Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS: SPX +0.7%  SOX +1.35; Beta rally continues on lower CPI print expectations;  Cyclicals lead 10/11 SPX Sectors positive; MSFT considers $10bn OPEN AI investment; Record Boeing orders in 2022. </li>
<li>JAPAN: NKY Futs +0.3% premium to Cash; USDJPY steady ¥132.1; Hot Tokyo CPI print; Big wage hikes at Fast Retail;  Travel - China strikes back; +ve JP Boeing supply chain. </li>
<li>DAILY NUGGETS: Hydrogen - a clean alternative. Japan is set to lead as companies ramp up R&amp;D protection with a view to commercialisation.</li>
</ul>


OVERSEAS: SPX +0.7%  SOX +1.35; Beta rally continues on lower CPI print expectations;  Cyclicals lead 10/11 SPX Sectors positive; MSFT considers $10bn OPEN AI investment; Record Boeing orders in 2022. 
JAPAN: NKY Futs +0.3% premium to Cash; USDJPY steady ¥132.1; Hot Tokyo CPI print; Big wage hikes at Fast Retail;  Travel - China strikes back; +ve JP Boeing supply chain. 
DAILY NUGGETS: Hydrogen - a clean alternative. Japan is set to lead as companies ramp up R&amp;D protection with a view to commercialisation.


Good Morning Japan |Beta Rally Continues on Expectations of Tame CPI Print

<ul>
<li>OVERSEAS:  2 Day SPX gain +2.2% (Japan view; Tech leads SOX 2-Day +6.7%; Metals rally on  China normalization  Slower wage growth + falling Used Car prices supports slower Fed hikes</li>
<li>JAPAN:  NKY Futs +0.8% vs Cash; USDJPY ¥131.89;  Looking for strong Tech/SPE (SOX) + Commodities (China) bid to start; Go-To-Travel resumes; Continued strong news flow on #Decarbonization spending.</li>
<li>DAILY NUGGET:  Afeela - a winner ? Get used to it. This is the first result of the Sony Honda Mobillity JV.  </li>
</ul>


OVERSEAS:  2 Day SPX gain +2.2% (Japan view; Tech leads SOX 2-Day +6.7%; Metals rally on  China normalization  Slower wage growth + falling Used Car prices supports slower Fed hikes
JAPAN:  NKY Futs +0.8% vs Cash; USDJPY ¥131.89;  Looking for strong Tech/SPE (SOX) + Commodities (China) bid to start; Go-To-Travel resumes; Continued strong news flow on #Decarbonization spending.
DAILY NUGGET:  Afeela - a winner ? Get used to it. This is the first result of the Sony Honda Mobillity JV.  


Good Morning Japan |Stealth Bull Market ? Friday's CPI Print in Focus

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Micron's earnings call gives a good advanced warning of similar companies' reports</li>
<li>The company's downturn is the worst in the past 13 years</li>
<li>Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.</li>
</ul>


Micron's earnings call gives a good advanced warning of similar companies' reports
The company's downturn is the worst in the past 13 years
Not all chip companies will suffer this downturn, and few will do as badly as commodity memory makers.  Tool makers will feel the impact next year.


<ul>
<li>OVERSEAS:  Global rate hikes+weak US Retail fan recession fears ; Tech hit hard: Macro + WDC hit on GS downgrade + NVDIA Sell initiation; Musk Continues to unload TSLA </li>
<li>JAPAN: NKY Futs -1.6% vs Cash; USDJPY weakens to ¥137.84; Corp tax hike to fund Defense-says LDP; Sony to expand image sensors; Fast Retailing 3:1 stock split; Decarbonization investments accelerating</li>
<li>DAILY NUGGET: Tokyo Electric Power to mine Bitcoin ? Huh ?  Today we take a look at this bit of "breaking news" </li>
</ul>


OVERSEAS:  Global rate hikes+weak US Retail fan recession fears ; Tech hit hard: Macro + WDC hit on GS downgrade + NVDIA Sell initiation; Musk Continues to unload TSLA 
JAPAN: NKY Futs -1.6% vs Cash; USDJPY weakens to ¥137.84; Corp tax hike to fund Defense-says LDP; Sony to expand image sensors; Fast Retailing 3:1 stock split; Decarbonization investments accelerating
DAILY NUGGET: Tokyo Electric Power to mine Bitcoin ? Huh ?  Today we take a look at this bit of "breaking news" 


Good Morning Japan |Hawkish ECB + US Retail Miss Fan Recession Fears - Equities Take It on the Chin

Equity Bottom-Up

<ul>
<li>Tokyo Electron is a structural growth stock that has fallen by 31% YTD reflecting near term risks to growth and margins</li>
<li>We believe that the digitization of society has only just begun and that data volumes will grow exponentially</li>
<li>We analyse TEL’s core value drivers – revenue, margins, risk and reinvestment – and see 38% upside</li>
</ul>


Tokyo Electron is a structural growth stock that has fallen by 31% YTD reflecting near term risks to growth and margins
We believe that the digitization of society has only just begun and that data volumes will grow exponentially
We analyse TEL’s core value drivers – revenue, margins, risk and reinvestment – and see 38% upside


Tokyo Electron (8035) | Huge Upside if Management Hit Targets

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 |Beta Rally Continues on Expectations of Tame CPI Print

JAPAN: NKY Futs +0.3% premium to Cash; USDJPY steady ¥132.1; Hot Tokyo CPI print; Big wage hikes at Fast Retail; Travel - China strikes back; +ve...

Mark Chadwick

Good Morning Japan |Stealth Bull Market ? Friday's CPI Print in Focus

HAPPY NEW YEAR ! NKY Futs +0.8% vs Cash; USDJPY ¥131.89; Looking for strong Tech/SPE (SOX) + Commodities (China) bid to start; Continued strong...

Mark Chadwick

Micron Earnings Give Semi Market Outlook

Micron's just-announced revenues indicate trouble today for its peers and trouble next year for tool makers, but other sectors should fare much...

Jim Handy

Good Morning Japan |Hawkish ECB + US Retail Miss Fan Recession Fears - Equities Take It on the Chin

Good Morning Japan: We strive to provide the best macro, stock and thematic overnight news that impacts your trading day in Japan. FOLLOW TO KEEP...

Mark Chadwick

Tokyo Electron (8035) | Huge Upside if Management Hit Targets

Tokyo Electron benefits from the digitalization of society and expanding end markets for high-end semiconductors. If management can hit the LT...

Mark Chadwick

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