Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NAND memory spot prices surge another 17% WoW on worsening S/D dynamics.</li>
<li>No take-over for Trend Micro, but an accelerated buyback will be enough for a short-term squeeze.</li>
<li>Sanken may be back in focus given its deep disc NAV as sentiment rises for power and industrial names.</li>
</ul>


NAND memory spot prices surge another 17% WoW on worsening S/D dynamics.
No take-over for Trend Micro, but an accelerated buyback will be enough for a short-term squeeze.
Sanken may be back in focus given its deep disc NAV as sentiment rises for power and industrial names.


Japan Morning Connection: Power and Industrial Semis in Focus After Infineon Big Beat on AI

<ul>
<li>Sandisk +15% as the NAND S/D imbalance shows no signs of easing until next year at least.</li>
<li>Olympus's new CEO steps into his role by announcing 2,000 job cuts which the market will like.</li>
<li>Rohm throwing cold water on its AI ambitions makes this a soon to be consensus short for now.</li>
</ul>


Sandisk +15% as the NAND S/D imbalance shows no signs of easing until next year at least.
Olympus's new CEO steps into his role by announcing 2,000 job cuts which the market will like.
Rohm throwing cold water on its AI ambitions makes this a soon to be consensus short for now.


Japan Morning Connection: Fridays Tape Closed Down but a Big Rally off the Intraday Lows

<ul>
<li>Big beat for Sandisk with margins set to surge as BiCS8 rollout gathers steam.</li>
<li>Rohm numbers disappoint and new MTP points to delayed AI server revenues.</li>
<li>MLCC maker Taiyo Yuden effectively cuts its FY OP guidance despite headline raise.</li>
</ul>


Big beat for Sandisk with margins set to surge as BiCS8 rollout gathers steam.
Rohm numbers disappoint and new MTP points to delayed AI server revenues.
MLCC maker Taiyo Yuden effectively cuts its FY OP guidance despite headline raise.


Japan Morning Connection: AI Pullback but NAND Smashes It After-Hours

<ul>
<li>Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.</li>
<li>Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.</li>
<li>Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?</li>
</ul>


Numbers from PulteGroup pointing to a nascent bottoming sends builders higher.
Texas Instruments down afterhours will weigh on Rohm, Fuji Elec, Renesas etc, but this may be short lived.
Can Davinci success in the US be a positive read for Sysmex's Hinotori with the stock on its knees?


Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

<ul>
<li>Opposition coalition forming against Takaichi, but unlikely to succeed given vast policy differences</li>
<li>Samsung big beat this morning shows the memory super cycle may be a real thing</li>
<li>Softbank to surge with ARM architecture used in latest Broadcom/NVDA multi-year deal for ASIC</li>
</ul>


Opposition coalition forming against Takaichi, but unlikely to succeed given vast policy differences
Samsung big beat this morning shows the memory super cycle may be a real thing
Softbank to surge with ARM architecture used in latest Broadcom/NVDA multi-year deal for ASIC


Japan Morning Connection: Tech Dip Buying Likely After Wobble from Takaichi Political Challenge

Japan

FUJI ELECTRIC CO.,LTD manufactures electric machinery and electronic devices. The Company's products include automatic vending machines, factory automation equipment, and power supplies, as well as information and electronic components such as power semiconductors and integrated circuits (ICs).

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Fuji Electric (6504 JP)

Japan Morning Connection: Power and Industrial Semis in Focus After Infineon Big Beat on AI

Slight tech rebound led by power semis. Smaller NAND buyers not having access to wholesale suppliers, buying from spot market and driving up...

Andrew Jackson

Japan Morning Connection: Fridays Tape Closed Down but a Big Rally off the Intraday Lows

Olympus will be in play today after earnings highlight it as a restructuring play. Rohm looks like a short vs long with Fuji Elec.

Andrew Jackson

Japan Morning Connection: AI Pullback but NAND Smashes It After-Hours

Rohm earnings miss should send it trading lower, despite Coherent's surge +18.3%. Memory names were relative outperformers. Sandisk's strength...

Andrew Jackson

Japan Morning Connection: So Far Takaichi as PM Is Turning Out to Be a Sell the Fact Moment

Power and analog semi's may take a hit after Texas Instruments fell after hours. May be a buy the dip opportunity for Rohm, Fuji Elec and Renesas....

Andrew Jackson

Japan Morning Connection: Tech Dip Buying Likely After Wobble from Takaichi Political Challenge

Softbank may see upside from US Quantum Computing surge. Tesla scaling back production plans for Optimus may cause some pullback in Harmonic Drive....

Andrew Jackson

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