Global Materials | Industrials | Commodities

Rahul Jain

Thematic (Sector/Industry)

<ul>
<li>Japan’s defence renaissance is underway, driven by structural budget growth toward 2%+ of GDP.</li>
<li>Multi-Decade tailwinds in missiles, cyber, and naval systems will reshape the domestic defence industry.</li>
<li>Investors should balance national champions with mid-cap leverage plays to capture both visibility and alpha.</li>
</ul>


Japan’s defence renaissance is underway, driven by structural budget growth toward 2%+ of GDP.
Multi-Decade tailwinds in missiles, cyber, and naval systems will reshape the domestic defence industry.
Investors should balance national champions with mid-cap leverage plays to capture both visibility and alpha.


Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 29th. The aggregated net margin trading position is USD17,417m.</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 Ryohin Keikaku, Disco, Yoshinoya, Advantest, Mitsubishi Heavy Industries, Mitsubishi UFJ Financial, Fast Retailing, Nintendo, Fujikura, Furukawa Electric, Ryohin Keikaku, Disco, Yoshinoya, Advantest.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 29th. The aggregated net margin trading position is USD17,417m.
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 Ryohin Keikaku, Disco, Yoshinoya, Advantest, Mitsubishi Heavy Industries, Mitsubishi UFJ Financial, Fast Retailing, Nintendo, Fujikura, Furukawa Electric, Ryohin Keikaku, Disco, Yoshinoya, Advantest.


JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

<ul>
<li>Japan targets nuclear at 20–22% of power by 2030 under its GX Basic Policy, alongside a major renewables push.</li>
<li>Electricity demand set to rise 35–50% by 2050, with data centers tripling consumption by 2034.</li>
<li>Leaders: MHI (~10% nuclear revenue) and IHI (~5%) stand out as equipment winners; Kansai, Kyushu add steady utility exposure.</li>
</ul>


Japan targets nuclear at 20–22% of power by 2030 under its GX Basic Policy, alongside a major renewables push.
Electricity demand set to rise 35–50% by 2050, with data centers tripling consumption by 2034.
Leaders: MHI (~10% nuclear revenue) and IHI (~5%) stand out as equipment winners; Kansai, Kyushu add steady utility exposure.


Japan’s Nuclear Reset: Core Equipment Plays and Utility Options

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 22nd. The aggregated net margin trading position is USD15,656m.</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 SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco, Tokyo Electron, IHI, Fujikura, Kawasaki Heavy Industries, Lasertec, Mitsubishi Heavy Industries, Softbank, Mitsubishi Ufj Financial, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 22nd. The aggregated net margin trading position is USD15,656m.
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 SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco, Tokyo Electron, IHI, Fujikura, Kawasaki Heavy Industries, Lasertec, Mitsubishi Heavy Industries, Softbank, Mitsubishi Ufj Financial, Sanrio.


JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Kawasaki Heavy Industries / Index Rebalance

<ul>
<li>On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider's major Japan/global "standard" index.</li>
<li>6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.</li>
<li>These changes were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. Watch the direct peers.</li>
</ul>


On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider's major Japan/global "standard" index.
6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.
These changes were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. Watch the direct peers.


[Quiddity Index] August Global Index Japan ADDs - Differing Peer Dynamics - Kawasaki Heavy (7012 JP)

Japan

IHI Corporation manufactures heavy machinery. The Company produces aircraft jet engines, rocket propulsion systems, and ships for military and commercial use. Ishikawajima-Harima also constructs petroleum refineries and nuclear power plants.

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IHI Corp (7013 JP)

Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

Japan's defense industry is experiencing a renaissance with increased budget allocation, leading to opportunities for investors in national...

Rahul Jain

JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Ryohin Keikaku (7453 JP), Disco (6146 JP), Yoshinoya (9861 JP),...

Ke Yan, CFA, FRM

Japan’s Nuclear Reset: Core Equipment Plays and Utility Options

Japan aims for 20-22% nuclear power by 2030, alongside a renewables push. Electricity demand to rise significantly by 2050, with data centers...

Rahul Jain

JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi UFJ Financial (8306 JP), Sanrio...

Ke Yan, CFA, FRM

[Quiddity Index] August Global Index Japan ADDs - Differing Peer Dynamics - Kawasaki Heavy (7012 JP)

Kawasaki Heavy was a well-flagged inclusion into the global index rebal on 26-Aug. The stock performed well, with peers, but after 30 June, started...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Defence Supercycle: Multi-Decade Tailwinds, Near-Term Catalysts

​Japan's defense industry is experiencing a renaissance with increased budget allocation, leading to opportunities for investors in national...

Rahul Jain

JPX Margin Trading Weekly (Aug 29th): Ryohin Keikaku, Disco, Yoshinoya, Advantest

We analyzed JPX margin trading positions report for the past week and highlighted Ryohin Keikaku (7453 JP), Disco (6146 JP), Yoshinoya (9861 JP),...

Ke Yan, CFA, FRM

Japan’s Nuclear Reset: Core Equipment Plays and Utility Options

​Japan aims for 20-22% nuclear power by 2030, alongside a renewables push. Electricity demand to rise significantly by 2050, with data centers...

Rahul Jain

JPX Margin Trading Weekly (Aug 22nd): SoftBank, Mitsubishi UFJ Financial, Sanrio, Disco

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Mitsubishi UFJ Financial (8306 JP), Sanrio...

Ke Yan, CFA, FRM

[Quiddity Index] August Global Index Japan ADDs - Differing Peer Dynamics - Kawasaki Heavy (7012 JP)

Kawasaki Heavy was a well-flagged inclusion into the global index rebal on 26-Aug. The stock performed well, with peers, but after 30 June, started...

Travis Lundy

Japan's defense industry is experiencing a renaissance with increased budget allocation, leading to opportunities for investors in national...

Japan aims for 20-22% nuclear power by 2030, alongside a renewables push. Electricity demand to rise significantly by 2050, with data centers...