Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Intel relief rally didn't last, but Broadcom rebounded after a week of selling despite Apple weakness.</li>
<li>Oracle is 7% in late-trading after posting very bullish cloud and cloud infra guidance.</li>
<li>Record sales for Nintendo's Switch2 console not enough to keep stock moving higher.</li>
</ul>


Intel relief rally didn't last, but Broadcom rebounded after a week of selling despite Apple weakness.
Oracle is 7% in late-trading after posting very bullish cloud and cloud infra guidance.
Record sales for Nintendo's Switch2 console not enough to keep stock moving higher.


Japan Morning Connection: Rumors Micron May Lift DDR4 Prices Lifts Sentiment for All Things Memory

<ul>
<li>Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.</li>
<li>Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.</li>
<li>Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?</li>
</ul>


Applied Digital landing a big data center order from CoreWeave lifting AI related plays setting upbeat tone for SPE.
Big Chinese SiC capacity coming online further adding to the price pressures for Rohm.
Square Enix cancelling its 'Project Gemini' with Polish developer another foreign flop reminiscent of Avengers?


Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Growth expectations have come down, 2025 now expected flat YoY  1) China, Auto &amp; Industrial Capex declining 2) Intel inflated Capex is deflating 3) capacity add only from HBM, AI </li>
<li>The big structural positives continue (HBM, GAA, BSPD, High NA). This means higher Capex intensity. From 3nm to 14A, Capex doubles.  Wafer price doubles. </li>
<li>The risk is to overestimate demand: who can afford chips 2x more expensive? Chips that generate revenue or lower costs, ie chips that run applications in Data Centers</li>
</ul>


Growth expectations have come down, 2025 now expected flat YoY  1) China, Auto &amp; Industrial Capex declining 2) Intel inflated Capex is deflating 3) capacity add only from HBM, AI 
The big structural positives continue (HBM, GAA, BSPD, High NA). This means higher Capex intensity. From 3nm to 14A, Capex doubles.  Wafer price doubles. 
The risk is to overestimate demand: who can afford chips 2x more expensive? Chips that generate revenue or lower costs, ie chips that run applications in Data Centers


Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

<ul>
<li>Positive US-China talks and the de-escalation of tariffs signal a major softening by both sides.</li>
<li>Expect momentum favourites to continue climbing as risk-on greenlights CTA factor buying.</li>
<li>US Pharma rebounded with Trump executive order seen as toothless and vague.</li>
</ul>


Positive US-China talks and the de-escalation of tariffs signal a major softening by both sides.
Expect momentum favourites to continue climbing as risk-on greenlights CTA factor buying.
US Pharma rebounded with Trump executive order seen as toothless and vague.


Japan Morning Connection: Japan Tech and SPE to Continue Higher with Nasdaq100 Back in a Bull Mkt

<ul>
<li>Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.</li>
<li>JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.</li>
<li>Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.</li>
</ul>


Power/Analog semi names were buoyed by Microchip Tech comments for a downcycle inflection.
JP Heavies MHI and KHI both failed to impress on Friday, but MHI may see interest on news for possible jet export.
Trump looking to cut pharma costs by 30-80% will add to the uncertainty for JP pharma with high medicare and medicaid exposure.


Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Japan

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

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SCREEN Holdings (7735 JP)

Japan Morning Connection: Rumors Micron May Lift DDR4 Prices Lifts Sentiment for All Things Memory

Broadcom rebounds after earnings driven weakness. Quantum names up after positive comments from Jensen Huang. Nintendo's record sales fail to...

Andrew Jackson

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...

Nicolas Baratte

Japan Morning Connection: Japan Tech and SPE to Continue Higher with Nasdaq100 Back in a Bull Mkt

US-China trade tensions ease as tariffs are de-escalated, resulting in risk-on buying across sectors. Should see improved sentiment for Japan...

Andrew Jackson

Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Tech names outperformed the market led by analog/MPU/power semiconductor manufacturer Microchip Technology. Uncertainty for JP Pharma as Trump...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Rumors Micron May Lift DDR4 Prices Lifts Sentiment for All Things Memory

​Broadcom rebounds after earnings driven weakness. Quantum names up after positive comments from Jensen Huang. Nintendo's record sales fail to...

Andrew Jackson

Japan Morning Connection: Markets Rising from Morning Lows on Expectations for a Trump-Xi Call

​Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

Andrew Jackson

Semi Production Equipment Part 1: Great Tech Upgrades but Expectations Are Still Inflated

​SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...

Nicolas Baratte

Japan Morning Connection: Japan Tech and SPE to Continue Higher with Nasdaq100 Back in a Bull Mkt

​US-China trade tensions ease as tariffs are de-escalated, resulting in risk-on buying across sectors. Should see improved sentiment for Japan...

Andrew Jackson

Japan Morning Connection: US-China Talks End on Positive Note Adding to the Bullish Tone to Start

Tech names outperformed the market led by analog/MPU/power semiconductor manufacturer Microchip Technology. Uncertainty for JP Pharma as Trump...

Andrew Jackson

Broadcom rebounds after earnings driven weakness. Quantum names up after positive comments from Jensen Huang. Nintendo's record sales fail to...

Applied Digital secures big data center order, setting a good tone for AI and SPE. Chinese SiC capacity increase adds pressure for Rohm. Potential...

SEMI PROD EQUIIPMENT growth expectations have decreased, 2025 expected flat YoY. Structural positives like HBM and AI drive higher capex...

US-China trade tensions ease as tariffs are de-escalated, resulting in risk-on buying across sectors. Should see improved sentiment for Japan...