Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech and semi's continuing to favor AI over power/analog post Marvell and Microchip numbers.</li>
<li>Worth paying attention to less known Japanese SPE Shibaura Mechatronics and the long lost Towa.</li>
<li>US Homebuilders weak on concern over Trump's plans to deport undocumented workers.</li>
</ul>


Tech and semi's continuing to favor AI over power/analog post Marvell and Microchip numbers.
Worth paying attention to less known Japanese SPE Shibaura Mechatronics and the long lost Towa.
US Homebuilders weak on concern over Trump's plans to deport undocumented workers.


Japan Morning Connection: Buy Momentum at All Costs in Japan Set to Continue?

<ul>
<li>US semi-cap names jump as markets delayed pricing in report China restrictions will be tempered.</li>
<li>Shiseido restructuring briefing the numerical targets enough to stem the bleeding?</li>
<li>TGA around the corner should see focus on Japanese game developers, including Nexon which has been heavily sold post earnings.</li>
</ul>


US semi-cap names jump as markets delayed pricing in report China restrictions will be tempered.
Shiseido restructuring briefing the numerical targets enough to stem the bleeding?
TGA around the corner should see focus on Japanese game developers, including Nexon which has been heavily sold post earnings.


Japan Morning Connection: Japan SPE Set for More Upside

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.</li>
<li>The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.</li>
<li>Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-<em>November</em> 2024.</li>
</ul>


JPX-Nikkei 400 is composed of common stocks listed on the Tokyo Stock Exchange. It is a free-float-adjusted capped index composed of 400 constituents.
The annual index review takes place in August every year. We look at the latest rankings of potential ADDs/DELs every month.
Below is a look at the rankings of potential ADDs/DELs for the JPX-Nikkei 400 August 2025 rebalance based on trading data as of end-November 2024.


Quiddity JPX-Nikkei 400 Rebal 2025: End-Nov 2024 Ranks

<ul>
<li>SMCI +11.6% has continued to surge higher lifting server related plays.</li>
<li>Kirin's partial sale of Kyowa Hakko Bio unlikely to met with much enthusiasm.</li>
<li>Will a future test-time growth trajectory slowdown for Advantest dampen sentiment?</li>
</ul>


SMCI +11.6% has continued to surge higher lifting server related plays.
Kirin's partial sale of Kyowa Hakko Bio unlikely to met with much enthusiasm.
Will a future test-time growth trajectory slowdown for Advantest dampen sentiment?


Japan Morning Connection: Bessent's Nomination for Treasury Secretary Seen as Stabilizing Markets

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.

<ul>
<li>
<a href="https://finance.yahoo.com/news/kkr-said-weigh-takeover-bid-065550154.html" target="_blank" rel="noopener">Bloomberg reported</a> that KKR has made a non-binding, preliminary approach to taking <a href="https://www.smartkarma.com/entities/asm-pacific-technology-ltd" target="_blank" data-smartkarma-citation="entities:15061:1" rel="noopener">ASM Pacific Technology (522 HK)</a> private. ASMPT has been the subject of takeover rumours in the past.</li>
<li>The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. </li>
<li>A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.</li>
</ul>



Bloomberg reported that KKR has made a non-binding, preliminary approach to taking ASM Pacific Technology (522 HK) private. ASMPT has been the subject of takeover rumours in the past.
The trading patterns of the substantial shareholders suggest a willingness to exit. However, past privatisation rumours suggest issues with the offeror matching key shareholders' price expectations. 
A binding proposal is unlikely as the timing would be viewed as opportunistic, with the recent market rally eroding a potential takeover premium and ASMPT’s premium multiple compared to peers.


ASMPT (522 HK): Don’t Bet on a KKR Privatisation

Japan

TOWA CORPORATION produces semiconductor manufacturing equipment including mold packaging, IC inspection units, precision molds and dies, and plastic molds. The Company also provides technical consultation.

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Towa Corp (6315 JP)

Japan Morning Connection: Buy Momentum at All Costs in Japan Set to Continue?

Tech and semi's continue to favour AI over power/analog, some rotation into lesser known JP SPE, US Homebuilders weak over Trump's deportation plans.

Andrew Jackson

Japan Morning Connection: Japan SPE Set for More Upside

US semi-cap stocks jump as China restrictions will be tempered. Will Shiseido's restructuring targets finally push it from lows? Attention on...

Andrew Jackson

Quiddity JPX-Nikkei 400 Rebal 2025: End-Nov 2024 Ranks

In total, there are 46 Potential ADDs and 45 Potential DELs (unique names) presented in the current Quiddity Leaderboard. There are 7 months to the...

Janaghan Jeyakumar, CFA

Japan Morning Connection: Bessent's Nomination for Treasury Secretary Seen as Stabilizing Markets

SMCI stock continues to climb higher, boosting server-related. Kirin's sale of Kyowa Hakko Bio may not be met with enthusiasm. Concerns about...

Andrew Jackson

ASMPT (522 HK): Don’t Bet on a KKR Privatisation

ASMPT's offer period for the potential privatisation ends. Reuters reports that KKR backed out due to regulatory and geopolitical risks, such as...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Buy Momentum at All Costs in Japan Set to Continue?

​Tech and semi's continue to favour AI over power/analog, some rotation into lesser known JP SPE, US Homebuilders weak over Trump's deportation plans.

Andrew Jackson

Japan Morning Connection: Japan SPE Set for More Upside

US semi-cap stocks jump as China restrictions will be tempered. Will Shiseido's restructuring targets finally push it from lows? Attention on...

Andrew Jackson

Quiddity JPX-Nikkei 400 Rebal 2025: End-Nov 2024 Ranks

In total, there are 46 Potential ADDs and 45 Potential DELs (unique names) presented in the current Quiddity Leaderboard. There are 7 months to the...

Janaghan Jeyakumar, CFA

Japan Morning Connection: Bessent's Nomination for Treasury Secretary Seen as Stabilizing Markets

​SMCI stock continues to climb higher, boosting server-related. Kirin's sale of Kyowa Hakko Bio may not be met with enthusiasm. Concerns about...

Andrew Jackson

ASMPT (522 HK): Don’t Bet on a KKR Privatisation

ASMPT's offer period for the potential privatisation ends. Reuters reports that KKR backed out due to regulatory and geopolitical risks, such as...

Arun George

Tech and semi's continue to favour AI over power/analog, some rotation into lesser known JP SPE, US Homebuilders weak over Trump's deportation plans.

SMCI stock continues to climb higher, boosting server-related. Kirin's sale of Kyowa Hakko Bio may not be met with enthusiasm. Concerns about...