Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Mixed signals for JP semi's with the positive read from ASML set to be tempered by the AMAT numbers.</li>
<li>Trump cutting the $7.5k EV tax credit hitting Tesla, Rivian and power semi's.</li>
<li>Govt. names down on concerns over what Musk's DOGE means for Govt spending.</li>
</ul>


Mixed signals for JP semi's with the positive read from ASML set to be tempered by the AMAT numbers.
Trump cutting the $7.5k EV tax credit hitting Tesla, Rivian and power semi's.
Govt. names down on concerns over what Musk's DOGE means for Govt spending.


Japan Morning Connection: SPE Continues to Be Under Pressure

<ul>
<li>Tech sell-off sets a weak tone for Japanese SPE after some big gains yesterday.</li>
<li>Good set of numbers for Advantest should buck this trend, although upside may be capped.</li>
<li>Is the big growth story for Hitachi, now +700% off its CV-19 lows finally over after its earnings and guidance miss?</li>
</ul>


Tech sell-off sets a weak tone for Japanese SPE after some big gains yesterday.
Good set of numbers for Advantest should buck this trend, although upside may be capped.
Is the big growth story for Hitachi, now +700% off its CV-19 lows finally over after its earnings and guidance miss?


Japan Morning Connection: Apple Suppliers in Focus After a Big Miss by Qorvo

<ul>
<li>Japan SPE set for a big pullback after a terrible ASML order outlook.</li>
<li>EUV related plays will be under pressure including Lasertec and Hoya.</li>
<li>Expect rotation towards domestic defensive, with rails in focus after Tokyo Metro IPO priced top of range.</li>
</ul>


Japan SPE set for a big pullback after a terrible ASML order outlook.
EUV related plays will be under pressure including Lasertec and Hoya.
Expect rotation towards domestic defensive, with rails in focus after Tokyo Metro IPO priced top of range.


Japan Morning Connection: SPE Set for a Serous Pullback After ASML Order Outlook

<ul>
<li>Echoes of August with Japan looking to start the day very weak on the lead from US semi related.</li>
<li>Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.</li>
<li>Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.</li>
</ul>


Echoes of August with Japan looking to start the day very weak on the lead from US semi related.
Expect heavy selling for recent retail margin favourites e.g. Mercari, IHI, KHI and Socionext, and SPE winners such as Kokusai and Advantest, although the sector will start under heavy pressure.
Nothing from Nikkei Inc. yet on their NKY225 rebalance decision, but expect outsized volatility today with many multi-strategy pods shuttered during the August sell off.


Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Capital Markets

Shibaura Mechatronics / Equity Capital Markets

<ul>
<li>Five plus years ago, <a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba Corp (6502 JP)</a> sold down a 26% stake in small cap <a href="https://www.smartkarma.com/entities/shibaura-mechatronics-corp" target="_blank" data-smartkarma-citation="entities:8763:1" rel="noopener">Shibaura Mechatronics (6590 JP)</a> to get to a consolidated 13%-ish stake. </li>
<li>This was discussed in <a href="https://www.smartkarma.com/insights/toshiba-selldown-of-shibaura-mechatronics-6590" target="_blank" data-smartkarma-citation="insights:15870" rel="noopener">Toshiba Selldown of Shibaura Mechatronics (6590)</a> back then. Yesterday, we got news Toshiba would sell out its remaining stake. And there's a buyback. Maybe.</li>
<li>The stock has reacted badly on Day 1, despite a lack of dilution. Shareholder structure matters. </li>
</ul>


Five plus years ago, Toshiba Corp (6502 JP) sold down a 26% stake in small cap Shibaura Mechatronics (6590 JP) to get to a consolidated 13%-ish stake. 
This was discussed in Toshiba Selldown of Shibaura Mechatronics (6590) back then. Yesterday, we got news Toshiba would sell out its remaining stake. And there's a buyback. Maybe.
The stock has reacted badly on Day 1, despite a lack of dilution. Shareholder structure matters. 


Shibaura Mechatronics (6590) Secondary Offering & Buyback

Japan

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

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Shibaura Mechatronics (6590 JP)

Japan Morning Connection: SPE Continues to Be Under Pressure

Mixed signals for semi's with positive news from ASML while AMAT numbers dissapoint. EV tax credit cuts impact Tesla, Rivian, and power semi's....

Andrew Jackson

Japan Morning Connection: Apple Suppliers in Focus After a Big Miss by Qorvo

Tech sell-off sets weak tone for Japanese SPE after yesterday's gains, however Advantest's strong numbers may provide support. Hitachi's growth...

Andrew Jackson

Japan Morning Connection: SPE Set for a Serous Pullback After ASML Order Outlook

SPE faces pullback after ASML's poor order outlook, impacting EUV-related plays including. Expect rotation towards domestic defensive, particularly...

Andrew Jackson

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Shibaura Mechatronics (6590) Secondary Offering & Buyback

Shibaura Mechatronics (one of the coolest company names out there) sees a Secondary Offer where original uncle Toshiba sells out. Supply/demand...

Travis Lundy

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52-week Range

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Japan Morning Connection: SPE Continues to Be Under Pressure

​Mixed signals for semi's with positive news from ASML while AMAT numbers dissapoint. EV tax credit cuts impact Tesla, Rivian, and power semi's....

Andrew Jackson

Japan Morning Connection: Apple Suppliers in Focus After a Big Miss by Qorvo

​Tech sell-off sets weak tone for Japanese SPE after yesterday's gains, however Advantest's strong numbers may provide support. Hitachi's growth...

Andrew Jackson

Japan Morning Connection: SPE Set for a Serous Pullback After ASML Order Outlook

SPE faces pullback after ASML's poor order outlook, impacting EUV-related plays including. Expect rotation towards domestic defensive, particularly...

Andrew Jackson

Japan Morning Connection: Expect Volatility with Retail and SPE Stocks Under Pressure

​Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...

Andrew Jackson

Shibaura Mechatronics (6590) Secondary Offering & Buyback

Shibaura Mechatronics (one of the coolest company names out there) sees a Secondary Offer where original uncle Toshiba sells out. Supply/demand...

Travis Lundy

Mixed signals for semi's with positive news from ASML while AMAT numbers dissapoint. EV tax credit cuts impact Tesla, Rivian, and power semi's....

Tech sell-off sets weak tone for Japanese SPE after yesterday's gains, however Advantest's strong numbers may provide support. Hitachi's growth...

Japan's market set to open weak following US semi-related lead, heavy selling expected for retail margin favorites and SPE winners, potential...