Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>SMCI (bad)and AMD (good) numbers failing to lift the mood AH with CEO’s of GS, MS, Capital Group calling for a correction.</li>
<li>Lasertec, Advantest, TEL and Kokusai likely to wobble at the open, but it may be too early for dip-buying yet.</li>
<li>Nintendo posts impressive numbers and guidance looks obviously conservative with the NSW2 set to be their best selling console ever.</li>
</ul>


SMCI (bad)and AMD (good) numbers failing to lift the mood AH with CEO’s of GS, MS, Capital Group calling for a correction.
Lasertec, Advantest, TEL and Kokusai likely to wobble at the open, but it may be too early for dip-buying yet.
Nintendo posts impressive numbers and guidance looks obviously conservative with the NSW2 set to be their best selling console ever.


Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

Japan Specialist

Mark Chadwick

<ul>
<li>
 For the week: Nikkei: +6.3% | TPX +1.9% | JPY 154.11 (+1.24¥)</li>
<li>
 Sectors: NFM +13%, Elec. Equip. +7%, IT &amp; Comm +4.5% | Paper -5%, Services -3%, Textiles -3%</li>
<li>
 Stocks: Ibiden +39%, Advantest +33%, SCSK +32%, Lasertec +31% | DMG -24%, Nidec -24%, SMS -16%</li>
</ul>



 For the week: Nikkei: +6.3% | TPX +1.9% | JPY 154.11 (+1.24¥)

 Sectors: NFM +13%, Elec. Equip. +7%, IT &amp; Comm +4.5% | Paper -5%, Services -3%, Textiles -3%

 Stocks: Ibiden +39%, Advantest +33%, SCSK +32%, Lasertec +31% | DMG -24%, Nidec -24%, SMS -16%


Japan Strategy Weekly | A Place in the Sun

<ul>
<li>Mega caps announcing bigger capex sends Microsoft and Meta down AH, but is another positive for semi-cap plays.</li>
<li>Disco numbers miss, but memory related shipment miss may be a matter of timing and expect management to say as much on call today</li>
<li>Blackwell for China will mean more upside for Ibiden, not that it needs any help after +25% in 2-days thanks to Nidec (and Nagamori's) demise.</li>
</ul>


Mega caps announcing bigger capex sends Microsoft and Meta down AH, but is another positive for semi-cap plays.
Disco numbers miss, but memory related shipment miss may be a matter of timing and expect management to say as much on call today
Blackwell for China will mean more upside for Ibiden, not that it needs any help after +25% in 2-days thanks to Nidec (and Nagamori's) demise.


Japan Morning Connection: Big Gains for Semi-Testers and Memory Sets Strong Tone (Again)

<ul>
<li>Intel sees its PC biz improve. Positive for flip-chip suppliers including Ibiden.</li>
<li>Honeywell sees strong performance from its commercial aero after-market business. IHI gets a D/G but this may lift.</li>
<li>Nidec ADR's take a -25% thumping on numbers and a bevvy of bad news. Could this be the end for Nagamori?</li>
</ul>


Intel sees its PC biz improve. Positive for flip-chip suppliers including Ibiden.
Honeywell sees strong performance from its commercial aero after-market business. IHI gets a D/G but this may lift.
Nidec ADR's take a -25% thumping on numbers and a bevvy of bad news. Could this be the end for Nagamori?


Japan Morning Connection: STM -14% but Nexperia Cannot Guarantee Supplies to JP Autos

<ul>
<li>Micron up AH as numbers beat handily, but not on what you maybe thought. TP's for Sandisk and Kioxia get doubled but expect more on the follow.</li>
<li>Defense will be in focus after loosing their shine to AI on Trump's Ukraine comments and big Boeing deals in the wings.</li>
<li>Quantum names continue higher and Socionext's 7.5% move Monday should have more to run.</li>
</ul>


Micron up AH as numbers beat handily, but not on what you maybe thought. TP's for Sandisk and Kioxia get doubled but expect more on the follow.
Defense will be in focus after loosing their shine to AI on Trump's Ukraine comments and big Boeing deals in the wings.
Quantum names continue higher and Socionext's 7.5% move Monday should have more to run.


Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

Japan

NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

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Nidec Corp (6594 JP)

Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

Nintendo guidance looks conservative, with CEO comments that the NSW2 could surpass the Nintendo DS as the best selling console ever. SMCI -10% in...

Andrew Jackson

Japan Strategy Weekly | A Place in the Sun

Stocks in the Japanese market saw significant gains this week, with sectors like NFM and Electronics leading the way. Ibiden, Advantest, and SCSK...

Mark Chadwick

Japan Morning Connection: Big Gains for Semi-Testers and Memory Sets Strong Tone (Again)

Smaller tester names may have room for further upside after Teradyne and Advantest surged. Any excessive weakness for Disco should be an oportunity...

Andrew Jackson

Japan Morning Connection: STM -14% but Nexperia Cannot Guarantee Supplies to JP Autos

ECU prices higher should be a positive for Renesas Electronics and Denso Corp. Uncertainty for power/analog names. HDD laggards picked up overnight.

Andrew Jackson

Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

Quantum names continue to do well which may send Socionext even higher. Micron's numbers after hours will add upside to Ibiden. Any pullback in...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: AI Takes a Hit Overnight on Renewed Calls that the AI Market Is Overheated

Nintendo guidance looks conservative, with CEO comments that the NSW2 could surpass the Nintendo DS as the best selling console ever. SMCI -10% in...

Andrew Jackson

Japan Strategy Weekly | A Place in the Sun

​Stocks in the Japanese market saw significant gains this week, with sectors like NFM and Electronics leading the way. Ibiden, Advantest, and SCSK...

Mark Chadwick

Japan Morning Connection: Big Gains for Semi-Testers and Memory Sets Strong Tone (Again)

Smaller tester names may have room for further upside after Teradyne and Advantest surged. Any excessive weakness for Disco should be an oportunity...

Andrew Jackson

Japan Morning Connection: STM -14% but Nexperia Cannot Guarantee Supplies to JP Autos

ECU prices higher should be a positive for Renesas Electronics and Denso Corp. Uncertainty for power/analog names. HDD laggards picked up overnight.

Andrew Jackson

Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

Quantum names continue to do well which may send Socionext even higher. Micron's numbers after hours will add upside to Ibiden. Any pullback in...

Andrew Jackson

Stocks in the Japanese market saw significant gains this week, with sectors like NFM and Electronics leading the way. Ibiden, Advantest, and SCSK...