Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Equity Bottom-Up

<ul><li>KLA had a rare miss. The guidance was a bit light for the inspection execution machine.</li><li>KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.</li><li>KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91</li></ul>

KLA had a rare miss. The guidance was a bit light for the inspection execution machine.KLA rarely misses and is by far the best financially managed of the large-cap semicap companies.KLA reports Q2 EPS $6.16 ex-items vs FactSet $5.91

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Tape will be weak to start, but may find dip buying given the bullish read from Micron which is helping send futs higher </li>
<li>Chinese ex-ASML engineers have reversed engineered a EUV lithography machine. Not awesome news for Lasertec and Jeol either. </li>
<li>China cooling on Japan has led to a big drop in tourist arrival growth rates. Expected - but still negative for duty free, hotels and rails etc. </li>
</ul>


Tape will be weak to start, but may find dip buying given the bullish read from Micron which is helping send futs higher 
Chinese ex-ASML engineers have reversed engineered a EUV lithography machine. Not awesome news for Lasertec and Jeol either. 
China cooling on Japan has led to a big drop in tourist arrival growth rates. Expected - but still negative for duty free, hotels and rails etc. 


Tech Hit on Financing Worries, but Micron Guidance Smashes Estimates

Japanese Turnaround Situations, Short-Ideas, Azabu Research

Michael Allen

Japanese Turnaround Situations, Short-Ideas

Azabu Research

Azabu Research is a publishing and consulting firm focused on distressed equities in the Japanese market. We specialize in turnaround strategies, corporate combinations, divestitures, and restructuring.

Publisher of the Tokyo Turnaround Letter, which conducts the most thorough research possible of publicly available information, including forensic tests for fraudulent overstatement of assets and understatement of liabilities, as well as rigorous market and industry analysis to assess the underlying strengths of the company’s products or services, the appropriateness of the company’s turnaround strategy, and the skill of its current management team. The average length of a report exceeds 25 pages of text and tables, excluding any disclosures or executive summaries.

We have more than 30 years of experience in applying this process to distressed equities in Japan. Additionally, subscribers have free access to detailed, yet easily navigated earnings models for the target company as well as the top five comparable companies, and unlimited access to the analyst for follow-up questions.

Azabu Research also conducts be-spoke research on a project basis, and provides consulting services to companies looking to restructure, divest, make acquisitions, go public, or improve investor sentiment toward their stock.

Independent Research and Consulting Firm

<ul>
<li>Lixil increased operating profit by 15.7% YoY, to ¥20.6bn, compared to consensus estimates for an 18% decline. The stock trades at 80% of book value.</li>
<li>TEPCO earned ¥112bn compared to a consensus forecast of a ¥3bn loss. It trades at 35% of book value.</li>
<li>Lasertec increased EBIT by 122% to ¥47.7bn compared to consensus estimates for ¥27bn, and the stock trading at the lowest multiples relative to Topix in seven years.  </li>
</ul>


Lixil increased operating profit by 15.7% YoY, to ¥20.6bn, compared to consensus estimates for an 18% decline. The stock trades at 80% of book value.
TEPCO earned ¥112bn compared to a consensus forecast of a ¥3bn loss. It trades at 35% of book value.
Lasertec increased EBIT by 122% to ¥47.7bn compared to consensus estimates for ¥27bn, and the stock trading at the lowest multiples relative to Topix in seven years.  


Unloved Japan Round-Up: Some Massive Results Surprises

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul><li>The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.</li><li>FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.</li><li>The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.</li></ul>

The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.

Lasertec Corp (6920 JP): Full-year FY06/25 flash update

Equity Derivatives Broker - Delta One Japan, Vantage Capital Markets Japan

François-Xavier Pustoc'h

Equity Derivatives Broker - Delta One Japan

Independent Financial Broker

Vantage Capital Markets Japan

We provide world class financial solutions to our extensive institutional client base including rapidly growing corporations, leading investment banks, commercial banks, asset managers, private equity funds, family offices and hedge funds.

Our services include capital market offerings and placements, wholesale brokerage and execution of cash and derivative products (both listed and OTC) across a range of asset classes.

VCM has offices in London, Hong Kong, Tokyo and Dubai from where we service our global client base. Our strength lies in the experience and quality of our teams, supported by excellent operations and infrastructure.

Equity Derivatives

<ul><li>Three single stock options strategies to express a bullish view: Long Call, Delta +Long Put, Short Risk Reversal.</li><li>Fundamental Analysis: strong return on equity and profit margins.</li><li>Technical Analysis: Lasertec is forming a Reversal Wedge pattern sign of a Bullish Reversal.</li></ul>

Three single stock options strategies to express a bullish view: Long Call, Delta +Long Put, Short Risk Reversal.Fundamental Analysis: strong return on equity and profit margins.Technical Analysis: Lasertec is forming a Reversal Wedge pattern sign of a Bullish Reversal.

Bullish on Lasertec Corp (6920 JP)? Think Options

Japan

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)

KLA & LaserTec, AMD, Hyperscaler Capex, SK Hynix, SWKS and QRVO, WOLF, MCHP

Another week of earnings, with KLA having a rare miss and the guidance being a bit light for the inspection execution machine.

Fabricated Knowledge

Tech Hit on Financing Worries, but Micron Guidance Smashes Estimates

Tape weak at first but may see dip buying; Chinese engineers reverse engineer lithography machine; China cooling on Japan affects tourist arrival...

Andrew Jackson

Unloved Japan Round-Up: Some Massive Results Surprises

Lixil, TEPCO, and Lasertec all outperformed consensus estimates with strong operating profits and low stock valuations relative to book value and...

Michael Allen