W6A820C2000000/" target="_blank" rel="noopener">Nikkei</a> reported that <a href="https://www.smartkarma.com/entities/house-foods-group-inc" target="_blank" data-smartkarma-citation="entities:5964:1" rel="noopener">House Foods Group (2810 JP)</a> is considering selling its 51% stake in <a href="https://www.smartkarma.com/entities/ichibanya-co-ltd" target="_blank" data-smartkarma-citation="entities:2914:1" rel="noopener">Ichibanya (7630 JP)</a> by selecting a suitable bidder to privatise the Company.</li>
<li>The rumoured strong interest from several investment funds despite Ichibanya’s high multiples and downgraded forecasts signals deep underlying value.</li>
<li>My analysis suggests that an offer price range of JPY1,170 to JPY1,317 per share, a 7.2% to 20.8% premium to the last close.</li>
</ul>


The Nikkei reported that House Foods Group (2810 JP) is considering selling its 51% stake in Ichibanya (7630 JP) by selecting a suitable bidder to privatise the Company.
The rumoured strong interest from several investment funds despite Ichibanya’s high multiples and downgraded forecasts signals deep underlying value.
My analysis suggests that an offer price range of JPY1,170 to JPY1,317 per share, a 7.2% to 20.8% premium to the last close.


Ichibanya (7630 JP): House Foods (2810 JP) Potentially Exiting Through a Privatisation

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 7th. The aggregated net margin trading position is USD27,619m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor, Mitsubishi Heavy Industries, Fujikura, Furukawa Electric, Fujifilm, Nitto Boseki.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 7th. The aggregated net margin trading position is USD27,619m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor, Mitsubishi Heavy Industries, Fujikura, Furukawa Electric, Fujifilm, Nitto Boseki.


JPX Margin Trading Weekly (Aug 7th): Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor

Japan

YOSHINOYA HOLDINGS Co., Ltd. operates a fast food restaurant chain in Japan, the United States, Taiwan, China, and Singapore.  The Company mainly sells "gyudon" (seasoned beef over cooked rice).  Yoshinoya supplies food materials to franchise stores.  The Company also operates Japanese style fast food restaurants, curry restaurants, and revolving sushi restaurants.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yoshinoya Holdings (9861 JP)

Japan Morning Connection: Ceasefire Set to Send Tech and AI Laggards Surging Higher

A 2-week ceasefire has been agreed, subject to the straits being reopened, sending oil sharply lower and futures sharply higher. Will be a more...

Andrew Jackson

Japan Morning Connection: US Defense Secretary Hegseth Reconfirming Commitment to Japan

Tech and AI still down as Trump's liberation day approaches; Wolfspeed -51% puts Renesas in poor position, Yoshinoya should benefit from Sukiya...

Andrew Jackson

JPX Margin Trading Weekly (Aug 28th): Kioxia, Seikoh Giken, Mitsubishi UFJ Financial, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Seikoh Giken (6834 JP), Mitsubishi UFJ...

Ke Yan, CFA, FRM

Ichibanya (7630 JP): House Foods (2810 JP) Potentially Exiting Through a Privatisation

The strong interest from several investment funds despite Ichibanya’s high multiples and downgraded forecasts signals deep underlying value.

Arun George

JPX Margin Trading Weekly (Aug 7th): Kioxia, Taiyo Yuden, Tokyo Electron, SoftBank, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Kioxia (285A JP), Taiyo Yuden (6976 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)