Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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

<ul>
<li>Should still be more upside after Micron’s AH numbers yesterday with many Japanese SPE names still a ways from their recent highs after correcting earlier in the week.</li>
<li>Still yet to see Furukawa, SEI and SWCC play catch up to Fujikura after strong guidance revision this week.</li>
<li>A negative read for JP game developers such as Nintendo and Sony after Microsoft announced price hikes for its Xbox.</li>
</ul>


Should still be more upside after Micron’s AH numbers yesterday with many Japanese SPE names still a ways from their recent highs after correcting earlier in the week.
Still yet to see Furukawa, SEI and SWCC play catch up to Fujikura after strong guidance revision this week.
A negative read for JP game developers such as Nintendo and Sony after Microsoft announced price hikes for its Xbox.


Japan Morning Connection: Room to Run with SPEs Still Below Recent Highs

<ul>
<li>Fujikura raises FY OP guidance by 47% on strong optical component orders.</li>
<li>Intel suppliers Lasertec +40%, Ibiden +41% and TEL +20% over last 5 days set for further gains on Intel Apple deal news.</li>
<li>Rohm, Renesas and Fuji Electric set for further upside after Wolfspeed jumps on datacentre demand comments.</li>
</ul>


Fujikura raises FY OP guidance by 47% on strong optical component orders.
Intel suppliers Lasertec +40%, Ibiden +41% and TEL +20% over last 5 days set for further gains on Intel Apple deal news.
Rohm, Renesas and Fuji Electric set for further upside after Wolfspeed jumps on datacentre demand comments.


Japan Morning Connection: War End and Intel Apple Deal Send Optical and Semi Names Surging

<ul>
<li>Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.</li>
<li>A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems</li>
<li>Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.</li>
</ul>


Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.
A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems
Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.


Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

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: 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

Japan Morning Connection: Room to Run with SPEs Still Below Recent Highs

Japanese SPEs have room to run as AI rally yet to be fully priced in, with relative s/t laggards including Lasertec, TEL and Resonac.

Andrew Jackson

Japan Morning Connection: War End and Intel Apple Deal Send Optical and Semi Names Surging

War end and oil falling to send Japan's optical and semi names surging higher. Memory hits new ATHs while Intel suppliers set for even more gains...

Andrew Jackson

Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

Softbank lagging peers while ARM eyes new ATHs. Lasertec may build on yesterday's gains as ASML flags rising AI demand. Nikon worth watching on...

Andrew Jackson

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