Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Big beat for Sandisk with margins set to surge as BiCS8 rollout gathers steam.</li>
<li>Rohm numbers disappoint and new MTP points to delayed AI server revenues.</li>
<li>MLCC maker Taiyo Yuden effectively cuts its FY OP guidance despite headline raise.</li>
</ul>


Big beat for Sandisk with margins set to surge as BiCS8 rollout gathers steam.
Rohm numbers disappoint and new MTP points to delayed AI server revenues.
MLCC maker Taiyo Yuden effectively cuts its FY OP guidance despite headline raise.


Japan Morning Connection: AI Pullback but NAND Smashes It After-Hours

<ul>
<li>SMCI (bad)and AMD (good) numbers failing to lift the mood AH with CEO’s of GS, MS, Capital Group calling for a correction.</li>
<li>Lasertec, Advantest, TEL and Kokusai likely to wobble at the open, but it may be too early for dip-buying yet.</li>
<li>Nintendo posts impressive numbers and guidance looks obviously conservative with the NSW2 set to be their best selling console ever.</li>
</ul>


SMCI (bad)and AMD (good) numbers failing to lift the mood AH with CEO’s of GS, MS, Capital Group calling for a correction.
Lasertec, Advantest, TEL and Kokusai likely to wobble at the open, but it may be too early for dip-buying yet.
Nintendo posts impressive numbers and guidance looks obviously conservative with the NSW2 set to be their best selling console ever.


Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

<ul>
<li>Mega caps announcing bigger capex sends Microsoft and Meta down AH, but is another positive for semi-cap plays.</li>
<li>Disco numbers miss, but memory related shipment miss may be a matter of timing and expect management to say as much on call today</li>
<li>Blackwell for China will mean more upside for Ibiden, not that it needs any help after +25% in 2-days thanks to Nidec (and Nagamori's) demise.</li>
</ul>


Mega caps announcing bigger capex sends Microsoft and Meta down AH, but is another positive for semi-cap plays.
Disco numbers miss, but memory related shipment miss may be a matter of timing and expect management to say as much on call today
Blackwell for China will mean more upside for Ibiden, not that it needs any help after +25% in 2-days thanks to Nidec (and Nagamori's) demise.


Japan Morning Connection: Big Gains for Semi-Testers and Memory Sets Strong Tone (Again)

<ul>
<li>Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.</li>
<li>Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.</li>
<li>Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.</li>
</ul>


Great numbers from Advantest, Teradyne, Seagate and SK Hynix set to send AI related surging.
Jensen Huang spreads NVDA's net wider while dispelling concerns of a bubble.
Qorvo-Skyworks merger could tighten the competitive market for the likes of Murata.


Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

<ul>
<li>IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.</li>
<li>Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.</li>
<li>Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.</li>
</ul>


IBM continues to rerate as a Quantum name after announcing regular AMD chips can be used for qubit error correction.
Trump in Japan for the next 3-days likely to see defense, soybean and auto re-import pledges, but still waiting for a nuclear Takaichi.
Shin-Etsu earnings and guidance missed on PVC outlook, but this could be a bottom as US building sentiment set to improve.


Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood

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: AI Pullback but NAND Smashes It After-Hours

Rohm earnings miss should send it trading lower, despite Coherent's surge +18.3%. Memory names were relative outperformers. Sandisk's strength...

Andrew Jackson

Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

Nintendo guidance looks conservative, with CEO comments that the NSW2 could surpass the Nintendo DS as the best selling console ever. SMCI -10% in...

Andrew Jackson

Japan Morning Connection: Big Gains for Semi-Testers and Memory Sets Strong Tone (Again)

Smaller tester names may have room for further upside after Teradyne and Advantest surged. Any excessive weakness for Disco should be an oportunity...

Andrew Jackson

Japan Morning Connection: A Sea of Knockout Earnings Set to Send Tech and AI Surging

Teradyne's 3Q numbers set a strong tone for the testing market. Skyworks and Qorvo merging may be a negative for Murata which will have to compete...

Andrew Jackson

Japan Morning Connection: SOX to New Highs After CPI Greenlights Further Cuts and Risk-On Mood

Defense and nuclear could get a lift from the bilateral summit with Trump and PM Takaichi. Memory had another strong session on Friday. Excessive...

Andrew Jackson

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