Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>Rorze’s stock price has risen 35% since we became bullish on the stock in August</li>
<li>Q1 sales and operating profits big miss versus analyst consensus due to slowing semicon capex cycle</li>
<li>We would be buying into any stock weakness with an eye on recovery in 2H23 into 2024</li>
</ul>


Rorze’s stock price has risen 35% since we became bullish on the stock in August
Q1 sales and operating profits big miss versus analyst consensus due to slowing semicon capex cycle
We would be buying into any stock weakness with an eye on recovery in 2H23 into 2024


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Kioxia +650% YTD, and the most crowded name on the TSE, likely to face sharp selling at the open.</li>
<li>Optical fiber names Furukawa, SEI and Fujikura all in the firing line along with MLCC plays Taiyo Yuden, Murata and TDK.</li>
<li>Expect a sharp rotation back to domestic defensives and the software plays.</li>
</ul>


Kioxia +650% YTD, and the most crowded name on the TSE, likely to face sharp selling at the open.
Optical fiber names Furukawa, SEI and Fujikura all in the firing line along with MLCC plays Taiyo Yuden, Murata and TDK.
Expect a sharp rotation back to domestic defensives and the software plays.


Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

<ul>
<li>Watch Fujitsu, NEC and OBIC as software likely catches a defensive bid.</li>
<li>Keep an eye on Japan's laser and photonic mid-caps for a lower entry today as markets correct.</li>
<li>Kioxia rose an eye watering +38% over last week so likely to see profit taking creep in for this.</li>
</ul>


Watch Fujitsu, NEC and OBIC as software likely catches a defensive bid.
Keep an eye on Japan's laser and photonic mid-caps for a lower entry today as markets correct.
Kioxia rose an eye watering +38% over last week so likely to see profit taking creep in for this.


Japan Morning Connection: Last Week's Big Winners Face Profit Taking as Iran Talks Fail

<ul>
<li>Micron up AH as numbers beat handily, but not on what you maybe thought. TP's for Sandisk and Kioxia get doubled but expect more on the follow.</li>
<li>Defense will be in focus after loosing their shine to AI on Trump's Ukraine comments and big Boeing deals in the wings.</li>
<li>Quantum names continue higher and Socionext's 7.5% move Monday should have more to run.</li>
</ul>


Micron up AH as numbers beat handily, but not on what you maybe thought. TP's for Sandisk and Kioxia get doubled but expect more on the follow.
Defense will be in focus after loosing their shine to AI on Trump's Ukraine comments and big Boeing deals in the wings.
Quantum names continue higher and Socionext's 7.5% move Monday should have more to run.


Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

<ul>
<li>Widespread weakness in tech/AI related plays after US curbs H20 exports setting a dour tone for JP SPE.</li>
<li>The US looking to suspend the SLR rule for Treasuries could see yields drop as banks do the work of the Fed.</li>
<li>HF's zeroed in Suzuki secondary sparks squeeze and biggest volumes of the year.</li>
</ul>


Widespread weakness in tech/AI related plays after US curbs H20 exports setting a dour tone for JP SPE.
The US looking to suspend the SLR rule for Treasuries could see yields drop as banks do the work of the Fed.
HF's zeroed in Suzuki secondary sparks squeeze and biggest volumes of the year.


Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

Japan

RORZE CORPORATION manufactures printed circuit board conveyers and wafer handlers for semiconductor manufacturing.  The Company also produces sorters and vacuum chamber robots, as well as controllers and stepping motor drivers used in various automation systems.  Rorze provides parts replacement and repair services for its products.

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Rorze Corp (6323 JP)

Rorze (6323) | Q1 Miss, Buying Opp

Despite Q1 miss versus consensus expectations, we continue to think the stock is well placed to capitalize on the structural demand for...

Mark Chadwick

Japan Morning Connection: AI Rally Faces a Correction After SOX Has Biggest Drop in 6 Years

SOX worst day in 6 years leaves Japan's AI names facing a tough open. Expect a sharp rotation back to domestic defensives and the software plays.

Andrew Jackson

Japan Morning Connection: Last Week's Big Winners Face Profit Taking as Iran Talks Fail

Kioxia +38% and Rorze +47% last week with profit taking likely today along with Lasertec and Kokusai after their explosive gains.

Andrew Jackson

Japan Morning Connection: The US Expands Its Tech Reach, Looking to Aquire 10% of Lithium Americas

Quantum names continue to do well which may send Socionext even higher. Micron's numbers after hours will add upside to Ibiden. Any pullback in...

Andrew Jackson

Japan Morning Connection: Tech and AI Set to Drop on New NVDA Export Curbs

Tech and AI weakness after H20 chipset restrictions, discussion of dropping the SLR rule for Treasuries may cause volatility for financials,...

Andrew Jackson

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