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

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

Hamamatsu Photonics Kk / Equity Bottom-Up

<ul>
<li>Profits and share price stabilizing after steep declines, although margins still under pressure from rising R&amp;D and depreciation, and costs associated with recent acquisitions.</li>
<li>Sales of medical equipment to recover from post-COVID decline. Semiconductor equipment driven by advanced logic and high-bandwidth memory. Lasers to become fourth major product division.</li>
<li>Buy for the long-term. Risks include Trump tariffs, weak European economies, emergence of Chinese competition.</li>
</ul>


Profits and share price stabilizing after steep declines, although margins still under pressure from rising R&amp;D and depreciation, and costs associated with recent acquisitions.
Sales of medical equipment to recover from post-COVID decline. Semiconductor equipment driven by advanced logic and high-bandwidth memory. Lasers to become fourth major product division.
Buy for the long-term. Risks include Trump tariffs, weak European economies, emergence of Chinese competition.


Hamamatsu Photonics (6965 JP): Rebound Ahead