Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. </li>
<li>Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.</li>
<li>Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.</li>
</ul>


Even a slight disappointment from NVDA could trigger a big correction in Japanese SPE names who have already started to waver in the last few days post-earnings. 
Lasertec, Disco and Advantest retreating but merely a blip on their 1-year charts with room for more profit taking.
Space names Synspective and Axelspace still look attractive ahead of SpaceX pricing in 3 weeks.


Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

<ul>
<li>Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.</li>
<li>Software catches a defensive bid with NEC and Fujitsu set to outperform.</li>
<li>Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.</li>
</ul>


Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.
Software catches a defensive bid with NEC and Fujitsu set to outperform.
Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.


Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

<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>Disco, Lasertec and Advantest all trading below recent highs despite reporting this season but set to close the gap on positive news.</li>
<li>Softbank -4.5% Friday but looks attractive after reducing its margin loan from $10bn to $6bn easing overextension concerns.</li>
<li>QD Laser +23% on Friday, a positive for Samco Inc, Seikoh Giken and Santec Corp also on this theme.</li>
</ul>


Disco, Lasertec and Advantest all trading below recent highs despite reporting this season but set to close the gap on positive news.
Softbank -4.5% Friday but looks attractive after reducing its margin loan from $10bn to $6bn easing overextension concerns.
QD Laser +23% on Friday, a positive for Samco Inc, Seikoh Giken and Santec Corp also on this theme.


Japan Morning Connection: Sumco Surges on AI Wafer Demand and SPE Laggards Set for a Rebound

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Advantest disclosed its first large high‑volume ATE order for silicon photonics, guiding to at least two more years of doubling growth in this line, while holding operating margins above 44%</li>
<li>FormFactor’s results show record revenue, a 45% YoY jump in Probe Cards, a 30% increase in Foundry &amp; Logic revenue, with NVIDIA crossing the 10% customer threshold.</li>
<li>Moving on, we map how others, i.e. Teradyne, MPI, ficonTEC, Aehr, Keysight, Lumentum, etc fit around this core and which of them keep or gain structural leverage in the stack.</li>
</ul>


Advantest disclosed its first large high‑volume ATE order for silicon photonics, guiding to at least two more years of doubling growth in this line, while holding operating margins above 44%
FormFactor’s results show record revenue, a 45% YoY jump in Probe Cards, a 30% increase in Foundry &amp; Logic revenue, with NVIDIA crossing the 10% customer threshold.
Moving on, we map how others, i.e. Teradyne, MPI, ficonTEC, Aehr, Keysight, Lumentum, etc fit around this core and which of them keep or gain structural leverage in the stack.


[Part 3] What Advantest and FormFactor’s Earnings Say About CPO’s Bottleneck

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: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

SPE names brace for NVDA numbers tomorrow after already wavering post earnings. Market remains gun-shy on mainstay AI plays making it likely for...

Andrew Jackson

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

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: Sumco Surges on AI Wafer Demand and SPE Laggards Set for a Rebound

Intel's Apple deal and Micron's structural shift drive gains, a positive for Japan's SPE laggards Disco, Lasertec and Advantest now set to close...

Andrew Jackson

[Part 3] What Advantest and FormFactor’s Earnings Say About CPO’s Bottleneck

Advantest and FormFactor see strong growth in silicon photonics and probe cards, with potential for continued expansion in the semiconductor...

Mint Finance

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: NVDA Numbers Tomorrow Loom Over Already Wavering SPE Names

SPE names brace for NVDA numbers tomorrow after already wavering post earnings. Market remains gun-shy on mainstay AI plays making it likely for...

Andrew Jackson

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

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: Sumco Surges on AI Wafer Demand and SPE Laggards Set for a Rebound

Intel's Apple deal and Micron's structural shift drive gains, a positive for Japan's SPE laggards Disco, Lasertec and Advantest now set to close...

Andrew Jackson

[Part 3] What Advantest and FormFactor’s Earnings Say About CPO’s Bottleneck

​Advantest and FormFactor see strong growth in silicon photonics and probe cards, with potential for continued expansion in the semiconductor...

Mint Finance

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.

Advantest and FormFactor see strong growth in silicon photonics and probe cards, with potential for continued expansion in the semiconductor...