Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Seagate AH beats but stock slightly lower after its 500% gains since April.</li>
<li>Corning tie-up with Meta sends its 15.6% highs and sets a strong tone for JP wire and cable plays.</li>
<li>TXN +10% AH after earnings showed demand for industrial equipment and vehicles is beginning to rebound.</li>
</ul>


Seagate AH beats but stock slightly lower after its 500% gains since April.
Corning tie-up with Meta sends its 15.6% highs and sets a strong tone for JP wire and cable plays.
TXN +10% AH after earnings showed demand for industrial equipment and vehicles is beginning to rebound.


Japan Morning Connection: Micron Expanding NAND Capacity Does Little to Dent Sentiment for Peers

<ul>
<li>Massive capex numbers from TSMC set to propel JP SPE to new highs today.</li>
<li>Softbank is likely to continue to lag as ARM fails to catch a bid despite being -42% from recent highs.</li>
<li>The hottest momo names in JP last year have cooled, but there should be more upside yet.</li>
</ul>


Massive capex numbers from TSMC set to propel JP SPE to new highs today.
Softbank is likely to continue to lag as ARM fails to catch a bid despite being -42% from recent highs.
The hottest momo names in JP last year have cooled, but there should be more upside yet.


Japan Morning Connection: SOX Closes at New Highs After TSMC Numbers and Capex Beat Ests

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities ended lower in a volatile week, pressured by global tech headwinds despite a strong Friday rally: Nikkei: -2.6% | TPX -1.2% | JPY 156 (+¥1.03) | 10Y 2.02%</li>
<li>Japan Steel Works (-15%), Fujikura (-14%), and Yaskawa (-13%) shares fell sharply this week on AI sentiment cooling and valuation worries; long-term themes in nuclear/defence, and AI/robotics remain intact.</li>
<li>Next week, thinned holiday trading expected; Friday's Tokyo CPI, unemployment, and retail sales data to test BoJ's post-rate-hike confidence.</li>
</ul>


Japanese equities ended lower in a volatile week, pressured by global tech headwinds despite a strong Friday rally: Nikkei: -2.6% | TPX -1.2% | JPY 156 (+¥1.03) | 10Y 2.02%
Japan Steel Works (-15%), Fujikura (-14%), and Yaskawa (-13%) shares fell sharply this week on AI sentiment cooling and valuation worries; long-term themes in nuclear/defence, and AI/robotics remain intact.
Next week, thinned holiday trading expected; Friday's Tokyo CPI, unemployment, and retail sales data to test BoJ's post-rate-hike confidence.


Japan Strategy Weekly | BoJ Hikes to 0.75% Amid Tech Headwinds; Nikkei -2.6%

<ul>
<li>Credo gains read well for connectivity plays but Astera Labs ran out of steam after early pop.</li>
<li>Intel higher still after Apple reportedly signs NDA to explore 18A for the M-series.</li>
<li>Power and industrial semi names led higher by NXP after upbeat comments at UBS conference.</li>
</ul>


Credo gains read well for connectivity plays but Astera Labs ran out of steam after early pop.
Intel higher still after Apple reportedly signs NDA to explore 18A for the M-series.
Power and industrial semi names led higher by NXP after upbeat comments at UBS conference.


Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers

<ul>
<li>Strong numbers for Credo after-hours sets a better tone for connectivity related plays.</li>
<li>FA plays may be back in focus on news Yaskawa and Softbank as well as Fanuc and NVDA announce AI focused tie-ups.</li>
<li>Expect a weakish start in Japan but tech weakness yesterday may soften blow.</li>
</ul>


Strong numbers for Credo after-hours sets a better tone for connectivity related plays.
FA plays may be back in focus on news Yaskawa and Softbank as well as Fanuc and NVDA announce AI focused tie-ups.
Expect a weakish start in Japan but tech weakness yesterday may soften blow.


Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

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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52-week Range	0.00 - 0.00
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Fujikura Ltd (5803 JP)

Japan Morning Connection: Micron Expanding NAND Capacity Does Little to Dent Sentiment for Peers

Upbeat tone for Japan power and semi makers set by US peers. Market will be expecting Fanuc to be a major 'physical AI' play.

Andrew Jackson

Japan Morning Connection: SOX Closes at New Highs After TSMC Numbers and Capex Beat Ests

Likely for Kioxia to hit new highs today with memory names trading well. Strong tone for JP SPE after US tarrifs on Taiwan were lowered.

Andrew Jackson

Japan Strategy Weekly | BoJ Hikes to 0.75% Amid Tech Headwinds; Nikkei -2.6%

Japanese equities fell due to global tech headwinds, with Japan Steel Works, Fujikura, and Yaskawa shares dropping sharply. BoJ hiked rates

Mark Chadwick

Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers

Memory names took a back seat, while power and industrial semi's were lifted by upbeat comments at a UBS conference. Intel had another strong move...

Andrew Jackson

Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

Some rotation into defensive sectors in response to crypto weakness. AI connectivity name Credo is surging post-mkt, setting a better mood for JP...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Micron Expanding NAND Capacity Does Little to Dent Sentiment for Peers

Upbeat tone for Japan power and semi makers set by US peers. Market will be expecting Fanuc to be a major 'physical AI' play.

Andrew Jackson

Japan Morning Connection: SOX Closes at New Highs After TSMC Numbers and Capex Beat Ests

Likely for Kioxia to hit new highs today with memory names trading well. Strong tone for JP SPE after US tarrifs on Taiwan were lowered.

Andrew Jackson

Japan Strategy Weekly | BoJ Hikes to 0.75% Amid Tech Headwinds; Nikkei -2.6%

​Japanese equities fell due to global tech headwinds, with Japan Steel Works, Fujikura, and Yaskawa shares dropping sharply. BoJ hiked rates

Mark Chadwick

Japan Morning Connection: Boeing FCF Back on Track a Good Sign for JP Heavies and CF Makers

Memory names took a back seat, while power and industrial semi's were lifted by upbeat comments at a UBS conference. Intel had another strong move...

Andrew Jackson

Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

Some rotation into defensive sectors in response to crypto weakness. AI connectivity name Credo is surging post-mkt, setting a better mood for JP...

Andrew Jackson

Japanese equities fell due to global tech headwinds, with Japan Steel Works, Fujikura, and Yaskawa shares dropping sharply. BoJ hiked rates