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

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>QD Laser, Seiko Giken and Santec may see gains after Lumentum's strong beat lifted optical peers.</li>
<li>Kioxia is set for more of a rebound as memory rallied overnight, with the stock still forming a base after a 68% drawdown from June highs.</li>
<li>From its May highs.Astroscale may see some recovery after SpaceX's +9.6% overnight gain, with the stock still down 57% from its May highs.</li>
</ul>


QD Laser, Seiko Giken and Santec may see gains after Lumentum's strong beat lifted optical peers.
Kioxia is set for more of a rebound as memory rallied overnight, with the stock still forming a base after a 68% drawdown from June highs.
From its May highs.Astroscale may see some recovery after SpaceX's +9.6% overnight gain, with the stock still down 57% from its May highs.


Japan Morning Connection: QD Laser May Recover From Earnings Miss on Positive Lumentum Read-Through

<ul>
<li>SEI, Furukawa and Fujikura, all reporting this week, may see gains with a stronger optical connectivity tape overnight and recent selloff leaving the risk/reward tilted higher into this week's earnings.</li>
<li>QPS, Astroscale and Synspective may see gains tracking Sidus, Redwire and Rocket Lab overnight, though SpaceX's earnings and lockup expiry this week warrant caution.</li>
<li>Fuji Elec and Rohm may see support from Onsemi's beat and raised AI data center sales guidance.</li>
</ul>


SEI, Furukawa and Fujikura, all reporting this week, may see gains with a stronger optical connectivity tape overnight and recent selloff leaving the risk/reward tilted higher into this week's earnings.
QPS, Astroscale and Synspective may see gains tracking Sidus, Redwire and Rocket Lab overnight, though SpaceX's earnings and lockup expiry this week warrant caution.
Fuji Elec and Rohm may see support from Onsemi's beat and raised AI data center sales guidance.


Japan Morning Connection: SEI, Furukawa, Fujikura May See Support as Optical Names Rally Overnight

<ul>
<li>Rigaku worth watching as a play on the shift to 2D and more complex transistors requiring X-ray/metrology capabilities.</li>
<li>Photonics names QD Laser, Seiko Giken, Santec and Samco back on the menu for believers in co-packaged optics and photonic-driven AI scale-up.</li>
<li>Japanese space names finally looking more attractive after &gt;50% corrections from recent highs.</li>
</ul>


Rigaku worth watching as a play on the shift to 2D and more complex transistors requiring X-ray/metrology capabilities.
Photonics names QD Laser, Seiko Giken, Santec and Samco back on the menu for believers in co-packaged optics and photonic-driven AI scale-up.
Japanese space names finally looking more attractive after &gt;50% corrections from recent highs.


Japan Morning Connection: Broadening AI Rally Should Increase Photonics and Glass Substrate Focus

Japan

Astroscale, the satellite servicing and debris removal company

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52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Astroscale (186A JP)