Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>SPE in Japan was aggressively sold yesterday but moves look excessive</li>
<li>US Homebuilder's gain after KB Homes beat priced in... upside for JP names should continue</li>
<li>Rohm's outlook remains cloudy as SiC prices likely to slide further as new Chinese supply hits the market.</li>
</ul>


SPE in Japan was aggressively sold yesterday but moves look excessive
US Homebuilder's gain after KB Homes beat priced in... upside for JP names should continue
Rohm's outlook remains cloudy as SiC prices likely to slide further as new Chinese supply hits the market.


Japan Morning Connection: Lukewarm Tech Rebound in the US Enough to Pause JP SPE Meltdown?

<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?

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>US increases tariffs on tungsten, wafers, and polysilicon in Section 301 Trade Action against China by Trade Representative, impacting global trade.</li><li>Challenges facing semiconductor industry highlighted by Intel and Microchip cases under CHIPS Act, affecting technological development.</li><li>Apple and Broadcom collaborate on custom AI chip, enhancing ASIC capabilities, while Tesla resumes search for showrooms in India. Xiaomi aims for premium market in India as smartphone sales slow.</li></ul>

US increases tariffs on tungsten, wafers, and polysilicon in Section 301 Trade Action against China by Trade Representative, impacting global trade.Challenges facing semiconductor industry highlighted by Intel and Microchip cases under CHIPS Act, affecting technological development.Apple and Broadcom collaborate on custom AI chip, enhancing ASIC capabilities, while Tesla resumes search for showrooms in India. Xiaomi aims for premium market in India as smartphone sales slow.

Tech Supply Chain Tracker (13-Dec-2024): US tariffs up on tungsten, wafers, polysilicon in Trade Action vs China

<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

<ul>
<li>Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.</li>
<li>Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.</li>
<li>Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?</li>
</ul>


Tech strong despite market rotating out of NVDA, with EV related gaining on Cali plan.
Home builders surge on Bessent's nomination; expect a strong follow through for JP related plays.
Activists are on the hunt in Japan - how long before someone starts building a stake in Kyocera?


Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ROHM Co Ltd (6963 JP)

Japan Morning Connection: Lukewarm Tech Rebound in the US Enough to Pause JP SPE Meltdown?

Japan SPE sold aggressively, homebuilders should continue to gain after KB Homes' beat, Rohm's outlook cloudy with SiC prices expected to drop with...

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

Tech Supply Chain Tracker (13-Dec-2024): US tariffs up on tungsten, wafers, polysilicon in Trade Action vs China

US raises tariffs on specific materials from China, Intel and Microchip cases test CHIPS Act, Apple and Broadcom team up on AI chip, Tesla...

Tech Supply Chain Tracker

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

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Lukewarm Tech Rebound in the US Enough to Pause JP SPE Meltdown?

Japan SPE sold aggressively, homebuilders should continue to gain after KB Homes' beat, Rohm's outlook cloudy with SiC prices expected to drop with...

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

Tech Supply Chain Tracker (13-Dec-2024): US tariffs up on tungsten, wafers, polysilicon in Trade Action vs China

US raises tariffs on specific materials from China, Intel and Microchip cases test CHIPS Act, Apple and Broadcom team up on AI chip, Tesla...

Tech Supply Chain Tracker

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

Japan Morning Connection: Time to Revisit the Most Bungled Conglomerate Left Standing?

​Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.

Andrew Jackson

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

Tech strong despite market shift away from NVDA,. Home builders surge on Bessent's nomination, Kyocera ripe for activist involvement.