Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  Back to Macro US Equities Refocus on Rate rises; SPX breaches 4100 support; US 2Yr Yields hit 2.5% - need to watch this;  TESLA back as shares Px doubles! </li>
<li>JAPAN. NKY Futs -0.2% vs Cash; USDJPY 131.62; New BOJ Governor nominees  by Feb 14; Apple/Google warned  by Japan FTC;  Earnings Festival: Positive TEL; Renesas; Nippon Steel </li>
<li>DAILY NUGGET. Chart of the Day: Tokyo Electron(8035) share price has underperformed vs US Peer AMAT. BTE Results could close the Gap</li>
</ul>


OVERSEAS.  Back to Macro US Equities Refocus on Rate rises; SPX breaches 4100 support; US 2Yr Yields hit 2.5% - need to watch this;  TESLA back as shares Px doubles! 
JAPAN. NKY Futs -0.2% vs Cash; USDJPY 131.62; New BOJ Governor nominees  by Feb 14; Apple/Google warned  by Japan FTC;  Earnings Festival: Positive TEL; Renesas; Nippon Steel 
DAILY NUGGET. Chart of the Day: Tokyo Electron(8035) share price has underperformed vs US Peer AMAT. BTE Results could close the Gap


Good Morning Japan |Equity Losses Again on Rate Hike Refocus;Japan Earnings Deluge>500 Stocks on Tap

Equity Bottom-Up

<ul>
<li>TEL 3QF23 operating profit -26% YoY to Y115b, beating analyst estimates</li>
<li>Full year operating profit guidance revised up Y546-&gt;Y580b, ahead of Street estimates</li>
<li>MAGIC - Metaverse, Autonomous mobility, Greentech, IoT, Communication Services - to drive long-term semicon demand</li>
</ul>


TEL 3QF23 operating profit -26% YoY to Y115b, beating analyst estimates
Full year operating profit guidance revised up Y546-&gt;Y580b, ahead of Street estimates
MAGIC - Metaverse, Autonomous mobility, Greentech, IoT, Communication Services - to drive long-term semicon demand


Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Taiwan Semiconductor (TSMC) - ADR / Equity Bottom-Up

<ul>
<li>China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.</li>
<li>Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.</li>
<li>Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.</li>
</ul>


China Balloon Incident -- Negative news for China semiconductor restrictions; Up to 45nm may now be hobbled by Japan &amp; Netherlands joining.
Hon Hai -- January sales results strong, could help market look forward to Hon Hai's future growth.
Mediatek Results &amp; Upcoming Results -- Signs of slight smartphone stablization, also we highlight key Auto &amp; Industrial Semiconductor related results ahead.


Taiwan Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

<ul>
<li>OVERSEAS.  US stocks rally on Fed paus(ing); Duration gets extended spurring +5% SOX move; AMD results provide comfort for Semis; Meta Beats !  Off to the races!</li>
<li>JAPAN.  NKY Futs +0.2% vs Cash; Yen Stronger at USDJPY 129.02 post Fed;  BOJ shows commitment buying  $180 bn JGBs in Jan;   Earnings: Positive Keyence; Negative Kyocera; Disaster Sumi Chemicals. </li>
<li>DAILY NUGGETS. Race for Talent. Japan retail major lifts wages, as (wage) hike momentum gathers. Issue for Japan is lack of workers !</li>
</ul>


OVERSEAS.  US stocks rally on Fed paus(ing); Duration gets extended spurring +5% SOX move; AMD results provide comfort for Semis; Meta Beats !  Off to the races!
JAPAN.  NKY Futs +0.2% vs Cash; Yen Stronger at USDJPY 129.02 post Fed;  BOJ shows commitment buying  $180 bn JGBs in Jan;   Earnings: Positive Keyence; Negative Kyocera; Disaster Sumi Chemicals. 
DAILY NUGGETS. Race for Talent. Japan retail major lifts wages, as (wage) hike momentum gathers. Issue for Japan is lack of workers !


Good Morning Japan | Blast off ! "Disinflation Process Has Started";AMD Spurs Tech Rally; Meta Beats

<ul>
<li>OVERSEAS. SPX makes  up for yesterday's loss and more; Markets look past Fed and focus on earnings recovery;  Its all about the Pause;   GM Beats but CAT misses; Awaiting AAPL</li>
<li>JAPAN.  NKY Futs +0.6% Cash; USDJPY 130.11; Labor Shortages worsening (again), Firms desperate;  BYD seeks to Capture JP EV Market;   Komatsu Beats; Lasertec Misses. </li>
<li>DAILY NUGGETS. 6h 37m: The Average Time Spent Using the Internet.  Japan the outlier..for the better ?</li>
</ul>


OVERSEAS. SPX makes  up for yesterday's loss and more; Markets look past Fed and focus on earnings recovery;  Its all about the Pause;   GM Beats but CAT misses; Awaiting AAPL
JAPAN.  NKY Futs +0.6% Cash; USDJPY 130.11; Labor Shortages worsening (again), Firms desperate;  BYD seeks to Capture JP EV Market;   Komatsu Beats; Lasertec Misses. 
DAILY NUGGETS. 6h 37m: The Average Time Spent Using the Internet.  Japan the outlier..for the better ?


Good Morning Japan |Fed Hike, Powell Speech ? Equities Beyond as Optimism Abounds,from Spotify to GM

Japan

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

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Tokyo Electron Ltd Unsp Adr (TOELY US)

Good Morning Japan |Equity Losses Again on Rate Hike Refocus;Japan Earnings Deluge>500 Stocks on Tap

INFLATION FEARS (AGAIN) ; New BOJ Governor nominees to be presented on Feb 14 ; Apple/Google warned by Japan FTC; Earnings Festival: Positive...

Mark Chadwick

Tokyo Electron (8035) | MAGIC Drivers

We remain bullish on TEL. The company has a high return financial model with decent shareholder rewards. The market has discounted the 2023 WFE...

Mark Chadwick

Taiwan Tech Weekly: Balloon Incident Could Worsen China Restrictions & Key Earnings Readthroughs

Up to 45nm chips may now hobbled by Japan & Netherlands joining U.S. with restrictions. Mediatek sees signs of slight smartphone stablization; key...

Vincent Fernando, CFA

Good Morning Japan | Blast off ! "Disinflation Process Has Started";AMD Spurs Tech Rally; Meta Beats

NKY Futs +0.2% vs Cash;USDJPY 129.02 post-Fed. Watch our homegrown SPE names today to follow the lead of the SOX. Today, Sony is on tap. Watching...

Mark Chadwick

Good Morning Japan |Fed Hike, Powell Speech ? Equities Beyond as Optimism Abounds,from Spotify to GM

JAPAN WRAP. NKY Futs +0.6% Cash; USDJPY 130.11. Set for a decent day after the Beta-driven rally in the US. Still, it won't be all green on the...

Mark Chadwick

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