Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Ai plays generally down, with AMAT after mkt dulling sentiment further, despite looking conservative.</li>
<li>Kioxia numbers look decent, but QoQ guidance is down on FX, with no follow through for Sandisk in the US.</li>
<li>Woeful price action for Kyocera yesterday despite an activist win, with the market still cautious over management bungling.</li>
</ul>


Ai plays generally down, with AMAT after mkt dulling sentiment further, despite looking conservative.
Kioxia numbers look decent, but QoQ guidance is down on FX, with no follow through for Sandisk in the US.
Woeful price action for Kyocera yesterday despite an activist win, with the market still cautious over management bungling.


Japan Morning Connection: Market Rotation Away from Tech as Big Winners Take a Breather

<ul>
<li>Weak tape for tech over mixed signalling out of White House.</li>
<li>Kyocera earnings missed but management seem to be pulling the right levers (finally) on the restructuring front.</li>
<li>Ibiden tarred by the Shinko brush, but what about its NVDA exposure?</li>
</ul>


Weak tape for tech over mixed signalling out of White House.
Kyocera earnings missed but management seem to be pulling the right levers (finally) on the restructuring front.
Ibiden tarred by the Shinko brush, but what about its NVDA exposure?


Japan Morning Connection: Trump Tariff U-Turn Will Help Markets Start Better

<ul>
<li>Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.</li>
<li>Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.</li>
<li>Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?</li>
</ul>


Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.
Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.
Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?


Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.</li>
<li>The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels</li>
<li>Among the listed companies <a href="https://www.smartkarma.com/entities/3-m-co" target="_blank" data-smartkarma-citation="entities:14866:1" rel="noopener">3M Co (MMM US)</a> , <a href="https://www.smartkarma.com/entities/dentsply-international-inc" target="_blank" data-smartkarma-citation="entities:10926:1" rel="noopener">Dentsply International (XRAY US)</a> , <a href="https://www.smartkarma.com/entities/align-technology-inc" target="_blank" data-smartkarma-citation="entities:2817:1" rel="noopener">Align Technology (ALGN US)</a> , <a href="https://www.smartkarma.com/entities/envista-holdings-corp" target="_blank" data-smartkarma-citation="entities:35866:1" rel="noopener">Envista Holdings (NVST US)</a>  &amp; <a href="https://www.smartkarma.com/entities/straumann-holding-ag" target="_blank" data-smartkarma-citation="entities:22493:1" rel="noopener">Straumann Holding (STMN SW)</a> stand out. </li>
</ul>


This report is almost entirely based on datamined from technical publications related to patents and innovations in the area of Odontology.
The industry will see significant consolidation as mid-sized and smaller players with inspired innovations are be bought out as the industry seeks more cost-efficient distribution channels
Among the listed companies 3M Co (MMM US) , Dentsply International (XRAY US) , Align Technology (ALGN US) , Envista Holdings (NVST US)  &amp; Straumann Holding (STMN SW) stand out. 


A Detailed Look Into Innovations in Dentistry

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>BOJ sows confusion with hawkish and dovish statements regarding its tightening policy. On a USD-basis the Japan market failed again to break its long-term resistance indicating a "Dead Cat Bounce".</li>
<li>Auto and Semiconductor sectors pressured by US trade policies and Trading Companies are affected by JPY strength.  US rejection of <strong><a href="https://www.smartkarma.com/entities/nippon-steel-corporation" target="_blank" data-smartkarma-citation="entities:961:1" rel="noopener">Nippon Steel Corporation (5401 JP)</a></strong>merger affects Japan steel sector.</li>
<li>Higher domestic yields is a catalyst to reverse the large money flows from Japan during the Kuroda years.</li>
</ul>


BOJ sows confusion with hawkish and dovish statements regarding its tightening policy. On a USD-basis the Japan market failed again to break its long-term resistance indicating a "Dead Cat Bounce".
Auto and Semiconductor sectors pressured by US trade policies and Trading Companies are affected by JPY strength.  US rejection of Nippon Steel Corporation (5401 JP)merger affects Japan steel sector.
Higher domestic yields is a catalyst to reverse the large money flows from Japan during the Kuroda years.


JAPAN:  No Lifeguard on Duty, Swim at Your Own Risk

Japan

Kyocera Corporation manufacturers electronic equipment and components. The Company's products include telecommunication equipment, information equipment, optical equipment, ceramic products, semiconductor parts, chips, hybrid integrated circuits, thermal printheads, image sensors, liquid crystal displays, and connectors. Kyocera operates worldwide.

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Kyocera Corp (6971 JP)

Japan Morning Connection: Market Rotation Away from Tech as Big Winners Take a Breather

Consumer staples and utilities up as market rotated towards defensive. Despite activist win, the market is still cautious with Kyocera.

Andrew Jackson

Japan Morning Connection: Trump Tariff U-Turn Will Help Markets Start Better

Tech stocks weak over mixed signals from the White House, Kyocera making good restructuring efforts despite earnings miss, Ibiden suffered from...

Andrew Jackson

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

A Detailed Look Into Innovations in Dentistry

The report highlights the most innovative well-known & lesser-known dental companies driving advancements in digital dentistry, materials,...

Pyari Menon

JAPAN: No Lifeguard on Duty, Swim at Your Own Risk

BOJ sends mixed signals on its pace of tightening as the JPY strengthens. Auto, semi and trading company sectors continue to be under pressure. A...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Market Rotation Away from Tech as Big Winners Take a Breather

Consumer staples and utilities up as market rotated towards defensive. Despite activist win, the market is still cautious with Kyocera.

Andrew Jackson

Japan Morning Connection: Trump Tariff U-Turn Will Help Markets Start Better

​Tech stocks weak over mixed signals from the White House, Kyocera making good restructuring efforts despite earnings miss, Ibiden suffered from...

Andrew Jackson

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

​Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

A Detailed Look Into Innovations in Dentistry

The report highlights the most innovative well-known & lesser-known dental companies driving advancements in digital dentistry, materials,...

Pyari Menon

JAPAN: No Lifeguard on Duty, Swim at Your Own Risk

BOJ sends mixed signals on its pace of tightening as the JPY strengthens. Auto, semi and trading company sectors continue to be under pressure. A...

David Mudd

Tech stocks weak over mixed signals from the White House, Kyocera making good restructuring efforts despite earnings miss, Ibiden suffered from...

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.