Japan’s space capabilities are rapidly expanding
Investor enthusiasm in the country’s space sector is accelerating, underpinned by several IPOs expected in the next couple of years. At SPEXA 2025, this enthusiasm was on full display, led by Toyota’s backing of Interstellar Technologies, which plans a listing and aims to capture the growing low-Earth-orbit launch market. Japan is also positioning itself at the forefront of space-debris removal working with Astroscale and JSAT, targeting an international regulatory framework by 2026. Meanwhile, government ambitions include doubling the space industry to ¥8trn, achieving 30 annual rocket launches by the early 2030s and deepening NASA collaboration, including a Toyota-built lunar rover. Neil Newman sees Japan’s space industry as an increasingly attractive investment theme.
Edition: 218
- 22 August, 2025
Financials
RKT is well placed to accelerate market-share gains in the current down market. Smaller non-bank operators are being pushed out of the channel, plus banks are scaling back their mortgage businesses. Basel III could accelerate this. ~30-35% of people employed by the industry have exited and remaining loan officer pay has fallen ~50%. Cyclically mortgage volumes look unlikely to get much worse, especially if we see a rate cut cycle start sometime this year. Based on Abacus’ estimated normalised mortgage industry volume, they see RKT earning $1.10 EPS in 2026-2027 period (vs. 2026 consensus est of $0.82). TP $19.50 (40% upside).
Edition: 189
- 28 June, 2024
$5bn reasons why we’re watching Amazon's Project Kuiper
AMZN just made history with the largest commercial launch contract ever, cementing Project Kuiper as Starlink’s most formidable competitor - in their new 9-page brief, space sector analysts at Quilty Analytics break it down, focusing on implications to the sector at large, including the three big contract winners (Arianespace, Blue Origin, ULA), the GEO market (Inmarsat, Intelsat, SES, Eutelsat) and other heavy-lift launch operators (Firefly Aerospace, Relativity Space, Rocket Lab).
Edition: 133
- 14 April, 2022
Ethereum: The Greatest Trade
Things are setting up for what Raoul Pal believes will be the best six- to nine-month trade in the history of financial markets! Ethereum’s supply has fallen dramatically and its block sizes have become more variable. The network is massively outperforming Bitcoin’s at the same number of addresses. This supply shock combined with exponential demand means the set-up right now is superior to Bitcoin’s in March 2020; make sure you have enough ETH, the rocket ship has taken off and you are not long enough.
Edition: 116
- 06 August, 2021
Just Eat Takeaway.com (TKWY NA) Netherlands
Communications
Faces increased competition as Rocket enters the Dutch market and DoorDash targets Germany, another of TKWY’s key markets. To maintain market share, TKWY was already shifting further towards the loss-making own delivery side of the business. Now, with Rocket focused on marketplace revenues (offering lower commissions to restaurants to boost market share), TKWY is also being attacked on the cash generating side. These latest developments only strengthen Teun Teeuwisse's short thesis.
Edition: 112
- 11 June, 2021