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

Tokyo Electron (8035 JP): Sell into the Bear Market Bounce

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Good Morning Japan |Hawkish ECB + US Retail Miss Fan Recession Fears - Equities Take It on the Chin

Tokyo Electron (8035): Semiconductor Supply Chain at Risk of a Downturn

Tokyo Electron (8035 JP): Caught Out by a Decline in Sales

Tokyo Electron (8035 JP): New Medium-Term Plan Vs. Reality

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>Share price down 50% from its peak, discounting a downturn of historical magnitude.</li>
<li>But history also suggests that the downturn might last two years, in which case it would be too early to buy. </li>
<li>Impact of COVID lockdown fading. No impact from U.S. sanctions yet. Weaker guidance ahead, in our estimation. </li>
</ul>


Share price down 50% from its peak, discounting a downturn of historical magnitude.
But history also suggests that the downturn might last two years, in which case it would be too early to buy. 
Impact of COVID lockdown fading. No impact from U.S. sanctions yet. Weaker guidance ahead, in our estimation. 


Tokyo Electron (8035 JP): Downturn Discounted but Maybe Not Its Duration