Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>AMAT pricing in weak numbers sent semi-cap lower, while Intel bought its gains to 23% for the week.</li>
<li>Housing name starting to cut through the daily static of Treasury moves as sentiment improves ahead of Sep cut.</li>
<li>Home improvement/suppliers such as Toto and Lixil may see increased interest as global rates outside of Japan trend lower.</li>
</ul>


AMAT pricing in weak numbers sent semi-cap lower, while Intel bought its gains to 23% for the week.
Housing name starting to cut through the daily static of Treasury moves as sentiment improves ahead of Sep cut.
Home improvement/suppliers such as Toto and Lixil may see increased interest as global rates outside of Japan trend lower.


Japan Morning Connection: Markets Calm with No Further Tariffs for China

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range</li>
<li>Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY</li>
<li>The China slump was not unexpected, but the leading edge logic drop was definitely a surprise</li>
</ul>


AMAT reported FY Q325 revenues of $7.3 billion, up 3% QoQ, up 8% YoY and ~$100 million above the midpoint of the guided range
Looking ahead, AMAT forecasted current quarter revenues of $6.7 billion at the midpoint, down 8.3% QoQ and down 4.9% YoY
The China slump was not unexpected, but the leading edge logic drop was definitely a surprise


AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

<ul>
<li>AMAT number after market missed showing a slowdown in Chinese demand and licensing delays.</li>
<li>INTC news positive for SPE suppliers but demand will be tempered in light of AMAT.</li>
<li>Coach owner taking a hit on tariff costs sends a warning to likes of Este Lauder who reports next week.</li>
</ul>


AMAT number after market missed showing a slowdown in Chinese demand and licensing delays.
INTC news positive for SPE suppliers but demand will be tempered in light of AMAT.
Coach owner taking a hit on tariff costs sends a warning to likes of Este Lauder who reports next week.


Japan Morning Connection: US Looking to Take a Stage in INTC Will Ensure Fab Ambitions

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> disclosed Board of Directors meeting resolutions today.</li>
<li>
<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-sp-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">Taiwan Semiconductor (TSMC) - ADR (TSM US)</a> 2nm technology manufacturing information leakage issue.</li>
<li>Currently, only TSMC, Samsung, and Intel have achieved trial production at the 2nm node.</li>
</ul>



Taiwan Semiconductor (TSMC) - ADR (TSM US) disclosed Board of Directors meeting resolutions today.

Taiwan Semiconductor (TSMC) - ADR (TSM US) 2nm technology manufacturing information leakage issue.
Currently, only TSMC, Samsung, and Intel have achieved trial production at the 2nm node.


TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.

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: Markets Calm with No Further Tariffs for China

Housing sector sentiment improves and forecast to continue with rate cutting cycle ahead. Intel continued to outperform following the prospect of...

Andrew Jackson

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

Japan Morning Connection: US Looking to Take a Stage in INTC Will Ensure Fab Ambitions

US talks about a stake in Intel to boost US chipmaking, a positive for those involved in Intel's SPE supply chain. Estee Lauder down on concerns...

Andrew Jackson

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.

Taiwan Semiconductor (TSMC) - ADR (TSM US) reveals Board meeting resolutions and 2nm technology manufacturing information leakage issue. TSMC,...

Patrick Liao

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Market Cap (USDm)

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Japan Morning Connection: Markets Calm with No Further Tariffs for China

Housing sector sentiment improves and forecast to continue with rate cutting cycle ahead. Intel continued to outperform following the prospect of...

Andrew Jackson

AMAT Q325. Tanking On Tepid Leading Edge Outlook & China Woes

The China slump was not unexpected, but the leading edge logic drop was definitely a surprise. It might also not be the last surprise we see this...

William Keating

Japan Morning Connection: US Looking to Take a Stage in INTC Will Ensure Fab Ambitions

US talks about a stake in Intel to boost US chipmaking, a positive for those involved in Intel's SPE supply chain. Estee Lauder down on concerns...

Andrew Jackson

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

TSMC (2330.TT; TSM.US): Board Meeting Resolutions; 2nm Technology Information Leakage Issue.

​Taiwan Semiconductor (TSMC) - ADR (TSM US) reveals Board meeting resolutions and 2nm technology manufacturing information leakage issue. TSMC,...

Patrick Liao

Taiwan Semiconductor (TSMC) - ADR (TSM US) reveals Board meeting resolutions and 2nm technology manufacturing information leakage issue. TSMC,...