Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Can expect more from the likes of Rakus Co Ltd, Shift Inc, NEC Corp and Fujitsu Ltd which all traded well yesterday on the rotation away from frontline AI plays.</li>
<li>It would make sense to see interest in physical AI FA plays such as Yaskawa Electric, Mitsubishi Electric, Keyence Corp and Fanuc Corp as alternative exposure to the AI theme.</li>
<li>The power semis such as Fuji Electric, ROHM Co Ltd and Renesas Electronics should hold up after a strong day for the sector in the US.</li>
</ul>


Can expect more from the likes of Rakus Co Ltd, Shift Inc, NEC Corp and Fujitsu Ltd which all traded well yesterday on the rotation away from frontline AI plays.
It would make sense to see interest in physical AI FA plays such as Yaskawa Electric, Mitsubishi Electric, Keyence Corp and Fanuc Corp as alternative exposure to the AI theme.
The power semis such as Fuji Electric, ROHM Co Ltd and Renesas Electronics should hold up after a strong day for the sector in the US.


Japan Morning Connection: Physical AI FA Plays May Draw Fresh Interest as Alternative AI Exposure

<ul>
<li>SOX up ~80% this quarter, one of its biggest ever gains, making quarter-end profit-taking a real risk for high-flying AI names over the next two sessions.</li>
<li>Rohm, Fuji Elec, Renesas and Sanken likely to open weak after Onsemi -24% taken as a warning that there isn’t much upside for power/industrial makers in the DC arena.</li>
<li>European heatwave puts Daikin, Mitsubishi Electric and Panasonic A/C names in focus as a potential distraction from AI volatility into quarter end.</li>
</ul>


SOX up ~80% this quarter, one of its biggest ever gains, making quarter-end profit-taking a real risk for high-flying AI names over the next two sessions.
Rohm, Fuji Elec, Renesas and Sanken likely to open weak after Onsemi -24% taken as a warning that there isn’t much upside for power/industrial makers in the DC arena.
European heatwave puts Daikin, Mitsubishi Electric and Panasonic A/C names in focus as a potential distraction from AI volatility into quarter end.


Japan Morning Connection: AI Names Increasingly Volatile with SOX Reversal and Quarter-End Pressure

<ul>
<li>Kioxia set for a strong day as Micron signs strategic partnership with Anthropic and BofA hikes TP pulling memory names higher.</li>
<li>Power semis Fuji Electric, Rohm and Renesas set for a good day after Onsemi +8.2% and broader industrial semi strength overnight.</li>
<li>SWCC may catch a bid after being upgraded to buy by Mizuho overnight.</li>
</ul>


Kioxia set for a strong day as Micron signs strategic partnership with Anthropic and BofA hikes TP pulling memory names higher.
Power semis Fuji Electric, Rohm and Renesas set for a good day after Onsemi +8.2% and broader industrial semi strength overnight.
SWCC may catch a bid after being upgraded to buy by Mizuho overnight.


Japan Morning Connection: QD Laser Set to Continue Gains as Details Emerge on Partnership with TDK

<ul>
<li>Fujikura raises FY OP guidance by 47% on strong optical component orders.</li>
<li>Intel suppliers Lasertec +40%, Ibiden +41% and TEL +20% over last 5 days set for further gains on Intel Apple deal news.</li>
<li>Rohm, Renesas and Fuji Electric set for further upside after Wolfspeed jumps on datacentre demand comments.</li>
</ul>


Fujikura raises FY OP guidance by 47% on strong optical component orders.
Intel suppliers Lasertec +40%, Ibiden +41% and TEL +20% over last 5 days set for further gains on Intel Apple deal news.
Rohm, Renesas and Fuji Electric set for further upside after Wolfspeed jumps on datacentre demand comments.


Japan Morning Connection: War End and Intel Apple Deal Send Optical and Semi Names Surging

<ul>
<li>Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.</li>
<li>Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.</li>
<li>Software rotation bid evaporates as AI surges. Expect an underperformance today.</li>
</ul>


Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.
Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.
Software rotation bid evaporates as AI surges. Expect an underperformance today.


Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

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: Physical AI FA Plays May Draw Fresh Interest as Alternative AI Exposure

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Andrew Jackson

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War end and oil falling to send Japan's optical and semi names surging higher. Memory hits new ATHs while Intel suppliers set for even more gains...

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Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

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