Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>TSMC numbers not enough to appease markets, while Oracle quells AI profitability concerns.</li>
<li>HP enterprise margins shrink on growing costs for its servers to house turbo-charged AI chips.</li>
<li>Essilorluxottica's Meta AI glasses a hit, but how does Nikon fit into the frame?</li>
</ul>


TSMC numbers not enough to appease markets, while Oracle quells AI profitability concerns.
HP enterprise margins shrink on growing costs for its servers to house turbo-charged AI chips.
Essilorluxottica's Meta AI glasses a hit, but how does Nikon fit into the frame?


Japan Morning Connection: Japanese Banks Likely to Follow US Peers Lower as Bad Debt Concerns Grow

<ul>
<li>Outperforming memory and NVDA takes a break while semi-cap and AMD related surge.</li>
<li>Wafer names continue to rise with Siltronic +9.2% taking gains to 85% since mid-Sep. Sumco, Shin Etsu and maybe even Tokuyama in focus.</li>
<li>EssilorLuxottica took its Nikon stake up to 10.8% yesterday, but now reports it has approval to take this to 20%. Can squeeze a lot more.</li>
</ul>


Outperforming memory and NVDA takes a break while semi-cap and AMD related surge.
Wafer names continue to rise with Siltronic +9.2% taking gains to 85% since mid-Sep. Sumco, Shin Etsu and maybe even Tokuyama in focus.
EssilorLuxottica took its Nikon stake up to 10.8% yesterday, but now reports it has approval to take this to 20%. Can squeeze a lot more.


Japan Morning Connection: AMD Deal News Sends AI Lurching Higher

<ul>
<li>Markets not liking the US revoking TSMC's China export waiver sending TSMC suppliers lower.</li>
<li>Memory continues to shine but there looks to be more upside for HDD component suppliers Hoya and Minebea.</li>
<li>New AI glasses from Samsung could reignite interest in Nikon if the technology comes back into focus.</li>
</ul>


Markets not liking the US revoking TSMC's China export waiver sending TSMC suppliers lower.
Memory continues to shine but there looks to be more upside for HDD component suppliers Hoya and Minebea.
New AI glasses from Samsung could reignite interest in Nikon if the technology comes back into focus.


Japan Morning Connection: Google Spared from Anti-Trust Break up Sends Stock up in Late Trading

Japan Specialist

Mark Chadwick

<ul>
<li>Nikkei gained +0.2%, buoyed by outsized advances in AI-linked names, while the broader Topix declined -0.8%, trimming year-to-date gains amid rising bond yields and trade uncertainty. </li>
<li>Tokyo CPI rose +2.5% y/y, above target; labour market tightness and resilient consumer sentiment reinforce BOJ hike speculation, even as Fed signals potential policy easing.</li>
<li>Nikon surged 16% after EssilorLuxottica proposed lifting its stake to ~20%, fueling speculation over AR/VR synergies.</li>
</ul>


Nikkei gained +0.2%, buoyed by outsized advances in AI-linked names, while the broader Topix declined -0.8%, trimming year-to-date gains amid rising bond yields and trade uncertainty. 
Tokyo CPI rose +2.5% y/y, above target; labour market tightness and resilient consumer sentiment reinforce BOJ hike speculation, even as Fed signals potential policy easing.
Nikon surged 16% after EssilorLuxottica proposed lifting its stake to ~20%, fueling speculation over AR/VR synergies.


Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats

<ul>
<li>HDD plays WD and Seagate pulling ahead of NAND plays but there may be upside on potential for increased DC adoption for likes of Kioxia.</li>
<li>Mitsubishi Motors cut their FY guidance as competition heats up in key Asian markets as China makers muscle their way in.</li>
<li>Nikon +21% yesterday as EL takes a bigger stake, but don't forget the largest holder activist Silchester-  who may have their own plans.</li>
</ul>


HDD plays WD and Seagate pulling ahead of NAND plays but there may be upside on potential for increased DC adoption for likes of Kioxia.
Mitsubishi Motors cut their FY guidance as competition heats up in key Asian markets as China makers muscle their way in.
Nikon +21% yesterday as EL takes a bigger stake, but don't forget the largest holder activist Silchester-  who may have their own plans.


Japan Morning Connection: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

Japan

NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related equipment, eyeglasses, microscopes, and measuring instruments.

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Nikon Corp (7731 JP)

Japan Morning Connection: Japanese Banks Likely to Follow US Peers Lower as Bad Debt Concerns Grow

Memory continues to outshine all tech. Oracle announcement should quell some concerns about AI spending being profitable. Expect Japanese banks to...

Andrew Jackson

Japan Morning Connection: AMD Deal News Sends AI Lurching Higher

AMD surging higher, keeping focus on AI related names. Continued strength for quantum computing names should push Japan's AI SPE names still higher.

Andrew Jackson

Japan Morning Connection: Google Spared from Anti-Trust Break up Sends Stock up in Late Trading

Optical tech related may see sentiment rise with AR/AI glasses market, HDD names have further to grow with storage demand for AI data centres.

Andrew Jackson

Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats

Nikkei rises on AI gains, Tokyo CPI up, Nikon surges on stake proposal. Bond yields and trade uncertainty weigh on Topix. Fed easing vs BOJ hike...

Mark Chadwick

Japan Morning Connection: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

Expect slight weakness for JP SPE after NVDA dip, guidance cut from Mitsubishi Motors looks like it was expected, Nikon limit up on news of EL...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Japanese Banks Likely to Follow US Peers Lower as Bad Debt Concerns Grow

Memory continues to outshine all tech. Oracle announcement should quell some concerns about AI spending being profitable. Expect Japanese banks to...

Andrew Jackson

Japan Morning Connection: AMD Deal News Sends AI Lurching Higher

AMD surging higher, keeping focus on AI related names. Continued strength for quantum computing names should push Japan's AI SPE names still higher.

Andrew Jackson

Japan Morning Connection: Google Spared from Anti-Trust Break up Sends Stock up in Late Trading

Optical tech related may see sentiment rise with AR/AI glasses market, HDD names have further to grow with storage demand for AI data centres.

Andrew Jackson

Japan Weekly | Narrow Leadership Lifts Nikkei, Topix Retreats

​Nikkei rises on AI gains, Tokyo CPI up, Nikon surges on stake proposal. Bond yields and trade uncertainty weigh on Topix. Fed easing vs BOJ hike...

Mark Chadwick

Japan Morning Connection: NVDA Numbers Ahead of Consensus but Not Enough to Push the Stock Higher

Expect slight weakness for JP SPE after NVDA dip, guidance cut from Mitsubishi Motors looks like it was expected, Nikon limit up on news of EL...

Andrew Jackson

Nikkei rises on AI gains, Tokyo CPI up, Nikon surges on stake proposal. Bond yields and trade uncertainty weigh on Topix. Fed easing vs BOJ hike...