Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>News that mature-node foundry UMC will hike wafer prices is a positive sign for semi’s outside of the AI thematic.</li>
<li>Oil and gas infra companies Chiyoda, Toyo Engineering and JGC on the radar assuming a peace deal will eventually hold.</li>
<li>Kioxia -9.9% and Kokusai -7.2% on Friday likely heading further lower today.</li>
</ul>


News that mature-node foundry UMC will hike wafer prices is a positive sign for semi’s outside of the AI thematic.
Oil and gas infra companies Chiyoda, Toyo Engineering and JGC on the radar assuming a peace deal will eventually hold.
Kioxia -9.9% and Kokusai -7.2% on Friday likely heading further lower today.


Japan Morning Connection: Exuberance Fades Fast as Iran Closes Straits

Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Global asset markets continue to look through the Iran War</li>
<li>US technical indicators and Dollar weakness mean we remain cautiously optimistic</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Global asset markets continue to look through the Iran War
US technical indicators and Dollar weakness mean we remain cautiously optimistic


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The TOPIX Index - Japan's premier domestic equity index - will undergo a sea change in methodology at the end of this month, with ~760 names affected. </li>
<li>There will be roughly 35 or so ADDs, about 700 DELETEs (phased out over 8 quarters), and 40+ Liquidity Factor Removals. There will also be hundreds of FFW changes. </li>
<li>The likely ADDs have handily outperformed their peers over the past year, but some of that has been tech and idiosyncratic circumstances. There may still be trades to do.</li>
</ul>


The TOPIX Index - Japan's premier domestic equity index - will undergo a sea change in methodology at the end of this month, with ~760 names affected. 
There will be roughly 35 or so ADDs, about 700 DELETEs (phased out over 8 quarters), and 40+ Liquidity Factor Removals. There will also be hundreds of FFW changes. 
The likely ADDs have handily outperformed their peers over the past year, but some of that has been tech and idiosyncratic circumstances. There may still be trades to do.


[Quiddity Index] The TOPIX Change in Oct26 - Part V (Final Prep)

<ul>
<li>Quantum theme keeps running but Socionext still struggles to catch a bid.</li>
<li>Aixtron's numbers set a strong tone for Japan SPE names Ulvac and Kokusai.</li>
<li>QD Laser -8.5%, Kioxia -7.4% and Ibiden -5.4% yesterday may be playing catch up today with overnight gains.</li>
</ul>


Quantum theme keeps running but Socionext still struggles to catch a bid.
Aixtron's numbers set a strong tone for Japan SPE names Ulvac and Kokusai.
QD Laser -8.5%, Kioxia -7.4% and Ibiden -5.4% yesterday may be playing catch up today with overnight gains.


Japan Morning Connection: Hopes of Ceasefire Extension to Lift Sentiment

<ul>
<li>QD Laser +12.4% after being highlighted as a way to play hyperscaler qualification cycles.</li>
<li>Likely we see more interest in rapidly scalable modular solutions which includes small modular nuclear reactors. Watch Japan Steel Works and Kimura Chemical Plants Co.</li>
<li>Sandisk +11.8% on news its joining the Nasdaq 100 and a broker upgrade, taking its 5-day gains to 31%. </li>
</ul>


QD Laser +12.4% after being highlighted as a way to play hyperscaler qualification cycles.
Likely we see more interest in rapidly scalable modular solutions which includes small modular nuclear reactors. Watch Japan Steel Works and Kimura Chemical Plants Co.
Sandisk +11.8% on news its joining the Nasdaq 100 and a broker upgrade, taking its 5-day gains to 31%. 


Japan Morning Connection: Tech and AI Push Higher Despite the Ongoing Iran Standoff

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings also operates group management strategy formulation and management.

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Kioxia Holdings (285A JP)

Japan Morning Connection: Exuberance Fades Fast as Iran Closes Straits

Friday's exuberance fades fast as Iran closes the Straits again. Japan's recent tech winners face more pain while power semis and wafer names start...

Andrew Jackson

Overview #56 - Back to the Races?

A review of recent events/data impacting our investment themes and outlook. We take a look at Oil, Commodities and the strong move in US indices

Rikki Malik

[Quiddity Index] The TOPIX Change in Oct26 - Part V (Final Prep)

The TSE announcement for wholesale changes in the TOPIX Index is scheduled for Wednesday after the close. I expect 34-35 ADDs, ~700 DELETEs, and...

Travis Lundy

Japan Morning Connection: Hopes of Ceasefire Extension to Lift Sentiment

Japan to play catch up after yesterday's pullbacks with ceasefire extension hopes lifting sentiment. Aixtron's blowout numbers put Ulvac and...

Andrew Jackson

Japan Morning Connection: Tech and AI Push Higher Despite the Ongoing Iran Standoff

Tech and AI remain bulletproof as markets look past the Iran standoff. Credo's pivot to photonics accelerates the laser theme while Oracle's fuel...

Andrew Jackson

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