Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Sandisk +15% as the NAND S/D imbalance shows no signs of easing until next year at least.</li>
<li>Olympus's new CEO steps into his role by announcing 2,000 job cuts which the market will like.</li>
<li>Rohm throwing cold water on its AI ambitions makes this a soon to be consensus short for now.</li>
</ul>


Sandisk +15% as the NAND S/D imbalance shows no signs of easing until next year at least.
Olympus's new CEO steps into his role by announcing 2,000 job cuts which the market will like.
Rohm throwing cold water on its AI ambitions makes this a soon to be consensus short for now.


Japan Morning Connection: Fridays Tape Closed Down but a Big Rally off the Intraday Lows

<ul>
<li>Big beat for Sandisk with margins set to surge as BiCS8 rollout gathers steam.</li>
<li>Rohm numbers disappoint and new MTP points to delayed AI server revenues.</li>
<li>MLCC maker Taiyo Yuden effectively cuts its FY OP guidance despite headline raise.</li>
</ul>


Big beat for Sandisk with margins set to surge as BiCS8 rollout gathers steam.
Rohm numbers disappoint and new MTP points to delayed AI server revenues.
MLCC maker Taiyo Yuden effectively cuts its FY OP guidance despite headline raise.


Japan Morning Connection: AI Pullback but NAND Smashes It After-Hours

<ul>
<li>Memory prices surging WoW with wholesalers hoarding NAND and DRAM supplies as S/D remains tight.</li>
<li>Good read for connectivity/wire and cable names on the Lumentum and Coherent beat.</li>
<li>ARM beat setting a good tone for Softbank after its -17% 2-day drop.</li>
</ul>


Memory prices surging WoW with wholesalers hoarding NAND and DRAM supplies as S/D remains tight.
Good read for connectivity/wire and cable names on the Lumentum and Coherent beat.
ARM beat setting a good tone for Softbank after its -17% 2-day drop.


Japan Morning Conection: Aggressive Dip Buying Sends Many Mainstay AI Names to New Highs

<ul>
<li>Decent Onsemi numbers point to a more broad-based recovery, but the end of the Nexperia disruption may be seen as negative for  Rohm and Renesas</li>
<li>Socionext +17% on Fri on Google's Willow news but likely to give it all back on poor guidance</li>
<li>SEI, TDK, Lasertec and TEL all pointing up, Screen down on timing issue</li>
</ul>


Decent Onsemi numbers point to a more broad-based recovery, but the end of the Nexperia disruption may be seen as negative for  Rohm and Renesas
Socionext +17% on Fri on Google's Willow news but likely to give it all back on poor guidance
SEI, TDK, Lasertec and TEL all pointing up, Screen down on timing issue


Japan Morning Connection: AI Related Earnings from Fri and a Strong Tape Set to Send JP Higher

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>In June, <a href="https://www.smartkarma.com/entities/nidec-corp" target="_blank" data-smartkarma-citation="entities:7245:1" rel="noopener">Nidec Corp (6594 JP)</a> announced they would delay the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).</li>
<li>In September they launched a special committee. Shares fell 22%. Last Thursday, the company cancelled its interim dividend. Today, the JPX designated Nidec as Security on Special Alert.</li>
<li>This is a VERY BIG DEAL. Nikkei225 deletes Nidec 5-Nov-2025, replaced by <a href="https://www.smartkarma.com/entities/ibiden-co-ltd" target="_blank" data-smartkarma-citation="entities:16630:1" rel="noopener">Ibiden Co Ltd (4062 JP)</a> (PAF 1.0x). Designation also triggers TOPIX deletion for Nidec, likely on 30 October. </li>
</ul>


In June, Nidec Corp (6594 JP) announced they would delay the release of their yuho for three months because of an internal investigation into NIDEC FIR INTERNATIONAL (Italy).
In September they launched a special committee. Shares fell 22%. Last Thursday, the company cancelled its interim dividend. Today, the JPX designated Nidec as Security on Special Alert.
This is a VERY BIG DEAL. Nikkei225 deletes Nidec 5-Nov-2025, replaced by Ibiden Co Ltd (4062 JP) (PAF 1.0x). Designation also triggers TOPIX deletion for Nidec, likely on 30 October. 


[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

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: Fridays Tape Closed Down but a Big Rally off the Intraday Lows

Olympus will be in play today after earnings highlight it as a restructuring play. Rohm looks like a short vs long with Fuji Elec.

Andrew Jackson

Japan Morning Connection: AI Pullback but NAND Smashes It After-Hours

Rohm earnings miss should send it trading lower, despite Coherent's surge +18.3%. Memory names were relative outperformers. Sandisk's strength...

Andrew Jackson

Japan Morning Conection: Aggressive Dip Buying Sends Many Mainstay AI Names to New Highs

Socionext jumped to recent highs on Friday but tanked after numbers missed. Qualcomm was a beat after hours and should set a positive tone for...

Andrew Jackson

[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

Nidec's accounting issues mean it gets the boot from TOPIX + Nikkei 225 in quick succession. That's 15% of TSO and ¥400bn to sell between 30 Oct...

Travis Lundy

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Fridays Tape Closed Down but a Big Rally off the Intraday Lows

Olympus will be in play today after earnings highlight it as a restructuring play. Rohm looks like a short vs long with Fuji Elec.

Andrew Jackson

Japan Morning Connection: AI Pullback but NAND Smashes It After-Hours

Rohm earnings miss should send it trading lower, despite Coherent's surge +18.3%. Memory names were relative outperformers. Sandisk's strength...

Andrew Jackson

Japan Morning Conection: Aggressive Dip Buying Sends Many Mainstay AI Names to New Highs

Socionext jumped to recent highs on Friday but tanked after numbers missed. Qualcomm was a beat after hours and should set a positive tone for...

Andrew Jackson

Japan Morning Connection: AI Related Earnings from Fri and a Strong Tape Set to Send JP Higher

Any weakness for Screen may be an opportunity to buy. Socionext's poor earnings may lead it to give back its large gains from Friday. SEI expected...

Andrew Jackson

[Japan Special] Ibiden (4062) Replaces Nidec (6594) In Nikkei 225 on Accounting - A VERY BIG DEAL

Nidec's accounting issues mean it gets the boot from TOPIX + Nikkei 225 in quick succession. That's 15% of TSO and ¥400bn to sell between 30 Oct...

Travis Lundy