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

Kyocera (6971 JP): Massive Downward Revision

Kyocera (6971 JP) Founder Kazuo Inamori Passes - Implications for Holdings

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>It is hard to see how Kyocera can avoid a significant slowdown in sales and earnings growth given the weakness in electronics markets and the overall economy.</li>
<li>R&amp;D and capital spending continue to rise, putting pressure on margins and offsetting gains from the weak yen.</li>
<li>Valuations are not compelling. Watch out as the share price drops back from its recent high.</li>
</ul>


It is hard to see how Kyocera can avoid a significant slowdown in sales and earnings growth given the weakness in electronics markets and the overall economy.
R&amp;D and capital spending continue to rise, putting pressure on margins and offsetting gains from the weak yen.
Valuations are not compelling. Watch out as the share price drops back from its recent high.


Kyocera (6971 JP): Strong Performance Unlikely to Last

Kyocera Corp

Kyocera (6971 JP): Strong Performance Unlikely to Last