Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Cable laggards SEI -16%, Furukawa -14% and Fujikura -10% over the last 5 sessions. Worth looking at for solid upside as the market scrambles for laggards.</li>
<li>Softbank only +1.5% Friday despite ARM +11%. Could see a rebound today if fears from margin loan struggles fade.</li>
<li>Japanese names are likely to give Friday’s gains back but excessive weakness could be an opportunity to reengage ahead of the dust settling post-SpaceX.</li>
</ul>


Cable laggards SEI -16%, Furukawa -14% and Fujikura -10% over the last 5 sessions. Worth looking at for solid upside as the market scrambles for laggards.
Softbank only +1.5% Friday despite ARM +11%. Could see a rebound today if fears from margin loan struggles fade.
Japanese names are likely to give Friday’s gains back but excessive weakness could be an opportunity to reengage ahead of the dust settling post-SpaceX.


Japan Morning Connection: Cable and Optical Laggards in Focus as AI Strength Returns

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities underperformed US markets this week, experiencing a sharp sector rotation as semiconductor stocks surged while previous momentum leaders suffered significant profit-taking.</li>
<li>Despite firm domestic consumption and credit growth, Japan faces mounting pressure from rising producer inflation and business sentiment declines driven by global geopolitical conflicts.</li>
<li>The Bank of Japan faces a difficult dilemma, weighing the need for further monetary tightening in spite of risks of economic slowdown.</li>
</ul>


Japanese equities underperformed US markets this week, experiencing a sharp sector rotation as semiconductor stocks surged while previous momentum leaders suffered significant profit-taking.
Despite firm domestic consumption and credit growth, Japan faces mounting pressure from rising producer inflation and business sentiment declines driven by global geopolitical conflicts.
The Bank of Japan faces a difficult dilemma, weighing the need for further monetary tightening in spite of risks of economic slowdown.


<ul>
<li>Ibiden -27% since start of month but set to recover as Intel wins Google TPU deal. TEL, Lasertec, Screen and TOK also set for a stronger session.</li>
<li>Fujikura and peers should be helped by Corning's multi-billion dollar Amazon optical fiber deal.</li>
<li>Softbank -23% since start of month looking attractive as OpenAI formally announces IPO plans.</li>
</ul>


Ibiden -27% since start of month but set to recover as Intel wins Google TPU deal. TEL, Lasertec, Screen and TOK also set for a stronger session.
Fujikura and peers should be helped by Corning's multi-billion dollar Amazon optical fiber deal.
Softbank -23% since start of month looking attractive as OpenAI formally announces IPO plans.


Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

<ul>
<li>Kioxia +650% YTD, and the most crowded name on the TSE, likely to face sharp selling at the open.</li>
<li>Optical fiber names Furukawa, SEI and Fujikura all in the firing line along with MLCC plays Taiyo Yuden, Murata and TDK.</li>
<li>Expect a sharp rotation back to domestic defensives and the software plays.</li>
</ul>


Kioxia +650% YTD, and the most crowded name on the TSE, likely to face sharp selling at the open.
Optical fiber names Furukawa, SEI and Fujikura all in the firing line along with MLCC plays Taiyo Yuden, Murata and TDK.
Expect a sharp rotation back to domestic defensives and the software plays.


Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

<ul>
<li>Nippon Electric Glass set for a big move on reports it may be a supplier for Apple's foldable iPhone. </li>
<li>Glass substrate peers Toppan, Nittobo, DNP and AGC worth watching alongside Nippon Electric Glass.</li>
<li>A poor tone for memory after Broadcom's miss and Micron's biggest one-day loss ever.</li>
</ul>


Nippon Electric Glass set for a big move on reports it may be a supplier for Apple's foldable iPhone. 
Glass substrate peers Toppan, Nittobo, DNP and AGC worth watching alongside Nippon Electric Glass.
A poor tone for memory after Broadcom's miss and Micron's biggest one-day loss ever.


Japan Morning Connection: Nippon Electric Glass Set to Rise on Foldable IPhone Supplier Report

Japan

Fujikura Ltd. manufactures and sells wires and cables such as optical fiber cables and coaxial cables. The Company's products include optical transmission system, electronic materials, and telecommunication cables.

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Fujikura Ltd (5803 JP)

Japan Morning Connection: Cable and Optical Laggards in Focus as AI Strength Returns

Cable laggards SEI and Furukawa worth watching as AI strength returns. Softbank looks set to rebound on ARM's surge. Chiyoda looks well placed as...

Andrew Jackson

Japan Strategy Weekly | Sector Rotation

Japanese equities struggled this week with sector rotation and profit-taking, as rising producer inflation and global conflicts weigh on business...

Mark Chadwick

Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

Intel's Google TPU win may lift Ibiden, while Corning's Amazon deal may help Fujikura recover. Panasonic could see a lift on AI infrastructure plans.

Andrew Jackson

Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

SOX worst day in 6 years leaves Japan's AI names facing a tough open. Expect a sharp rotation back to domestic defensives and the software plays.

Andrew Jackson

Japan Morning Connection: Nippon Electric Glass Set to Rise on Foldable IPhone Supplier Report

Nippon Electric Glass is going to have a big move with almost nothing priced in on the news from the Nikkei that it may be the supplier for Apples...

Andrew Jackson

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52-week Range

Market Cap (USDm)

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Japan Morning Connection: Cable and Optical Laggards in Focus as AI Strength Returns

Cable laggards SEI and Furukawa worth watching as AI strength returns. Softbank looks set to rebound on ARM's surge. Chiyoda looks well placed as...

Andrew Jackson

Japan Strategy Weekly | Sector Rotation

​Japanese equities struggled this week with sector rotation and profit-taking, as rising producer inflation and global conflicts weigh on business...

Mark Chadwick

Japan Morning Connection: Ibiden Set to Recover as Intel Wins Google TPU Deal

Intel's Google TPU win may lift Ibiden, while Corning's Amazon deal may help Fujikura recover. Panasonic could see a lift on AI infrastructure plans.

Andrew Jackson

Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

SOX worst day in 6 years leaves Japan's AI names facing a tough open. Expect a sharp rotation back to domestic defensives and the software plays.

Andrew Jackson

Japan Morning Connection: Nippon Electric Glass Set to Rise on Foldable IPhone Supplier Report

Nippon Electric Glass is going to have a big move with almost nothing priced in on the news from the Nikkei that it may be the supplier for Apples...

Andrew Jackson

Japanese equities struggled this week with sector rotation and profit-taking, as rising producer inflation and global conflicts weigh on business...