Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Securities analyst covering electronics, precision equipment & robotics, engineering, construction, transport and other sectors for more than 25 years in Japan and 3 years in Korea. Permanent resident of Japan.

Senior Technology Analyst, Japanese Equities

Advantest – Upside and Downside Scenarios

Advantest – That Time in the Cycle When Orders Apparently Stop Being Important

Advantest (6857 JP): Orders Unsustainable, Cyclical Risk High

Advantest (6857 JP): Very Strong 1Q, Guidance Raised

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>New orders dropped back QoQ in 3Q, but were up 43% YoY and 1.2x greater than sales. The order backlog hit another record high.</li>
<li>FY Mar-22 sales and profit guidance was raised for the third time. Further growth seems likely next fiscal year.</li>
<li>The share price has dropped to the bottom of its recent trading range. We expect a short-term rebound while the market assesses longer-term risks.</li>
</ul>


New orders dropped back QoQ in 3Q, but were up 43% YoY and 1.2x greater than sales. The order backlog hit another record high.
FY Mar-22 sales and profit guidance was raised for the third time. Further growth seems likely next fiscal year.
The share price has dropped to the bottom of its recent trading range. We expect a short-term rebound while the market assesses longer-term risks.


Advantest (6857 JP): 3Q Results Point to Further Growth in 2022

Advantest Corp

Advantest (6857 JP): 3Q Results Point to Further Growth in 2022