Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech weakness in Japan to continue, following the profit taking lead out of the US with NVDA numbers on Wednesday.</li>
<li>Defence related may get a lift after yesterdays weakness, with Middle East tensions rising, Japan warding off a Chinese spy plane and ex-Defence Minister announcing candidacy for LDP leader.</li>
<li>Typhoon Shanshan is expected in Kyushu. Resulting weakness on related names is usually short-lived and largely retail investor driven, making reverse positioning into the moves the more attractive tactic.</li>
</ul>


Tech weakness in Japan to continue, following the profit taking lead out of the US with NVDA numbers on Wednesday.
Defence related may get a lift after yesterdays weakness, with Middle East tensions rising, Japan warding off a Chinese spy plane and ex-Defence Minister announcing candidacy for LDP leader.
Typhoon Shanshan is expected in Kyushu. Resulting weakness on related names is usually short-lived and largely retail investor driven, making reverse positioning into the moves the more attractive tactic.


Japan Morning Connection: Further Sector Rotation on the Cards as Risk-Off Mood for Tech Continues

<ul>
<li>Watch for a 'megaquake' reversal after a big rotation for names deemed to be winners/losers on Friday on heightened expectations for a major Nankai Trough earthquake over the w/e</li>
<li>Retail related should rebound sharply after a solid 1Q showing from 3099 <a href="https://www.smartkarma.com/entities/isetan-mitsukoshi-holdings-ltd" target="_blank" data-smartkarma-citation="entities:18871:1" rel="noopener">Isetan Mitsukoshi</a>, with several related names yet to rebound on concerns the stronger yen will curb tourist spending.</li>
<li>1911 <a href="https://www.smartkarma.com/entities/sumitomo-forestry-co-ltd" target="_blank" data-smartkarma-citation="entities:9769:1" rel="noopener">Sumitomo Forestry</a> business briefing Friday confirms the strength of its US housing business, with it likely to easily exceed its latest MTP.</li>
</ul>


Watch for a 'megaquake' reversal after a big rotation for names deemed to be winners/losers on Friday on heightened expectations for a major Nankai Trough earthquake over the w/e
Retail related should rebound sharply after a solid 1Q showing from 3099 Isetan Mitsukoshi, with several related names yet to rebound on concerns the stronger yen will curb tourist spending.
1911 Sumitomo Forestry business briefing Friday confirms the strength of its US housing business, with it likely to easily exceed its latest MTP.


Japan Morning Connection: 3099 JP, 1911 JP, 5803 JP

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

Keisei Electric Railway Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> share price has increased but not run ahead of its fundamentals.</li>
<li>Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.</li>
<li>Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.</li>
</ul>



Keisei Electric Railway Co (9009 JP) share price has increased but not run ahead of its fundamentals.
Weak Yen, COVID rebound, friendlier visa policy by the Japanese government, and the potential for more Chinese tourists visiting Japan are tailwinds for Keisei.
Valuation may look expensive, but with the high growth rate, investors should consider to use PEG rather than PER or PBR.


Keisei Electric Rail (9009): Can Be Higher

<ul>
<li>The moment of truth is here, the Chinese are finally coming back to Japan. </li>
<li>
<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is one of the biggest beneficiaries of increased tourist arrivals in Japan. </li>
<li>It is trading at 0.04 PEG, a very low valuation considering its potential for producing large growth rate. </li>
</ul>


The moment of truth is here, the Chinese are finally coming back to Japan. 

Keisei Electric Railway Co (9009 JP) is one of the biggest beneficiaries of increased tourist arrivals in Japan. 
It is trading at 0.04 PEG, a very low valuation considering its potential for producing large growth rate. 


Keisei Electric (9009): The Chinese Are Back.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.</li>
<li>This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.</li>
<li>This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.</li>
</ul>


As designed, the JPX-Nikkei400 Index is something of a disaster. It aims to be slightly 'smart' vs other cap-weighted indices like TOPIX, but tracking error vs TOPIX is de minimus.
This year, in week 1, the ADD vs DELETE performance is positive. If we sector-hedge the ADDs vs DELETEs, it's doing even better.
This is probably due to relatively low pre-positioning, and cares. Momentum suggests one could be long ADDs vs DELETEs. And there is the perennial trade to watch out for.


2022 JPX Nikkei 400 Rebal Update - Going the Right Way

Japan

Kyushu Railway Company, doing business as JR Kyushu, offers transportation services. The Company provides passenger and railway freight services, as well as route, ticket, and time table information. JR Kyushu serves customers in Japan.

Price Gauge
52-week Range	0.00 - 0.00
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Kyushu Railway (9142 JP)

Japan Morning Connection: Further Sector Rotation on the Cards as Risk-Off Mood for Tech Continues

Tech weakness in Japan likely to persist. Defense stocks may see a boost amid rising tensions. Reverse position into Typhoon-related weakness.

Andrew Jackson

Japan Morning Connection: 3099 JP, 1911 JP, 5803 JP

Expect a 'megaquake' reversal in stock names post-rotation due to earthquake warnings, retail rebound likely after strong 3099 1Q showing,...

Andrew Jackson

Keisei Electric Rail (9009): Can Be Higher

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

Keisei Electric (9009): The Chinese Are Back.

The moment of truth is here, the Chinese are finally coming back to Japan. Keisei is one of the biggest beneficiaries of increased tourism in Japan.

Henry Soediarko

2022 JPX Nikkei 400 Rebal Update - Going the Right Way

JPX Nikkei 400 rebalance is going the right way in the 6 trading days so far, and it wasn't done on Day1 (which was lacklustre). It may be under...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Further Sector Rotation on the Cards as Risk-Off Mood for Tech Continues

​Tech weakness in Japan likely to persist. Defense stocks may see a boost amid rising tensions. Reverse position into Typhoon-related weakness.

Andrew Jackson

Japan Morning Connection: 3099 JP, 1911 JP, 5803 JP

​Expect a 'megaquake' reversal in stock names post-rotation due to earthquake warnings, retail rebound likely after strong 3099 1Q showing,...

Andrew Jackson

Keisei Electric Rail (9009): Can Be Higher

​Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...

Henry Soediarko

Keisei Electric (9009): The Chinese Are Back.

The moment of truth is here, the Chinese are finally coming back to Japan. Keisei is one of the biggest beneficiaries of increased tourism in Japan.

Henry Soediarko

2022 JPX Nikkei 400 Rebal Update - Going the Right Way

JPX Nikkei 400 rebalance is going the right way in the 6 trading days so far, and it wasn't done on Day1 (which was lacklustre). It may be under...

Travis Lundy

Tech weakness in Japan likely to persist. Defense stocks may see a boost amid rising tensions. Reverse position into Typhoon-related weakness.

Expect a 'megaquake' reversal in stock names post-rotation due to earthquake warnings, retail rebound likely after strong 3099 1Q showing,...

Keisei Electric Railway Co's share price is rising in line with positive fundamentals, driven by a weak Yen, COVID rebound, and potential increase...