Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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

<ul>
<li>MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.</li>
<li>Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.</li>
<li>Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal</li>
</ul>


MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.
Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.
Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal


Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

<ul>
<li>Boeing China deal reported to be for as many as 500 aircraft — positive read for Toray and Japan's heavies who are suppliers to the 787 Dreamliner.</li>
<li>Space names heating up ahead of estimated June-July listing window with Astroscale +13.3% and QPS +5.8% yesterday.</li>
<li>TDK flagged alongside Himax as a key lifecording wearables play which will be the eyes and ears of AI as wearables become more and more ubiquitous.</li>
</ul>


Boeing China deal reported to be for as many as 500 aircraft — positive read for Toray and Japan's heavies who are suppliers to the 787 Dreamliner.
Space names heating up ahead of estimated June-July listing window with Astroscale +13.3% and QPS +5.8% yesterday.
TDK flagged alongside Himax as a key lifecording wearables play which will be the eyes and ears of AI as wearables become more and more ubiquitous.


Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

<ul>
<li>Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.</li>
<li>Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.</li>
<li>Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.</li>
</ul>


Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.
Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.
Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.


Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

<ul>
<li>Intel +8.8% buying back half its Ireland plant reflects confidence from management. A positive read for Intel capex names Lasertec, TEL, Screen as well as Ibiden.</li>
<li>Memory SPE laggards Micronics and Kokusai in focus as sentiment improves.</li>
<li>Japanese heavies set to keep rebounding as EU and US defense names surge on Rheinmetall's Boeing drone partnership.</li>
</ul>


Intel +8.8% buying back half its Ireland plant reflects confidence from management. A positive read for Intel capex names Lasertec, TEL, Screen as well as Ibiden.
Memory SPE laggards Micronics and Kokusai in focus as sentiment improves.
Japanese heavies set to keep rebounding as EU and US defense names surge on Rheinmetall's Boeing drone partnership.


Japan Morning Connection: Space Names Set to Surge as SpaceX Files for IPO and NASA Takes Flight

Japan

TDK CORPORATION manufactures electronics components such as magnetic tapes and ferrite cores.  The Company also sells power supplies, inductors, transformers, ceramic capacitors, magnets, LAN (Local Area Network) components, sensors, and semiconductors.  TDK markets its products worldwide.

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TDK Corp (6762 JP)

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...

Andrew Jackson

Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

Andrew Jackson

Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.

Andrew Jackson

Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Datadog surge to spark a reversal into Software. Smaller photonics names to take a hit from Coherent's miss. Softbank in danger of giving back...

Andrew Jackson

Japan Morning Connection: Space Names Set to Surge as SpaceX Files for IPO and NASA Takes Flight

TurboQuant fears fading, setting a better tone for memory. SpaceX IPO filing puts Japan's space names in focus. Advantest will take a hit off the...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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...

Andrew Jackson

Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

​MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

Andrew Jackson

Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

​Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.

Andrew Jackson

Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Datadog surge to spark a reversal into Software. Smaller photonics names to take a hit from Coherent's miss. Softbank in danger of giving back...

Andrew Jackson

Japan Morning Connection: Space Names Set to Surge as SpaceX Files for IPO and NASA Takes Flight

TurboQuant fears fading, setting a better tone for memory. SpaceX IPO filing puts Japan's space names in focus. Advantest will take a hit off the...

Andrew Jackson

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.