Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Commodities

<ul>
<li>A review of recent events/data impacting our investment themes and outlook</li>
<li>Supply shocks are  a symptom of a lack of investment</li>
<li>Risk for a correction within an ongoing bullish trend is high</li>
</ul>


A review of recent events/data impacting our investment themes and outlook
Supply shocks are  a symptom of a lack of investment
Risk for a correction within an ongoing bullish trend is high


Overview #60 - Supply Shocks All the Way Down

Equity Bottom-Up

<ul>
<li>A lesser-known Japanese semiconductor equipment maker for both HBM and the AI GPU stack</li>
<li>Recent results may provide an opportunity to get in before new customers and products start shipping in scale</li>
<li>The recent breakout to a new 52-week high allows for meaningful  upside potential</li>
</ul>


A lesser-known Japanese semiconductor equipment maker for both HBM and the AI GPU stack
Recent results may provide an opportunity to get in before new customers and products start shipping in scale
The recent breakout to a new 52-week high allows for meaningful  upside potential


Tactical Trading – Hidden, Japanese AI Capex Beneficiaries

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<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>Japan's space names down as much as -43% recently set to recover sharply with SpaceX IPO priced at $135 and $100bn of retail demand.</li>
<li>Recently sold US AI and semi plays surging the most since April last year after several sessions of weak and choppy trading.</li>
<li>Retail losers Musashi Seimitsu, Rigaku, JX Metals, Teraprobe and Seikoh Giken among the names that could rebound as AI sentiment recovers.</li>
</ul>


Japan's space names down as much as -43% recently set to recover sharply with SpaceX IPO priced at $135 and $100bn of retail demand.
Recently sold US AI and semi plays surging the most since April last year after several sessions of weak and choppy trading.
Retail losers Musashi Seimitsu, Rigaku, JX Metals, Teraprobe and Seikoh Giken among the names that could rebound as AI sentiment recovers.


Japan Morning Connection: Space Names to Fly High on SpaceX IPO Success

Japan

TOWA CORPORATION produces semiconductor manufacturing equipment including mold packaging, IC inspection units, precision molds and dies, and plastic molds. The Company also provides technical consultation.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Towa Corp (6315 JP)

Overview #60 - Supply Shocks All the Way Down

A review of recent events/data impacting our investment themes and outlook. We look at recent supply shocks in the commodity space

Rikki Malik

Tactical Trading – Hidden, Japanese AI Capex Beneficiaries

Japanese semiconductor equipment maker poised for growth with new customers and products, recent breakout signals potential upside.

Rikki Malik

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: Space Names to Fly High on SpaceX IPO Success

Synspective, QPS, Astroscale and Axelspace all set to recover after heavy recent selling with SpaceX IPO priced at $135 and $100bn of retail demand.

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Overview #60 - Supply Shocks All the Way Down

A review of recent events/data impacting our investment themes and outlook. We look at recent supply shocks in the commodity space

Rikki Malik

Tactical Trading – Hidden, Japanese AI Capex Beneficiaries

​Japanese semiconductor equipment maker poised for growth with new customers and products, recent breakout signals potential upside.

Rikki Malik

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: Space Names to Fly High on SpaceX IPO Success

Synspective, QPS, Astroscale and Axelspace all set to recover after heavy recent selling with SpaceX IPO priced at $135 and $100bn of retail demand.

Andrew Jackson

Japanese semiconductor equipment maker poised for growth with new customers and products, recent breakout signals potential upside.