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

Disco (6146 JP): YoY Growth Headed Toward Zero

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>The share price is at the top of its trading range, but management sees YoY sales and profit growth dropping to single digits this quarter.</li>
<li>On a QoQ basis, guidance is for double-digit declines, but that is partly seasonal.</li>
<li>The shares have been in a trading range for almost two years. As interest rates rise, economies slow and the semiconductor down-cycle continues, watch out.</li>
</ul>


The share price is at the top of its trading range, but management sees YoY sales and profit growth dropping to single digits this quarter.
On a QoQ basis, guidance is for double-digit declines, but that is partly seasonal.
The shares have been in a trading range for almost two years. As interest rates rise, economies slow and the semiconductor down-cycle continues, watch out.


Disco (6146 JP): Not Immune to a Downturn

DISCO Corp

Disco (6146 JP): Not Immune to a Downturn