Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

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>During 4QFY03/2023 results release, Nikon announced a medium-term target of revenues of ¥700bn, OPM of 10%+ and ROE of 8%+ by the end of FY2025E (FY ended 31st March 2026).</li>
<li>Our analysis (with conservative assumptions) suggests that the company could easily achieve its medium-term target despite the company expecting to see its earnings declining in FY03/2024E.</li>
<li>Nikon is trading at a discount to its Japanese peers Canon and Konica Minolta and we think the market is clearly undervaluing the company as a pure-play Imaging products player.</li>
</ul>


During 4QFY03/2023 results release, Nikon announced a medium-term target of revenues of ¥700bn, OPM of 10%+ and ROE of 8%+ by the end of FY2025E (FY ended 31st March 2026).
Our analysis (with conservative assumptions) suggests that the company could easily achieve its medium-term target despite the company expecting to see its earnings declining in FY03/2024E.
Nikon is trading at a discount to its Japanese peers Canon and Konica Minolta and we think the market is clearly undervaluing the company as a pure-play Imaging products player.


Nikon: A Reality Check on Nikon’s Medium-Term Management Plan

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

<ul>
<li>We visited Micron's advanced A3 semiconductor fab in Taichung, Taiwan last Friday. Micron is committed to expanding leading edge capacity in Taiwan.</li>
<li>Memory names rallied sharply at the end of last week after SK Hynix affirmed that 1Q23 was the cycle bottom and AI-driven DRAM demand was accelerating its recovery.</li>
<li>We reiterate our Nanya Long trade and believe it can now run further given improving industry signals. Nanya presents pure-play exposure to a DRAM turn-around accelerated by AI demand.</li>
</ul>


We visited Micron's advanced A3 semiconductor fab in Taichung, Taiwan last Friday. Micron is committed to expanding leading edge capacity in Taiwan.
Memory names rallied sharply at the end of last week after SK Hynix affirmed that 1Q23 was the cycle bottom and AI-driven DRAM demand was accelerating its recovery.
We reiterate our Nanya Long trade and believe it can now run further given improving industry signals. Nanya presents pure-play exposure to a DRAM turn-around accelerated by AI demand.


Memory Monitor: Our Site Visit to Micron's A3 Fab in Taiwan; AI Accelerating the Cycle Recovery

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.

<ul><li>ASML delivered an all-around beat in the previous quarter.</li><li>Looking ahead to the third quarter of 2023, ASML expects continued growth in net sales, driven by deep UV systems and non-EUV bookings.</li><li>We give ASML Holding N.V. a 'Hold' rating with a revised target price.</li></ul>

ASML delivered an all-around beat in the previous quarter.Looking ahead to the third quarter of 2023, ASML expects continued growth in net sales, driven by deep UV systems and non-EUV bookings.We give ASML Holding N.V. a 'Hold' rating with a revised target price.

ASML Holding N.V.: Redefining The Future of AI & The Semiconductor Industry? - Major Drivers

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

<ul>
<li>TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI boom and PC recovery.</li>
<li>AMD's Chairman and CEO arrived in Taiwan and met with key supply chain partners -- Related stocks are surging; ASML beat expectations and raised its guidance.</li>
<li>Taiwan AI,  PC-linked, and AMD-linked shares are flying; Our recent Memory Monitor piece also highlights signs that the DRAM cycle has bottomed.</li>
</ul>


TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI boom and PC recovery.
AMD's Chairman and CEO arrived in Taiwan and met with key supply chain partners -- Related stocks are surging; ASML beat expectations and raised its guidance.
Taiwan AI,  PC-linked, and AMD-linked shares are flying; Our recent Memory Monitor piece also highlights signs that the DRAM cycle has bottomed.


Taiwan Tech Weekly: TSMC Results Today; ASML Beats & Raises; AMD in Taiwan Sparking Rallies

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break down below prior weekly support levels in a large bearish engulfing candle last week.</li><li>This breakdown can serve as a tailwind for multi-nationals (especially technology names), commodities, emerging markets, treasuries, and cryptos.</li><li>The dollar is now sitting at a 15 month low. This decline may not be over as the MACD indicator is now crossing down.</li></ul>

After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break down below prior weekly support levels in a large bearish engulfing candle last week.This breakdown can serve as a tailwind for multi-nationals (especially technology names), commodities, emerging markets, treasuries, and cryptos.The dollar is now sitting at a 15 month low. This decline may not be over as the MACD indicator is now crossing down.

Netherlands

ASML Holding N.V. develops, produces, and markets semiconductor manufacturing equipment, specifically machines for the production of chips through lithography. The Company services clients world wide.

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ASML Holding NV (ASML NA)

Nikon: A Reality Check on Nikon’s Medium-Term Management Plan

As Nikon is reporting earnings soon, this insight would help readers have a quick glance at the company's last quarter earnings and whether Nikon...

Shifara Samsudeen, ACMA, CGMA

Memory Monitor: Our Site Visit to Micron's A3 Fab in Taiwan; AI Accelerating the Cycle Recovery

Memory names rallied sharply at the end of last week after SK Hynix affirmed that 1Q23 was the cycle bottom and AI-driven DRAM demand was...

Vincent Fernando, CFA

ASML Holding N.V.: Redefining The Future of AI & The Semiconductor Industry? - Major Drivers

ASML delivered an all-around beat in the previous quarter. Looking ahead to the third quarter of 2023, ASML expects continued growth in net sales,...

Baptista Research

Taiwan Tech Weekly: TSMC Results Today; ASML Beats & Raises; AMD in Taiwan Sparking Rallies

TSMC will report its 2Q23 results today in the afternoon Taiwan time. Look for key readthroughs from the company in terms of robustness of the AI...

Vincent Fernando, CFA

Weekly Stock Bullfinder - Week of 7/17

After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break...

Weekly Stock Bull Finder

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