Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.</li>
<li>There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.</li>
<li>We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.</li>
</ul>


AI has transformed memory from a cyclical commodity industry into strategic infrastructure, supported by constrained wafer capacity, disciplined supply growth and increasingly durable earnings.
There are fears that the cycle has peaked. However, the insatiable AI demand, limited new capacity, and long-term supply agreements suggest that the industry just passed the half-time.
We are overwhelmingly positive across our coverage universe, with six BUY ratings, one HOLD and one SELL, reflecting our expectation of further upside over the next 12 months.


Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Should still be more upside after Micron’s AH numbers yesterday with many Japanese SPE names still a ways from their recent highs after correcting earlier in the week.</li>
<li>Still yet to see Furukawa, SEI and SWCC play catch up to Fujikura after strong guidance revision this week.</li>
<li>A negative read for JP game developers such as Nintendo and Sony after Microsoft announced price hikes for its Xbox.</li>
</ul>


Should still be more upside after Micron’s AH numbers yesterday with many Japanese SPE names still a ways from their recent highs after correcting earlier in the week.
Still yet to see Furukawa, SEI and SWCC play catch up to Fujikura after strong guidance revision this week.
A negative read for JP game developers such as Nintendo and Sony after Microsoft announced price hikes for its Xbox.


Japan Morning Connection: Room to Run with SPEs Still Below Recent Highs

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities staged a powerful advance through the week with the Nikkei 225 rocketing 7.9% to fresh all-time highs</li>
<li>Semiconductor equipment and technology names led the charge as investors continued to favour beneficiaries of global AI-related capital spending</li>
<li>Murata (+37%) was the top performer on robust demand for high-end multilayer ceramic capacitors (MLCCs) used in AI servers</li>
</ul>


Japanese equities staged a powerful advance through the week with the Nikkei 225 rocketing 7.9% to fresh all-time highs
Semiconductor equipment and technology names led the charge as investors continued to favour beneficiaries of global AI-related capital spending
Murata (+37%) was the top performer on robust demand for high-end multilayer ceramic capacitors (MLCCs) used in AI servers


Japan Strategy Weekly | Stocks Hit Record Highs as Kioxia Eclipses Toyota

<ul>
<li>Kokusai +25% last week and JX Metals +25.6% likely reversal targets at the open.</li>
<li>TeraDrone is pivoting from industrial drones to defense after consolidating two Ukrainian combat drone companies, an interesting thematic to get behind.</li>
<li>Astroscale continued to drop -8.6% yesterday after its earnings showed increasing losses but still an interesting name given its focus on space-junk removal and orbital services.</li>
</ul>


Kokusai +25% last week and JX Metals +25.6% likely reversal targets at the open.
TeraDrone is pivoting from industrial drones to defense after consolidating two Ukrainian combat drone companies, an interesting thematic to get behind.
Astroscale continued to drop -8.6% yesterday after its earnings showed increasing losses but still an interesting name given its focus on space-junk removal and orbital services.


Japan Morning Connection: AI Related Names Set to Slide Following SOX's Skittish Retreat from Highs

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Japan’s AI rally has weathered geopolitical shocks and valuation concerns, with sustained AI spending still providing a powerful long-term tailwind.</li>
<li>Rising expectations of Bank of Japan rate hikes have boosted the financials sector, as wider lending margins are expected to support stronger bank earnings.</li>
<li>Foreign buying helped propel Japanese equities higher, but recent profit-taking suggests investors are reassessing risk-reward dynamics.</li>
</ul>


Japan’s AI rally has weathered geopolitical shocks and valuation concerns, with sustained AI spending still providing a powerful long-term tailwind.
Rising expectations of Bank of Japan rate hikes have boosted the financials sector, as wider lending margins are expected to support stronger bank earnings.
Foreign buying helped propel Japanese equities higher, but recent profit-taking suggests investors are reassessing risk-reward dynamics.


Japan’s AI Trade Holds Firm Amid Market Turbulence

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)

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

Japan Morning Connection: Room to Run with SPEs Still Below Recent Highs

Japanese SPEs have room to run as AI rally yet to be fully priced in, with relative s/t laggards including Lasertec, TEL and Resonac.

Andrew Jackson

Japan Strategy Weekly | Stocks Hit Record Highs as Kioxia Eclipses Toyota

Japanese equities surged to new all-time highs, driven by semiconductor and technology stocks benefiting from global AI-related capital spending,...

Mark Chadwick

Japan’s AI Trade Holds Firm Amid Market Turbulence

Foreign buyers are stepping back, but Japan’s place in the AI boom leaves the long-term investment narrative intact and compelling.

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Semiconductor Memory Handbook: Investing Beyond the Cycle (OUTPERFORM)

​AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Mo Aziz

Japan Morning Connection: Room to Run with SPEs Still Below Recent Highs

Japanese SPEs have room to run as AI rally yet to be fully priced in, with relative s/t laggards including Lasertec, TEL and Resonac.

Andrew Jackson

Japan Strategy Weekly | Stocks Hit Record Highs as Kioxia Eclipses Toyota

​Japanese equities surged to new all-time highs, driven by semiconductor and technology stocks benefiting from global AI-related capital spending,...

Mark Chadwick

Japan Morning Connection: AI Related Names Set to Slide Following SOX's Skittish Retreat from Highs

AI trade cracks under its own weight but big dips likely buying opportunities. Kokusai and JX Metals likely reversal targets.

Andrew Jackson

Japan’s AI Trade Holds Firm Amid Market Turbulence

Foreign buyers are stepping back, but Japan’s place in the AI boom leaves the long-term investment narrative intact and compelling.

Mint Finance

AI has revolutionized the memory industry, shifting it from a cyclical commodity to strategic infrastructure with sustainable earnings and growth...

Japanese equities surged to new all-time highs, driven by semiconductor and technology stocks benefiting from global AI-related capital spending,...