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

Shinko Electric (6967 JP) Takeover - Still Buy Dips, and Ibiden (4062 JP)

Shinko Electric (6967 JP) Takeover - THIS Is a Dip to Buy

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>Sales, profits and the share price are bottoming out and good 1Q results make FY Mar-25 guidance look conservative.</li>
<li>Demand for advanced packaging should drive recovery, with the operating margin regaining its previous peak in three or four years.</li>
<li>Management's long-term guidance implies a decline in the projected P/E ratio from 26x to 10X by FY Mar-28, but even 15x would make the shares an attractive investment.</li>
</ul>


Sales, profits and the share price are bottoming out and good 1Q results make FY Mar-25 guidance look conservative.
Demand for advanced packaging should drive recovery, with the operating margin regaining its previous peak in three or four years.
Management's long-term guidance implies a decline in the projected P/E ratio from 26x to 10X by FY Mar-28, but even 15x would make the shares an attractive investment.


Ibiden (4062 JP): Once Again a Long-Term Buy

Ibiden Co Ltd

Ibiden (4062 JP): Once Again a Long-Term Buy