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.

Event-Driven

While the air of Kurumatani’s influence hung heavily over CVC’s bid from the start, we had believed that recent noise regarding Bain joining its bid could have meant a serious bid from Bain with CVC as a junior partner. That appears to now be out the window with CVC having apparently put forth a half-hearted proposal and Toshiba looking reluctant to go the private route.

While the air of Kurumatani’s influence hung heavily over CVC’s bid from the start, we had believed that recent noise regarding Bain joining its bid could have meant a serious bid from Bain with CVC as a junior partner. That appears to now be out the window with CVC having apparently put forth a half-hearted proposal and Toshiba looking reluctant to go the private route.

Toshiba – CVC Turns Tail but You Shouldn’t

The news flow cycle for Toshiba kicked up again overnight as Travis has pointed out. As Travis and I have suggested would happen, Kurumatani is out and other PE funds have started to circle. The initial reaction here should be positive given that it has been reported that KKR is contemplating a higher bid, however, the long-term outlook becomes a little more complex.

The news flow cycle for Toshiba kicked up again overnight as Travis has pointed out. As Travis and I have suggested would happen, Kurumatani is out and other PE funds have started to circle. The initial reaction here should be positive given that it has been reported that KKR is contemplating a higher bid, however, the long-term outlook becomes a little more complex.

Toshiba – How the Kurumatani Resignation and KKR or Brookfield Bids Could Change Things

Positive news flow for Toshiba continues as the <a href="https://asia.nikkei.com/Business/Business-deals/Micron-and-Western-Digital-explore-possible-deal-for-Kioxia-WSJ" target="_blank" rel="noopener">Nikkei reported</a> that both Micron and Western Digital have expressed interest in acquiring equity affiliate Kioxia for as much as $30bn. With Toshiba owning 40.2% of the company that would be a significant haul for the company regardless of whether the quoted figure is market cap or EV.

Positive news flow for Toshiba continues as the Nikkei reported that both Micron and Western Digital have expressed interest in acquiring equity affiliate Kioxia for as much as $30bn. With Toshiba owning 40.2% of the company that would be a significant haul for the company regardless of whether the quoted figure is market cap or EV.

Toshiba – Rumoured Deal for Kioxia a Big Positive

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

Equity Bottom-Up

Micron Technology's March 31 second-fiscal-quarter earnings call told not only of a strong recent quarter, but of a very positive outlook for the next several quarters as the DRAM market is experiencing a growing shortage and the NAND flash market seems to be going into balance.

Micron Technology's March 31 second-fiscal-quarter earnings call told not only of a strong recent quarter, but of a very positive outlook for the next several quarters as the DRAM market is experiencing a growing shortage and the NAND flash market seems to be going into balance.

Micron 2QF21: Everything's Good and Getting Even Better

In an investor confernce call today <a href="https://www.smartkarma.com/entities/micron-technology-inc" target="_blank" data-smartkarma-citation="entities:13382:1" rel="noopener">Micron Technology (MU US)</a> revealed that it would discontinue its 3D XPoint memory efforts and sell the facility that produces it.  Will its sole customer <a href="https://www.smartkarma.com/entities/intel-corp" target="_blank" data-smartkarma-citation="entities:16764:1" rel="noopener">Intel Corp (INTC US)</a> be undermined by this move?

In an investor confernce call today Micron Technology (MU US) revealed that it would discontinue its 3D XPoint memory efforts and sell the facility that produces it.  Will its sole customer Intel Corp (INTC US) be undermined by this move?

Micron Kills 3D XPoint - Is Intel in Trouble?

Japan

Kioxia Holdings Corporation manufactures semiconductor memory products. The Company develops, produces, and sells flash memory cards, solid state drives, secure digital memory cards, and other products. Kioxia Holdings markets its products worldwide.

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Kioxia Holdings (6600 JP)

Toshiba – CVC Turns Tail but You Shouldn’t

With CVC looking like it is half way out the door and Toshiba saying its public status is valuable, recent news flow has been negative, but...

Mio Kato

Toshiba – How the Kurumatani Resignation and KKR or Brookfield Bids Could Change Things

News that Kurumatani would resign today and that KKR may outbid CVC is positive and a we view a KKR or Brookfield bid as significantly more...

Mio Kato

Toshiba – Rumoured Deal for Kioxia a Big Positive

A sale of Kioxia to Micron or WDC could help Toshiba realise further value and would mark an increasingly positive news flow cycle following...

Mio Kato

Micron 2QF21: Everything's Good and Getting Even Better

Micron's management showed surprising bullishness in its most recent earnings call, as the markets for their two products are entering a protracted...

Jim Handy

Micron Kills 3D XPoint - Is Intel in Trouble?

Will Micron's sudden exit from the 3D XPoint market threaten Intel or Intel's customers? It seems that this will actually be a relatively...

Jim Handy

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