Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>QD Laser and other optical names may see a small lift after Barclays upgraded Lumentum to overweight on the optical hardware outlook.</li>
<li>TEL, Lasertec and Screen worth watching this week ahead of Intel earnings, with capex spending expected to come in above estimates.</li>
<li>Kioxia may catch a bid ahead of CXMT's listing on July 27, with the institutional tranche reportedly 570x oversubscribed.</li>
</ul>


QD Laser and other optical names may see a small lift after Barclays upgraded Lumentum to overweight on the optical hardware outlook.
TEL, Lasertec and Screen worth watching this week ahead of Intel earnings, with capex spending expected to come in above estimates.
Kioxia may catch a bid ahead of CXMT's listing on July 27, with the institutional tranche reportedly 570x oversubscribed.


Japan Morning Connection: AI Setup Remains Tepid but Kioxia May Catch a Bid with CXMT Oversubscribed

<ul>
<li>After a selloff yesterday, AI names are set to recover as NVDA's Kyber roadmap fears ease.</li>
<li>Likely we see a break for NEC Corp which has been trading better recently with flows moving out of SPE.</li>
<li>Interesting to see GS upgrade Nitto Boseki to buy on the expectation that the supply-demand balance for T-glass used in chip packaging will remain significantly tighter than previous assumptions.</li>
</ul>


After a selloff yesterday, AI names are set to recover as NVDA's Kyber roadmap fears ease.
Likely we see a break for NEC Corp which has been trading better recently with flows moving out of SPE.
Interesting to see GS upgrade Nitto Boseki to buy on the expectation that the supply-demand balance for T-glass used in chip packaging will remain significantly tighter than previous assumptions.


Japan Morning Connection: TDK Lags as Peers with More MLCC Exposure Capture AI-Driven Gains

<ul>
<li>Recent SPE winners Kokusai, Screen and TEL set to open weak but excessive drops may offer an opportunity to add.</li>
<li>A positive for Softbank if the potentially less competitive marketplace for frontier models is seen as positive for OpenAI.</li>
<li>Fujitsu and NEC may offer a safe haven after strong overnight moves for software names following Guggenheim upgrades.</li>
</ul>


Recent SPE winners Kokusai, Screen and TEL set to open weak but excessive drops may offer an opportunity to add.
A positive for Softbank if the potentially less competitive marketplace for frontier models is seen as positive for OpenAI.
Fujitsu and NEC may offer a safe haven after strong overnight moves for software names following Guggenheim upgrades.


Japan Morning Connection: SPEs Face Pullback as Meta Enters Cloud Infrastructure

<ul>
<li>Rigaku worth watching as a play on the shift to 2D and more complex transistors requiring X-ray/metrology capabilities.</li>
<li>Photonics names QD Laser, Seiko Giken, Santec and Samco back on the menu for believers in co-packaged optics and photonic-driven AI scale-up.</li>
<li>Japanese space names finally looking more attractive after &gt;50% corrections from recent highs.</li>
</ul>


Rigaku worth watching as a play on the shift to 2D and more complex transistors requiring X-ray/metrology capabilities.
Photonics names QD Laser, Seiko Giken, Santec and Samco back on the menu for believers in co-packaged optics and photonic-driven AI scale-up.
Japanese space names finally looking more attractive after &gt;50% corrections from recent highs.


Japan Morning Connection: Broadening AI Rally Should Increase Photonics and Glass Substrate Focus

<ul>
<li>May see rebounds for biggest SPE losers over the week - Lasertec -14%, Softy -19%, Rigaku -12% and JX Advanced Metals -16%.</li>
<li>Expect a strong day for the Japanese optical peers, especially Furukawa Electric and Sumitomo Electric Industries.</li>
<li>Japanese telcos may face selling pressure as SpaceX talks with Charter about a consumer mobile offering and Rocket Lab looks to build out its own telecom network.</li>
</ul>


May see rebounds for biggest SPE losers over the week - Lasertec -14%, Softy -19%, Rigaku -12% and JX Advanced Metals -16%.
Expect a strong day for the Japanese optical peers, especially Furukawa Electric and Sumitomo Electric Industries.
Japanese telcos may face selling pressure as SpaceX talks with Charter about a consumer mobile offering and Rocket Lab looks to build out its own telecom network.


Japan Morning Connection: Memory-Exposed SPEs Primed to Rally on South Korean Semi Investment

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.

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

SCREEN Holdings (7735 JP)

Japan Morning Connection: AI Setup Remains Tepid but Kioxia May Catch a Bid with CXMT Oversubscribed

Kioxia may catch a bid on CXMT's oversubscribed IPO. TEL, Lasertec and Screen worth watching this week ahead of Intel earnings. Optical names may...

Andrew Jackson

Japan Morning Connection: TDK Lags as Peers with More MLCC Exposure Capture AI-Driven Gains

AI names set for a relief rally as NVDA roadmap fears ease. MLCC exposed plays Murata and Taiyo Yuden outperform TDK while it is weighed down by...

Andrew Jackson

Japan Morning Connection: SPEs Face Pullback as Meta Enters Cloud Infrastructure

Japanese SPEs may give back some recent gains on Meta's cloud move, though dips could offer opportunity. Space and software names may benefit from...

Andrew Jackson

Japan Morning Connection: Broadening AI Rally Should Increase Photonics and Glass Substrate Focus

Japanese SPEs continue to benefit from Korean tailwinds while photonics and glass substrate names should be increasingly back on the menu as...

Andrew Jackson

Japan Morning Connection: Memory-Exposed SPEs Primed to Rally on South Korean Semi Investment

Japanese SPEs with memory exposure set for a quarter-end rally. Furukawa and SEI in focus after Corning's breakout. Telcos face headwinds from new...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)