Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.</li>
<li>This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.</li>
<li>Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.</li>
</ul>


News that chipmakers plan to relax the standard that determines the thickness of next-gen 20-layer HBM4 memory chips sent hybrid-bonding play BESI -17%.
This sent Teradyne -10.6%, Lam Research -7.2%, and AMAT -6.3%, and while the impact is more nuanced in Japan it will be indiscriminate risk-off across SPE to start.
Software bounced so this may see a defense bid, and I would be looking to be long JP utilities with nuclear restarts vs those still dependent on oil/gas fired plants.


Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Suzhou Dongshan Precision A / Technical Analysis

<ul>
<li>We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...</li>
<li>...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."</li>
<li>That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term</li>
</ul>


We remain near-term bullish as long as $141.50 support on ACWI-US continues to hold. We discussed last week (2/26/26 Int'l Compass) to trim exposure to Korea and Taiwan...
...Noting for Korea that "with recent upside acceleration there is risk of a larger pullback following the current parabolic upside period."
That pullback has begun to materialize, and the growing list of concerns that we have highlighted since early-February remains a problem for global equities near-term


Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Japan Specialist

Mark Chadwick

<ul>
<li>Japanese equities fell after record highs as Middle East tensions pushed oil higher, triggering global risk-off sentiment and exposing Japan’s vulnerability as a major energy importer.</li>
<li>Oil shock hit energy-sensitive sectors: airlines, rubber and brokers fell, while mining and shipping gained; sell-off was broad with momentum reversal and defensives outperforming.</li>
<li>Stock moves diverged: SaaS firms rose on earnings stability, Rohm surged on takeover news, while Sumitomo Metal Mining and Sumitomo Rubber plunged on commodity and oil risks.</li>
</ul>


Japanese equities fell after record highs as Middle East tensions pushed oil higher, triggering global risk-off sentiment and exposing Japan’s vulnerability as a major energy importer.
Oil shock hit energy-sensitive sectors: airlines, rubber and brokers fell, while mining and shipping gained; sell-off was broad with momentum reversal and defensives outperforming.
Stock moves diverged: SaaS firms rose on earnings stability, Rohm surged on takeover news, while Sumitomo Metal Mining and Sumitomo Rubber plunged on commodity and oil risks.


Japan Strategy Weekly | Oil Shock Tests a Crowded Rally

<ul>
<li>NVDA numbers hard to fault to expect continued strength in Japan SPE, and I would watch for a rebound from Ibiden after yesterday's dip.</li>
<li>Software rebounded so watch NEC Hitachi and Fujitsu, although Salesforce weakness AH may take the shine off.</li>
<li>SMCI's C-Node X AI infrastructure stack in partnership with Vast and NVDA may help Nidec catch a bid.</li>
</ul>


NVDA numbers hard to fault to expect continued strength in Japan SPE, and I would watch for a rebound from Ibiden after yesterday's dip.
Software rebounded so watch NEC Hitachi and Fujitsu, although Salesforce weakness AH may take the shine off.
SMCI's C-Node X AI infrastructure stack in partnership with Vast and NVDA may help Nidec catch a bid.


Japan Morning Connection: Navitas Semi Numbers Show Increased Adoption of GaN/SiC Power Components

<ul>
<li>Mkt not liking the Analog Devices read for auto and industrial, nor Allegro's disappointing margins.</li>
<li>Market swiftly digesting WD's Sandisk sell down, but Kioxia will be a lot more to swallow.</li>
<li>Nintendo looks ready to bounce ahead of Zelda's 40th anniversary this w/e which could see a raft of new content announced.</li>
</ul>


Mkt not liking the Analog Devices read for auto and industrial, nor Allegro's disappointing margins.
Market swiftly digesting WD's Sandisk sell down, but Kioxia will be a lot more to swallow.
Nintendo looks ready to bounce ahead of Zelda's 40th anniversary this w/e which could see a raft of new content announced.


Japan Morning Connection: Tech and AI up but Power and Industrial Semi's Sag on Numbers

Japan

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

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ROHM Co Ltd (6963 JP)

Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

Andrew Jackson

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan...

Vermilion Research

Japan Strategy Weekly | Oil Shock Tests a Crowded Rally

Japanese equities fell due to record highs and Middle East tensions pushing oil prices higher, exposing vulnerability as a major energy importer.

Mark Chadwick

Japan Morning Connection: Navitas Semi Numbers Show Increased Adoption of GaN/SiC Power Components

Expectations missed after President's speech yesterday, negative for Sumitomo Forestry which been volatile since announcing new acquisition. Bain...

Andrew Jackson

Japan Morning Connection: Tech and AI up but Power and Industrial Semi's Sag on Numbers

Tech and AI related saw dip buying overnight with the mkt stepping in to pick up heavily sold software names after EDA software maker Cadence +7.6%...

Andrew Jackson

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Japan Morning Connection: Brent Surges as Mojtaba Khamenei Is Voted in as Iran's Next Supreme Leader

Brent surges as high as $111 this morning as hardliner Mojtaba Khamenei in voted in as Iran's next supreme leader. After the dust settles SPE will...

Andrew Jackson

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on ACWI-US Holding for Now

Pullback Offering Buying Opportunities; Crucial Support at $141.50 on $ACWI Holding for Now; Discussed to trim exposure to Korea $EWY and Taiwan...

Vermilion Research

Japan Strategy Weekly | Oil Shock Tests a Crowded Rally

​Japanese equities fell due to record highs and Middle East tensions pushing oil prices higher, exposing vulnerability as a major energy importer.

Mark Chadwick

Japan Morning Connection: Navitas Semi Numbers Show Increased Adoption of GaN/SiC Power Components

Expectations missed after President's speech yesterday, negative for Sumitomo Forestry which been volatile since announcing new acquisition. Bain...

Andrew Jackson

Japan Morning Connection: Tech and AI up but Power and Industrial Semi's Sag on Numbers

Tech and AI related saw dip buying overnight with the mkt stepping in to pick up heavily sold software names after EDA software maker Cadence +7.6%...

Andrew Jackson

Japanese equities fell due to record highs and Middle East tensions pushing oil prices higher, exposing vulnerability as a major energy importer.