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

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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

In the three months from early June to early September, Daikin's share price rose 49% to a new record high of ¥29,595. This move was supported by by strong June quarter results and an upward revision to FY Mar-22 sales and profit guidance.The shares gave up more than 80% of that gain by early October, but have since recovered to ¥25,570. At this price, in our view, they are still attractive. The new guidance looks conservative and the company is positioned for longer term growth.Over the next four years, growth in markets overseas, M&amp;A, and focus on profitability could add nearly 30% to sales and 50% to operating profit.Results for the six months to September are expected in early November.

In the three months from early June to early September, Daikin's share price rose 49% to a new record high of ¥29,595. This move was supported by by strong June quarter results and an upward revision to FY Mar-22 sales and profit guidance.The shares gave up more than 80% of that gain by early October, but have since recovered to ¥25,570. At this price, in our view, they are still attractive. The new guidance looks conservative and the company is positioned for longer term growth.Over the next four years, growth in markets overseas, M&amp;A, and focus on profitability could add nearly 30% to sales and 50% to operating profit.Results for the six months to September are expected in early November.

Daikin (6367 JP): Buy for the Rebound and the Long Term

Daikin Industries

Daikin (6367 JP): Buy for the Rebound and the Long Term