Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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>Jensen Huang joining Trump's China trip seen as a sign the US may soften export restrictions. A positive for the whole AI complex, especially power/industrial semis.</li>
<li>QD Laser numbers today could surprise to the upside, with the potential for strong guidance helped by likely selling laser retina scanners to Himax.</li>
<li>Kokusai -12.4% on disappointing guidance but likely too conservative given how hot DRAM and NAND markets are. A buying opportunity.</li>
</ul>


Jensen Huang joining Trump's China trip seen as a sign the US may soften export restrictions. A positive for the whole AI complex, especially power/industrial semis.
QD Laser numbers today could surprise to the upside, with the potential for strong guidance helped by likely selling laser retina scanners to Himax.
Kokusai -12.4% on disappointing guidance but likely too conservative given how hot DRAM and NAND markets are. A buying opportunity.


Japan Morning Connection: Hopes of Eased Export Restrictions Set to Lift the AI Complex

<ul>
<li>Nidec faces damning data falsification allegations with over 1000 cases of quality tampering across household appliances and auto components.</li>
<li>Olympus beats on strong endoscope sales and improved margins with high short interest and a buyback this morning.</li>
<li>Japan's SPE names likely to take a beating today after fading off strong opens for several days.</li>
</ul>


Nidec faces damning data falsification allegations with over 1000 cases of quality tampering across household appliances and auto components.
Olympus beats on strong endoscope sales and improved margins with high short interest and a buyback this morning.
Japan's SPE names likely to take a beating today after fading off strong opens for several days.


Japan Morning Connection: Nidec Faces a Damning Scandal While Olympus Is Primed for a Squeeze

<ul>
<li>Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.</li>
<li>Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.</li>
<li>Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.</li>
</ul>


Datadog +31.3% on strong guidance pointing to a big reversal back into Japan's software names.
Softbank faces a tough open after its +18.4% golden week catchup with ARM -10.1% on lofty expectations and Chinese smartphone weakness warnings.
Applied Optoelectronics -12% AH on a disappointing earnings miss, a bad read for photonic names QD Laser, Seikoh Giken and Samco.


Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Japan Specialist

Mark Chadwick

<ul>
<li>Topix +0.3% this week with strength in smaller caps and value names. Market breadth still relatively poor</li>
<li>BoJ held rates but 3 members dissented for hikes; outlook flagged upside inflation risks; signals potential June hike.</li>
<li>Japan likely intervened as USD/JPY plunged 160→155; officials warned of “decisive measures,” with more intervention possible near-term.  </li>
</ul>


Topix +0.3% this week with strength in smaller caps and value names. Market breadth still relatively poor
BoJ held rates but 3 members dissented for hikes; outlook flagged upside inflation risks; signals potential June hike.
Japan likely intervened as USD/JPY plunged 160→155; officials warned of “decisive measures,” with more intervention possible near-term.  


Japan Strategy Weekly | BoJ Held Rates but Sent Hawkish Signals

Japan

Fujitsu Ltd manufactures semiconductor, computer, and communication equipment. The Company provides comprehensive information technology, network and telecommunication solutions, and Internet services.

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Fujitsu Ltd (6702 JP)

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: Hopes of Eased Export Restrictions Set to Lift the AI Complex

Kokusai -12.4% on disappointing guidance looks like a buying opportunity. NEC and Fujitsu continue to lag despite networking and defense exposure....

Andrew Jackson

Japan Morning Connection: Nidec Faces a Damning Scandal While Olympus Is Primed for a Squeeze

Nidec accused of data falsification, Olympus sees success with endoscope sales and better margins, Japan's SPE stocks expected to decline.

Andrew Jackson

Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Datadog surge to spark a reversal into Software. Smaller photonics names to take a hit from Coherent's miss. Softbank in danger of giving back...

Andrew Jackson

Japan Strategy Weekly | BoJ Held Rates but Sent Hawkish Signals

Topix up 0.3% with strength in smaller caps and value names, BoJ hints at potential rate hike in June, Japan intervenes as USD/JPY plunges.

Mark Chadwick

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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: Hopes of Eased Export Restrictions Set to Lift the AI Complex

Kokusai -12.4% on disappointing guidance looks like a buying opportunity. NEC and Fujitsu continue to lag despite networking and defense exposure....

Andrew Jackson

Japan Morning Connection: Nidec Faces a Damning Scandal While Olympus Is Primed for a Squeeze

​Nidec accused of data falsification, Olympus sees success with endoscope sales and better margins, Japan's SPE stocks expected to decline.

Andrew Jackson

Japan Morning Connection: Expect a Big Reversal into Software While Photonics Takes a Hit

Datadog surge to spark a reversal into Software. Smaller photonics names to take a hit from Coherent's miss. Softbank in danger of giving back...

Andrew Jackson

Japan Strategy Weekly | BoJ Held Rates but Sent Hawkish Signals

​Topix up 0.3% with strength in smaller caps and value names, BoJ hints at potential rate hike in June, Japan intervenes as USD/JPY plunges.

Mark Chadwick

Nidec accused of data falsification, Olympus sees success with endoscope sales and better margins, Japan's SPE stocks expected to decline.

Topix up 0.3% with strength in smaller caps and value names, BoJ hints at potential rate hike in June, Japan intervenes as USD/JPY plunges.