Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.</li>
<li>Software catches a defensive bid with NEC and Fujitsu set to outperform.</li>
<li>Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.</li>
</ul>


Kioxia smashes estimates with all 2026 NAND capacity already sold out and US ADR listing announced.
Software catches a defensive bid with NEC and Fujitsu set to outperform.
Space names Synspective and Axelspace yet to catch a bid and offering attractive entry points ahead of upcoming hype.


Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

<ul>
<li>Jensen Huang joining Trump's China trip seen as a sign the US may soften export restrictions. A positive for the whole AI complex, especially power/industrial semis.</li>
<li>QD Laser numbers today could surprise to the upside, with the potential for strong guidance helped by likely selling laser retina scanners to Himax.</li>
<li>Kokusai -12.4% on disappointing guidance but likely too conservative given how hot DRAM and NAND markets are. A buying opportunity.</li>
</ul>


Jensen Huang joining Trump's China trip seen as a sign the US may soften export restrictions. A positive for the whole AI complex, especially power/industrial semis.
QD Laser numbers today could surprise to the upside, with the potential for strong guidance helped by likely selling laser retina scanners to Himax.
Kokusai -12.4% on disappointing guidance but likely too conservative given how hot DRAM and NAND markets are. A buying opportunity.


Japan Morning Connection: Hopes of Eased Export Restrictions Set to Lift the AI Complex

<ul>
<li>Boeing China deal reported to be for as many as 500 aircraft — positive read for Toray and Japan's heavies who are suppliers to the 787 Dreamliner.</li>
<li>Space names heating up ahead of estimated June-July listing window with Astroscale +13.3% and QPS +5.8% yesterday.</li>
<li>TDK flagged alongside Himax as a key lifecording wearables play which will be the eyes and ears of AI as wearables become more and more ubiquitous.</li>
</ul>


Boeing China deal reported to be for as many as 500 aircraft — positive read for Toray and Japan's heavies who are suppliers to the 787 Dreamliner.
Space names heating up ahead of estimated June-July listing window with Astroscale +13.3% and QPS +5.8% yesterday.
TDK flagged alongside Himax as a key lifecording wearables play which will be the eyes and ears of AI as wearables become more and more ubiquitous.


Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

<ul>
<li>TEL, Screen and Kokusai with high China exposure set to underperform with prospect of MATCH act resulting in export curbs.</li>
<li>Tesla adopting Intel's 14A production tech as a cornerstone client a positive read for Lasertec, Ibiden and TEL.</li>
<li>Texas Instruments beat with strong guidance, a great read for Fuji Electric, Rohm and Renesas.</li>
</ul>


TEL, Screen and Kokusai with high China exposure set to underperform with prospect of MATCH act resulting in export curbs.
Tesla adopting Intel's 14A production tech as a cornerstone client a positive read for Lasertec, Ibiden and TEL.
Texas Instruments beat with strong guidance, a great read for Fuji Electric, Rohm and Renesas.


Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

<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

Japan

Kokusai Electric Corporation manufactures and distributes semiconductor manufacturing systems. The Company produces batch processing systems, single wafer processing systems, and other systems. Kokusai Electric also operates advanced thermal process technology development, training, and other businesses.

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Kokusai Electric (6525 JP)

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

Japan Morning Connection: Hopes of Eased Export Restrictions Set to Lift the AI Complex

Kokusai -12.4% on disappointing guidance looks like a buying opportunity. NEC and Fujitsu continue to lag despite networking and defense exposure....

Andrew Jackson

Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.

Andrew Jackson

Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

Kioxia set to follow as memory surges. MATCH act casts a shadow over SPE with high China exposure. Texas Instruments beat points to upside for Fuji...

Andrew Jackson

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Kioxia's Blowout Numbers A Bright Spot Amidst Tech Pullback

Worth watching Olympus for a rotation into good stories outside of AI. Sumitomo Forestry's recent mega-acquisition of Tri-Pointe homes look...

Andrew Jackson

Japan Morning Connection: Hopes of Eased Export Restrictions Set to Lift the AI Complex

Kokusai -12.4% on disappointing guidance looks like a buying opportunity. NEC and Fujitsu continue to lag despite networking and defense exposure....

Andrew Jackson

Japan Morning Connection: Toray and the Heavies in Focus as China Eyes a Possible Deal with Boeing

​Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.

Andrew Jackson

Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

Kioxia set to follow as memory surges. MATCH act casts a shadow over SPE with high China exposure. Texas Instruments beat points to upside for Fuji...

Andrew Jackson

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

Boeing's China deal boosts Toray and Japan's heavies; Space names like Astroscale and QPS surge; TDK flagged as a play for lifecording AI wearables.