Independent Insight Provider, 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.

Independent Insight Provider, 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

<ul>
<li>Diversified across sectors and regions, Hitachi Ltd. is a proxy for the global economy going into recession.</li>
<li>Restructuring nearly complete, but little margin expansion so far. DX revenues growing rapidly, but more profit supporter than driver. </li>
<li>Weak 1Q and worsening economic situation casts doubt on FY Mar-23 guidance.</li>
</ul>


Diversified across sectors and regions, Hitachi Ltd. is a proxy for the global economy going into recession.
Restructuring nearly complete, but little margin expansion so far. DX revenues growing rapidly, but more profit supporter than driver. 
Weak 1Q and worsening economic situation casts doubt on FY Mar-23 guidance.


Hitachi Ltd. (6501 JP): Downside Risk in Recession