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Equity Analyst, LightStream Research

Farha Sabri

Equity Analyst

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

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<li>Shin-Etsu released its 2QFY03/19 results on Friday, recording an upward revision to its FY03/19 guidance following positive performance across all business segments mainly from the PVC/Chlor-Alkali business. The company has already achieved 50.8% of revenue guidance and 53.7% of OP guidance as of 1HFY03/19.</li>
<li>When compared to its historical FY1 PE of 19.1x, Shin-Etsu continues to remain cheap, currently trading at an FY1 PE of 12.2x (36.1% cheaper than the historical median). Similarly, the company’s current FY1 EV/OP at 6.7x is cheaper than its historical median of 10.7x (37.4% cheaper than the historical median).</li>
</ul>


Shin-Etsu released its 2QFY03/19 results on Friday, recording an upward revision to its FY03/19 guidance following positive performance across all business segments mainly from the PVC/Chlor-Alkali business. The company has already achieved 50.8% of revenue guidance and 53.7% of OP guidance as of 1HFY03/19.
When compared to its historical FY1 PE of 19.1x, Shin-Etsu continues to remain cheap, currently trading at an FY1 PE of 12.2x (36.1% cheaper than the historical median). Similarly, the company’s current FY1 EV/OP at 6.7x is cheaper than its historical median of 10.7x (37.4% cheaper than the historical median).


Shin-Etsu Revises FY03/19 Upwards Guidance Following Strong 1H Performance

Shin Etsu Chemical

Shin-Etsu Revises FY03/19 Upwards Guidance Following Strong 1H Performance