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

Lasertec (6920): Some of the Accusations Are Disgraceful, Some Not

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Lumpy Orders Create Excellent Opportunity

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>Lasertec has dropped more than 20% in the past week and a half, but is still selling at more than 60x EPS guidance for FY Jun-24.</li>
<li>Weak orders at ASML, disappointing guidance from TSMC and doubts about Intel's equipment purchases cast doubt on Lasertec's growth potential.</li>
<li>Between December 2021 and June 2022, Lasertec's share price dropped by more than 50%. Wait for Q3 results before reaching for a falling knife. </li>
</ul>


Lasertec has dropped more than 20% in the past week and a half, but is still selling at more than 60x EPS guidance for FY Jun-24.
Weak orders at ASML, disappointing guidance from TSMC and doubts about Intel's equipment purchases cast doubt on Lasertec's growth potential.
Between December 2021 and June 2022, Lasertec's share price dropped by more than 50%. Wait for Q3 results before reaching for a falling knife. 


Lasertec Corp

Lasertec (6920 JP): Further to Fall