Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Fuji Electric's Ejector Cooling Machine said to cut server cooling power by 85%. Not getting anywhere near the attention it deserves at current levels. </li>
<li>Fuji Electric a big underperformer vs it's closest peer Rohm with the 6504-6963 ratio at 2.58 (2.2std dev LTM) and lows not seen since the start of 2024.</li>
<li>New Glenn explosion continuing to weigh on Space sentiment, as well as the upcoming SpaceX launch.</li>
</ul>


Fuji Electric's Ejector Cooling Machine said to cut server cooling power by 85%. Not getting anywhere near the attention it deserves at current levels. 
Fuji Electric a big underperformer vs it's closest peer Rohm with the 6504-6963 ratio at 2.58 (2.2std dev LTM) and lows not seen since the start of 2024.
New Glenn explosion continuing to weigh on Space sentiment, as well as the upcoming SpaceX launch.


Japan Morning Connection: Fuji Electric's Cooling System Launch Set to Put the Stock in Focus

<ul>
<li>Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.</li>
<li>Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.</li>
<li>Software rotation bid evaporates as AI surges. Expect an underperformance today.</li>
</ul>


Kioxia set for a big open after a brief -4.6% correction yesterday with comment from UBS turning memory sentiment decisively bullish.
Xiaomi’s numbers yesterday should be a shot across the bow for smartphone related names. MLCC makers Taiyo Yuden, Murata and TDK looking increasingly stretched with big exposure to the market.
Software rotation bid evaporates as AI surges. Expect an underperformance today.


Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

<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>Nidec faces damning data falsification allegations with over 1000 cases of quality tampering across household appliances and auto components.</li>
<li>Olympus beats on strong endoscope sales and improved margins with high short interest and a buyback this morning.</li>
<li>Japan's SPE names likely to take a beating today after fading off strong opens for several days.</li>
</ul>


Nidec faces damning data falsification allegations with over 1000 cases of quality tampering across household appliances and auto components.
Olympus beats on strong endoscope sales and improved margins with high short interest and a buyback this morning.
Japan's SPE names likely to take a beating today after fading off strong opens for several days.


Japan Morning Connection: Nidec Faces a Damning Scandal While Olympus Is Primed for a Squeeze

<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

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: Fuji Electric's Cooling System Launch Set to Put the Stock in Focus

Fuji Electric's server cooling launch not getting the attention it deserves with the stock -17% from ATHs. Space related names continue to suffer...

Andrew Jackson

Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

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: Nidec Faces a Damning Scandal While Olympus Is Primed for a Squeeze

Nidec accused of data falsification, Olympus sees success with endoscope sales and better margins, Japan's SPE stocks expected to decline.

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Fuji Electric's Cooling System Launch Set to Put the Stock in Focus

Fuji Electric's server cooling launch not getting the attention it deserves with the stock -17% from ATHs. Space related names continue to suffer...

Andrew Jackson

Japan Morning Connection: Kioxia Set for a Big Open as Memory Surges to New Records

Memory sentiment bullish after UBS comment, setting up a big open for Kioxia after a brief -4.6% correction yesterday. Semi names offer buying...

Andrew Jackson

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: Nidec Faces a Damning Scandal While Olympus Is Primed for a Squeeze

​Nidec accused of data falsification, Olympus sees success with endoscope sales and better margins, Japan's SPE stocks expected to decline.

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

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

Nidec accused of data falsification, Olympus sees success with endoscope sales and better margins, Japan's SPE stocks expected to decline.