Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NVDA numbers were inline, but Blackwell rollout and outlook for further sovereign expansion sets bullish tone.</li>
<li>HP numbers point to bleak demand for PC's due to rising import costs and a slower economy</li>
<li>Rohm +13% as its switches to a more AI focused bucket + NKY potential.</li>
</ul>


NVDA numbers were inline, but Blackwell rollout and outlook for further sovereign expansion sets bullish tone.
HP numbers point to bleak demand for PC's due to rising import costs and a slower economy
Rohm +13% as its switches to a more AI focused bucket + NKY potential.


Japan Morning Connection: NVDA Numbers and Tariffs Blocked by US Trade Court Sending Futures Higher

<ul>
<li>Coherent, SMCI, Entegris all posting solid gains, while Skyworks priced in its poor outlook for its Apple biz.</li>
<li>Monolithic as much as +19% post market setting a better tone for power/analog semi related. Renesas +12.6% yesterday also.</li>
<li>Tokyo Electron numbers mixed but positive overall and any weakness at the open a good chance for dip buying.</li>
</ul>


Coherent, SMCI, Entegris all posting solid gains, while Skyworks priced in its poor outlook for its Apple biz.
Monolithic as much as +19% post market setting a better tone for power/analog semi related. Renesas +12.6% yesterday also.
Tokyo Electron numbers mixed but positive overall and any weakness at the open a good chance for dip buying.


Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities experienced a mixed but ultimately positive week, with the Nikkei 225 advancing 0.4% and the Topix up 1%</li>
<li>The BOJ kept its target rate at 0.25% but signalled a hawkish stance, with Governor Ueda not ruling out a rate hike in December should inflation pressures persist</li>
<li>Outlook for the coming week: Japan politics, Japanese corporate earnings, and US presidential election.</li>
</ul>


Japanese equities experienced a mixed but ultimately positive week, with the Nikkei 225 advancing 0.4% and the Topix up 1%
The BOJ kept its target rate at 0.25% but signalled a hawkish stance, with Governor Ueda not ruling out a rate hike in December should inflation pressures persist
Outlook for the coming week: Japan politics, Japanese corporate earnings, and US presidential election.


<ul>
<li>Server related names higher after some big sales numbers and new product launches from SMCI should be a positive for Nidec</li>
<li>Watch for P&amp;C weakness in Japan following losses for peers overnight as Hurricane Milton intensifies as it approaches the Florida coast line</li>
<li>Oil back above $80 will continue to push related names higher; possible refiner pair with 4 days of TPX FFW selling for recent outperformer Idemitsu</li>
</ul>


Server related names higher after some big sales numbers and new product launches from SMCI should be a positive for Nidec
Watch for P&amp;C weakness in Japan following losses for peers overnight as Hurricane Milton intensifies as it approaches the Florida coast line
Oil back above $80 will continue to push related names higher; possible refiner pair with 4 days of TPX FFW selling for recent outperformer Idemitsu


Japan Morning Connection: Oil Through $80 While P&C Take a Hit on Hurricane Milton

<ul>
<li>Profit taking hit tech/semi's as tensions rapidly escalate in the Middle East, causing defense and oil related names to move higher</li>
<li>NEC remains overlooked as a defence play in Japan despite the MoD's growing for budget for electronic warfare and satellite defence capabilities</li>
<li>Renewables in the US are leading the way YTD, although Japan is far behind the curve despite PM Ishiba being a pro wind/solar and hawkish towards nuclear.</li>
</ul>


Profit taking hit tech/semi's as tensions rapidly escalate in the Middle East, causing defense and oil related names to move higher
NEC remains overlooked as a defence play in Japan despite the MoD's growing for budget for electronic warfare and satellite defence capabilities
Renewables in the US are leading the way YTD, although Japan is far behind the curve despite PM Ishiba being a pro wind/solar and hawkish towards nuclear.


Japan Morning Connection: NEC Overlooked as a Defence Play

Japan

Mitsubishi Electric Corporation develops, manufactures, and markets electronic equipment.  The Company's products include industrial machinery, heavy electric machinery, data communications systems, electronic devices, and consumer electronics.

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Mitsubishi Electric (6503 JP)

Japan Morning Connection: NVDA Numbers and Tariffs Blocked by US Trade Court Sending Futures Higher

Rohm +13% after news that it will be manufacturing chips for AI servers and potential NKY inclusion. HP dropping due to concerns over rising import...

Andrew Jackson

Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Skyworks priced in poor outlook for its Apple business. Market sets a better tone for power/anolog semi related. Any weakness in Tokyo Electron a...

Andrew Jackson

Japan Weekly | A Pivotal Week Ahead

Japanese equities saw a modest gain, BOJ hints at possible rate hike, upcoming week to focus on Japan politics, corporate earnings, and US election.

Mark Chadwick

Japan Morning Connection: Oil Through $80 While P&C Take a Hit on Hurricane Milton

Positive sales numbers and new product launches from SMCI could benefit Nidec; P&C weakness expected due to Hurricane Milton; Oil above $80...

Andrew Jackson

Japan Morning Connection: NEC Overlooked as a Defence Play

Middle East tensions cause defense/oil stocks to rise; NEC undervalued in Japan defense sector; US leads in renewables, Japan lags behind despite...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: NVDA Numbers and Tariffs Blocked by US Trade Court Sending Futures Higher

Rohm +13% after news that it will be manufacturing chips for AI servers and potential NKY inclusion. HP dropping due to concerns over rising import...

Andrew Jackson

Japan Morning Connection: Mixed Read from the US but Direction Pointing Higher

Skyworks priced in poor outlook for its Apple business. Market sets a better tone for power/anolog semi related. Any weakness in Tokyo Electron a...

Andrew Jackson

Japan Weekly | A Pivotal Week Ahead

​Japanese equities saw a modest gain, BOJ hints at possible rate hike, upcoming week to focus on Japan politics, corporate earnings, and US election.

Mark Chadwick

Japan Morning Connection: Oil Through $80 While P&C Take a Hit on Hurricane Milton

​Positive sales numbers and new product launches from SMCI could benefit Nidec; P&C weakness expected due to Hurricane Milton; Oil above $80...

Andrew Jackson

Japan Morning Connection: NEC Overlooked as a Defence Play

Middle East tensions cause defense/oil stocks to rise; NEC undervalued in Japan defense sector; US leads in renewables, Japan lags behind despite...

Andrew Jackson

Japanese equities saw a modest gain, BOJ hints at possible rate hike, upcoming week to focus on Japan politics, corporate earnings, and US election.

Positive sales numbers and new product launches from SMCI could benefit Nidec; P&C weakness expected due to Hurricane Milton; Oil above $80...