Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.</li>
<li>Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.</li>
<li>Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.</li>
</ul>


MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.
Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.
Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.


Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

<ul>
<li>QD Laser and other optical names may see a small lift after Barclays upgraded Lumentum to overweight on the optical hardware outlook.</li>
<li>TEL, Lasertec and Screen worth watching this week ahead of Intel earnings, with capex spending expected to come in above estimates.</li>
<li>Kioxia may catch a bid ahead of CXMT's listing on July 27, with the institutional tranche reportedly 570x oversubscribed.</li>
</ul>


QD Laser and other optical names may see a small lift after Barclays upgraded Lumentum to overweight on the optical hardware outlook.
TEL, Lasertec and Screen worth watching this week ahead of Intel earnings, with capex spending expected to come in above estimates.
Kioxia may catch a bid ahead of CXMT's listing on July 27, with the institutional tranche reportedly 570x oversubscribed.


Japan Morning Connection: AI Setup Remains Tepid but Kioxia May Catch a Bid with CXMT Oversubscribed

<ul>
<li>The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.</li>
<li>Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.</li>
<li>Kioxia may catch a bid now that Bain Capital has fully exited their stake. </li>
</ul>


The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.
Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.
Kioxia may catch a bid now that Bain Capital has fully exited their stake. 


Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

<ul>
<li>Expect semi-cap weakness to spread to Japan peers with Teradyne -9.6%, KLA -7.2%, Lam Research -6.9% in the US.</li>
<li>Rough start for memory is likely as retail margin calls intensify following -11.3% Kioxia move, with WD, SNDK, Micron extending losses overnight.</li>
<li>Space names set for further downside as SpaceX slid -6.8% despite bullish analyst targets.</li>
</ul>


Expect semi-cap weakness to spread to Japan peers with Teradyne -9.6%, KLA -7.2%, Lam Research -6.9% in the US.
Rough start for memory is likely as retail margin calls intensify following -11.3% Kioxia move, with WD, SNDK, Micron extending losses overnight.
Space names set for further downside as SpaceX slid -6.8% despite bullish analyst targets.


Japan Morning Connection: Space Names Face Downside Pressure as SpaceX Slides Despite Bullish Calls

Equity Long-Short

Mo Aziz

Cross Asset Strategy

<ul>
<li>Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     </li>
<li>Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.</li>
<li>Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.</li>
</ul>


Memory stocks fell with an average of 6% last week, led by SK Hynix and Samsung. Investors questioned whether hyperscalers and AI model developers can sustain AI infrastructure capex.     
Macro noise (PCE, OpenAI IPO delay) caused investors to realize profit and reduce AI exposure.
Long Macronix (2337 TW) / Short Winbond (2344 TW). Specialty memory monopoly vs. over-leveraged peer. Entry now; Q2 results catalyst 28–30 July 2026.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

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: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

Andrew Jackson

Japan Morning Connection: AI Setup Remains Tepid but Kioxia May Catch a Bid with CXMT Oversubscribed

Kioxia may catch a bid on CXMT's oversubscribed IPO. TEL, Lasertec and Screen worth watching this week ahead of Intel earnings. Optical names may...

Andrew Jackson

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

Andrew Jackson

Japan Morning Connection: Space Names Face Downside Pressure as SpaceX Slides Despite Bullish Calls

The sell off in AI related names accelerated overnight. SpaceX failed to be supported by buy recommendations by analysts overnight, a bad read for...

Andrew Jackson

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

Andrew Jackson

Japan Morning Connection: AI Setup Remains Tepid but Kioxia May Catch a Bid with CXMT Oversubscribed

Kioxia may catch a bid on CXMT's oversubscribed IPO. TEL, Lasertec and Screen worth watching this week ahead of Intel earnings. Optical names may...

Andrew Jackson

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

Andrew Jackson

Japan Morning Connection: Space Names Face Downside Pressure as SpaceX Slides Despite Bullish Calls

The sell off in AI related names accelerated overnight. SpaceX failed to be supported by buy recommendations by analysts overnight, a bad read for...

Andrew Jackson

SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #1 | Week of 22–26 June 2026

​Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...

Mo Aziz

Memory stocks dropped 6% last week as investors worry about AI infrastructure capex sustainability. Profit-taking and macro noise led to reduced...