Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>New smartphone offering from Micron lifts memory plays which may help EUV also.</li>
<li>Comments from Onsemi management that auto has turned the corner positive for Rohm, Fuji Elec, Renesas.</li>
<li>Kadokawa/Bandai Namco's Nightreign sells 3.5m copies in 4-days, plus a new DLC on the way.</li>
</ul>


New smartphone offering from Micron lifts memory plays which may help EUV also.
Comments from Onsemi management that auto has turned the corner positive for Rohm, Fuji Elec, Renesas.
Kadokawa/Bandai Namco's Nightreign sells 3.5m copies in 4-days, plus a new DLC on the way.


Japan Morning Connection: Coreweave +25% and Numbers from HP Enterprise Sets Positive Semi Tone

<ul>
<li>Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.</li>
<li>Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.</li>
<li>Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?</li>
</ul>


Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.
Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.
Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?


Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

<ul>
<li>NVDA opening its AI ecosystem to the likes of Fujitsu and Qualcomm.</li>
<li>Intel's make-or-break 18A process Panther lake seems to be well received at first look.</li>
<li>Toyota announces Y3trn worth of loans for its Y6trn Industries acquisition, removing concerns for raise.</li>
</ul>


NVDA opening its AI ecosystem to the likes of Fujitsu and Qualcomm.
Intel's make-or-break 18A process Panther lake seems to be well received at first look.
Toyota announces Y3trn worth of loans for its Y6trn Industries acquisition, removing concerns for raise.


Japan Morning Connection: Computex Fails to Excite, but Dip Buyers Stepping in OTD

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Growth expectations have come down, 2025 now expected flat YoY  1) China, Auto &amp; Industrial Capex declining 2) Intel inflated Capex is deflating 3) capacity add only from HBM, AI </li>
<li>The big structural positives continue (HBM, GAA, BSPD, High NA). This means higher Capex intensity. From 3nm to 14A, Capex doubles.  Wafer price doubles. </li>
<li>The risk is to overestimate demand: who can afford chips 2x more expensive? Chips that generate revenue or lower costs, ie chips that run applications in Data Centers</li>
</ul>


Growth expectations have come down, 2025 now expected flat YoY  1) China, Auto &amp; Industrial Capex declining 2) Intel inflated Capex is deflating 3) capacity add only from HBM, AI 
The big structural positives continue (HBM, GAA, BSPD, High NA). This means higher Capex intensity. From 3nm to 14A, Capex doubles.  Wafer price doubles. 
The risk is to overestimate demand: who can afford chips 2x more expensive? Chips that generate revenue or lower costs, ie chips that run applications in Data Centers


Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

<ul>
<li>Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.</li>
<li>JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.</li>
<li>Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.</li>
</ul>


Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.
JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.
Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.


Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Japan

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)

Japan Morning Connection: Coreweave +25% and Numbers from HP Enterprise Sets Positive Semi Tone

Kadokawa and Bandai Namco attractive as longs, may be increased focus on derivative wire and cable plays as well as Japan's EUV related.

Andrew Jackson

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

Japan Morning Connection: Computex Fails to Excite, but Dip Buyers Stepping in OTD

May be further upside for Fujitsu following NVDA NVLink announcement, Intel's new product recieves positive feedback, Toyota discussing loan for...

Andrew Jackson

Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...

Nicolas Baratte

Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Tech names outperformed the market led by analog/MPU/power semiconductor manufacturer Microchip Technology. Uncertainty for JP Pharma as Trump...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Coreweave +25% and Numbers from HP Enterprise Sets Positive Semi Tone

Kadokawa and Bandai Namco attractive as longs, may be increased focus on derivative wire and cable plays as well as Japan's EUV related.

Andrew Jackson

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

​Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

Japan Morning Connection: Computex Fails to Excite, but Dip Buyers Stepping in OTD

May be further upside for Fujitsu following NVDA NVLink announcement, Intel's new product recieves positive feedback, Toyota discussing loan for...

Andrew Jackson

Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

​SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...

Nicolas Baratte

Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Tech names outperformed the market led by analog/MPU/power semiconductor manufacturer Microchip Technology. Uncertainty for JP Pharma as Trump...

Andrew Jackson

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...