Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech selloff overnight on NVDA post-earnings weakness was fairly contained, and SPE related in Japan should continue yesterdays rebound off the morning lows.</li>
<li>Big beat for Dell on the strong outlook for its AI servers outweighing the soft consumer PC market sending it +8% in after-market trading.</li>
<li>News that Tepco plans to spend $3.2bn to upgrade its electricity infrastructure to 2030 positive for wire/cable names and related names.</li>
</ul>


Tech selloff overnight on NVDA post-earnings weakness was fairly contained, and SPE related in Japan should continue yesterdays rebound off the morning lows.
Big beat for Dell on the strong outlook for its AI servers outweighing the soft consumer PC market sending it +8% in after-market trading.
News that Tepco plans to spend $3.2bn to upgrade its electricity infrastructure to 2030 positive for wire/cable names and related names.


Japan Morning Connection: Tech Set to Rebound as Dell After-Market Print Sets Positive Tone

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.</li>
<li>Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. </li>
<li>As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.</li>
</ul>


Global MSCI indexes (MSCI ACWI, ACWI ex-US, EAFE, and EM) are pulling back following recent breakouts to multi-year highs. Europe, Japan also pulling back to uptrend supports.
Short-Term supports to watch-discussed in our May 23, 2024 Int'l Compass-include $110.50 on ACWI-US, $53.50 on ACWX-US, $80 on EFA-US, and $41-42 on EEM-US; buy this pullback. 
As long as these supports hold, we anticipate significantly higher prices ahead. Combination of supports holding and healthy market dynamics continues to validate our bullish outlook on global equities.


Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Japan Specialist

Mark Chadwick

<ul>
<li>OVERSEAS: US Equities start on a postive note with SPX, NDX, SOX all gaining; 10/11 SPX sectors rose; Tech lead as US Yields Fell; China Stocks Surged on Govt Measures</li>
<li>JAPAN: NKY Futures +0.4% vs Cash; USDJPY 146.5; NKY records strongest day in Aug; JP Retail turn net buyers; Companies Make promises to boost share px; H2A Rocket Launch Delayed</li>
<li>JAPAN X:  Idemitsu Kosan Prepares for All-Solid-State Battery Era with Production Boost. All is is being driven by Toyota-which is leading to way to commercialization of solid state batteries. </li>
</ul>


OVERSEAS: US Equities start on a postive note with SPX, NDX, SOX all gaining; 10/11 SPX sectors rose; Tech lead as US Yields Fell; China Stocks Surged on Govt Measures
JAPAN: NKY Futures +0.4% vs Cash; USDJPY 146.5; NKY records strongest day in Aug; JP Retail turn net buyers; Companies Make promises to boost share px; H2A Rocket Launch Delayed
JAPAN X:  Idemitsu Kosan Prepares for All-Solid-State Battery Era with Production Boost. All is is being driven by Toyota-which is leading to way to commercialization of solid state batteries. 


Ohayo Japan| Equities Start on a Positive Note; JAPAN X: Idemitsu Ramps Up for Solid State Batteries

<ul>
<li>OVERSEAS.  Fed Minutes Rekindle Propsects for Futher Rate Hikes;  Equities continue fall as UST Yield continue to rise;  Investors Flee China; EU: Holland in recession; TESLA cuts px in China</li>
<li>JAPAN. NKY Futures -0.4% vs Cash; USDJPY 146.4; USDJPY hits 9 month low - MoF intervention watch on;  Japan Inbound recovers to ~80% vs Pre-COVID;  Japan Corp Profits Rise Again</li>
<li>NUGGET.  Toyota has kept its hydrogen fuel-cell vechicle push alive, despite the fact the world has moved en-mass to battery electric vehicles. We think this side bet is worth keeping.</li>
</ul>


OVERSEAS.  Fed Minutes Rekindle Propsects for Futher Rate Hikes;  Equities continue fall as UST Yield continue to rise;  Investors Flee China; EU: Holland in recession; TESLA cuts px in China
JAPAN. NKY Futures -0.4% vs Cash; USDJPY 146.4; USDJPY hits 9 month low - MoF intervention watch on;  Japan Inbound recovers to ~80% vs Pre-COVID;  Japan Corp Profits Rise Again
NUGGET.  Toyota has kept its hydrogen fuel-cell vechicle push alive, despite the fact the world has moved en-mass to battery electric vehicles. We think this side bet is worth keeping.


Ohayo Japan|Fed Minutes Rekindle Fears of More Hikes; NUGGET: Toyota & FCVs - A Side Bet to Keep ?

Equity Bottom-Up

<ul>
<li>We believe KEPCO is well-positioned within the utility sector to benefit from growing support for nuclear restarts among policy makers and the general public</li>
<li>Given its substantial nuclear power generating capacity, KEPCO will likely see best-in-class balance sheet and cash flow-generation over the next several years.</li>
<li>This puts KEPCO well ahead of peers in terms of both environmental credentials and attractive shareholder returns.</li>
</ul>


We believe KEPCO is well-positioned within the utility sector to benefit from growing support for nuclear restarts among policy makers and the general public
Given its substantial nuclear power generating capacity, KEPCO will likely see best-in-class balance sheet and cash flow-generation over the next several years.
This puts KEPCO well ahead of peers in terms of both environmental credentials and attractive shareholder returns.


Kansai Electric | Growing Support for Nuclear Restarts; Bullish

Japan

The Kansai Electric Power Company, Incorporated generates electricity from hydroelectric, thermal, geothermal, and nuclear power sources.  The Company distributes electricity to Osaka and the surrounding Kansai area.  Kansai Electric also constructs and maintains electrical power facilities.

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Kansai Electric Power (9503 JP)

Japan Morning Connection: Tech Set to Rebound as Dell After-Market Print Sets Positive Tone

Tech selloff contained, Dell beats with strong outlook for AI servers, Tepco's $3.2bn upgrade plan positive for wire/cable names.

Andrew Jackson

Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Buy the Pullbacks in $EFA $ACWX as they hold above $80 and $53.50 supports; Europe and Japan also buyable pullbacks to uptrend supports; Market...

Vermilion Research

Ohayo Japan| Equities Start on a Positive Note; JAPAN X: Idemitsu Ramps Up for Solid State Batteries

US Equities start on postiive note; NKY Futures +0.4% vs Cash; USDJPY 146.5; NKY records strongest day in Aug; JP Retail turn net buyers; JP...

Mark Chadwick

Ohayo Japan|Fed Minutes Rekindle Fears of More Hikes; NUGGET: Toyota & FCVs - A Side Bet to Keep ?

Fed Minutes rekindle spectre of further hikes; NKY Futures -0.4% vs Cash; USDJPY 146.4; USDJPY hits 9 month low - MoF intervention watch on; Japan...

Mark Chadwick

Kansai Electric | Growing Support for Nuclear Restarts; Bullish

Kansai Electric reported record Q1 net income of Y193 billion, up from a loss of Y11 billion a year ago, on lower fuel prices (LNG/coal). The...

Mark Chadwick

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Japan Morning Connection: Tech Set to Rebound as Dell After-Market Print Sets Positive Tone

​Tech selloff contained, Dell beats with strong outlook for AI servers, Tepco's $3.2bn upgrade plan positive for wire/cable names.

Andrew Jackson

Buy the Pullback; Market Dynamics Remain Healthy; Buys in Tech, Discretionary, Healthcare, Utilities

Buy the Pullbacks in $EFA $ACWX as they hold above $80 and $53.50 supports; Europe and Japan also buyable pullbacks to uptrend supports; Market...

Vermilion Research

Ohayo Japan| Equities Start on a Positive Note; JAPAN X: Idemitsu Ramps Up for Solid State Batteries

US Equities start on postiive note; NKY Futures +0.4% vs Cash; USDJPY 146.5; NKY records strongest day in Aug; JP Retail turn net buyers; JP...

Mark Chadwick

Ohayo Japan|Fed Minutes Rekindle Fears of More Hikes; NUGGET: Toyota & FCVs - A Side Bet to Keep ?

Fed Minutes rekindle spectre of further hikes; NKY Futures -0.4% vs Cash; USDJPY 146.4; USDJPY hits 9 month low - MoF intervention watch on; Japan...

Mark Chadwick

Kansai Electric | Growing Support for Nuclear Restarts; Bullish

Kansai Electric reported record Q1 net income of Y193 billion, up from a loss of Y11 billion a year ago, on lower fuel prices (LNG/coal). The...

Mark Chadwick

Tech selloff contained, Dell beats with strong outlook for AI servers, Tepco's $3.2bn upgrade plan positive for wire/cable names.