Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Lam Research beat, but with 43% of revs still coming from China the market reaction is muted.</li>
<li>Japan's newly minted PM calls for defence spending 2-years ahead of schedule.</li>
<li>Samsung and S&amp;S Tech filing patents for EUV mask blanks the end for Hoya?</li>
</ul>


Lam Research beat, but with 43% of revs still coming from China the market reaction is muted.
Japan's newly minted PM calls for defence spending 2-years ahead of schedule.
Samsung and S&amp;S Tech filing patents for EUV mask blanks the end for Hoya?


Japan Morning Connection: Tesla Front Loading and IBM's Red Hat Failing to Impress Markets

<ul>
<li>ASML guiding for growth despite a big cut in China sales a positive roadmap for JP SPE also.</li>
<li>Memory prices continue to soar as makers stop issuing spot prices due to lack of inventory.</li>
<li>A LDP-JIP alliance makes a Takaichi PM-ship more likely. Watch as the satellites continue to fly.</li>
</ul>


ASML guiding for growth despite a big cut in China sales a positive roadmap for JP SPE also.
Memory prices continue to soar as makers stop issuing spot prices due to lack of inventory.
A LDP-JIP alliance makes a Takaichi PM-ship more likely. Watch as the satellites continue to fly.


Japan Morning Connection: ASML Sets the Tone for More AI Upside to Start in Japan

<ul>
<li>No BOJ hike means bonds, banks, yen and insurance down, while defense and nuclear will do well.</li>
<li>She is seen as a China-hawk so watch for weakness in China related plays.</li>
<li>Overall expect a big leg higher for markets including in yen sensitive SPE and AI related.</li>
</ul>


No BOJ hike means bonds, banks, yen and insurance down, while defense and nuclear will do well.
She is seen as a China-hawk so watch for weakness in China related plays.
Overall expect a big leg higher for markets including in yen sensitive SPE and AI related.


Japan Morning Connection: Sakae Takaichi Win Pulls Japan to the Right

<ul>
<li>Tech and memory especially keep grinding higher with good showing from semi-cap.</li>
<li>Kioxia management expects to double memory output at several fabs over next 5-years.</li>
<li>MHI cutting their FY guidance as reality not quite meeting expectations...will the market care though?</li>
</ul>


Tech and memory especially keep grinding higher with good showing from semi-cap.
Kioxia management expects to double memory output at several fabs over next 5-years.
MHI cutting their FY guidance as reality not quite meeting expectations...will the market care though?


Japan Morning Connection: Shutdown Concerns Brushed Aside as Govt Set to Close This Morning

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Fleet renewal tailwind: With an aging VLCC fleet (12.8 years average) and a lean orderbook (~9% of fleet), shipowners are incentivized to contract new tonnage.</li>
<li>Regional differentiation: Korean yards dominate (~50% share, with listed exposure via Hanwha Aerospace, HD Hyundai, Samsung HI), China anchors volumes through CSSC, while Japan remains niche and unlisted.</li>
<li>Cyclical caveat: Today’s high TCEs ($90k/day peaks) may not last; over-ordering could set up a 2028 glut, making VLCCs a cyclical rather than structural growth story.</li>
</ul>


Fleet renewal tailwind: With an aging VLCC fleet (12.8 years average) and a lean orderbook (~9% of fleet), shipowners are incentivized to contract new tonnage.
Regional differentiation: Korean yards dominate (~50% share, with listed exposure via Hanwha Aerospace, HD Hyundai, Samsung HI), China anchors volumes through CSSC, while Japan remains niche and unlisted.
Cyclical caveat: Today’s high TCEs ($90k/day peaks) may not last; over-ordering could set up a 2028 glut, making VLCCs a cyclical rather than structural growth story.


VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum

Japan

Mitsubishi Heavy Industries, Ltd. is a comprehensive heavy machinery maker. The Company manufactures machinery, ships, turbines and engines, prime movers, aircrafts, and machine parts for military and commercial use.  Mitsubishi Heavy Industries also researches and develops nuclear power plants.

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Mitsubishi Heavy Industries (7011 JP)

Japan Morning Connection: Tesla Front Loading and IBM's Red Hat Failing to Impress Markets

Foreign Minister Moteigi's comments may lift drone companies. IBM falling after earnings may dent sentiment for the likes of Fujitsu and NEC.

Andrew Jackson

Japan Morning Connection: ASML Sets the Tone for More AI Upside to Start in Japan

ASML numbers sent Japanese SPE higher in the afternoon. Memory names continued higher. Defence and utilities traded better as chances look better...

Andrew Jackson

Japan Morning Connection: Sakae Takaichi Win Pulls Japan to the Right

Takaichi's right wing political views support a more aggressive millitary, making the heavies likely early buys. Expect utilities to do well,...

Andrew Jackson

Japan Morning Connection: Shutdown Concerns Brushed Aside as Govt Set to Close This Morning

A move higher for pharma after Pfizer made a deal with Trump, expect squeezy moves for heavily shorted JP names. A positive for memory plays, with...

Andrew Jackson

VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum

Shipowners are motivated to contract new VLCC tonnage due to aging fleet and low orderbook, but caution is advised as high TCEs may not last....

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Tesla Front Loading and IBM's Red Hat Failing to Impress Markets

Foreign Minister Moteigi's comments may lift drone companies. IBM falling after earnings may dent sentiment for the likes of Fujitsu and NEC.

Andrew Jackson

Japan Morning Connection: ASML Sets the Tone for More AI Upside to Start in Japan

ASML numbers sent Japanese SPE higher in the afternoon. Memory names continued higher. Defence and utilities traded better as chances look better...

Andrew Jackson

Japan Morning Connection: Sakae Takaichi Win Pulls Japan to the Right

Takaichi's right wing political views support a more aggressive millitary, making the heavies likely early buys. Expect utilities to do well,...

Andrew Jackson

Japan Morning Connection: Shutdown Concerns Brushed Aside as Govt Set to Close This Morning

A move higher for pharma after Pfizer made a deal with Trump, expect squeezy moves for heavily shorted JP names. A positive for memory plays, with...

Andrew Jackson

VLCC Shipbuilding: Aging Fleet, Lean Orderbook, and Renewal Momentum

​Shipowners are motivated to contract new VLCC tonnage due to aging fleet and low orderbook, but caution is advised as high TCEs may not last....

Rahul Jain

Shipowners are motivated to contract new VLCC tonnage due to aging fleet and low orderbook, but caution is advised as high TCEs may not last....