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

Screen Holdings (7735 JP): Book-To-Bill 1.2x in 3Q

Screen Holdings (7735 JP): Good Results, Optimistic Guidance, Great Uncertainty

Screen Holdings (7735 JP): Weakness Not Necessarily Discounted

Screen Holdings (7735 JP): A Highly-Geared Laggard to Tokyo Electron

Screen Holdings (7735 JP): New Orders and Efficiency Gains Greater than Expected

Screen Holdings (7735 JP): Aiming at 2nm Process Technology

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

Strong demand for cleaning equipment and other semiconductor production equipment (SPE) from foundry and logic makers provided the main impetus for a 31% year-on-year increase in consolidated sales and a 3.7x increase in operating profit in the six months to September.Supported by  efficiency gains, the company beat 1H sales and profit guidance and raised guidance for 2H of FY Mar-22.New SPE orders were up 89% and the order backlog reached a record high. This points to further growth in sales and profits next fiscal year, bringing the projected P/E ratio down to 9.4x. We continue to recommend Screen as a lagging alternative to Tokyo Electron. 30% potential upside.

Strong demand for cleaning equipment and other semiconductor production equipment (SPE) from foundry and logic makers provided the main impetus for a 31% year-on-year increase in consolidated sales and a 3.7x increase in operating profit in the six months to September.Supported by  efficiency gains, the company beat 1H sales and profit guidance and raised guidance for 2H of FY Mar-22.New SPE orders were up 89% and the order backlog reached a record high. This points to further growth in sales and profits next fiscal year, bringing the projected P/E ratio down to 9.4x. We continue to recommend Screen as a lagging alternative to Tokyo Electron. 30% potential upside.

Screen Holdings (7735 JP): Beat 1H and Raised 2H Guidance

SCREEN Holdings

Screen Holdings (7735 JP): Beat 1H and Raised 2H Guidance