Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>SMCI -33% after federal prosecutors accused officials of smuggling Nvidia chips into China. Bad for Nidec Corp (6594 JP) who makes server cooling modules for SMCI.</li>
<li>Chiyoda looks interesting on Qatar LNG reconstruction given its direct tie-up with Technip once conflict stabilises.</li>
<li>Sumi Forestry looking increasingly ill-timed on its Tri Pointe acquisition as US homebuilder rates hit highest since mid-2026.</li>
</ul>


SMCI -33% after federal prosecutors accused officials of smuggling Nvidia chips into China. Bad for Nidec Corp (6594 JP) who makes server cooling modules for SMCI.
Chiyoda looks interesting on Qatar LNG reconstruction given its direct tie-up with Technip once conflict stabilises.
Sumi Forestry looking increasingly ill-timed on its Tri Pointe acquisition as US homebuilder rates hit highest since mid-2026.


Japan Morning Connection: SMCI's Chip Smuggling Scandal Drags Server and Memory Down

<ul>
<li>Watch for big dips as an opportunity to buy QD Laser, as sentiment for laser/photonic technology is only going one way.</li>
<li>NTT Global Data Centers announced it is working on 34 projects that will double its capacity which may give  JP SPE names a bit of a boost.</li>
<li>Takaichi in the US and has dinner planned for tonight (JST) with President Trump, so it’s likely that we see outperformance in the heavies and defense plays ahead of this.</li>
</ul>


Watch for big dips as an opportunity to buy QD Laser, as sentiment for laser/photonic technology is only going one way.
NTT Global Data Centers announced it is working on 34 projects that will double its capacity which may give  JP SPE names a bit of a boost.
Takaichi in the US and has dinner planned for tonight (JST) with President Trump, so it’s likely that we see outperformance in the heavies and defense plays ahead of this.


Japan Morning Connection: Micron Blowout Numbers Overshadowed by Capex Concerns

<ul>
<li>Airliners have started to find a bottom so we may see a bit of a bid for Japan Airlines and Ana Holdings.</li>
<li>Memory names surge with Sandisk now +28% off its Iran war lows; HDD supply chain names may soon catch a bid.</li>
<li>Wafer names stirring with Soitec +41% last week and Sumco looking attractive as a buy the dip.</li>
</ul>


Airliners have started to find a bottom so we may see a bit of a bid for Japan Airlines and Ana Holdings.
Memory names surge with Sandisk now +28% off its Iran war lows; HDD supply chain names may soon catch a bid.
Wafer names stirring with Soitec +41% last week and Sumco looking attractive as a buy the dip.


Japan Morning Connection: Will HDD Supply Chain Laggards Minebea and Hoya Soon Catch a Bid?

<ul>
<li>Oracle +10% AH after numbers showed strong gains for their Infra business and disciplined capex spending.</li>
<li>AT&amp;T looking to spend $250bn over 5-years to modernize networks will help the wire and cable plays.</li>
<li>The US running through its supplies of ordinance should help Japan's mainstay missile developers such as MHI.</li>
</ul>


Oracle +10% AH after numbers showed strong gains for their Infra business and disciplined capex spending.
AT&amp;T looking to spend $250bn over 5-years to modernize networks will help the wire and cable plays.
The US running through its supplies of ordinance should help Japan's mainstay missile developers such as MHI.


Japan Morning Connection: Markets Finished Well off Their Highs Given Mixed Signals from the WH

<ul>
<li>NVDA numbers hard to fault to expect continued strength in Japan SPE, and I would watch for a rebound from Ibiden after yesterday's dip.</li>
<li>Software rebounded so watch NEC Hitachi and Fujitsu, although Salesforce weakness AH may take the shine off.</li>
<li>SMCI's C-Node X AI infrastructure stack in partnership with Vast and NVDA may help Nidec catch a bid.</li>
</ul>


NVDA numbers hard to fault to expect continued strength in Japan SPE, and I would watch for a rebound from Ibiden after yesterday's dip.
Software rebounded so watch NEC Hitachi and Fujitsu, although Salesforce weakness AH may take the shine off.
SMCI's C-Node X AI infrastructure stack in partnership with Vast and NVDA may help Nidec catch a bid.


Japan Morning Connection: Navitas Semi Numbers Show Increased Adoption of GaN/SiC Power Components

Japan

Sumitomo Forestry Co., Ltd. sells lumber and wood-related construction materials.  The Company constructs and markets a variety of homes, including custom-built wooden houses, and also manufactures and distributes high-value added wood-based products.  Sumitomo Forestry also maintains a significant amount of Japan's forests.

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Sumitomo Forestry (1911 JP)

Japan Morning Connection: SMCI's Chip Smuggling Scandal Drags Server and Memory Down

SMCI Nvidia chip smuggling charges hit server and memory names. Japan's SPE names likely muted at open after missing Thursday's US rebound during...

Andrew Jackson

Japan Morning Connection: Micron Blowout Numbers Overshadowed by Capex Concerns

The big event overnight was Micron’s numbers after market which were blowout however the stock is selling off -5% in AH trading on the news they...

Andrew Jackson

Japan Morning Connection: Will HDD Supply Chain Laggards Minebea and Hoya Soon Catch a Bid?

Memory leads the way as markets stay resilient, with wafer names stirring and airlines may finally catch a bid after weeks of pressure.

Andrew Jackson

Japan Morning Connection: Markets Finished Well off Their Highs Given Mixed Signals from the WH

Markets finished well off their highs given mixed signals from the WH, but managed to hold small gains. Tech and AI performed best amidst the...

Andrew Jackson

Japan Morning Connection: Navitas Semi Numbers Show Increased Adoption of GaN/SiC Power Components

Expectations missed after President's speech yesterday, negative for Sumitomo Forestry which been volatile since announcing new acquisition. Bain...

Andrew Jackson

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