Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  Risk on as US Equities Jump on Debt Ceiling Hopes; China April House px rise;  Solid US Housing starts; Musk Says 2 new Blockbuster Telsa models to come. </li>
<li>JAPAN.  NKY Futs 1.4% vs Cash; Japan Equities poised to make new highs on US rally and weaker yen;  Japan GDP print 1.6%, better than expected;  Chinese Tourist Back </li>
<li>NUGGET. Rapidus aims to rejuvenate Japan's semiconductor industry by developing advanced 2-nanometer logic semiconductors, with plans for a prototype production line by 2025 and mass production by 2027.</li>
</ul>


OVERSEAS.  Risk on as US Equities Jump on Debt Ceiling Hopes; China April House px rise;  Solid US Housing starts; Musk Says 2 new Blockbuster Telsa models to come. 
JAPAN.  NKY Futs 1.4% vs Cash; Japan Equities poised to make new highs on US rally and weaker yen;  Japan GDP print 1.6%, better than expected;  Chinese Tourist Back 
NUGGET. Rapidus aims to rejuvenate Japan's semiconductor industry by developing advanced 2-nanometer logic semiconductors, with plans for a prototype production line by 2025 and mass production by 2027.


Ohayo Japan|Relief Equity Rally, But Still No Deal; NUGGET: Rapidus: Key to Japan's Semi Resurgence

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Nikkei Index team has been quite conscious of market impact since the April 2000 debacle. For a few years after, things were quieter. In 2005, Fast Retailing spurred introspection.</li>
<li>Float was low and became lower. Selection behaviour changed. Now there is a new consultation where "technical listings" would stay in, and phased "stepwise" inclusion would reduce inclusion impact.</li>
<li>The proposal increases subjectivity, reduces the attractiveness of bets, but otherwise increases the likelihood they will follow the other selection rules. It STILL does not solve the high weight problem.</li>
</ul>


The Nikkei Index team has been quite conscious of market impact since the April 2000 debacle. For a few years after, things were quieter. In 2005, Fast Retailing spurred introspection.
Float was low and became lower. Selection behaviour changed. Now there is a new consultation where "technical listings" would stay in, and phased "stepwise" inclusion would reduce inclusion impact.
The proposal increases subjectivity, reduces the attractiveness of bets, but otherwise increases the likelihood they will follow the other selection rules. It STILL does not solve the high weight problem.


Nikkei 225 Index Consultation Makes Things Weirder, but Still a 0️⃣🍔

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

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

<ul>
<li>Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.</li>
<li>We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.</li>
<li>Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.</li>
</ul>


Major earnings this week including Hon Hai, Novatek, Wistron, Asustek, and more.
We believe one can consider Long Acer vs. Short Asustek into Asustek's results this week.
Apple Suppliers -- Quanta has tracked Apple's success while others have lagged by a large margin.


Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

<ul>
<li>Q1’23 revenues of $2.43 billion, marginally above the guided midpoint $2.35 billion, down 17.5% sequentially and up 6.4% YoY.</li>
<li>For Q2’23, the company expects revenues of $2.25 billion at the midpoint, down 4% sequentially.</li>
<li>KLAC historically outperforms its peers during semi down cycles. This time will be no different.</li>
</ul>


Q1’23 revenues of $2.43 billion, marginally above the guided midpoint $2.35 billion, down 17.5% sequentially and up 6.4% YoY.
For Q2’23, the company expects revenues of $2.25 billion at the midpoint, down 4% sequentially.
KLAC historically outperforms its peers during semi down cycles. This time will be no different.


KLAC Q1'23 Earnings Report. So Far, So Good

<ul>
<li>With ~2x exposure to memory compared to its peers, LRCX is feeling the pain</li>
<li>Q1 revenues of  $3.87 billion were marginally higher than the forecasted midpoint, down 26.7% sequentially and down 4.4% YoY.</li>
<li>For the current quarter, LRCX expects revenues to decline a further ~ 20% to $3.1 billion at the midpoint.</li>
</ul>


With ~2x exposure to memory compared to its peers, LRCX is feeling the pain
Q1 revenues of  $3.87 billion were marginally higher than the forecasted midpoint, down 26.7% sequentially and down 4.4% YoY.
For the current quarter, LRCX expects revenues to decline a further ~ 20% to $3.1 billion at the midpoint.


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 (8035 JP)

Ohayo Japan|Relief Equity Rally, But Still No Deal; NUGGET: Rapidus: Key to Japan's Semi Resurgence

Risk on as US Equities Jump on Debt Ceiling Hopes; China April House px rise; Solid US Housing starts; Japan Equities poised to make new highs...

Mark Chadwick

Nikkei 225 Index Consultation Makes Things Weirder, but Still a 0️⃣🍔

The Nikkei 225 proposal does little. It reduces impact. That likely increases the chances the Nikkei Index Team will follow existing rules. And it...

Travis Lundy

Taiwan Tech Weekly: Hon Hai Earnings; Long/Short Into Asustek Results; Quanta Tracking Apple Shares

Quanta has tracked Apple's share price success while many other suppliers have lagged by a large margin. Separately, one can consider going Long...

Vincent Fernando, CFA

KLAC Q1'23 Earnings Report. So Far, So Good

Q1’23 revenues of $2.43 billion, down 17.5% sequentially and up 6.4% YoY. KLAC historically outperforms its peers during semi down cycles. This...

William Keating

LRCX. Memory Bites. Hard

With ~2x exposure to memory compared to its peers, LRCX is feeling the pain.Q1 revenues of $3.87 billion were -26.7% sequentially and -4.4% YoY....

William Keating

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