Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Equity Bottom-Up

Kawasaki Heavy Industries / Equity Bottom-Up

<ul>
<li>Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. </li>
<li>The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  </li>
<li>Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. </li>
</ul>


Expect continued buying in defense related, as well as banks and life insurance, renewable energy, rails, and medical IT plays with Shigeru Ishiba at the helm. 
The Market will be quick to rotate out of names which spiked into Friday's close on expectation for a Sanae Takaichi win in the LDP election.  
Ishiba has been a vocal critic of Abenomics, and his potential policies aimed at higher taxes for investment incomes and capital gains are set to weigh on the Japanese market. 


Best Outright and Pair Trades for an Ishiba-Led LDP

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents, adjusted every year in August.</li>
<li>We look at the rankings of the potential ADDs/DELs every month for the next rebal, based on most recent trading data. </li>
<li>Every month we provide trade suggestions. The last three months have seen market-neutral returns of +3.0%, +6.5%, +3.2% respectively for the one-month periods. A new trade is suggested below.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents, adjusted every year in August.
We look at the rankings of the potential ADDs/DELs every month for the next rebal, based on most recent trading data. 
Every month we provide trade suggestions. The last three months have seen market-neutral returns of +3.0%, +6.5%, +3.2% respectively for the one-month periods. A new trade is suggested below.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.</li>
<li>A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.</li>
<li>Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-February 2024.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted market-value-weighted (capped) index composed of 400 constituents.
A periodic review is conducted by the Index providers, the JPX Group and Nikkei Inc, in August every year. We look at the rankings of the potential ADDs/DELs every month.
Below is a look at potential ADDs/DELs for the JPX-Nikkei 400 index rebal event to come in August 2024 based on trading data as of end-February 2024.


Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates

Thematic (Sector/Industry)

<ul>
<li>Global renewable continue to outperform, although this is yet to be seen in Japan related names.</li>
<li>Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.</li>
<li>Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.</li>
</ul>


Global renewable continue to outperform, although this is yet to be seen in Japan related names.
Very little read from the US with the market firmly in wait-and-see mode ahead of the Fed.
Kose sell-side meeting yesterday points to plans for global growth despite few specifics released for its new MTP set to be released in October.


Japan Morning Connection: Kose Aims for Global Growth

<ul>
<li>US semis and tech related setting a bullish tone for JP SPE with NVDA closing at record highs.</li>
<li>Steep drop for oil to hit Japex, Index and refiners while US P&amp;C strength should also be reflected in JP peers.</li>
<li>Possible downside for Fujitsu with NTT Docomo announcing a pivot away from their base station equipment.</li>
</ul>


US semis and tech related setting a bullish tone for JP SPE with NVDA closing at record highs.
Steep drop for oil to hit Japex, Index and refiners while US P&amp;C strength should also be reflected in JP peers.
Possible downside for Fujitsu with NTT Docomo announcing a pivot away from their base station equipment.


Japan Morning Connection: US Semis and Tech Set a Bullish Tone for Japan's SPE Majors

Japan

RENOVA, Inc. is mainly engaged in operating and managing solar power, biomass power, wind power (onshore and offshore), and geothermal power generations.

Price Gauge
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RENOVA Inc (9519 JP)

Best Outright and Pair Trades for an Ishiba-Led LDP

How to position in Japanese equities after the surprise win by Shigeru Ishiba over Sanae Takaichi in Friday's LDP election.

Andrew Jackson

Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco

There are 43 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The high conviction DELs basket...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates

Since 31st January 2024, the SHORTs have underperformed the index by 6.5%. I suggest unwinding this trade and changing the focus towards the high...

Janaghan Jeyakumar, CFA

Japan Morning Connection: Kose Aims for Global Growth

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Japan Morning Connection: US Semis and Tech Set a Bullish Tone for Japan's SPE Majors

US semiconductors and tech related setting a bullish tone for JP SPE. Steep drop in oil to hit Japex, Index and refiners. Fujitsu may face downside...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Best Outright and Pair Trades for an Ishiba-Led LDP

How to position in Japanese equities after the surprise win by Shigeru Ishiba over Sanae Takaichi in Friday's LDP election.

Andrew Jackson

Quiddity JPX-Nikkei 400 Rebal 2024: End-Mar 2024 Estimates and Another Trade Reco

There are 43 Potential ADDs and 44 Potential DELs (unique names) presented in the current Quiddity Leaderboard. The high conviction DELs basket...

Janaghan Jeyakumar, CFA

Quiddity JPX-Nikkei 400 Rebal 2024: End-Feb 2024 Estimates

Since 31st January 2024, the SHORTs have underperformed the index by 6.5%. I suggest unwinding this trade and changing the focus towards the high...

Janaghan Jeyakumar, CFA

Japan Morning Connection: Kose Aims for Global Growth

​Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...

Andrew Jackson

Japan Morning Connection: US Semis and Tech Set a Bullish Tone for Japan's SPE Majors

US semiconductors and tech related setting a bullish tone for JP SPE. Steep drop in oil to hit Japex, Index and refiners. Fujitsu may face downside...

Andrew Jackson

Global renewable sector continues to outperform, but Japan is lagging behind. US market is cautious ahead of the Fed meeting. Kose plans for...