Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>NVDA disappoints market expectations and trades -7% after-market, setting a very weak tone for Japanese SPE and tech related names to start.</li>
<li>The bad news for 4911 Shiseido continues, with the tone out of a small sell-side meeting held yesterday after-market pointed to further earnings downside.</li>
<li>Expect a continued rotation into value and domestic defensives as the market pivots away from AI/tech with plenty of room for profit taking after the recent rebound.</li>
</ul>


NVDA disappoints market expectations and trades -7% after-market, setting a very weak tone for Japanese SPE and tech related names to start.
The bad news for 4911 Shiseido continues, with the tone out of a small sell-side meeting held yesterday after-market pointed to further earnings downside.
Expect a continued rotation into value and domestic defensives as the market pivots away from AI/tech with plenty of room for profit taking after the recent rebound.


Japan Morning Connection: NVDA Disappoints

<ul>
<li>MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.</li>
<li>Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.</li>
<li>Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.</li>
</ul>


MTD laggards may draw continued dip buying. Kioxia remains -32% since the start of the quarter despite yesterday's rebound.
Optical/Photonics caught a bid overnight, so expect interest in the likes of QD Laser, Santec, Samco and Seiko Giken.
Expect moves up for JP Space names after Sidus +17.1%, AST +10.3%, though SpaceX's August 6 lock-up expiry could weigh on sentiment into next month.


Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

<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

Japan

SHIBAURA MECHATRONICS CORPORATION manufactures and markets manufacturing machines for semiconductors, liquid crystal displays (LCD), and sputtering systems.  The Company also makes industrial automated systems, laser processing equipment, cartesian robots, vending machines, and vacuum pumps.

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52-week Range	0.00 - 0.00
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Shibaura Mechatronics (6590 JP)

Japan Morning Connection: NVDA Disappoints

NVDA disappoints market, setting weak tone for Japanese tech names. Shiseido faces further earnings downside. Market pivots to value and domestic...

Andrew Jackson

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: NVDA Disappoints

​NVDA disappoints market, setting weak tone for Japanese tech names. Shiseido faces further earnings downside. Market pivots to value and domestic...

Andrew Jackson

Japan Morning Connection: SPE and Memory Rebound Set to Build After Strong US Follow Through

SPE and memory rebound set to kick up a notch in Japan after the strong US follow through overnight, with MTD laggards like Kioxia still down 32%...

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

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

NVDA disappoints market, setting weak tone for Japanese tech names. Shiseido faces further earnings downside. Market pivots to value and domestic...