Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

<ul>
<li>Renesas’ investor day today focused on providing more details on existing themes such as the progress of synergies from Dialog. </li>
<li>The strong overall growth outlook and progress offering integrated solutions was also emphasised. </li>
<li>However, what we found most interesting was some of their commentary on RISC-V developments.</li>
</ul>


Renesas’ investor day today focused on providing more details on existing themes such as the progress of synergies from Dialog. 
The strong overall growth outlook and progress offering integrated solutions was also emphasised. 
However, what we found most interesting was some of their commentary on RISC-V developments.


Renesas – Synergies Outperform and Some Potentially Bad News for Arm

Event-Driven

<ul>
<li>We have made no secret of the fact that we consider Toshiba’s restructuring plans to be unspectacular. </li>
<li>Initially we saw no reason to separate the infrastructure business and saleable assets but with  that issue addressed it is the position of the devices business which concerns us. </li>
<li>This is because we feel it is rather undersized to stand on its own two feet… but we increasingly feel that Renesas could be the ideal home for the unit.</li>
</ul>


We have made no secret of the fact that we consider Toshiba’s restructuring plans to be unspectacular. 
Initially we saw no reason to separate the infrastructure business and saleable assets but with  that issue addressed it is the position of the devices business which concerns us. 
This is because we feel it is rather undersized to stand on its own two feet… but we increasingly feel that Renesas could be the ideal home for the unit.


Toshiba – Why Renesas Might Be a Better Option for the Devices Business than an IPO

<ul>
<li>Renesas’ 4Q results were strong as revenue came in well above guidance as we predicted, beating even our ¥310bn estimate at ¥314.4bn. </li>
<li>EBITDA of ¥119.4bn was up 15.7% QoQ and should rise further thanks to a hefty backlog. </li>
<li>We said previously that 2022 EBITDA could be on the order of ¥500-550bn rather than the ¥391bn which consensus projects… for reasons which escape us.</li>
</ul>


Renesas’ 4Q results were strong as revenue came in well above guidance as we predicted, beating even our ¥310bn estimate at ¥314.4bn. 
EBITDA of ¥119.4bn was up 15.7% QoQ and should rise further thanks to a hefty backlog. 
We said previously that 2022 EBITDA could be on the order of ¥500-550bn rather than the ¥391bn which consensus projects… for reasons which escape us.


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Nippon Paint Holdings / Equity Capital Markets

<ul>
<li>A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock.</li>
<li>We covered most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/nippon-paint-holdings-placement-nothing-particularly-exciting-needs-to-correct" target="_blank" rel="noopener">Nippon Paint Holdings Placement - Nothing particularly exciting, needs to correct</a>.</li>
<li>In this note, we will talk about the updates and share price movement since then.</li>
</ul>


A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock.
We covered most aspects of the deal in our previous note, Nippon Paint Holdings Placement - Nothing particularly exciting, needs to correct.
In this note, we will talk about the updates and share price movement since then.


Nippon Paint Placement Quick Update - Better Positioned After Delivering the Largest Correction

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>November semiconductor revenues set a record for the highest shipment month in the history of the industry</li>
<li>Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history</li>
<li>There is plenty of room for this to continue, barring a global economic meltdown</li>
</ul>


November semiconductor revenues set a record for the highest shipment month in the history of the industry
Year-To-Date revenues and unit shipments, excluding December, are still higher than any full year in the industry's history
There is plenty of room for this to continue, barring a global economic meltdown


November Semiconductors Once Again Set Records

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

Renesas – Synergies Outperform and Some Potentially Bad News for Arm

Renesas’ investor day today focused on providing more details on existing themes such as the progress of synergies from Dialog but what we found...

Mio Kato

Toshiba – Why Renesas Might Be a Better Option for the Devices Business than an IPO

We believe a listing of Toshiba's device business would not create an especially attractive security for investors and that a sale to a domestic...

Mio Kato

Renesas - Accelerating

Renesas’ 4Q results were strong as revenue came in well above guidance at ¥314.4bn. EBITDA of ¥119.4bn was up 15.7% QoQ and should rise further...

Mio Kato

Nippon Paint Placement Quick Update - Better Positioned After Delivering the Largest Correction

A group of shareholders of Nippon Paint Holdings, plan to raise around US$1.4bn via selling nearly 6% of the stock. In this note we talk about the...

Sumeet Singh

November Semiconductors Once Again Set Records

The semiconductor market once again set records in November, with 2021 revenues and unit shipments out-stripping all prior record years in its...

Jim Handy

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