Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Broadcom up another 10% on potential demand for ASIC, expect Socionext to catch a bid after yesterdays pause.</li>
<li>Market turning more sour on Apple's latest offerings pulling suppliers lower.</li>
<li>EDA names are reeling from China export restrictions with Synopsis -36% pulling Cadence lower also.</li>
</ul>


Broadcom up another 10% on potential demand for ASIC, expect Socionext to catch a bid after yesterdays pause.
Market turning more sour on Apple's latest offerings pulling suppliers lower.
EDA names are reeling from China export restrictions with Synopsis -36% pulling Cadence lower also.


Japan Morning Connection: Oracle +36% Pulls Most AI Related Sharply Higher, Expect Softbank Strength

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.</li>
<li>Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
China (Shanghai Composite) has been a major focus ever since our July 3 report titled "China and Japan Breaking Out," and it's pulling back toward 10-year base support at 3675-3725;buy.
Japan's TOPIX and TOPIX Small indexes remain bullish (BUY), but RS remains below multi-month resistances; we would upgrade Japan to overweight on RS breakouts.


Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

<ul>
<li>Huge +18% move for Sandisk will help Japan's memory complex leg higher.</li>
<li>Networking developer Ciena jumped 23% after blow-out numbers while Broadcom beats after-hours.</li>
<li>10-Year yield dropping below its recent supports helps home builders higher while Shin Etsu continues to underwhelm.</li>
</ul>


Huge +18% move for Sandisk will help Japan's memory complex leg higher.
Networking developer Ciena jumped 23% after blow-out numbers while Broadcom beats after-hours.
10-Year yield dropping below its recent supports helps home builders higher while Shin Etsu continues to underwhelm.


Japan Morning Connection: Tech Storms Higher on a Raft of Positive Earnings and Bullish NAND Outlook

<ul>
<li>Markets not liking the US revoking TSMC's China export waiver sending TSMC suppliers lower.</li>
<li>Memory continues to shine but there looks to be more upside for HDD component suppliers Hoya and Minebea.</li>
<li>New AI glasses from Samsung could reignite interest in Nikon if the technology comes back into focus.</li>
</ul>


Markets not liking the US revoking TSMC's China export waiver sending TSMC suppliers lower.
Memory continues to shine but there looks to be more upside for HDD component suppliers Hoya and Minebea.
New AI glasses from Samsung could reignite interest in Nikon if the technology comes back into focus.


Japan Morning Connection: Google Spared from Anti-Trust Break up Sends Stock up in Late Trading

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Shanghai Conant Optical / Equity Bottom-Up

<ul>
<li>In 1H25, <a href="https://www.smartkarma.com/entities/shanghai-conant-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:33004:1" rel="noopener">Shanghai Conant Optical (2276 HK)</a> reported revenue rise of 11% to RMB 1.1M buoyed by growth across segments like multifunctional lens (up 9%) and standardized lens (up 20%).</li>
<li>In 1H25, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 39.2% in 1H24 to 41% in 1H25 (2024: 38.6%).</li>
<li>Shanghai Conant’s robust demand outlook, capacity expansion plans, R&amp;D initiatives and margin strength offer a strong long term secular growth story.</li>
</ul>


In 1H25, Shanghai Conant Optical (2276 HK) reported revenue rise of 11% to RMB 1.1M buoyed by growth across segments like multifunctional lens (up 9%) and standardized lens (up 20%).
In 1H25, the company kept up with its consistency of expanding its gross margins period after period, as margin expanded from 39.2% in 1H24 to 41% in 1H25 (2024: 38.6%).
Shanghai Conant’s robust demand outlook, capacity expansion plans, R&amp;D initiatives and margin strength offer a strong long term secular growth story.


Conant Optical (2276 HKG): Growth Optics Sharp & Clear with Expanding Margins, Robust Sales in 1H25

Japan

Hoya Corp manufactures electro-optics products such as mask blanks for semiconductors, photomasks for LCD panels, optical glasses, glass memory disks for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The Company also provides information system architecture.

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Hoya Corp (7741 JP)

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

Japan Morning Connection: Tech Storms Higher on a Raft of Positive Earnings and Bullish NAND Outlook

Lynx equity strategies research sent NAND related higher in the US, watch JP memory names today. Drop in 10-year yield will help homebuilders....

Andrew Jackson

Japan Morning Connection: Google Spared from Anti-Trust Break up Sends Stock up in Late Trading

Optical tech related may see sentiment rise with AR/AI glasses market, HDD names have further to grow with storage demand for AI data centres.

Andrew Jackson

Conant Optical (2276 HKG): Growth Optics Sharp & Clear with Expanding Margins, Robust Sales in 1H25

Shanghai Conant Optical sees 11% revenue rise and consistent margin expansion in 1H25. Robust demand outlook, capacity expansion plans, and margin...

Tina Banerjee

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Japan Morning Connection: Oracle +36% Pulls Most AI Related Sharply Higher, Expect Softbank Strength

iPhone Air failed to impress, sending Apple lower. Oracle's success read as being negative for other AI hyper scalers. Synopsis down from export...

Andrew Jackson

Buys in Japan and Europe; China Pulling Back -- Buy; MSCI ACWI Uptrend Intact

Buys in Japan and Europe; China's Shanghai Composite Pulling Back to 10-year Base Support -- Buy; MSCI $ACWI Uptrend Intact. Actionable Themes:...

Vermilion Research

Japan Morning Connection: Tech Storms Higher on a Raft of Positive Earnings and Bullish NAND Outlook

Lynx equity strategies research sent NAND related higher in the US, watch JP memory names today. Drop in 10-year yield will help homebuilders....

Andrew Jackson

Japan Morning Connection: Google Spared from Anti-Trust Break up Sends Stock up in Late Trading

Optical tech related may see sentiment rise with AR/AI glasses market, HDD names have further to grow with storage demand for AI data centres.

Andrew Jackson

Conant Optical (2276 HKG): Growth Optics Sharp & Clear with Expanding Margins, Robust Sales in 1H25

​Shanghai Conant Optical sees 11% revenue rise and consistent margin expansion in 1H25. Robust demand outlook, capacity expansion plans, and margin...

Tina Banerjee

Shanghai Conant Optical sees 11% revenue rise and consistent margin expansion in 1H25. Robust demand outlook, capacity expansion plans, and margin...