Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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>Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.</li>
<li>A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems</li>
<li>Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.</li>
</ul>


Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.
A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems
Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.


Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities underperformed US markets this week, experiencing a sharp sector rotation as semiconductor stocks surged while previous momentum leaders suffered significant profit-taking.</li>
<li>Despite firm domestic consumption and credit growth, Japan faces mounting pressure from rising producer inflation and business sentiment declines driven by global geopolitical conflicts.</li>
<li>The Bank of Japan faces a difficult dilemma, weighing the need for further monetary tightening in spite of risks of economic slowdown.</li>
</ul>


Japanese equities underperformed US markets this week, experiencing a sharp sector rotation as semiconductor stocks surged while previous momentum leaders suffered significant profit-taking.
Despite firm domestic consumption and credit growth, Japan faces mounting pressure from rising producer inflation and business sentiment declines driven by global geopolitical conflicts.
The Bank of Japan faces a difficult dilemma, weighing the need for further monetary tightening in spite of risks of economic slowdown.


<ul>
<li>Yesterday's holdouts Screen +4.2% and TEL +3.2% likely next in line as AI derate spreads.</li>
<li>Softbank -8.3% yesterday as talks to raise $6bn margin loan backed by its OpenAI stake reportedly stall.</li>
<li>MLCC names Taiyo Yuden and Murata finally give up the ghost and likely to continue lower with the unlimited upside spell shattered.</li>
</ul>


Yesterday's holdouts Screen +4.2% and TEL +3.2% likely next in line as AI derate spreads.
Softbank -8.3% yesterday as talks to raise $6bn margin loan backed by its OpenAI stake reportedly stall.
MLCC names Taiyo Yuden and Murata finally give up the ghost and likely to continue lower with the unlimited upside spell shattered.


Japan Morning Connection: AI Derate Continues and Recent Intel Winners Face Capitulation

<ul>
<li>Ibiden -27% since start of month but set to recover as Intel wins Google TPU deal. TEL, Lasertec, Screen and TOK also set for a stronger session.</li>
<li>Fujikura and peers should be helped by Corning's multi-billion dollar Amazon optical fiber deal.</li>
<li>Softbank -23% since start of month looking attractive as OpenAI formally announces IPO plans.</li>
</ul>


Ibiden -27% since start of month but set to recover as Intel wins Google TPU deal. TEL, Lasertec, Screen and TOK also set for a stronger session.
Fujikura and peers should be helped by Corning's multi-billion dollar Amazon optical fiber deal.
Softbank -23% since start of month looking attractive as OpenAI formally announces IPO plans.


Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron (8035 JP)

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

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...

Andrew Jackson

Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

Softbank lagging peers while ARM eyes new ATHs. Lasertec may build on yesterday's gains as ASML flags rising AI demand. Nikon worth watching on...

Andrew Jackson

Japan Strategy Weekly | Sector Rotation

Japanese equities struggled this week with sector rotation and profit-taking, as rising producer inflation and global conflicts weigh on business...

Mark Chadwick

Japan Morning Connection: AI Derate Continues and Recent Intel Winners Face Capitulation

Another risk-off day for tech and AI as the market grapples with the deteriorating situation in Iran as well as uncertainty over what the SpaceX...

Andrew Jackson

Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

Intel's Google TPU win may lift Ibiden, while Corning's Amazon deal may help Fujikura recover. Panasonic could see a lift on AI infrastructure plans.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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...

Andrew Jackson

Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

Softbank lagging peers while ARM eyes new ATHs. Lasertec may build on yesterday's gains as ASML flags rising AI demand. Nikon worth watching on...

Andrew Jackson

Japan Strategy Weekly | Sector Rotation

​Japanese equities struggled this week with sector rotation and profit-taking, as rising producer inflation and global conflicts weigh on business...

Mark Chadwick

Japan Morning Connection: AI Derate Continues and Recent Intel Winners Face Capitulation

Another risk-off day for tech and AI as the market grapples with the deteriorating situation in Iran as well as uncertainty over what the SpaceX...

Andrew Jackson

Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

Intel's Google TPU win may lift Ibiden, while Corning's Amazon deal may help Fujikura recover. Panasonic could see a lift on AI infrastructure plans.

Andrew Jackson

Japanese equities struggled this week with sector rotation and profit-taking, as rising producer inflation and global conflicts weigh on business...