Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Apple reveal not enough to send the stock higher, although its new IPhone Pro and ear pods with built in heart rate monitoring impress.</li>
<li>Alphabet sends the Mag7 to a record high with its cloud computing order backlog bigger than expected.</li>
<li>Wolfspeed +48% as it gets set to emerge from bankruptcy, although this should be no surprise. Positive Renesas</li>
</ul>


Apple reveal not enough to send the stock higher, although its new IPhone Pro and ear pods with built in heart rate monitoring impress.
Alphabet sends the Mag7 to a record high with its cloud computing order backlog bigger than expected.
Wolfspeed +48% as it gets set to emerge from bankruptcy, although this should be no surprise. Positive Renesas


Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

TSE Tokyo Price Index TOPIX / Event-Driven

<ul>
<li>Every year (actually, every half year) it is a similar trade. There is a fiscal year-end dividend reinvestment trade for passive funds in Japan. </li>
<li>The month-end and quarter-end bring big flows, or not, depending on how things have gone.</li>
<li>Over the past 10-15 years or so, the two-day return on the March trade is pretty good. This year? It's complicated. </li>
</ul>


Every year (actually, every half year) it is a similar trade. There is a fiscal year-end dividend reinvestment trade for passive funds in Japan. 
The month-end and quarter-end bring big flows, or not, depending on how things have gone.
Over the past 10-15 years or so, the two-day return on the March trade is pretty good. This year? It's complicated. 


The Japan March-End Rebal and Dividend Trade (2026 Version)

<ul>
<li>Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.</li>
<li>Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.</li>
<li>CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.</li>
</ul>


Power-Semi's leading the charge higher on positive broker comments for the sector while AI related takes a backseat.
Intel continues to move up with CEO Tan set to submit proposals to Trump next week which will certainly point to close alignment.
CPI data points to Sep rate cut which helped Homebuilders and airlines were up on Spirit woes.


Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

<ul>
<li>Teradyne +18.9% on a solid beat so watch testing peers Advantest, Micronics and Tera Probe for upside.</li>
<li>Marvell +7% on the potential for greater MSFT sales should also help ASIC peer Socionext.</li>
<li>ARM and Qualcomm both down after hours on numbers, dampening the mood for smartphone related (and Softbank).</li>
</ul>


Teradyne +18.9% on a solid beat so watch testing peers Advantest, Micronics and Tera Probe for upside.
Marvell +7% on the potential for greater MSFT sales should also help ASIC peer Socionext.
ARM and Qualcomm both down after hours on numbers, dampening the mood for smartphone related (and Softbank).


Japan Morning Connection: Big Boosts to AI Capex Plans for MSFT and META Will Lift Japan SPE

<ul>
<li>HDD names taking a hit in later trading after Seagate miss. Watch the likes of Hoya, TDK and Minebea Misumi for weakness.</li>
<li>Boeing down despite numbers good on better FCF, although 787 deliveries read's well for carbon fiber names the Heavies.</li>
<li>NEC beat points to plenty of room for further upside, while Advantest numbers may lead to tough QoQ comps for 2Q.</li>
</ul>


HDD names taking a hit in later trading after Seagate miss. Watch the likes of Hoya, TDK and Minebea Misumi for weakness.
Boeing down despite numbers good on better FCF, although 787 deliveries read's well for carbon fiber names the Heavies.
NEC beat points to plenty of room for further upside, while Advantest numbers may lead to tough QoQ comps for 2Q.


Japan Morning Connection: Big Print for Corning Will Drive DC and Optical Connectivity Plays

Japan

ADVANTEST CORPORATION produces semiconductor testing devices and electronic measuring instruments.  The Company's products include large-scale integration (LSI) test systems, memory test systems, dynamic test handlers, network analyzers, electronic meters, optical testing devices, and signal sources.

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Advantest Corp (6857 JP)

Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Apple and its suppliers pulled lower. Laggards in the SPE space should get a lift after Oracle's big jump in late trading. A pullback in...

Andrew Jackson

The Japan March-End Rebal and Dividend Trade (2026 Version)

Every year, twice a year, a large number of companies pay dividends. That event is coming up again Monday. ETFs will have to buy the dividend...

Travis Lundy

Japan Morning Connection: Market Ignoring Chinese Pullback from NVDA's H20 with Tech Surge Higher

Power semis higher on positive broker comments, Intel continues to benefit from CEO in the limelight, moves higher for airlines and homebuilders.

Andrew Jackson

Japan Morning Connection: Big Boosts to AI Capex Plans for MSFT and META Will Lift Japan SPE

Teradyne reported that their testing segment was their standout performer which should be a positive for Advantest and related. Dempened mood for...

Andrew Jackson

Japan Morning Connection: Big Print for Corning Will Drive DC and Optical Connectivity Plays

Memory names will be down after Seagate's weakness. Boeing down despite good numbers but general outlook is strong. Corning's beat should send...

Andrew Jackson

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