Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>US semi onshoring plays lifted by Vance comments on US production comments.</li>
<li>SMCI preliminary numbers after market pointing to big upside for 2026 and 30% uptake in new DC's.</li>
<li>Shiseido numbers missed but there were bright spots...enough to cover up the blemishes for a squeeze?</li>
</ul>


US semi onshoring plays lifted by Vance comments on US production comments.
SMCI preliminary numbers after market pointing to big upside for 2026 and 30% uptake in new DC's.
Shiseido numbers missed but there were bright spots...enough to cover up the blemishes for a squeeze?


Japan Morning Connection: Selective Squeezes May Continue with Japan Back from Holiday

<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

<ul>
<li>Market looking past new US semi restrictions with semi majors recovering off pre-market lows.</li>
<li>Earnings beat for KB Homes a shot in the arm for embattled Homebuilders... watch Sumitomo Forestry and Sekisui House for upside.</li>
<li>FA major Yaskawa numbers on Friday were a miss, but signs of a bottoming emerging.</li>
</ul>


Market looking past new US semi restrictions with semi majors recovering off pre-market lows.
Earnings beat for KB Homes a shot in the arm for embattled Homebuilders... watch Sumitomo Forestry and Sekisui House for upside.
FA major Yaskawa numbers on Friday were a miss, but signs of a bottoming emerging.


Japan Morning Connection: Persistent US Tech Weakness, but off the Days Lows

<ul>
<li>Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.</li>
<li>EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.</li>
<li>Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.</li>
</ul>


Yesterday saw a notable rotation out of recent momentum winners in Japan towards oversold quality such as SPE.
EU defence names generally stronger on concerns over Trumps Greenland/Denmark comments may be mild positive for JP heavies.
Power semi weakness in the US at least partially over news Renesas is cutting workforce on weak auto chip sales.


Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

<ul>
<li>US semi-cap names continuing to jump on looser US restrictions than expected.</li>
<li>See attached table for short interest levels for Japan SPE plays.</li>
<li>Gelsinger out and uncertainty up, although JP suppliers will see minimal reaction.</li>
</ul>


US semi-cap names continuing to jump on looser US restrictions than expected.
See attached table for short interest levels for Japan SPE plays.
Gelsinger out and uncertainty up, although JP suppliers will see minimal reaction.


Japan Morning Connection: Brief Respite for SPE Before Trump Likely Ratchets Higher from Jan

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: Selective Squeezes May Continue with Japan Back from Holiday

US semi onshoring boosted by positive comments on US production, SMCI points to big upside for 2026, Shiseido misses numbers but could bright...

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 Morning Connection: Persistent US Tech Weakness, but off the Days Lows

Semi majors recovering despite new US semi restrictions, KB Homes' earnings positive for homebuilders, Yaskawa numbers miss but has signs of...

Andrew Jackson

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Japan Morning Connection: Brief Respite for SPE Before Trump Likely Ratchets Higher from Jan

US semi-cap names continue to jump on looser restrictions. Uncertainty up with Gelsinger out, but minimal impact expected on JP suppliers. See...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Selective Squeezes May Continue with Japan Back from Holiday

​US semi onshoring boosted by positive comments on US production, SMCI points to big upside for 2026, Shiseido misses numbers but could bright...

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 Morning Connection: Persistent US Tech Weakness, but off the Days Lows

Semi majors recovering despite new US semi restrictions, KB Homes' earnings positive for homebuilders, Yaskawa numbers miss but has signs of...

Andrew Jackson

Japan Morning Connection: Can JP Semi-Cap Names Continue to Buck the US Tech Weakness?

Rotation from momentum winners into oversold quality such as SPE, EU defense name strength may be positive for JP heavies, US power semi weakness...

Andrew Jackson

Japan Morning Connection: Brief Respite for SPE Before Trump Likely Ratchets Higher from Jan

​US semi-cap names continue to jump on looser restrictions. Uncertainty up with Gelsinger out, but minimal impact expected on JP suppliers. See...

Andrew Jackson

US semi onshoring boosted by positive comments on US production, SMCI points to big upside for 2026, Shiseido misses numbers but could bright...

US semi-cap names continue to jump on looser restrictions. Uncertainty up with Gelsinger out, but minimal impact expected on JP suppliers. See...