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

<ul>
<li>The outlook for factory automation is improving with inventory clearance, the upturn in the semiconductor industry and an AI-enhanced response to the labor shortage.</li>
<li>Yaskawa's margins should continue to rise with renewed growth in Robotics, efficiency gains and an upgraded product line. </li>
<li>Valuation stretched at 30x EPS guidance for FY Feb-25, but current weakness looks like a long term buying opportunity.</li>
</ul>


The outlook for factory automation is improving with inventory clearance, the upturn in the semiconductor industry and an AI-enhanced response to the labor shortage.
Yaskawa's margins should continue to rise with renewed growth in Robotics, efficiency gains and an upgraded product line. 
Valuation stretched at 30x EPS guidance for FY Feb-25, but current weakness looks like a long term buying opportunity.


Yaskawa (6506 JP): Start of a New Factory Automation Growth Cycle

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Doosan Robotics  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-robotics" target="_blank" data-smartkarma-citation="entities:36816:1" rel="noopener">Doosan Robotics (DOOSANROBO KS)</a> is looking to raise up to US$314m in its Korean IPO. </li>
<li>Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. </li>
<li>In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.</li>
</ul>



Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. 
Doosan Robotics (DR) manufactures and sells collaborative robots (Cobots). The firm’s product portfolio primarily includes different series of robot arms as well as its coffee module. 
In our previous notes, we looked at the company’s past performance and undertook a peer comparison. In this note, we talk about valuation.


Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Strong numbers for Credo after-hours sets a better tone for connectivity related plays.</li>
<li>FA plays may be back in focus on news Yaskawa and Softbank as well as Fanuc and NVDA announce AI focused tie-ups.</li>
<li>Expect a weakish start in Japan but tech weakness yesterday may soften blow.</li>
</ul>


Strong numbers for Credo after-hours sets a better tone for connectivity related plays.
FA plays may be back in focus on news Yaskawa and Softbank as well as Fanuc and NVDA announce AI focused tie-ups.
Expect a weakish start in Japan but tech weakness yesterday may soften blow.


Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

<ul>
<li>MS downgrades PC makers on risk high memory prices eat into margins.</li>
<li>China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.</li>
<li>Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.</li>
</ul>


MS downgrades PC makers on risk high memory prices eat into margins.
China angst against Takaichi TW comments will cause JP rails, hotels etc. to fall further.
Advantest CEO meeting yesterday unlikely enough to appease investor demands after huge run.


Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run

<ul>
<li>Memory and specifically DRAM and NAND surges as memory makers delay enterprise pricing guidance as supply/demand imbalance grows.</li>
<li>As AMD-Samsung vs NVDA-SK Hynix alliances form, Micronics should be the big winner.</li>
<li>Factory automatic and robotics stocks the next AI winners? Masa thinks so.</li>
</ul>


Memory and specifically DRAM and NAND surges as memory makers delay enterprise pricing guidance as supply/demand imbalance grows.
As AMD-Samsung vs NVDA-SK Hynix alliances form, Micronics should be the big winner.
Factory automatic and robotics stocks the next AI winners? Masa thinks so.


Japan Morning Connection: US Govt Rumored to Be Looking at Taking Stake in Wolfspeed

Japan

YASKAWA Electric Corporation manufactures and markets servomotors, controllers, inverters, and industrial robots.  The Company's products include spindle controllers, computerized numerical control (CNC) systems, and system engineering.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yaskawa Electric (6506 JP)

Yaskawa (6506 JP): Start of a New Factory Automation Growth Cycle

Long-term buy with share price down 10% in the past month as orders bottom out. Robotics looking up with inventory cleared and need for automation...

Scott Foster

Doosan Robotics IPO - Thoughts on Valuation - A Punt at Best, a Crash at Worst

Doosan Robotics (DOOSANROBO KS) is looking to raise up to US$314m in its Korean IPO. comparison. In this note, we talk about valuation.

Ethan Aw

Japan Morning Connection: Crypto Selloff Spooks Risk Assets Although Most Recover in the PM

Some rotation into defensive sectors in response to crypto weakness. AI connectivity name Credo is surging post-mkt, setting a better mood for JP...

Andrew Jackson

Japan Morning Connection: Tech Skittish Ahead of NVDA but Memory Continues to Run

JP SPE rebound momentum likely to drop out following the shaky lead overnight. JR rails and hotel names may trade down following tensions with...

Andrew Jackson

Japan Morning Connection: US Govt Rumored to Be Looking at Taking Stake in Wolfspeed

Tech and AI bounce back after pullback the day before, flash/NAND related especially strong. WOLF a potential target for the US Government to take...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)