Core Viewpoint - Benchmark Electronics, Inc. (BHE) was downgraded in June 2023, indicating a shift in the investment outlook for the US-based electronic components company [1] Group 1: Company Overview - Benchmark Electronics is involved in the electronic components sector, focusing on providing services and products to various industries [1] Group 2: Investment Strategy - The investment approach discussed involves purchasing undervalued profitable stocks with strong balance sheets and minimal debt, along with writing calls against positions for additional income [1]

Group 1: Aoris International Fund Performance - Aoris International Fund's Class A (Unhedged) returned -2.6% after fees in Q3 2025, while the benchmark MSCI AC World Accumulation Index ex Australia rose by 6.5% in AUD [1] - The fund's Class C (Hedged) declined by 1.0%, compared to an 8.0% return for the benchmark [1] Group 2: Amphenol Corporation Overview - Amphenol Corporation (NYSE:APH) was highlighted as the strongest gainer in the Aoris portfolio for Q3 2025, with a share price appreciation of 23% in the three months to September, contributing 1.6% to returns [3] - The one-month return of Amphenol was -1.51%, but it gained 83.64% over the last 52 weeks, closing at $129.24 per share with a market capitalization of $158.65 billion on December 18, 2025 [2] Group 3: Amphenol's Market Position and Sales - Amphenol's third quarter sales increased by 53% in US dollars and 52% in local currencies, reaching $6.194 billion [4] - Approximately one-third of Amphenol's revenue currently comes from data centers, with strong demand expected to continue [3]

Group 1: Amtech Systems, Inc. (ASYS) - Amtech is a manufacturer of essential equipment and consumables for the semiconductor and automotive industries with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for Amtech's current year earnings has increased by 186.7% over the last 60 days [1] - Amtech's shares have gained 25% over the last three months, outperforming the S&P 500's advance of 2.4% [1] - The company has a Momentum Score of A [1] Group 2: Allot Ltd. (ALLT) - Allot is a provider of security solutions and network intelligence solutions with a Zacks Rank 1 [2] - The Zacks Consensus Estimate for Allot's current year earnings has increased by 57.1% over the last 60 days [2] - Allot's shares have gained 4.4% over the past month, compared to the S&P 500's advance of 2.4% [2] - The company has a Momentum Score of A [2] Group 3: Amphenol Corporation (APH) - Amphenol designs and manufactures electronic connectors, interconnect systems, and sensors for various global industries with a Zacks Rank 1 [3] - The Zacks Consensus Estimate for Amphenol's current year earnings has increased by 8.6% over the last 60 days [3] - Amphenol's shares have gained 5.7% over the last three months, also outperforming the S&P 500's advance of 2.4% [3] - The company has a Momentum Score of B [3]

Core Viewpoint - Chengdu Hongming Electronics Co., Ltd. has submitted its IPO registration for the ChiNext board, marking the final stage of its listing process [1] Company Overview - Hongming Electronics primarily engages in the research, production, and sales of new electronic components, focusing on resistive and capacitive components [1] - The company also involves itself in precision component business, with products applied in consumer electronics such as tablets and laptops, as well as in new energy batteries and automotive electronic structures [1] IPO Details - The IPO was accepted on May 30, 2025, and entered the inquiry price stage on June 16, 2025 [1] - The company received approval for its listing on December 12, 2025 [1] - Hongming Electronics aims to raise approximately 1.951 billion yuan through this IPO [1]

Core Insights - Jabil Inc. is a global manufacturing services provider with a market cap of $23.8 billion, specializing in electronic and mechanical solutions across various industries [1][2] Company Overview - Jabil operates a highly diversified, end-to-end manufacturing model with a focus on higher-margin, specialized solutions and long-term customer partnerships [2] - The company is categorized as a large-cap stock, emphasizing its size and influence in the electronic components industry [2] Stock Performance - Jabil shares reached a 52-week high of $237.14 on September 23 and are currently trading 6.2% below this peak [3] - Over the past three months, JBL stock has gained 3.9%, underperforming the Technology Select Sector SPDR Fund's (XLK) 6.1% gains [3] - Year-to-date, Jabil's stock has surged 54.5% and has rallied 66.4% over the past 52 weeks, outperforming the Technology Select Sector SPDR Fund's gains of 23.6% YTD and 20.7% over the past year [4] Market Position and Demand - Jabil has outperformed the broader market due to its strong positioning in AI and data center infrastructure, driving robust demand in its Intelligent Infrastructure segment [5] - Despite recent volatility, Jabil has regained technical momentum, maintaining positions above its 50-day and 200-day moving averages, indicating renewed investor confidence [4]

Summary of Japanese Equity Strategy Market Explorer Industry Overview - The report focuses on the Japanese equity market, specifically the performance and outlook for the Nikkei 225 and TOPIX indices. Core Insights and Arguments 1. **Bullish Outlook for 2026** - Japanese equities are expected to continue rising in 2026, with forecasted annual highs of 4,000 for TOPIX and 60,000 for the Nikkei 225 [1][2][29] 2. **Strong Corporate Earnings** - Anticipated strong corporate earnings in an inflationary environment, with a positive surprise ratio consistently above 50% since 2023 [36][37] - Earnings growth is particularly expected in sectors dependent on domestic demand, despite potential negative impacts from yen appreciation [3][36] 3. **Investment Themes and Sector Recommendations** - Key investment themes for 2026 include government economic policy, corporate governance code amendments, and sustained inflation [4] - Overweight positions are recommended in energy, capital goods/services, and real estate sectors, while underweight positions are suggested for ICT, consumer staples, and communication services [4] 4. **Market Characteristics in 2025** - The Japanese equity market has shown decoupling from forex rates, with significant polarization in sector performance [17][18] - Stock selection has been theme-focused, particularly on AI, data centers, and other high-growth sectors [25] 5. **Performance Metrics** - As of December 4, 2025, the year-to-date returns for Japanese equities were 27.9% for the Nikkei 225 and 22.0% for TOPIX, marking the third consecutive year of double-digit returns [9][12] 6. **Foreign Investment Trends** - There has been a notable increase in foreign investment in Japanese equities, which is less correlated with forex rates than in previous years [18][20] 7. **Sector Performance Disparities** - Significant disparities exist between sector performances, with steel & nonferrous metals leading gains at 57.8%, while sectors like pharmaceuticals and raw materials lagged behind [22][23] 8. **Macroeconomic Forecasts** - The macroeconomic outlook includes stable growth rates, potential rate cuts by the Federal Reserve and ECB, and a modest hike by the Bank of Japan [29][30] Additional Important Content - **Government Economic Stimulus** - Continued government economic stimulus is expected to support household budgets and drive domestic demand [37][56] - **Valuation Concerns** - Despite high price-to-earnings ratios nearing historical upper limits, strong underlying fundamentals suggest further upside potential for Japanese equities [2][29] - **Sector-Specific Recommendations** - Specific companies highlighted for investment include Sumitomo Rubber Industries, Shin-Etsu Chemical, and Nintendo, among others, with respective buy ratings [5] This comprehensive analysis provides a detailed outlook on the Japanese equity market, emphasizing the potential for continued growth and the importance of sector selection in investment strategies.

Core Insights - Corning Incorporated (GLW) is a leading materials science and specialty glass company with a market cap of $71.6 billion, focusing on advanced glass, ceramics, and optical solutions across various industries [1][2] Company Performance - GLW's shares are currently trading 9.7% below its 52-week high of $92.57, reached on October 31, but have rallied 20.5% over the past three months, outperforming the Technology Select Sector SPDR Fund (XLK), which rose 11% in the same period [3] - Year-to-date, GLW shares are up 75.8%, significantly outperforming XLK's 24.7% return, and have soared 69.9% over the past 52 weeks compared to XLK's 22.5% increase [4] - Following its Q3 earnings release, GLW shares fell 3.3% despite better-than-expected results, with core sales increasing 14.4% year-over-year to $4.3 billion, surpassing consensus estimates by 1.4% [5] Financial Highlights - The company's core EPS climbed 24.1% from the previous year to $0.67, exceeding analyst expectations by a penny, driven by sales growth and margin expansion across multiple business segments [5] - GLW has outperformed its rival TE Connectivity plc (TEL), which saw a 52% increase over the past 52 weeks and a 61.4% rise year-to-date [6] Analyst Sentiment - Analysts maintain a highly optimistic outlook for GLW, with a consensus rating of "Strong Buy" from 13 analysts, and a mean price target of $95.15, indicating a 13.9% premium to current price levels [6]

Company Overview - TE Connectivity plc (TEL) is headquartered in Ballybrit, Ireland, and specializes in manufacturing and selling connectivity and sensor solutions, with a market cap of $66.4 billion [1] - The company provides a wide range of solutions for various sectors, including transportation, renewable energy, data centers, medical technology, and automated factories [1] Market Position - TEL is classified as a large-cap stock, emphasizing its significant size and influence in the electronic components industry [2] - The strategic acquisition of Richards Manufacturing Co. enhances TEL's product offerings and market reach, diversifying its revenue streams and strengthening its competitive position [2] Stock Performance - TEL's stock has experienced an 8.4% decline from its 52-week high of $250.67, reached on November 5 [3] - Over the past three months, TEL stock has increased by 12.2%, outperforming the Technology Select Sector SPDR Fund (XLK), which gained 11.4% during the same period [3] - In the long term, TEL shares have risen by 43.6% over six months and 48.7% over the past 52 weeks, surpassing XLK's six-month and one-year gains of 24.2% and 22.6%, respectively [4] Financial Performance - TEL reported Q4 results with an adjusted EPS of $2.44, exceeding Wall Street's expectations of $2.29, and revenue of $4.8 billion, surpassing the forecast of $4.6 billion [5] - For Q1 2026, TEL anticipates an adjusted EPS of $2.53 and revenue of $4.5 billion [5] Competitive Landscape - Amphenol Corporation (APH) has shown stronger performance compared to TEL, with a 56.6% increase over six months and 93.6% gains over the past year [6] - Analysts maintain a bullish outlook on TEL, with a consensus "Strong Buy" rating from 18 analysts and a mean price target of $263.47, indicating a potential upside of 14.8% from current levels [6]

Core Insights - Amphenol Corporation is a leading global provider of high-tech interconnect, sensor, and antenna solutions, serving various industries such as automotive, broadband communications, and aerospace [1] - The company faces competition from TE Connectivity and Molex in the electronic components sector [1] Institutional Interest - William J. Doherty, President of the CS Division at Amphenol, sold 80,000 shares of Class A Common Stock at approximately $142.00 each, indicating a disposition of securities [2] - Despite the sale, institutional interest in Amphenol remains strong, with BLI Banque de Luxembourg Investments acquiring 32,200 shares valued at around $3.1 million [3] - Norges Bank acquired a new stake in Amphenol valued at over $2.1 billion, while T. Rowe Price Investment Management Inc. increased its holdings by 196.3%, now owning over 16.7 million shares valued at approximately $1.1 billion [4] - UBS Asset Management Americas LLC increased its stake by 639% during the same period [4] Stock Performance - Amphenol's stock is currently priced at $141.49, reflecting a 1.63% increase, with fluctuations between $140.90 and $143.48 during the day [5] - Over the past year, the stock reached a high of $144.37 and a low of $56.45 [5] - The company has a market capitalization of approximately $173.19 billion, maintaining its status as a significant player in the electronic components industry [5]

Group 1: Market Trends and Stock Performance - Companies are benefiting from low feedstock prices and high demand for gasoline and distillates, leading to a wide crack spread that has allowed Wall Street firms to raise earnings expectations for the upcoming quarters [2] - Valero is highlighted as one of the best stocks expected to see earnings and sales acceleration in 2026 [1] - Dollar General's stock is up 39% year-to-date despite challenges faced by low-end consumers, indicating a better-than-expected performance [8] Group 2: Sector Insights - The life sciences sector is experiencing strong earnings and revenue growth due to increased capital investment in research, with several companies building positive momentum [5] - The industrial sector is anticipated to see more capital expenditures, with well-managed companies like Textron being recognized for their performance [4] - The electronic components industry is noted for steady earnings, with a focus on cyclical performance compared to larger-cap names [3] Group 3: Consumer Behavior - The low-end consumer is struggling due to inflation and rising gas prices, which is impacting companies like Dollar Tree and Dollar General, despite some stock performance improvements [7][9] - Same-store sales for low-end retailers remain muted, indicating ongoing challenges in the consumer market [9]