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>¥30.6 billion in new capital raised through stock and CB issues, equivalent to 3.8x equity, 95% of total assets, and 3X this year's projected net loss. </li>
<li>Gross margin has turned positive. Order backlog 2.6X midpoint of this fiscal year's project income guidance. Outlook for new orders improving with Japan's defense build-up. </li>
<li>The share price has dropped back more than 60% from its recent peak to where it was in early April, presenting a new long-term investment opportunity. </li>
</ul>


¥30.6 billion in new capital raised through stock and CB issues, equivalent to 3.8x equity, 95% of total assets, and 3X this year's projected net loss. 
Gross margin has turned positive. Order backlog 2.6X midpoint of this fiscal year's project income guidance. Outlook for new orders improving with Japan's defense build-up. 
The share price has dropped back more than 60% from its recent peak to where it was in early April, presenting a new long-term investment opportunity. 


Astroscale (186A JP): New Capital, New Phase of Growth

Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

<ul><li>FY04/26 revenue increased to JPY5.9bn (+141.8% YoY), with an operating loss of JPY10.0bn, reduced from JPY18.8bn.</li><li>FY04/27 forecasts project income of JPY12.5bn–17.0bn (+8.6%–+47.7% YoY) and revenue of JPY7.0bn–9.0bn.</li><li>Strategic growth financing aims to raise JPY30.0bn, combining convertible bonds and common shares, announced May 19, 2026.</li></ul>

FY04/26 revenue increased to JPY5.9bn (+141.8% YoY), with an operating loss of JPY10.0bn, reduced from JPY18.8bn.FY04/27 forecasts project income of JPY12.5bn–17.0bn (+8.6%–+47.7% YoY) and revenue of JPY7.0bn–9.0bn.Strategic growth financing aims to raise JPY30.0bn, combining convertible bonds and common shares, announced May 19, 2026.

Astroscale (186A JP): Full-year FY04/26 flash update

<ul><li>Project income reached JPY8.3bn (+125.1% YoY), with revenue at JPY4.4bn (+194.5% YoY) and government grant income JPY3.9bn (+78.0% YoY).</li><li>Operating loss improved to JPY7.1bn from JPY15.7bn, with SG&A expenses declining 20.0% YoY in cumulative Q3 FY04/26.</li><li>Cash and cash equivalents decreased to JPY13.9bn due to strategic borrowing repayment; tangible fixed assets rose to JPY10.1bn.</li></ul>

Project income reached JPY8.3bn (+125.1% YoY), with revenue at JPY4.4bn (+194.5% YoY) and government grant income JPY3.9bn (+78.0% YoY).Operating loss improved to JPY7.1bn from JPY15.7bn, with SG&A expenses declining 20.0% YoY in cumulative Q3 FY04/26.Cash and cash equivalents decreased to JPY13.9bn due to strategic borrowing repayment; tangible fixed assets rose to JPY10.1bn.

Astroscale (186A JP): Q3 04/26 flash update

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>SEI looks like a laggard target, up only 25% from its lows versus Furukawa and Fujikura's 60% rebound.</li>
<li>Kioxia looks like it could have plenty of room to rebound on a return to momentum chasing with it still -45% from the recent highs.</li>
<li>QPS and Astroscale worth watching with SpaceX's 4.4% gain overnight, lifting sentiment for smaller space names.</li>
</ul>


SEI looks like a laggard target, up only 25% from its lows versus Furukawa and Fujikura's 60% rebound.
Kioxia looks like it could have plenty of room to rebound on a return to momentum chasing with it still -45% from the recent highs.
QPS and Astroscale worth watching with SpaceX's 4.4% gain overnight, lifting sentiment for smaller space names.


Japan Morning Connection: SEI Could Emerge as a Laggard Target as Optical/Cable Sector Heats Up

<ul><li>Project income reached JPY5.2bn in 1H FY04/26, with revenue of JPY2.6bn and government grant income of JPY2.6bn.</li><li>Operating loss improved to JPY4.7bn in 1H FY04/26, compared to a JPY12.1bn loss in 1H FY04/25.</li><li>Order backlog at end-Q2 FY04/26 was JPY41.1bn, with project income projected at JPY11.0–13.0bn for FY04/26.</li></ul>

Project income reached JPY5.2bn in 1H FY04/26, with revenue of JPY2.6bn and government grant income of JPY2.6bn.Operating loss improved to JPY4.7bn in 1H FY04/26, compared to a JPY12.1bn loss in 1H FY04/25.Order backlog at end-Q2 FY04/26 was JPY41.1bn, with project income projected at JPY11.0–13.0bn for FY04/26.

Astroscale (186A JP): Q2 FY04/26 flash update

Japan

Astroscale, the satellite servicing and debris removal company

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Astroscale (186A JP)