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

Topcon (7732 JP): Good 3Q Results, Not Cheap

Topcon (7732 JP): Ready for the Fourth Industrial Revolution

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Equity Bottom-Up

<p>At ¥2,139 (Friday, April 20 closing price), Topcon is down 27% from its January high of ¥2,917. But it has rebounded by 10% from its March low of ¥1,943 and indications are that it was profit taking, not a change in the company's fundamentals, that caused the share price to decline. At ¥2,917, the shares were selling at 48x our EPS estimate for FY Mar-19 and 52x management's EPS guidance. Now they are selling at 35x our EPS estimate for this fiscal year and 28x our estimate for next year - still…</p>

At ¥2,139 (Friday, April 20 closing price), Topcon is down 27% from its January high of ¥2,917. But it has rebounded by 10% from its March low of ¥1,943 and indications are that it was profit taking, not a change in the company's fundamentals, that caused the share price to decline. At ¥2,917, the shares were selling at 48x our EPS estimate for FY Mar-19 and 52x management's EPS guidance. Now they are selling at 35x our EPS estimate for this fiscal year and 28x our estimate for next year - still…

Topcon (7732 JP): New Acquisitions; Shares Rebounding

Topcon Corp

Topcon (7732 JP): New Acquisitions; Shares Rebounding