Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

It appears that interest in <a href="https://www.smartkarma.com/entities/637" target="_blank" data-smartkarma-citation="entities:637:1">Toshiba Corp (6502 JP)</a> 's proposed sale of a stake in its memory business is starting to wane as the 19.9% limit that Toshiba is targeting may fail to whet the appetite of potential investors. Given the scale of potential losses in the nuclear business and further potential losses from LNG takeoff commitments, we believe that more drastic measures could become necessary in the end. If maximum risk exposure is taken into account, we believe that selling close to a 50%…

It appears that interest in Toshiba Corp (6502 JP) 's proposed sale of a stake in its memory business is starting to wane as the 19.9% limit that Toshiba is targeting may fail to whet the appetite of potential investors. Given the scale of potential losses in the nuclear business and further potential losses from LNG takeoff commitments, we believe that more drastic measures could become necessary in the end. If maximum risk exposure is taken into account, we believe that selling close to a 50%…

Will Toshiba Be Forced to Sell More Than 20% of Its Memory Business?

As a follow up to our examination of potential impairment losses we use a rough sum of the parts calculation to try and gauge what the market is factoring in. In particular, we attempt to strip out the implied valuation of the overseas nuclear power business (essentially Westinghouse) to gauge the estimated losses due to delays and technical problems faced by the AP1000 series reactors.A precise calculation is difficult due to sparse disclosures in the past, several changes in segment definitions and what we assume are temporary salary cuts which skew current year OP. Nevertheless, we have assigned rough valuations to the various segments and sub-segments using the valuations of market peers and Toshiba's own listed subsidiaries. We then examine whether a conglomerate discount exists and examine the likely market view of the overseas nuclear power business using the residual value and comparing the share price reactions of Toshiba compared to its subsidiaries.

As a follow up to our examination of potential impairment losses we use a rough sum of the parts calculation to try and gauge what the market is factoring in. In particular, we attempt to strip out the implied valuation of the overseas nuclear power business (essentially Westinghouse) to gauge the estimated losses due to delays and technical problems faced by the AP1000 series reactors.A precise calculation is difficult due to sparse disclosures in the past, several changes in segment definitions and what we assume are temporary salary cuts which skew current year OP. Nevertheless, we have assigned rough valuations to the various segments and sub-segments using the valuations of market peers and Toshiba's own listed subsidiaries. We then examine whether a conglomerate discount exists and examine the likely market view of the overseas nuclear power business using the residual value and comparing the share price reactions of Toshiba compared to its subsidiaries.

Toshiba: Greater or Less Than The Sum of Its Parts?

Japan

TOSHIBA TEC CORPORATION manufactures electronic equipment for distribution system, document processing, and household use.  The Company's products include Point of Sale (POS) systems, bar code scanners, copy machines, printers, and vacuum cleaners.

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

Toshiba Tec (6588 JP)

Will Toshiba Be Forced to Sell More Than 20% of Its Memory Business?

It appears that interest in Toshiba Corp (6502 JP) 's proposed sale of a stake in its memory business is starting to wane as the 19.9% limit that...

Mio Kato

Toshiba: Greater or Less Than The Sum of Its Parts?

As a follow up to our examination of potential impairment losses we use a rough sum of the parts calculation to try and gauge what the market is...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)