Renesas Offering Round 2: Initial Thoughts

Renesas: INCJ Paring Stake to Below Negative Control Level? Maxim Merger Incoming?

Equity Analyst, LightStream Research

Farha Sabri

Equity Analyst

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

<p>Renesas Electronics Corp. reported their 1QFY12/18 earnings on Friday. At JPY 185.9bn, the company recorded top-line growth of 4.7% YoY while <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato, CFA</a> called for revenue growth of 7% YoY to JPY190bn in <a href="https://www.smartkarma.com/insights/renesas-offering-round-2-initial-thoughts" target="_blank" data-smartkarma-citation="insights:19150">Renesas Offering Round 2: Initial Thoughts</a>. Meanwhile, consensus estimates, at JPY186.8bn, were just a touch higher than the company’s actual results.</p><p>Renesas’ OP grew by 7.9% YoY to JPY31.4bn while we expected an OP of approximately JPY34bn. The company’s OPM for the last quarter was 16.9%…</p>

Renesas Electronics Corp. reported their 1QFY12/18 earnings on Friday. At JPY 185.9bn, the company recorded top-line growth of 4.7% YoY while Mio Kato, CFA called for revenue growth of 7% YoY to JPY190bn in Renesas Offering Round 2: Initial Thoughts. Meanwhile, consensus estimates, at JPY186.8bn, were just a touch higher than the company’s actual results.Renesas’ OP grew by 7.9% YoY to JPY31.4bn while we expected an OP of approximately JPY34bn. The company’s OPM for the last quarter was 16.9%…

Intersil Integration Drives Renesas’ 1QFY12/18 Financial Performance