29 pagesWe associate to any irreducible germ S of complex quasi-ordinary hypersurface an analytically invariant semigroup. We deduce a direct proof (without passing through their embedded topological invariance) of the analytical invariance of the normalized characteristic exponents. These exponents generalize the generic Newton-Puiseux exponents of plane curves. Incidentally, we give a toric description of the normalization morphism of the germ S
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