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

Renesas Electronics (6723 JP): Tie-Ups with Tata Group Add to Growth Potential

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Acquisition of Steradian Semiconductors complements Renesas' partnership with Tata Group and expands its presence in India. </li>
<li>Follows purchase of Reality Analytics of the U.S. and Celeno Communications of Israel. Global footprint growing, technological sophistication rising to meet ADAS, AI and IIoT requirements.</li>
<li>P/E below 10x on current guidance, but vulnerable to semiconductor down-cycle. Accumulate for long-term potential.</li>
</ul>


Acquisition of Steradian Semiconductors complements Renesas' partnership with Tata Group and expands its presence in India. 
Follows purchase of Reality Analytics of the U.S. and Celeno Communications of Israel. Global footprint growing, technological sophistication rising to meet ADAS, AI and IIoT requirements.
P/E below 10x on current guidance, but vulnerable to semiconductor down-cycle. Accumulate for long-term potential.


Renesas (6723 JP): Steradian Acquisition Supports Alliance with Tata