Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

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

Hamamatsu Photonics Kk / Equity Bottom-Up

HAMAMATSU PHOTONICS K.K. manufactures electron tubes, semiconductors, and image processors.  The Company's products include photosensitive electronic tubes, optical/image sensors, X-ray related products, laser related products, photodiodes, light-emitting diodes (LED) and video camera used for measuring equipment.

<ul>
<li>Demand from the semiconductor, medical, quantum computing and defense industries is turning the Laser segment into Hamamatsu Photonics's new growth driver.</li>
<li>The acquisition of NKT Photonics brings defense and other technologies, Rheinmetall as a customer in Europe, and potential for greater defense-related sales in Japan. </li>
<li>Selling at 20x net profit guidance for FY Sep-28, near the bottom of its 10-year P/E range.</li>
</ul>


Demand from the semiconductor, medical, quantum computing and defense industries is turning the Laser segment into Hamamatsu Photonics's new growth driver.
The acquisition of NKT Photonics brings defense and other technologies, Rheinmetall as a customer in Europe, and potential for greater defense-related sales in Japan. 
Selling at 20x net profit guidance for FY Sep-28, near the bottom of its 10-year P/E range.


Hamamatsu Photonics (6965 JP): The Opportunity in Lasers

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights</li>
<li>Apple Anchors 2nm Volumes -- Insulates from Potential AI Capex Slowdown</li>
<li>TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown</li>
</ul>


Strong Signals TSMC’s 2nm Node Will Take the Company to New Heights
Apple Anchors 2nm Volumes -- Insulates from Potential AI Capex Slowdown
TSMC Inexpensive and Resilient to Any Potential AI Capex Slowdown


TSMC: A Resilient Long Holding Insulated From an AI Slowdown

<ul>
<li>TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet</li>
<li>Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities </li>
<li>Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus </li>
</ul>


TSMC’s 2nm Node Is Already Sold Out Through 2026E... And Hasn't Even Started Production Yet
Taiwan Dual-Listings Monitor: TSMC Historically High Premium Cracks; ChipMOS &amp; CHT Opportunities 
Micron: Nov-25 Beat by 30%, Feb-26 Guidance 80% Above Consensus 


Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Fermi LLC operates as an energy development company. The Company focuses on building electric grids that deliver redundant power at gigawatt scale to create next-generation artificial intelligence.

<ul>
<li>On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE</li>
<li>The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment</li>
<li>On December 12, Fermi issued a SEC filing clarifying that <em><strong>no</strong></em> money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share</li>
</ul>


On October 1, Texas-based startup Fermi raised $682.5 million through the sale of 32.5 million shares at $21/share in a remarkable dual listing on both the NASDAQ and LSE
The company claimed to have a prospective first tenant who had already "put down" a $150 million prepayment
On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their agreement. Currently trading @ ~$9/share


VEON Ltd. provides telecommunications and digital services. The Company offers fixed-line telecommunication, broadband, voice, wireless Internet and connectivity, and other related services. VEON serves customers worldwide.

<ul>
<li>VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.</li>
<li>VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.</li>
<li>VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.</li>
</ul>


VEON’s JazzCash in Pakistan and China’s Binance are exploring blockchain integration for remittances, merchant settlement, and stablecoin payment rails, with implementation contingent on regulatory approval.
VEON’s Banglalink received Bangladesh Bank approval to operate as a payment service provider, enabling instant person-to-person transfers, remittance services, utility payments, merchant transactions, and salary disbursements.
VEON can transfer its learnings from Pakistan to Bangladesh to create a new large fintech business that can be on par with the size of the Group’s Pakistan fintech business.


VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Insights on Tech Hardware and Semiconductors

Tech Hardware and Semiconductor Research
Insights on Tech Hardware and Semiconductors

Hamamatsu Photonics (6965 JP): The Opportunity in Lasers

Semiconductor, medical, quantum and defense-related demand are turning the Laser segment into a new growth driver. By the end of the decade, it...

Scott Foster

TSMC: A Resilient Long Holding Insulated From an AI Slowdown

TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

Fermi America's Unfathomable Progress

On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their...

William Keating

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

Hamamatsu Photonics (6965 JP): The Opportunity in Lasers

Semiconductor, medical, quantum and defense-related demand are turning the Laser segment into a new growth driver. By the end of the decade, it...

Scott Foster

TSMC: A Resilient Long Holding Insulated From an AI Slowdown

​TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

Vincent Fernando, CFA

Taiwan Tech Weekly: TSMC's Next Node Already Sold Out Before Any Mass Production

​TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.

Vincent Fernando, CFA

Fermi America's Unfathomable Progress

On December 12, Fermi issued a SEC filing clarifying that no money had been drawn down and the the prospective tenant had terminated their...

William Keating

VEON (VEON US): Two New Fintech Developments Signal Significant Digital Growth Ahead

Two new fintech developments, a new partnership with Binance and payments license approval in Bangladesh, support our forecast for a major...

Vincent Fernando, CFA

TSMC's advancement to 2nm node with Apple's support insulates company from potential AI capex slowdown, showcasing resilience and growth potential.

TSMC's highly anticipated 2nm node is already fully booked through 2026, signaling strong demand for its advanced chip technology vs. Samsung.