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

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>Results fell short of plan in the nine months to September. It looks like the company will miss FY Dec-21 sales and profit guidance by about 3%. </li>
<li>Sales growth is likely to remain high while margins remain under pressure.</li>
<li>If 20% sales growth can be maintained and margins stabilize, the P/E ratio could drop from more than 60x now to 40x over the next 3 years.</li>
</ul>


Results fell short of plan in the nine months to September. It looks like the company will miss FY Dec-21 sales and profit guidance by about 3%. 
Sales growth is likely to remain high while margins remain under pressure.
If 20% sales growth can be maintained and margins stabilize, the P/E ratio could drop from more than 60x now to 40x over the next 3 years.


MonotaRO (3064 JP): Falling Short of Guidance, Interview Takeaways Mixed

MonotaRO Co Ltd

MonotaRO (3064 JP): Falling Short of Guidance, Interview Takeaways Mixed