Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>ASML guiding for growth despite a big cut in China sales a positive roadmap for JP SPE also.</li>
<li>Memory prices continue to soar as makers stop issuing spot prices due to lack of inventory.</li>
<li>A LDP-JIP alliance makes a Takaichi PM-ship more likely. Watch as the satellites continue to fly.</li>
</ul>


ASML guiding for growth despite a big cut in China sales a positive roadmap for JP SPE also.
Memory prices continue to soar as makers stop issuing spot prices due to lack of inventory.
A LDP-JIP alliance makes a Takaichi PM-ship more likely. Watch as the satellites continue to fly.


Japan Morning Connection: ASML Sets the Tone for More AI Upside to Start in Japan

<ul>
<li>Wolfspeed formally goes into Chapter 11, but the upside for Renesas makes its recent write off look excessive.</li>
<li>Short interest for some Japanese autos has surged which points to a squeeze once US trade deal reached.</li>
<li>Space names should be back in  focus ahead of next week's 'Space Tide Conference' in Tokyo. Watch iQPS, Synspective and Sky Perfect JSAT for upside.</li>
</ul>


Wolfspeed formally goes into Chapter 11, but the upside for Renesas makes its recent write off look excessive.
Short interest for some Japanese autos has surged which points to a squeeze once US trade deal reached.
Space names should be back in  focus ahead of next week's 'Space Tide Conference' in Tokyo. Watch iQPS, Synspective and Sky Perfect JSAT for upside.


Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.</li>
<li>Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.</li>
<li>As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
</ul>


We discussed in last week's June 19 report how bullish price and RS trends on Israel's TA-125 was our tell that global equities were looking past Israel-Iran tensions.
Now completely in the rear-view mirror.  We also discussed how we were expecting short-term support on ACWI-US at $123-$123.50 (6.5-month base support), and ACWI-US bottomed at $123.20 on Monday.
As a result, we remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).


Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$123-$123.50 remains short-term support to watch on ACWI-US (6.5-month base); we would expect support here on a pullback, but a break below it would likely mean a test of $119-$121


Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

<ul>
<li>Comments from STMicro CEO reflect a similar positiveness from Onsemi management for auto and industrial chips.</li>
<li>Memory plays strong but still limited follow through for Japanese HDD component makers.</li>
<li>Plant Labs strong earnings highlights the importance of satellite images...positive IQPS, Synspective and Sky perfect.</li>
</ul>


Comments from STMicro CEO reflect a similar positiveness from Onsemi management for auto and industrial chips.
Memory plays strong but still limited follow through for Japanese HDD component makers.
Plant Labs strong earnings highlights the importance of satellite images...positive IQPS, Synspective and Sky perfect.


Japan Morning Connection: Power/Analog Semi Names Leading Tech Higher once Again

Japan

SKY Perfect JSAT Holdings, Inc. is a holding company, which manages financial operations for its subsidiaries. As a group, the Company provides broadcasting and data transmission services via satellites. SKY Perfect JSAT delivers digital TV programs including movies, music, sports and entertainment to its subscribers.

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Sky Perfect Jsat (9412 JP)

Japan Morning Connection: ASML Sets the Tone for More AI Upside to Start in Japan

ASML numbers sent Japanese SPE higher in the afternoon. Memory names continued higher. Defence and utilities traded better as chances look better...

Andrew Jackson

Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

Andrew Jackson

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

Japan Morning Connection: Power/Analog Semi Names Leading Tech Higher once Again

Onsemi +6.1% setting a good tone for JP peers. Japaenese satallite names performing well ahead of Japan's MoD announcement.

Andrew Jackson

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Japan Morning Connection: ASML Sets the Tone for More AI Upside to Start in Japan

ASML numbers sent Japanese SPE higher in the afternoon. Memory names continued higher. Defence and utilities traded better as chances look better...

Andrew Jackson

Japan Morning Connection: Japan Set for Wobbly Start on Tariff Threats but Impact Likely Short Lived

​Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...

Andrew Jackson

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding

Downgrading Germany and Ireland; Global Technology Still Leading; Crucial Base Supports Holding on $ACWI ($123-123.50), $EEM ($46)

Vermilion Research

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports

Israel TA-125 Remains Bullish; Buys in Norway; All MSCI Global Indexes Above Base Supports $ACWI, $ACWX, ACWI ex-US Small-Caps, $EEM, and $EFA....

Vermilion Research

Japan Morning Connection: Power/Analog Semi Names Leading Tech Higher once Again

Onsemi +6.1% setting a good tone for JP peers. Japaenese satallite names performing well ahead of Japan's MoD announcement.

Andrew Jackson

Wolfspeed files for Chapter 11; Short interest in Japanese autos rises ahead of US trade deal; Potential for space sector to gain attention before...