Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Mkt not liking the Analog Devices read for auto and industrial, nor Allegro's disappointing margins.</li>
<li>Market swiftly digesting WD's Sandisk sell down, but Kioxia will be a lot more to swallow.</li>
<li>Nintendo looks ready to bounce ahead of Zelda's 40th anniversary this w/e which could see a raft of new content announced.</li>
</ul>


Mkt not liking the Analog Devices read for auto and industrial, nor Allegro's disappointing margins.
Market swiftly digesting WD's Sandisk sell down, but Kioxia will be a lot more to swallow.
Nintendo looks ready to bounce ahead of Zelda's 40th anniversary this w/e which could see a raft of new content announced.


Japan Morning Connection: Tech and AI up but Power and Industrial Semi's Sag on Numbers

<ul>
<li>AI upside took a  break with the SOX index back at the ATH's, although the selling looks fleeting. </li>
<li>Memory names were up buoyed by Kioxia's big earnings print, with 4Q guidance pointing to a big uptick is ASP's.</li>
<li>Softbank booking a $4.2bn valuation gain for OpenAI...yet to be seen if the mkt agrees with the valuation.</li>
</ul>


AI upside took a  break with the SOX index back at the ATH's, although the selling looks fleeting. 
Memory names were up buoyed by Kioxia's big earnings print, with 4Q guidance pointing to a big uptick is ASP's.
Softbank booking a $4.2bn valuation gain for OpenAI...yet to be seen if the mkt agrees with the valuation.


Japan Morning Connection: Logistics Seen as the Next Industry Vulnerable to Disruption from AI

<ul>
<li>Globalfoundries +16% after a solid beat which shows gains from diversification into silicon photonics and low earth orbit satellites.</li>
<li>GS talking up Sandisk +10.7%, but expect the market to remains jittery ahead of Kioxia numbers today on the close.</li>
<li>Sumco headline numbers miss, but cost front loading and inventory reductions points to a better 2H.</li>
</ul>


Globalfoundries +16% after a solid beat which shows gains from diversification into silicon photonics and low earth orbit satellites.
GS talking up Sandisk +10.7%, but expect the market to remains jittery ahead of Kioxia numbers today on the close.
Sumco headline numbers miss, but cost front loading and inventory reductions points to a better 2H.


Japan Morning Connection: Semi-Cap Jumps Higher While Software Takes a Hit (Again) Over AI Concerns

<ul>
<li>Expect the usual 'Takaichi trade' suspects to continue trading higher with the election result surpassing expectations.</li>
<li>US switches to risk, with tech and AI surging and NVDA clocking a +7.9% gain after the market decided big tech’s $650bn planned capex for 2026 wasn’t so bad.</li>
<li>Expect big gains for tech and SPE with the markets set to surge after US moves + election win.</li>
</ul>


Expect the usual 'Takaichi trade' suspects to continue trading higher with the election result surpassing expectations.
US switches to risk, with tech and AI surging and NVDA clocking a +7.9% gain after the market decided big tech’s $650bn planned capex for 2026 wasn’t so bad.
Expect big gains for tech and SPE with the markets set to surge after US moves + election win.


Japan Morning Connection: Takaichi Blows the Doors off and Secures a Super-Majority for the LDP

<ul>
<li>KLA dropped -15% after guidance underwhelms while Screen and Lasertec likely underwhelm.</li>
<li>Western Digital drops -10% despite beating across all metrics after its massive run higher.</li>
<li>Deckers +20% on good results for Hoka could be good read for Asics.</li>
</ul>


KLA dropped -15% after guidance underwhelms while Screen and Lasertec likely underwhelm.
Western Digital drops -10% despite beating across all metrics after its massive run higher.
Deckers +20% on good results for Hoka could be good read for Asics.


Japan Morning Connection: Gold and Silver + Soggy Semi-Caps Sets Dour Tone

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: Tech and AI up but Power and Industrial Semi's Sag on Numbers

Tech and AI related saw dip buying overnight with the mkt stepping in to pick up heavily sold software names after EDA software maker Cadence +7.6%...

Andrew Jackson

Japan Morning Connection: Logistics Seen as the Next Industry Vulnerable to Disruption from AI

Software continued it's fall as AI fears gripped the market after a period of relative calm. With OpenAI probably listing this year, its likely...

Andrew Jackson

Japan Morning Connection: Semi-Cap Jumps Higher While Software Takes a Hit (Again) Over AI Concerns

Sumco likely to see a sharp drop to start. Power semi's doing well yesterday a positive for related JP names today. Wealth management and R/E...

Andrew Jackson

Japan Morning Connection: Takaichi Blows the Doors off and Secures a Super-Majority for the LDP

With risk sentiment shifted up, look to play the bounce with Lasertec which was -17% after earnings miss and Kioxia which was -11% last week.

Andrew Jackson

Japan Morning Connection: Gold and Silver + Soggy Semi-Caps Sets Dour Tone

Asics may get a lift from Deckers Outdoor showing strong growth for brands outside the usual Nike/Adidas space. Lasertec's outlook guidance may...

Andrew Jackson

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