Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.</li>
<li>Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.</li>
<li>Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal</li>
</ul>


MLCC names have exploded higher recently but are very vulnerable to trends outside of the AI thematic.
Space names Astroscale, Synspective, Axelspace and QPS had a very strong day Friday with more gains set to follow.
Power/Automative semi's Rohm, Fuji Electric and Renesas set to catch a bid after Qualcomm expands Stellantis deal


Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

<ul>
<li>Jensen Huang joining Trump's China trip seen as a sign the US may soften export restrictions. A positive for the whole AI complex, especially power/industrial semis.</li>
<li>QD Laser numbers today could surprise to the upside, with the potential for strong guidance helped by likely selling laser retina scanners to Himax.</li>
<li>Kokusai -12.4% on disappointing guidance but likely too conservative given how hot DRAM and NAND markets are. A buying opportunity.</li>
</ul>


Jensen Huang joining Trump's China trip seen as a sign the US may soften export restrictions. A positive for the whole AI complex, especially power/industrial semis.
QD Laser numbers today could surprise to the upside, with the potential for strong guidance helped by likely selling laser retina scanners to Himax.
Kokusai -12.4% on disappointing guidance but likely too conservative given how hot DRAM and NAND markets are. A buying opportunity.


Japan Morning Connection: Hopes of Eased Export Restrictions Set to Lift the AI Complex

<ul>
<li>Seagate +11% after numbers beat setting off a broader rally, with Kioxia set to follow.</li>
<li>Intel managed another 12.1% gain, positive for Ibiden, Lasertec, Tokyo Electron as well as the whole SPE ecosystem.</li>
<li>NXP's rally helped pull the power-semi’s higher, a very good read for Fuji Electric, ROHM, and Renesas Electronics.</li>
</ul>


Seagate +11% after numbers beat setting off a broader rally, with Kioxia set to follow.
Intel managed another 12.1% gain, positive for Ibiden, Lasertec, Tokyo Electron as well as the whole SPE ecosystem.
NXP's rally helped pull the power-semi’s higher, a very good read for Fuji Electric, ROHM, and Renesas Electronics.


Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness

<ul>
<li>TEL, Screen and Kokusai with high China exposure set to underperform with prospect of MATCH act resulting in export curbs.</li>
<li>Tesla adopting Intel's 14A production tech as a cornerstone client a positive read for Lasertec, Ibiden and TEL.</li>
<li>Texas Instruments beat with strong guidance, a great read for Fuji Electric, Rohm and Renesas.</li>
</ul>


TEL, Screen and Kokusai with high China exposure set to underperform with prospect of MATCH act resulting in export curbs.
Tesla adopting Intel's 14A production tech as a cornerstone client a positive read for Lasertec, Ibiden and TEL.
Texas Instruments beat with strong guidance, a great read for Fuji Electric, Rohm and Renesas.


Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

<ul>
<li>Comments on Intel's growth a positive read for Lasertec, TEL and Screen.</li>
<li>Power semis surge on TXN upgrade with analyst expecting 10% price hikes in China. Fuji Electric, Renesas and Sanken set to follow.</li>
<li>Aehr Test lands another hyperscaler order setting a positive tone for Micronics, Teraprobe and Advantest at the open.</li>
</ul>


Comments on Intel's growth a positive read for Lasertec, TEL and Screen.
Power semis surge on TXN upgrade with analyst expecting 10% price hikes in China. Fuji Electric, Renesas and Sanken set to follow.
Aehr Test lands another hyperscaler order setting a positive tone for Micronics, Teraprobe and Advantest at the open.


Japan Morning Connection: Broad Based Tech Rally Set to Lift Chips, Lasers, Memory and Power Semis

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: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

Andrew Jackson

Japan Morning Connection: Hopes of Eased Export Restrictions Set to Lift the AI Complex

Kokusai -12.4% on disappointing guidance looks like a buying opportunity. NEC and Fujitsu continue to lag despite networking and defense exposure....

Andrew Jackson

Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness

Big tech blowouts set to wash away yesterday's pain with storage, semiconductor and multi-layer ceramic capacitor names all set for a strong open.

Andrew Jackson

Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

Kioxia set to follow as memory surges. MATCH act casts a shadow over SPE with high China exposure. Texas Instruments beat points to upside for Fuji...

Andrew Jackson

Japan Morning Connection: Broad Based Tech Rally Set to Lift Chips, Lasers, Memory and Power Semis

Aehr Test lands another hyperscaler order setting a positive tone for testing names. Power semi price hikes point to upside for Fuji Electric and...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: MLCC Names Seem Stretched While Server Sentiment to Lift NEC and Fujitsu

​MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.

Andrew Jackson

Japan Morning Connection: Hopes of Eased Export Restrictions Set to Lift the AI Complex

Kokusai -12.4% on disappointing guidance looks like a buying opportunity. NEC and Fujitsu continue to lag despite networking and defense exposure....

Andrew Jackson

Japan Morning Connection: Big Tech Blowouts to Overshadow Yesterday's Weakness

Big tech blowouts set to wash away yesterday's pain with storage, semiconductor and multi-layer ceramic capacitor names all set for a strong open.

Andrew Jackson

Japan Morning Connection: Memory Names Hit New Highs but MATCH Act Threatens SPE

Kioxia set to follow as memory surges. MATCH act casts a shadow over SPE with high China exposure. Texas Instruments beat points to upside for Fuji...

Andrew Jackson

Japan Morning Connection: Broad Based Tech Rally Set to Lift Chips, Lasers, Memory and Power Semis

Aehr Test lands another hyperscaler order setting a positive tone for testing names. Power semi price hikes point to upside for Fuji Electric and...

Andrew Jackson

MLCC names have been surging but are vulnerable to non-AI trends. Space names and power/automotive semiconductors are poised for gains.