Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Huge +18% move for Sandisk will help Japan's memory complex leg higher.</li>
<li>Networking developer Ciena jumped 23% after blow-out numbers while Broadcom beats after-hours.</li>
<li>10-Year yield dropping below its recent supports helps home builders higher while Shin Etsu continues to underwhelm.</li>
</ul>


Huge +18% move for Sandisk will help Japan's memory complex leg higher.
Networking developer Ciena jumped 23% after blow-out numbers while Broadcom beats after-hours.
10-Year yield dropping below its recent supports helps home builders higher while Shin Etsu continues to underwhelm.


Japan Morning Connection: Tech Storms Higher on a Raft of Positive Earnings and Bullish NAND Outlook

<ul>
<li>Big jump in US homebuilders and chemical names involved in PVC/housing should jump start Shin Etsu.</li>
<li>Toto increasing its US production capacity aligns with its pivot away from China and makes this more interesting as housing play.</li>
<li>Meta's huge capex spending plans not enough to satisfy its need for AI computing as it buys capacity from Google.</li>
</ul>


Big jump in US homebuilders and chemical names involved in PVC/housing should jump start Shin Etsu.
Toto increasing its US production capacity aligns with its pivot away from China and makes this more interesting as housing play.
Meta's huge capex spending plans not enough to satisfy its need for AI computing as it buys capacity from Google.


Japan Morning Connection: Japan Set to Rise with the Rhetoric from Powell More Dovish than Expected

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Bottom-Up

<ul>
<li>SUMCO reported Q225 revenues of ¥102.9 billion, flat sequentially and roughly 3% higher than guidance.</li>
<li>Operating profit of ¥1.5 billion was also slightly better than the forecasted breakeven, but dramatically down from its peak of ¥30.2 billion in Q322.</li>
<li>A projected further increase in depreciation charges for the current quarter is forecasted to drive operating profit to negative ¥3.5 billion. Yikes!</li>
</ul>


SUMCO reported Q225 revenues of ¥102.9 billion, flat sequentially and roughly 3% higher than guidance.
Operating profit of ¥1.5 billion was also slightly better than the forecasted breakeven, but dramatically down from its peak of ¥30.2 billion in Q322.
A projected further increase in depreciation charges for the current quarter is forecasted to drive operating profit to negative ¥3.5 billion. Yikes!


SUMCO Q225. Operating Profit Tanks As Depreciation Soars

<ul>
<li>Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing. </li>
<li>Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong </li>
<li>Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025</li>
</ul>


Sentiment for Sumitomo Forestry will continues to rise with pressure on US rates increasing. 
Coreweave fails to live up to the hype dropping -20% on profit miss, but topline growth remains strong 
Cisco Systems reporting their AI infrastructure orders were double initial expectations for 2025


Super Dovish Comments From Bessent Fuels Home Builder Strength

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Aug 8th. The aggregated net margin trading position is USD15,664m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank, Advantest, Tokyo Electron, Nintendo, IHI, Chugai Pharmaceutical, Toyota Motor, Furukawa Electric, Disco, Mitsubishi Heavy Industries.


JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

Japan

Shin-Etsu Chemical Co., Ltd. produces and distributes synthetic resins and other chemical products such as fertilizers. The Company also manufactures electronic materials such as semiconductor silicon, synthetic, and rare earth quartz. Shin-Etsu Chemical operates in Japan and overseas.

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Shin Etsu Chemical (4063 JP)

Japan Morning Connection: Tech Storms Higher on a Raft of Positive Earnings and Bullish NAND Outlook

Lynx equity strategies research sent NAND related higher in the US, watch JP memory names today. Drop in 10-year yield will help homebuilders....

Andrew Jackson

Japan Morning Connection: Japan Set to Rise with the Rhetoric from Powell More Dovish than Expected

Housing stocks surged after Powell'a comments in Wyoming, Toto should benefit from this improved sentiment. Meta struck a deal with Google for AI...

Andrew Jackson

SUMCO Q225. Operating Profit Tanks As Depreciation Soars

A projected further increase in depreciation charges for the current quarter is forecasted to drive operating profit to negative ¥3.5 billion. Yikes!

William Keating

Super Dovish Comments From Bessent Fuels Home Builder Strength

Sumitomo Forestry sentiment rises with US rate pressure, Coreweave drops on profit miss, Cisco's AI orders exceed expectations for 2025.

Andrew Jackson

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Tech Storms Higher on a Raft of Positive Earnings and Bullish NAND Outlook

Lynx equity strategies research sent NAND related higher in the US, watch JP memory names today. Drop in 10-year yield will help homebuilders....

Andrew Jackson

Japan Morning Connection: Japan Set to Rise with the Rhetoric from Powell More Dovish than Expected

Housing stocks surged after Powell'a comments in Wyoming, Toto should benefit from this improved sentiment. Meta struck a deal with Google for AI...

Andrew Jackson

SUMCO Q225. Operating Profit Tanks As Depreciation Soars

A projected further increase in depreciation charges for the current quarter is forecasted to drive operating profit to negative ¥3.5 billion. Yikes!

William Keating

Super Dovish Comments From Bessent Fuels Home Builder Strength

​Sumitomo Forestry sentiment rises with US rate pressure, Coreweave drops on profit miss, Cisco's AI orders exceed expectations for 2025.

Andrew Jackson

JPX Margin Trading Weekly (Aug 8th): Furukawa Electric, Disco, Mitsubishi Heavy Industries, SoftBank

We analyzed JPX margin trading positions report for the past week and highlighted Furukawa Electric (5801 JP), Disco (6146 JP), Mitsubishi Heavy...

Ke Yan, CFA, FRM

Sumitomo Forestry sentiment rises with US rate pressure, Coreweave drops on profit miss, Cisco's AI orders exceed expectations for 2025.