Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Advantest, Micronics and Teraprobe set for a better start after Teradyne posted a blowout 2Q beat and strong 3Q guidance.</li>
<li>Lasertec and TEL may lag as KLA's inline guidance and dipped FCF point to a split between testers and WFE makers to start today.</li>
<li>SK Hynix numbers missed incredibly high expectations this morning making it likely to be a wobbly session again for Kioxia</li>
</ul>


Advantest, Micronics and Teraprobe set for a better start after Teradyne posted a blowout 2Q beat and strong 3Q guidance.
Lasertec and TEL may lag as KLA's inline guidance and dipped FCF point to a split between testers and WFE makers to start today.
SK Hynix numbers missed incredibly high expectations this morning making it likely to be a wobbly session again for Kioxia


Japan Morning Connection: Testers Could Rally Against the Grain After Teradyne's Blowout Numbers

<ul>
<li>MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.</li>
<li>Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.</li>
<li>Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.</li>
</ul>


MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.
Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.
Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.


Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

<ul>
<li>ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.</li>
<li>TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.</li>
<li>Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.</li>
</ul>


ASML's numbers failed to lift US semi-caps overnight, with Kospi futures pointing -4.4% lower. A dour tone for SPE.
TSMC will report today, so expect to see semi-cap fluctuations based on their capex commentary.
Mitsubishi Heavy may see interest after news that it is shipping cooling systems to NVDA's DSX.


Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

<ul>
<li>The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.</li>
<li>Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.</li>
<li>Kioxia may catch a bid now that Bain Capital has fully exited their stake. </li>
</ul>


The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.
Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.
Kioxia may catch a bid now that Bain Capital has fully exited their stake. 


Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

<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

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: Testers Could Rally Against the Grain After Teradyne's Blowout Numbers

Teradyne's beat sets a positive tone for tester names while KLA's guidance causes concern for WFE makers. SK Hynix's disappointing numbers may...

Andrew Jackson

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

Andrew Jackson

Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

SPE names may give back yesterday's gains as ASML's numbers fail to lift US peers. TSMC will report today, so expect to see semi-cap fluctuations...

Andrew Jackson

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

Andrew Jackson

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

Expect a continuation of the shift away from frontline AI plays. Interest in physical AI FA plays may see an increase as alternative exposure to...

Andrew Jackson

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Testers Could Rally Against the Grain After Teradyne's Blowout Numbers

​Teradyne's beat sets a positive tone for tester names while KLA's guidance causes concern for WFE makers. SK Hynix's disappointing numbers may...

Andrew Jackson

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

Andrew Jackson

Japan Morning Connection: SPE Set to Give Back Yesterday's Gains with Memory Selloff Overnight

SPE names may give back yesterday's gains as ASML's numbers fail to lift US peers. TSMC will report today, so expect to see semi-cap fluctuations...

Andrew Jackson

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

Andrew Jackson

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

Expect a continuation of the shift away from frontline AI plays. Interest in physical AI FA plays may see an increase as alternative exposure to...

Andrew Jackson

Teradyne's beat sets a positive tone for tester names while KLA's guidance causes concern for WFE makers. SK Hynix's disappointing numbers may...