Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>Japanese stocks had a stellar week, with the Nikkei 225 Index advancing 3.8% to close at 39,500, and the broader Topix Index gaining 3.7% to 2,742</li>
<li>The election of President Trump sparked a surge in U.S. equities, but also rising Treasury yields and a stronger dollar.</li>
<li>Furukawa and Net One were among the top performing stocks this week. MUFG, Recruit, Softbank, Tokyo Electron (and loads more) are slated to report earnings this week</li>
</ul>


Japanese stocks had a stellar week, with the Nikkei 225 Index advancing 3.8% to close at 39,500, and the broader Topix Index gaining 3.7% to 2,742
The election of President Trump sparked a surge in U.S. equities, but also rising Treasury yields and a stronger dollar.
Furukawa and Net One were among the top performing stocks this week. MUFG, Recruit, Softbank, Tokyo Electron (and loads more) are slated to report earnings this week


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>US semi-capex rebound setting a better tone for peers in Japan.</li>
<li>Poor numbers for Rohm and Wolfspeed casting a pall over SiC related.</li>
<li>Taiyo Yuden setting a bad tone for MLCC related, while Shiseido may hit new lows.</li>
</ul>


US semi-capex rebound setting a better tone for peers in Japan.
Poor numbers for Rohm and Wolfspeed casting a pall over SiC related.
Taiyo Yuden setting a bad tone for MLCC related, while Shiseido may hit new lows.


Japan Morning Connection: Will Shiseido Hit New Multi-Year Lows?

<ul>
<li>Trump names including banks, energy and tech rally hard, while renewables are sold heavily</li>
<li>Underperformance by semi-capex plays with high China sales may be reflected in Japan SPE today</li>
<li>Global defense rallied on the spectre of higher spend requirements for EU countries</li>
</ul>


Trump names including banks, energy and tech rally hard, while renewables are sold heavily
Underperformance by semi-capex plays with high China sales may be reflected in Japan SPE today
Global defense rallied on the spectre of higher spend requirements for EU countries


Japan Morning Connection: Trump Names Rally in the Wake of Re-Election

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

Haitong Securities Co Ltd (H) / Event-Driven

<ul>
<li>We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.</li>
<li>Highest spreads: <a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a>, <a href="https://www.smartkarma.com/entities/beijing-capital-grand-ltd" target="_blank" data-smartkarma-citation="entities:18241:1" rel="noopener">Beijing Capital Grand (1329 HK)</a>, <a href="https://www.smartkarma.com/entities/shanghai-henlius-biotech-inc" target="_blank" data-smartkarma-citation="entities:27888:1" rel="noopener">Shanghai Henlius Biotech (2696 HK)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/greatview-aseptic-packaging" target="_blank" data-smartkarma-citation="entities:10802:1" rel="noopener">Greatview Aseptic Packaging (468 HK)</a>. 
</li>
<li>Lowest spreads: <a href="https://www.smartkarma.com/entities/platinum-asset-management" target="_blank" data-smartkarma-citation="entities:914:1" rel="noopener">Platinum Asset Management (PTM AU)</a>, <a href="https://www.smartkarma.com/entities/silverlake-axis-ltd" target="_blank" data-smartkarma-citation="entities:14150:1" rel="noopener">Silverlake Axis (SILV SP)</a>, <a href="https://www.smartkarma.com/entities/nec-networks-system-integr" target="_blank" data-smartkarma-citation="entities:16396:1" rel="noopener">Nec Networks &amp; System Integr (1973 JP)</a>, <a href="https://www.smartkarma.com/entities/t-gaia-corp" target="_blank" data-smartkarma-citation="entities:8339:1" rel="noopener">T Gaia Corp (3738 JP)</a>, <a href="https://www.smartkarma.com/entities/elematec-corp" target="_blank" data-smartkarma-citation="entities:2866:1" rel="noopener">Elematec Corp (2715 JP)</a>. </li>
</ul>


We summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
Highest spreads: Seven &amp; I Holdings (3382 JP), Beijing Capital Grand (1329 HK), Shanghai Henlius Biotech (2696 HK), Canvest Environmental Protection Group (1381 HK), Greatview Aseptic Packaging (468 HK). 

Lowest spreads: Platinum Asset Management (PTM AU), Silverlake Axis (SILV SP), Nec Networks &amp; System Integr (1973 JP), T Gaia Corp (3738 JP), Elematec Corp (2715 JP). 


Merger Arb Mondays (04 Nov) - Haitong, Canvest, Capital Grand, Capitol, Fuji Soft, NESIC, Elematec

<ul>
<li>Tech and Semi's month-end weakness setting a risk-off tone for Japan to start.</li>
<li>Mag7 all down, although there are a few bright spots AH with Intel and Amazon higher.</li>
<li>Watch Ibiden earnings call for clues if their NVDA business can take over from INTC as its main driver.</li>
</ul>


Tech and Semi's month-end weakness setting a risk-off tone for Japan to start.
Mag7 all down, although there are a few bright spots AH with Intel and Amazon higher.
Watch Ibiden earnings call for clues if their NVDA business can take over from INTC as its main driver.


Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

Japan

Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. The Company holds patents in optical fiber coating technology and produces optical fiber cables in the United States.  Furukawa Electric's metal products include aluminum cans, air conditioner parts, and shape memory alloys.

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Furukawa Electric (5801 JP)

Japan Weekly | A Stellar Week

Japanese stocks surged this week, with the Nikkei 225 and Topix Index both posting gains, while U.S. equities reacted positively to President...

Mark Chadwick

Japan Morning Connection: Will Shiseido Hit New Multi-Year Lows?

US semi-capex rebound positive for peers in Japan, but bad tone is set for SiC and MLCC related sectors. Shiseido may see new multi-year lows.

Andrew Jackson

Japan Morning Connection: Trump Names Rally in the Wake of Re-Election

Trump names rally while renewables sold heavily. Underperformance by semi-capex with high China sales may reflect in Japan SPE. Global defense...

Andrew Jackson

Merger Arb Mondays (04 Nov) - Haitong, Canvest, Capital Grand, Capitol, Fuji Soft, NESIC, Elematec

This week, the highest gross spreads are Seven & I (28.8%), Capital Grand (18.1%), Henlius (13.1%), Canvest (12.4%), GA Pack (10.0%), Shinko...

Arun George

Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

Risk-off tone for Japan with tech and semi month-end weakness. Mag7 down although Intel and Amazon higher AH. Watch Ibiden if their NVDA business...

Andrew Jackson

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Japan Weekly | A Stellar Week

​Japanese stocks surged this week, with the Nikkei 225 and Topix Index both posting gains, while U.S. equities reacted positively to President...

Mark Chadwick

Japan Morning Connection: Will Shiseido Hit New Multi-Year Lows?

​US semi-capex rebound positive for peers in Japan, but bad tone is set for SiC and MLCC related sectors. Shiseido may see new multi-year lows.

Andrew Jackson

Japan Morning Connection: Trump Names Rally in the Wake of Re-Election

Trump names rally while renewables sold heavily. Underperformance by semi-capex with high China sales may reflect in Japan SPE. Global defense...

Andrew Jackson

Merger Arb Mondays (04 Nov) - Haitong, Canvest, Capital Grand, Capitol, Fuji Soft, NESIC, Elematec

This week, the highest gross spreads are Seven & I (28.8%), Capital Grand (18.1%), Henlius (13.1%), Canvest (12.4%), GA Pack (10.0%), Shinko...

Arun George

Japan Morning Connection: Earnings Driven Weakness Overnight Points to a Soft Start

Risk-off tone for Japan with tech and semi month-end weakness. Mag7 down although Intel and Amazon higher AH. Watch Ibiden if their NVDA business...

Andrew Jackson

Japanese stocks surged this week, with the Nikkei 225 and Topix Index both posting gains, while U.S. equities reacted positively to President...

US semi-capex rebound positive for peers in Japan, but bad tone is set for SiC and MLCC related sectors. Shiseido may see new multi-year lows.