Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Enormous intraday moves off the lows for likes of Coreweave and Palantir sets stage for more strength than tape suggests.</li>
<li>Analog Devices numbers show much needed strength for Automotive segment. Positive for Renesas, Rohm and Fuji.</li>
<li>Estee Lauder numbers disappoint with China and TR sales failing to keep up with market expectations.</li>
</ul>


Enormous intraday moves off the lows for likes of Coreweave and Palantir sets stage for more strength than tape suggests.
Analog Devices numbers show much needed strength for Automotive segment. Positive for Renesas, Rohm and Fuji.
Estee Lauder numbers disappoint with China and TR sales failing to keep up with market expectations.


Japan Morning Connection: Markets Stage a Big Rally off the Lows as Dip Buying Takes Hold

<ul>
<li>Chipmakers with existing fabs or plans for US expansion will be exempt from the tariffs as Trump pushes his onshoring agenda.</li>
<li>Intel, AMAT, GlobalFoundries are all higher afterhours which should ultimately bide well for JP SPE suppliers.</li>
<li>Power-Semi's are increasingly important for AI which makes the WOLF/Renesas connection look increasingly attractive.</li>
</ul>


Chipmakers with existing fabs or plans for US expansion will be exempt from the tariffs as Trump pushes his onshoring agenda.
Intel, AMAT, GlobalFoundries are all higher afterhours which should ultimately bide well for JP SPE suppliers.
Power-Semi's are increasingly important for AI which makes the WOLF/Renesas connection look increasingly attractive.


Japan Morning Connection: Trump Threatens 100% Chip Tariffs While Tim Cook Kisses the Ring

<ul>
<li>Screen numbers a headline miss but outlook for guidance hike over 2Q numbers remains.</li>
<li>Shin Etsu drop on back of PVC weakness could be short lived on a more dovish outcome.</li>
<li>Renesas down after numbers with market wanting more clarity over comments that 2026 remains "unclear".</li>
</ul>


Screen numbers a headline miss but outlook for guidance hike over 2Q numbers remains.
Shin Etsu drop on back of PVC weakness could be short lived on a more dovish outcome.
Renesas down after numbers with market wanting more clarity over comments that 2026 remains "unclear".


Japan Morning Connection: EU Trade Deal Should Help JP Names with High European Exposure Gain

<ul>
<li>STM adds to the gloom for power semis after surprise loss and -16% drop. Fuji Elec and Renesas report today in Japan.</li>
<li>Dow -18% after tariff uncertainty hist exports sending peers lower. Watch Shin Etsu despite its more PVC focus.</li>
<li>Intel's new CEO struggling to turn the ship around with a competitive AI offering still a ways off.</li>
</ul>


STM adds to the gloom for power semis after surprise loss and -16% drop. Fuji Elec and Renesas report today in Japan.
Dow -18% after tariff uncertainty hist exports sending peers lower. Watch Shin Etsu despite its more PVC focus.
Intel's new CEO struggling to turn the ship around with a competitive AI offering still a ways off.


Japan Morning Connection: Mixed Tape for Semi's with AI up and Power and Industrial Down Further

<ul>
<li>Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.</li>
<li>Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.</li>
<li>Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.</li>
</ul>


Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.
Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.
Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.


Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

Japan Morning Connection: Markets Stage a Big Rally off the Lows as Dip Buying Takes Hold

Samsung's HBM chips finally ready for pre-production. Analog Devices should boost power/analog semi names. Estee Lauder disappoints with China...

Andrew Jackson

Japan Morning Connection: Trump Threatens 100% Chip Tariffs While Tim Cook Kisses the Ring

Trump threatenes 100% tarriffs on all chip imports, Apple announces it will invest further on US manufacturing for tariff exemptions, Japan SPE may...

Andrew Jackson

Japan Morning Connection: EU Trade Deal Should Help JP Names with High European Exposure Gain

Screen's numbers were a miss which might open a buy the dip opportunity. Reaction to Shin Etsu guidance may have been excessive. Names with high EU...

Andrew Jackson

Japan Morning Connection: Mixed Tape for Semi's with AI up and Power and Industrial Down Further

Big moves lower for power semi peers should see JP names lower, Intel failing to impress may follow through to Ibiden, IBM slumped but analyst...

Andrew Jackson

Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

With reversal from momentum and Ishiba's resignation, defense names may drop further. Autos may have plenty more upside despite big moves yesterday.

Andrew Jackson

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