Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<p>Saturday's 7.1 earthquake in Japan could have caused important supply disruptions for semiconductors.  We reached out to over a dozen companies to check their status, and those who replied indicated that there was little impact.  Still, the automotive sector has reason to be nervous.</p>

Saturday's 7.1 earthquake in Japan could have caused important supply disruptions for semiconductors.  We reached out to over a dozen companies to check their status, and those who replied indicated that there was little impact.  Still, the automotive sector has reason to be nervous.

Japan Quake and Chip Shortages, Tough on Auto?

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>Part of our thesis on Toyota is that the company is going through a transformation from being just the ever-reliable auto manufacturer it has been to a much more rounded company with more appealing designs and a far stronger ability to build emotional connections with its customers. To illustrate this, we examine some of Toyota’s commercials and the communications from CEO Akio Toyoda.</p>

Part of our thesis on Toyota is that the company is going through a transformation from being just the ever-reliable auto manufacturer it has been to a much more rounded company with more appealing designs and a far stronger ability to build emotional connections with its customers. To illustrate this, we examine some of Toyota’s commercials and the communications from CEO Akio Toyoda.

Toyota – Superbowl Commercials and the Evolution of Toyota

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

<div><p style="text-align: center;"><strong>• RESULTS &amp; REVISIONS SUMMARY - 10th FEBRUARY •</strong></p></div><div><p>Of Wednesday's 477 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 2.1% on average and a 3.5 point decline in operating margins. 11% of companies were in the red for the quarter.  Just 61% of the 204 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +2.9 points.</p></div><div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>The 'best' larger-cap announcements came from <a href="https://www.smartkarma.com/entities/rinnai-corp" target="_blank" data-smartkarma-citation="entities:1303:1" rel="noopener">Rinnai (5947 JP)</a>, <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex (1605 JP)</a>, and <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>; the 'worst' were from <a href="https://www.smartkarma.com/entities/mitsubishi-estate-co-ltd" target="_blank" data-smartkarma-citation="entities:566:1" rel="noopener">Mitsubishi Estate (8802 JP)</a>, <a href="https://www.smartkarma.com/entities/nippon-paint-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:7387:1" rel="noopener">Nippon Paint (4612 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:15457:1" rel="noopener">Tokyo Electric Power (9501 JP)</a>.  For more, see the <strong>DETAIL</strong> section below.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/286/original/2021-02-12_05-27-56.png?1613075287" class="editor-image img-responsive" data-smartkarma-image-id="188286"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/287/original/2021-02-12_05-28-34.png?1613075326" class="editor-image img-responsive" data-smartkarma-image-id="188287"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/288/original/2021-02-12_05-29-12.png?1613075365" class="editor-image img-responsive" data-smartkarma-image-id="188288"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/289/original/2021-02-12_05-30-04.png?1613075416" class="editor-image img-responsive" data-smartkarma-image-id="188289"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/290/original/2021-02-12_05-30-41.png?1613075454" class="editor-image img-responsive" data-smartkarma-image-id="188290"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/291/original/2021-02-12_05-31-25.png?1613075496" class="editor-image img-responsive" data-smartkarma-image-id="188291"></figure></section><p></p>
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• RESULTS &amp; REVISIONS SUMMARY - 10th FEBRUARY •Of Wednesday's 477 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 2.1% on average and a 3.5 point decline in operating margins. 11% of companies were in the red for the quarter.  Just 61% of the 204 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +2.9 points.• BEST &amp; WORST •
The 'best' larger-cap announcements came from Rinnai (5947 JP), Inpex (1605 JP), and Toyota Motor (7203 JP); the 'worst' were from Mitsubishi Estate (8802 JP), Nippon Paint (4612 JP) and Tokyo Electric Power (9501 JP).  For more, see the DETAIL section below.



🇯🇵 JAPAN • Results & Revisions Update 02/​10 - Rinnai, INPEX, Toyota, Nippon Paint

<p>Toyota blew out 3Q earnings as revenue of ¥8,150bn (consensus ¥7,577bn) and OP ¥988bn (consensus ¥567bn) came in extremely strong. OP and OPM hit their all-time highs since FY03. Toyota continues to go from strength to strength and the 8% YoY growth in revenue and 12.1% OPM posted this quarter show that Toyota is clearly separating from the pack.</p>

Toyota blew out 3Q earnings as revenue of ¥8,150bn (consensus ¥7,577bn) and OP ¥988bn (consensus ¥567bn) came in extremely strong. OP and OPM hit their all-time highs since FY03. Toyota continues to go from strength to strength and the 8% YoY growth in revenue and 12.1% OPM posted this quarter show that Toyota is clearly separating from the pack.

<p><a href="https://www.bloomberg.com/news/articles/2021-02-09/toyota-autonomous-vehicle-startup-aurora-enter-self-driving-cars-partnership" target="_blank" rel="noopener">Toyota and Denso have reportedly struck a long-term partnership with key autonomous technology startup Aurora Innovation</a>. Part of our core thesis for automakers is that increasingly confident shifts into electrified technologies and later autonomous would reveal the immaturity and deficiencies of EV makers, popping this bubble. We do not expect this to happen overnight but there is one more step being taken here to shine light on the underlying reality in the space.</p>

Toyota and Denso have reportedly struck a long-term partnership with key autonomous technology startup Aurora Innovation. Part of our core thesis for automakers is that increasingly confident shifts into electrified technologies and later autonomous would reveal the immaturity and deficiencies of EV makers, popping this bubble. We do not expect this to happen overnight but there is one more step being taken here to shine light on the underlying reality in the space.

Toyota – Strengthening Autonomous with Aurora Partnership

Japan

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

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Toyota Motor Corp Spon Adr (TM US)

Japan Quake and Chip Shortages, Tough on Auto?

Will Saturday's Japan earthquake further disrupt the semiconductor supply chain? Early reports seem tame enough, but automobile manufacturers are...

Jim Handy

Toyota – Superbowl Commercials and the Evolution of Toyota

On the day the Nikkei recovered the 30,000 level after three decades we look at the evolution of Toyota's image and character, and Japan's new...

Mio Kato

🇯🇵 JAPAN • Results & Revisions Update 02/10 - Rinnai, INPEX, Toyota, Nippon Paint

Of Wednesday's 477 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 2.1% on average and a...

Campbell Gunn

Toyota – Real Strength Shining Through

Toyota posted extremely strong results in 3Q posting all-time quarterly highs for OP and OPM despite the challenging environment. We believe this...

Mio Kato

Toyota – Strengthening Autonomous with Aurora Partnership

A partnership between Toyota and Denso and autonomous startup Aurora Innovation continues the trend of traditional automakers partnering with tech...

Mio Kato

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan Quake and Chip Shortages, Tough on Auto?

Will Saturday's Japan earthquake further disrupt the semiconductor supply chain? Early reports seem tame enough, but automobile manufacturers are...

Jim Handy

Toyota – Superbowl Commercials and the Evolution of Toyota

On the day the Nikkei recovered the 30,000 level after three decades we look at the evolution of Toyota's image and character, and Japan's new...

Mio Kato

🇯🇵 JAPAN • Results & Revisions Update 02/​10 - Rinnai, INPEX, Toyota, Nippon Paint

Of Wednesday's 477 results announcements, 70% scored positively for earnings momentum despite trailing revenues falling by 2.1% on average and a...

Campbell Gunn

Toyota – Real Strength Shining Through

Toyota posted extremely strong results in 3Q posting all-time quarterly highs for OP and OPM despite the challenging environment. We believe this...

Mio Kato

Toyota – Strengthening Autonomous with Aurora Partnership

A partnership between Toyota and Denso and autonomous startup Aurora Innovation continues the trend of traditional automakers partnering with tech...

Mio Kato

🇯🇵 JAPAN • Results & Revisions Update 02/10 - Rinnai, INPEX, Toyota, Nippon Paint