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

MHI (7011 JP): U.S. Presses Japan to Spend More on Defense

MHI (7011 JP): Election Unlikely to Affect Defense Budget

Mitsubishi Heavy Industries (7011 JP): Orders Momentum Has Peaked

Mitsubishi Heavy Industries (7011 JP): Take Profits and Wait for Reality to Catch Up

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

Mitsubishi Heavy Industries / Equity Bottom-Up

<ul>
<li>MHI shot up 13% on U.S. election day, but dropped back this morning. A degree of optimism is warranted, but there are negatives as well as positives.</li>
<li>Full year FY-Mar-25 orders guidance has been raised, but the increase came in Energy, not Aircraft, Defense &amp; Space, and total orders are still likely to be down this year.</li>
<li>An increase in defense orders can be expected, however, as Trump forces Japan to take more responsibility for its own defense. Hold or buy for the long term.</li>
</ul>


MHI shot up 13% on U.S. election day, but dropped back this morning. A degree of optimism is warranted, but there are negatives as well as positives.
Full year FY-Mar-25 orders guidance has been raised, but the increase came in Energy, not Aircraft, Defense &amp; Space, and total orders are still likely to be down this year.
An increase in defense orders can be expected, however, as Trump forces Japan to take more responsibility for its own defense. Hold or buy for the long term.


Mitsubishi Heavy Industries

MHI (7011): Trump 2.0 a Net Positive