Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel keeping the tech tape green on the news it has also reached out to TSMC for partnership</li>
<li>Memory names seeing further profit taking while filing shows Toshiba has made a small sale of its Kioxia holdings.</li>
<li>Medtech and trucks the latest victims of tariff uncertainty after announcements overnight</li>
</ul>


Intel keeping the tech tape green on the news it has also reached out to TSMC for partnership
Memory names seeing further profit taking while filing shows Toshiba has made a small sale of its Kioxia holdings.
Medtech and trucks the latest victims of tariff uncertainty after announcements overnight


Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

<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

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.</li>
<li>Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.</li>
<li>Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.</li>
</ul>


Asia mirrors the U.S. “boring tech” rally: storage, memory, and components once seen as cyclical are being re-rated as AI infrastructure enablers.
Valuation gaps present opportunities: Kioxia and SK Hynix trade at meaningful discounts vs Seagate/WDC/Micron, while Murata and TSMC command premiums; Chinese names appear expensive.
Key risks remain: cyclicality in DRAM/NAND, potential subsidy overbuild, and currency volatility could pressure valuations if AI demand slows.


Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

<ul>
<li>Semi-Cap higher after positive comments from JPM on ASML that the worst is behind it given strong WFE and memory trends.</li>
<li>Wafer names surging globally as demand for memory outstrips supply, while Wolfspeed announces its has reached 200m SiC capability.</li>
<li>A brave short seller for Coreweave calling it a “debt fuelled GPU rental business with no moat”.</li>
</ul>


Semi-Cap higher after positive comments from JPM on ASML that the worst is behind it given strong WFE and memory trends.
Wafer names surging globally as demand for memory outstrips supply, while Wolfspeed announces its has reached 200m SiC capability.
A brave short seller for Coreweave calling it a “debt fuelled GPU rental business with no moat”.


Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

<ul>
<li>Apple reveal not enough to send the stock higher, although its new IPhone Pro and ear pods with built in heart rate monitoring impress.</li>
<li>Alphabet sends the Mag7 to a record high with its cloud computing order backlog bigger than expected.</li>
<li>Wolfspeed +48% as it gets set to emerge from bankruptcy, although this should be no surprise. Positive Renesas</li>
</ul>


Apple reveal not enough to send the stock higher, although its new IPhone Pro and ear pods with built in heart rate monitoring impress.
Alphabet sends the Mag7 to a record high with its cloud computing order backlog bigger than expected.
Wolfspeed +48% as it gets set to emerge from bankruptcy, although this should be no surprise. Positive Renesas


Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

Memory names took a leg lower, setting a poor tone for JP peers. Medtech names took a hit with potential tarriffs and price capping pressures.

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

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

Apple suppliers sent higher after announcement of Apple involvement with IC packaging. Power and industrial semi's shaking off China's anti-dumping...

Andrew Jackson

Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Apple and its suppliers pulled lower. Laggards in the SPE space should get a lift after Oracle's big jump in late trading. A pullback in...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

Memory names took a leg lower, setting a poor tone for JP peers. Medtech names took a hit with potential tarriffs and price capping pressures.

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

Asia’s “Boring Tech” Rerating: Memory, Components & AI Infrastructure

​Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...

Rahul Jain

Japan Morning Connection: Markets Plateauing Ahead of Fed, but Semi's Still Managing to Tick Higher

Apple suppliers sent higher after announcement of Apple involvement with IC packaging. Power and industrial semi's shaking off China's anti-dumping...

Andrew Jackson

Japan Morning Connection: Oracle Blows the Doors off as the AI Train Shows No Sign of a Slowdown

Apple and its suppliers pulled lower. Laggards in the SPE space should get a lift after Oracle's big jump in late trading. A pullback in...

Andrew Jackson

Asia's tech rally focuses on storage, memory, and components as AI infrastructure enablers, with valuation gaps offering opportunities but risks...