Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS.  SPX +0.2% as Investors Buy Financials; Semis regained some of its mojo as SOX rose 1.3%; Fed remains in Focus; Boeing glitches;  All Telsa cars qualify for IRA benefits</li>
<li>JAPAN. NKY Futs +0.4% vs Cash; Relentless bid in JP equities continues - yesterday ignoring US weakness on Monday; JP Govt tgts 3x rise in Domestic Semi Sales by 2030. </li>
<li>NUGGET. Japan revamps its semi strategy - aggressive targets to get to ¥15 trillion in domestic sales by 2030, while being the key in the global semi supply chain.</li>
</ul>


OVERSEAS.  SPX +0.2% as Investors Buy Financials; Semis regained some of its mojo as SOX rose 1.3%; Fed remains in Focus; Boeing glitches;  All Telsa cars qualify for IRA benefits
JAPAN. NKY Futs +0.4% vs Cash; Relentless bid in JP equities continues - yesterday ignoring US weakness on Monday; JP Govt tgts 3x rise in Domestic Semi Sales by 2030. 
NUGGET. Japan revamps its semi strategy - aggressive targets to get to ¥15 trillion in domestic sales by 2030, while being the key in the global semi supply chain.


Ohayo Japan |SPX +0.2%; Fed in Focus; NUGGET: Japan Global Semi Suppy Chain Dominance in Sight ?

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

<ul>
<li>The recent spike in the share price has discounted the positive scenario for sales and earnings, which is represented by management's guidance for FY Mar-24.</li>
<li>The negative scenario - weaker than expected foundry demand, tougher than expected restrictions on exports to China - implies a significant downward revision to that guidance.</li>
<li>The share price is up 77.5% year-to-date and 36% since the end of April. That should be enough for now. </li>
</ul>


The recent spike in the share price has discounted the positive scenario for sales and earnings, which is represented by management's guidance for FY Mar-24.
The negative scenario - weaker than expected foundry demand, tougher than expected restrictions on exports to China - implies a significant downward revision to that guidance.
The share price is up 77.5% year-to-date and 36% since the end of April. That should be enough for now. 


Screen Holdings (7735 JP): Positive Scenario Discounted

<ul>
<li>OVERSEAS. AI Driven Tech Rally Continues; Debt Deal Close(r) as Biden-McCarthy Agree, Vote still to come;More Hikes to Come as Inflation Picks UP; (Another) Massive Boeing order in the works</li>
<li>JAPAN. NKY Futs 1.9% Prem  vs Cash; US Tech(AI) Driven Rally continues;Yen Shorts Accummulate as USDJPY pass 140; Tokyo Inflation Slows;Toyota Loses crown of top selling car to TESLA</li>
<li>NUGGET. Drone Delivery in Japan - within Sight; Japan Post(6178) leading the way aiming for 2023 commercialization. </li>
</ul>


OVERSEAS. AI Driven Tech Rally Continues; Debt Deal Close(r) as Biden-McCarthy Agree, Vote still to come;More Hikes to Come as Inflation Picks UP; (Another) Massive Boeing order in the works
JAPAN. NKY Futs 1.9% Prem  vs Cash; US Tech(AI) Driven Rally continues;Yen Shorts Accummulate as USDJPY pass 140; Tokyo Inflation Slows;Toyota Loses crown of top selling car to TESLA
NUGGET. Drone Delivery in Japan - within Sight; Japan Post(6178) leading the way aiming for 2023 commercialization. 


Ohayo Japan |AI All the Way Tech Continues to Lead Equities UP; NUGGET: JP Drone Delivery-In Sight

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

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

<ul>
<li>Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.</li>
<li>Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.</li>
<li>Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.</li>
</ul>


Samsung announced that it would reduce memory chip production in light of crashing profits, this is after the company had previously said it would not reduce production. Memory names rallied.
Hon Hai announced a $820m investment plan for EV manufacturing in southern Taiwan.
Japan's semiconductor manufacturing equipment export restrictions targeting China will take effect starting in July.


Taiwan Tech Weekly: Samsung Finally Announces Chip Production Cuts; Hon Hai's New EV Factory

<ul>
<li>OVERSEAS. SPX reclaims 4000 level to cose up +1.4%; Nasdaq 100 enters BULL MARKET;  Micron +7% Intel +7.6%  spurs sentiment around Semi recovery. </li>
<li>JAPAN. NKY Futs -0.3% vs Cash; USDJPY ¥132.8;  Dividend x-Date today - expect ~¥1trill of reinvestment BUYING in total; New Toyota CEO vows to get serious about EVs -about time</li>
<li>NUGGET. Incoming CEO Makiko Ono - Set to Further Globalize Suntory Beverage.  If she can execute, stock looks like a bargain. </li>
</ul>


OVERSEAS. SPX reclaims 4000 level to cose up +1.4%; Nasdaq 100 enters BULL MARKET;  Micron +7% Intel +7.6%  spurs sentiment around Semi recovery. 
JAPAN. NKY Futs -0.3% vs Cash; USDJPY ¥132.8;  Dividend x-Date today - expect ~¥1trill of reinvestment BUYING in total; New Toyota CEO vows to get serious about EVs -about time
NUGGET. Incoming CEO Makiko Ono - Set to Further Globalize Suntory Beverage.  If she can execute, stock looks like a bargain. 


Good Morning Japan |NASDAQ BULL MARKET! NUGGET: CEO Makiko Ono-Set to Further Globalize Suntory Bev

Japan

SCREEN Holdings Co Ltd.  manufactures and sell semiconductors, FPD devices, commercial printing and printed circuit boards(PCB). The company also provides additional services for its products.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SCREEN Holdings (7735 JP)

Ohayo Japan |SPX +0.2%; Fed in Focus; NUGGET: Japan Global Semi Suppy Chain Dominance in Sight ?

NKY Futs +0.4% vs Cash; Relentless bid in JP equities continues - yesterday ignoring US weakness on Monday; JP Govt tgts 3x rise in Domestic Semi...

Mark Chadwick