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

The Nikkei <a href="https://asia.nikkei.com/Spotlight/Toshiba-in-turmoil/Toshiba-to-split-itself-into-three-companies-by-2023" target="_blank" rel="noopener">reports</a> that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a timeline of 2023 or later. That… does not seem like something to get overly excited about…

The Nikkei reports that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a timeline of 2023 or later. That… does not seem like something to get overly excited about…

Toshiba – First Impression of Spin Off Plan Is Negative

Thematic (Sector/Industry)

<h3>What’s Original?</h3>
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.

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

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

In this morning's news: "Merger talks between Western Digital and Kioxia stall" (Reuters, October 22, 2021, updated 9:07 a.m. JST). It is yet not clear how serious this might be.On October 19, the Nikkei reported that Toshiba affiliate Kioxia, Canon (7751) and Dai Nippon Printing (7912) are aiming to use nanoimprint lithography in Kioxia's NAND flash memory production in 2025.The potential savings in terms of equipment and operational costs could be great enough to give Kioxia a competitive advantage. It would also justify years of development and give Canon and Dai Nippon Printing important new products.But 2025 is a long time from now and technical hurdles remain. For the time being, more immediate issues are likely to move the stocks. LightStream's Mio Kato continues to see upside potential for Toshiba, but primarily as an exit opportunity (see <a href="https://www.smartkarma.com/insights/toshiba-possibility-of-a-kioxia-western-digital-deal" target="_blank" data-smartkarma-citation="insights:56685" rel="noopener">Toshiba – Possibility of a Kioxia-Western Digital Deal</a> )

In this morning's news: "Merger talks between Western Digital and Kioxia stall" (Reuters, October 22, 2021, updated 9:07 a.m. JST). It is yet not clear how serious this might be.On October 19, the Nikkei reported that Toshiba affiliate Kioxia, Canon (7751) and Dai Nippon Printing (7912) are aiming to use nanoimprint lithography in Kioxia's NAND flash memory production in 2025.The potential savings in terms of equipment and operational costs could be great enough to give Kioxia a competitive advantage. It would also justify years of development and give Canon and Dai Nippon Printing important new products.But 2025 is a long time from now and technical hurdles remain. For the time being, more immediate issues are likely to move the stocks. LightStream's Mio Kato continues to see upside potential for Toshiba, but primarily as an exit opportunity (see Toshiba – Possibility of a Kioxia-Western Digital Deal )

Toshiba (6502 JP): Nanoimprint Litho Could Add Value to Kioxia, but Not Soon

Event-Driven

<a href="https://www.ft.com/content/8c1c3cf0-951d-4032-9826-8c4576824db5?shareType=nongift" target="_blank" rel="noopener">The FT notes</a> that Elliot has now gotten involved in the Toshiba drama following its successful bid to get Softbank to return more cash to shareholders. While the news is very welcome we do not believe it materially changes how the Toshiba drama is likely to unfold.

The FT notes that Elliot has now gotten involved in the Toshiba drama following its successful bid to get Softbank to return more cash to shareholders. While the news is very welcome we do not believe it materially changes how the Toshiba drama is likely to unfold.

Toshiba – We View Elliot’s Entry as Only Marginally Positive

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

The <a href="https://www.ft.com/content/8c1c3cf0-951d-4032-9826-8c4576824db5?emailId=6155a3af79f37900047eb494&amp;segmentId=ce31c7f5-c2de-09db-abdc-f2fd624da608" target="_blank" rel="noopener">Financial Times</a> has reported that Elliott Management (“Elliott”) has built a “sizeable” stake in Toshiba. The article released on 30th September 2021 in the <a href="https://www.ft.com/content/10abee22-941e-4a6a-be24-12058f312dcb" target="_blank" rel="noopener">Financial Times</a>, comes some nine days after the publication reported that activist shareholders were starting to lose the power that they had secured following the last AGM.There is no reason to believe that management will have the ability to remain silent for much longer when it comes to advising shareholders of its progress of three key events. We discuss why these events and why the unlocking of value is now a real possibility.

The Financial Times has reported that Elliott Management (“Elliott”) has built a “sizeable” stake in Toshiba. The article released on 30th September 2021 in the Financial Times, comes some nine days after the publication reported that activist shareholders were starting to lose the power that they had secured following the last AGM.There is no reason to believe that management will have the ability to remain silent for much longer when it comes to advising shareholders of its progress of three key events. We discuss why these events and why the unlocking of value is now a real possibility.

Toshiba Corp (6502 JP) Chapter 7: Elliott Appears to Have Arrived “just-In-Time”

Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Toshiba – First Impression of Spin Off Plan Is Negative

The Nikkei reports that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a...

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

Toshiba (6502 JP): Nanoimprint Litho Could Add Value to Kioxia, but Not Soon

Merger talks between Kioxia and Western Digital have reportedly stalled. This should be the focus of investor attention, not the recent Nikkei...

Scott Foster

Toshiba – We View Elliot’s Entry as Only Marginally Positive

While the news of Elliot's entry into the Toshiba saga is very welcome we do not believe it materially changes how results are likely to unfold.

Mio Kato

Toshiba Corp (6502 JP) Chapter 7: Elliott Appears to Have Arrived “just-In-Time”

Elliott Appears to Have Arrived “just-in-time”. There is no reason to believe that Toshiba management has the ability to remain silent much longer....

David Lepper

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