Daily Brief Thematic (Sector/Industry): Ohayo Japan | Jobs Data Lifts Wall Street to Record Highs and more

• U.S. stocks rose, with S&P 500 and Nasdaq hitting records after strong jobs data boosted confidence in economic resilience.
• The Japan Semiconductor Equipment Association (SEAJ) forecasts Japanese semiconductor manufacturing equipment sales will rise 2% to 4.9 trillion yen in FY2025
• Daikin Industries plans to increase global air conditioner production by 11% to 9.64 million units in FY2025

• Shiseido: Weak sales in China and Travel Retail hurt performance, but cost-cutting and deep-value appeal raise potential for turnaround or takeover.  
• Ricoh: Effissimo bets on Ricoh’s slow pivot to digital services; low valuation offers downside protection despite unclear timeline for ROE recovery.
• Orico: Strategic Capital targets Mizuho affiliate for underperformance and insider-led governance, pushing for reform and better capital discipline.

• Coreweave rolling out NVDA’s Blackwell Ultra GB300 may help the likes of Ibiden and Advantest.
• Intel moving away from in-house glass substrate production may see the likes of AGC pick up new demand.
• Trade deal deadline looms with Japan still playing it ‘tough’, and with momo up defense may rise.

• Discussion on IperionX a titanium tech play mining adjacent company, and TNR Gold with royalty activist drama on Twitter
• Introduction of Hank Rule from Sierra Morena Capital to explore US insight on mining sector
• Analysis of the escalating bidding war between Kinterra and CAML for New World, with Kinterra matching CAML’s offer, signaling price discipline and potential for further escalation.

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• More than 130 Albert Heijn franchisees, operating nearly 300 stores, have reached a settlement with supermarket chain Albert Heijn after over a decade-long legal dispute.
• The core issue was the franchisees’ claim that Albert Heijn retained too many financial benefits, including purchasing bonuses and online sales profits from AH.nl, without fair distribution.
• In 2014, the franchisees initiated legal proceedings, claiming EUR 200m after failed negotiations.