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

Hitachi High-Technologies (8036 JP): Geared to Semiconductor Inspection

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Equity Bottom-Up

<p>Hitachi High-Tech reported weak numbers for the three months to December, but left headline sales and profit guidance for FY Mar-18 unchanged. That, however, conceals changes by segment. Total sales were up 1.4% year-on-year in 3Q, EBIT down 30.0% and net profit down 27.0%. By segment, the results and current outlook are:</p><p>Scientific &amp; Medical Systems (manufacturing business): 3Q Sales +0.6%, EBIT -27.5%. Weakness due, as previously stated by management, to clearance of channel inventory by…</p>

Hitachi High-Tech reported weak numbers for the three months to December, but left headline sales and profit guidance for FY Mar-18 unchanged. That, however, conceals changes by segment. Total sales were up 1.4% year-on-year in 3Q, EBIT down 30.0% and net profit down 27.0%. By segment, the results and current outlook are:Scientific &amp; Medical Systems (manufacturing business): 3Q Sales +0.6%, EBIT -27.5%. Weakness due, as previously stated by management, to clearance of channel inventory by…

Hitachi High-Technologies (8036 JP): Weak 3Q, FY Guidance Unchanged