Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

NIDEC CORPORATION is the world's leading manufacturer of small precision motors mainly used in HDD and optical disk drives. The company has extended its focus to the home appliance and automotive markets. NIDEC is active in M&A and its subsidiaries include the world's leading manufacturers of LCD panel handling robots and camera shutters.

<ul>
<li>Shipping the first water-based cooling systems for servers equipped with Nvidia's new Blackwell GPUs and building two new motor factories in India.</li>
<li>Moving beyond excessive dependence on China while restructuring operations to reduce costs. Sales short of 1H guidnce, but operating profit up. </li>
<li>Share price down 30% since May and close to its 52-week low. Selling at 17.5x this fiscal year's EPS guidance, the lowest P/E multiple in a decade. </li>
</ul>


Shipping the first water-based cooling systems for servers equipped with Nvidia's new Blackwell GPUs and building two new motor factories in India.
Moving beyond excessive dependence on China while restructuring operations to reduce costs. Sales short of 1H guidnce, but operating profit up. 
Share price down 30% since May and close to its 52-week low. Selling at 17.5x this fiscal year's EPS guidance, the lowest P/E multiple in a decade. 


Nidec (6594 JP): India & Nvidia Point the Way Forward

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Tesla Inc. operates as a multinational automotive and clean energy company. The Company designs and manufactures electric vehicles, battery energy storage from home to grid-scale, solar panels and solar roof tiles, and related products and services. Tesla owns its sales and service network and sells electric power train components to other automobile manufacturers.

<ul><li>Tesla has shortened its supplier payment cycle to about 90 days in 2024, continuing to outpace rivals in financial efficiency and supplier relations.</li><li>Tesla’s Shanghai factory, where 95% of parts are sourced locally, reflects the company’s deep integration with China’s supply chain.</li><li>The move highlights Tesla’s unique approach to balancing cost-cutting and supplier support in an industry under strain from intense competition, price wars and shifting dynamics between automakers and parts providers.</li></ul>

Tesla has shortened its supplier payment cycle to about 90 days in 2024, continuing to outpace rivals in financial efficiency and supplier relations.Tesla’s Shanghai factory, where 95% of parts are sourced locally, reflects the company’s deep integration with China’s supply chain.The move highlights Tesla’s unique approach to balancing cost-cutting and supplier support in an industry under strain from intense competition, price wars and shifting dynamics between automakers and parts providers.

Tesla Shortens Supplier Payment Terms to 90 Days Through Cost-Saving Innovations 

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Keysight Technologies In / Equity Bottom-Up

Keysight Technologies, Inc. offers electronic measurement services using wireless, modular, and software solutions.

<ul><li>Keysight Technologies reported fourth-quarter revenue and earnings per share that exceeded the high end of its guidance range.</li><li>The company delivered revenue of $1.287 billion, which was down 2% year-over-year but demonstrated resilience in challenging market conditions.</li><li>Orders for the quarter grew by 1% year-over-year and 8% sequentially, driven by strength in artificial intelligence (AI) applications and robust bookings in the U.S. aerospace, defense, and government sector.</li></ul>

Keysight Technologies reported fourth-quarter revenue and earnings per share that exceeded the high end of its guidance range.The company delivered revenue of $1.287 billion, which was down 2% year-over-year but demonstrated resilience in challenging market conditions.Orders for the quarter grew by 1% year-over-year and 8% sequentially, driven by strength in artificial intelligence (AI) applications and robust bookings in the U.S. aerospace, defense, and government sector.

Keysight Technologies: Will The Growth in Wireline Business Driven by AI Investments Last Long? - Major Drivers

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

LG Energy Solution produces and sells batteries. The Company manufactures and sells automobile batteries, small batteries, energy storage system batteries, and other products. LG Energy Solution markets its products worldwide.

<ul>
<li>The local market’s buzzing that LG Chem could face a 200-300 billion KRW tax hit from Pillar Two next year, with LGES ramping up U.S. production.</li>
<li>LG Chem may be reconsidering its plan to sell 2% of its LGES stake, dropping ownership below 80%, shifting the tax burden to LGES instead of itself.</li>
<li>Flagging this now—LG Chem’s tax burden looms. Consider shorting LGES or a long-short with LG Chem, plus prep for the 2T KRW block deal with the pre-disclosure process.</li>
</ul>


The local market’s buzzing that LG Chem could face a 200-300 billion KRW tax hit from Pillar Two next year, with LGES ramping up U.S. production.
LG Chem may be reconsidering its plan to sell 2% of its LGES stake, dropping ownership below 80%, shifting the tax burden to LGES instead of itself.
Flagging this now—LG Chem’s tax burden looms. Consider shorting LGES or a long-short with LG Chem, plus prep for the 2T KRW block deal with the pre-disclosure process.


LG Chem's Tax Alarm: Pillar Two Tax Could Soar Next Year + LGES Block Deal on the Horizon

<ul><li>During Tesla's third quarter of 2024 financial report, several key points emerged that provide an overview of the company's performance and strategic direction.</li><li>One of the prominent highlights was Tesla's achievement of record deliveries in a market experiencing overall industry declines.</li><li>This emphasizes Tesla's ability to navigate a challenging automotive landscape, an important consideration for investors assessing the company's resilience and market positioning.</li></ul>

During Tesla's third quarter of 2024 financial report, several key points emerged that provide an overview of the company's performance and strategic direction.One of the prominent highlights was Tesla's achievement of record deliveries in a market experiencing overall industry declines.This emphasizes Tesla's ability to navigate a challenging automotive landscape, an important consideration for investors assessing the company's resilience and market positioning.

Tesla’s Big Bet: Why Trump’s Autonomous Push Could Supercharge Their Future!

Insights on Companies in the Tesla Supply Chain

Tesla Supply Chain
Insights on Companies in the Tesla Supply Chain

Nidec (6594 JP): India & Nvidia Point the Way Forward

New factories in India, water-cooling units for Blackwell equipped servers and other factors to support sales growth and higher margins. 17.5x P/E...

Scott Foster

Tesla Shortens Supplier Payment Terms to 90 Days Through Cost-Saving Innovations

Tesla has shortened its supplier payment cycle to about 90 days in 2024, continuing to outpace rivals in financial efficiency and supplier...

Caixin Global

Keysight Technologies: Will The Growth in Wireline Business Driven by AI Investments Last Long? - Major Drivers

Keysight Technologies reported fourth-quarter revenue and earnings per share that exceeded the high end of its guidance range. The company...

Baptista Research

LG Chem's Tax Alarm: Pillar Two Tax Could Soar Next Year + LGES Block Deal on the Horizon

LG Chem's tax situation is on the radar: Pillar Two tax hit could explode next year, and a LGES stake block deal appears to be coming down the...

Sanghyun Park

Tesla’s Big Bet: Why Trump’s Autonomous Push Could Supercharge Their Future!

During Tesla's third quarter of 2024 financial report, several key points emerged that provide an overview of the company's performance and...

Baptista Research