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

<p>Sumco delivered stronger than expected 3Q numbers with both revenue and margins beating consensus. While the beat was moderate, guidance on future pricing conditions was even more encouraging, leaving us pondering how much upside remains.</p>

Sumco delivered stronger than expected 3Q numbers with both revenue and margins beating consensus. While the beat was moderate, guidance on future pricing conditions was even more encouraging, leaving us pondering how much upside remains.

Sumco – We May Have Been Premature in Calling For Profit Taking

Thematic (Sector/Industry)

<h3>What’s Original?</h3>
<p>In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.</p>

What’s Original?
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

Kishida as Prime Minister: The Path Ahead

<p>Surging PVC prices helped Shin-Etsu post blowout numbers as revenue came in 10.6% above consensus and OP beat by 26.3% but the company refrained from raising guidance which suggests some concern about the sustainability of current PVC prices. Nevertheless, there are interesting changes to Shin-Etsu’s profit structure that investors should be aware of.</p>

Surging PVC prices helped Shin-Etsu post blowout numbers as revenue came in 10.6% above consensus and OP beat by 26.3% but the company refrained from raising guidance which suggests some concern about the sustainability of current PVC prices. Nevertheless, there are interesting changes to Shin-Etsu’s profit structure that investors should be aware of.

Shin-Etsu – Blowout but Will PVC Prices Sustain?

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

Japan Post Holdings / Equity Capital Markets

<div><p>The Japanese government plans to sell over 26% or US$8bn worth of <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP).</a> We've covered most most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/japan-post-holdings-placement-the-final-us-8bn-countdown-past-deal-didn-t-do-well" target="_blank" rel="noopener">Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn’t Do Well</a>. </p></div><div><p>In this note, we will talk about the updates and the share price performance so far.</p></div>

The Japanese government plans to sell over 26% or US$8bn worth of Japan Post Holdings (6178 JP). We've covered most most aspects of the deal in our previous note, Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn’t Do Well. In this note, we will talk about the updates and the share price performance so far.

Japan Post Holdings Placement - The Final US$8bn Countdown - Shaping up Better than the Last Deal

<p>We had previously suggested that Sumco’s offering looked reasonably attractive despite our concerns that the funds raised would be used to add not just capacity but overcapacity. That call was largely based on the name looking oversold though so discretion may be the better part of valour here.</p>

We had previously suggested that Sumco’s offering looked reasonably attractive despite our concerns that the funds raised would be used to add not just capacity but overcapacity. That call was largely based on the name looking oversold though so discretion may be the better part of valour here.

Japan

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

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SUMCO Corp (3436 JP)

Sumco – We May Have Been Premature in Calling For Profit Taking

Sumco delivered stronger than expected 3Q numbers and while the beat was moderate, guidance on future pricing conditions was even more encouraging,...

Mio Kato

Kishida as Prime Minister: The Path Ahead

In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these...

Mio Kato

Shin-Etsu – Blowout but Will PVC Prices Sustain?

Surging PVC prices helped Shin-Etsu post blowout numbers but the company refrained from raising guidance which suggests some concern about the...

Mio Kato

Japan Post Holdings Placement - The Final US$8bn Countdown - Shaping up Better than the Last Deal

The Japanese government plans to sell over 26% or US$8bn worth of Japan Post Holdings (6178 JP). In this note, we will talk about the updates and...

Sumeet Singh

Sumco – We Would Take Profit

We had previously suggested that Sumco’s offering looked reasonably attractive but that call was largely based on the name looking oversold so...

Mio Kato

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