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

Misumi Group (9962 JP): Weak Sales in September, but Most Bad News Discounted

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>The gradual upward trend in monthly sales, which has continued through November, has further to go in our estimation. </li>
<li>At 22x EPS guidance for FY Mar-24, the shares are at the low end of their 5-year P/E range.</li>
<li>Guidance remains unchanged. 3Q results are due to be announced at the end of January</li>
</ul>


The gradual upward trend in monthly sales, which has continued through November, has further to go in our estimation. 
At 22x EPS guidance for FY Mar-24, the shares are at the low end of their 5-year P/E range.
Guidance remains unchanged. 3Q results are due to be announced at the end of January


Misumi Group (9962 JP): Heads up for 3Q Results in Late January