Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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>SEI and other optical/cable makers set to recover from recent underperformance on Meta news.</li>
<li>Memory plays and SPE laggards should get a lift on the news that Micron is planning to increase its US capex to $250bn (from $200bn).</li>
<li>SUMCO Corp and Shin Etsu Chemical likely to get a boost after Siltronic upgraded to outperform by BNP.</li>
</ul>


SEI and other optical/cable makers set to recover from recent underperformance on Meta news.
Memory plays and SPE laggards should get a lift on the news that Micron is planning to increase its US capex to $250bn (from $200bn).
SUMCO Corp and Shin Etsu Chemical likely to get a boost after Siltronic upgraded to outperform by BNP.


Japan Morning Connection: SEI Well Placed as META Names It a Direct Supplier for Iris AI Chips

<ul>
<li>The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.</li>
<li>Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.</li>
<li>Kioxia may catch a bid now that Bain Capital has fully exited their stake. </li>
</ul>


The market should like the news that Tokyo Electron can now deliver chip gear manufacturing equipment to customers in half the time.
Ibiden as well as SPE majors should get a lift from NVDA's +3.7% move.
Kioxia may catch a bid now that Bain Capital has fully exited their stake. 


Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

<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>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

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

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: SEI Well Placed as META Names It a Direct Supplier for Iris AI Chips

Optical/cable makers set to recover on Meta news, Micron's increased capex to benefit memory plays, Sumco and Shin Etsu set to follow European...

Andrew Jackson

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

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: 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)

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: SEI Well Placed as META Names It a Direct Supplier for Iris AI Chips

​Optical/cable makers set to recover on Meta news, Micron's increased capex to benefit memory plays, Sumco and Shin Etsu set to follow European...

Andrew Jackson

Japan Morning Connection: Softbank in Focus Ahead of OpenAI's GPT-5.6 Release Tomorrow

Softbank Group may see interest today ahead of the news that OpenAI is set to release its latest version of GPT-5.6 tomorrow while news of faster...

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: 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

Optical/cable makers set to recover on Meta news, Micron's increased capex to benefit memory plays, Sumco and Shin Etsu set to follow European...