Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech sell off led my semi-cap names after D/G to sell for AMAT</li>
<li>Ulta beat paints a brighter picture for US consumer spending than expected</li>
<li>Is the relentless buy momo/sell everything else in Japan ready for a reversal?</li>
</ul>


Tech sell off led my semi-cap names after D/G to sell for AMAT
Ulta beat paints a brighter picture for US consumer spending than expected
Is the relentless buy momo/sell everything else in Japan ready for a reversal?


Japan Morning Connection: Markets Clearly Starting to Show EoY Wind Down

<ul>
<li>Microchip setting a downbeat tone for power and auto semi related.</li>
<li>Big gains for JP SPE yesterday on China news may be set to continue.</li>
<li>Seagate delaying some HDD production, although HAMR is progressing as planned.</li>
</ul>


Microchip setting a downbeat tone for power and auto semi related.
Big gains for JP SPE yesterday on China news may be set to continue.
Seagate delaying some HDD production, although HAMR is progressing as planned.


Japan Morning Connection: Nuclear News from Meta May Help Kansai After Settlement Day Selloff

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.</li>
<li>HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. </li>
<li>140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). </li>
</ul>


An additional 24 Equipment are added to the restriction list (negative to AMAT, KLA, LAM). No explicit restrictions on ASML or Tokyo Electron, but that’s done indirectly.
HBM Memory sales to China restricted (directly negative to Samsung), but restriction of DRAM Manufacturing Equipment sales is long-term positive to Micron, Samsung, SK Hynix. 
140 Chinese firms added to the Entity List, including all China’s Semi Production Equipment makers (Naura, AMEC, Piotech, SiCarrier). 


US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

<ul>
<li>US semi-cap names continuing to jump on looser US restrictions than expected.</li>
<li>See attached table for short interest levels for Japan SPE plays.</li>
<li>Gelsinger out and uncertainty up, although JP suppliers will see minimal reaction.</li>
</ul>


US semi-cap names continuing to jump on looser US restrictions than expected.
See attached table for short interest levels for Japan SPE plays.
Gelsinger out and uncertainty up, although JP suppliers will see minimal reaction.


Japan Morning Connection: Brief Respite for SPE Before Trump Likely Ratchets Higher from Jan

<ul>
<li>US semi-cap names jump as markets delayed pricing in report China restrictions will be tempered.</li>
<li>Shiseido restructuring briefing the numerical targets enough to stem the bleeding?</li>
<li>TGA around the corner should see focus on Japanese game developers, including Nexon which has been heavily sold post earnings.</li>
</ul>


US semi-cap names jump as markets delayed pricing in report China restrictions will be tempered.
Shiseido restructuring briefing the numerical targets enough to stem the bleeding?
TGA around the corner should see focus on Japanese game developers, including Nexon which has been heavily sold post earnings.


Japan Morning Connection: Japan SPE Set for More Upside

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.

Price Gauge
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Tokyo Electron Ltd Unsp Adr (TOELY US)

Japan Morning Connection: Markets Clearly Starting to Show EoY Wind Down

Tech sell off led semi-cap names after D/G to sell for AMAT, Ulta beat signals stronger US consumer spending than expected, has buy momo/sell...

Andrew Jackson

Japan Morning Connection: Nuclear News from Meta May Help Kansai After Settlement Day Selloff

Microchip setting downbeat tone for power/auto semi related. JP SPE may continue to see gains. Seagate delaying some HDD production but HAMAR...

Andrew Jackson

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Japan Morning Connection: Brief Respite for SPE Before Trump Likely Ratchets Higher from Jan

US semi-cap names continue to jump on looser restrictions. Uncertainty up with Gelsinger out, but minimal impact expected on JP suppliers. See...

Andrew Jackson

Japan Morning Connection: Japan SPE Set for More Upside

US semi-cap stocks jump as China restrictions will be tempered. Will Shiseido's restructuring targets finally push it from lows? Attention on...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Morning Connection: Markets Clearly Starting to Show EoY Wind Down

Tech sell off led semi-cap names after D/G to sell for AMAT, Ulta beat signals stronger US consumer spending than expected, has buy momo/sell...

Andrew Jackson

Japan Morning Connection: Nuclear News from Meta May Help Kansai After Settlement Day Selloff

​Microchip setting downbeat tone for power/auto semi related. JP SPE may continue to see gains. Seagate delaying some HDD production but HAMAR...

Andrew Jackson

US Restriction on Semi Export to China Negative for All Equipment Makers, Naura, AMEC, ASML, TEL

​New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

Nicolas Baratte

Japan Morning Connection: Brief Respite for SPE Before Trump Likely Ratchets Higher from Jan

​US semi-cap names continue to jump on looser restrictions. Uncertainty up with Gelsinger out, but minimal impact expected on JP suppliers. See...

Andrew Jackson

Japan Morning Connection: Japan SPE Set for More Upside

US semi-cap stocks jump as China restrictions will be tempered. Will Shiseido's restructuring targets finally push it from lows? Attention on...

Andrew Jackson

Microchip setting downbeat tone for power/auto semi related. JP SPE may continue to see gains. Seagate delaying some HDD production but HAMAR...

New restrictions on equipment sales and Entity List additions impact semiconductor industry players, with mostly negative implications as SPE...

US semi-cap names continue to jump on looser restrictions. Uncertainty up with Gelsinger out, but minimal impact expected on JP suppliers. See...