Independent Insight Provider, Japanese equities, LightStream Research

Scott Foster

Independent Insight Provider, 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 UK Post Office "Horizon Scandal" has blown up, putting Fujitsu's computer system failure on the front pages and on the agenda of Parliament and Prime Minister Sunak.</li>
<li>Fujitsu UK has been awarded £6.8bn in public contracts since 2012. The Justice Secretary is  now talking about compensation for the enormous financial and personal damage caused.</li>
<li>Fujitsu's share price is coming off a new all-time high reached in December. The amount of compensation and loss of potential future contracts is substantial but uncertain.</li>
</ul>


The UK Post Office "Horizon Scandal" has blown up, putting Fujitsu's computer system failure on the front pages and on the agenda of Parliament and Prime Minister Sunak.
Fujitsu UK has been awarded £6.8bn in public contracts since 2012. The Justice Secretary is  now talking about compensation for the enormous financial and personal damage caused.
Fujitsu's share price is coming off a new all-time high reached in December. The amount of compensation and loss of potential future contracts is substantial but uncertain.


Fujitsu (6702 JP): Horizon Scandal Blows Up

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>There are signs of a recovery in the chip sector</li>
<li>Memory spot prices are up, and revenues have risen for six consecutive months</li>
<li>Growth is higher than average, indicating the start of another super-cycle</li>
</ul>


There are signs of a recovery in the chip sector
Memory spot prices are up, and revenues have risen for six consecutive months
Growth is higher than average, indicating the start of another super-cycle


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<ul>
<li>Three shareholders of <a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> aim to raise around US$1.8bn via selling all of their shares in Socionext.</li>
<li>Socionext was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup expired in Apr 2023. Its shares are up 6x since listing.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Three shareholders of Socionext (6526 JP) aim to raise around US$1.8bn via selling all of their shares in Socionext.
Socionext was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup expired in Apr 2023. Its shares are up 6x since listing.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup will expire on 9th Apr 2023.</li>
<li>Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation in 2015.</li>
<li>Coming up for six-month lockup expiry are the Development Bank of Japan, Fujitsu and Panasonic, the trio had each trimmed their respective stakes in the IPO.</li>
</ul>



Socionext (6526 JP) was listed on 12th Oct 2022, when it raised US$457m in its upsized Japan IPO. Its six-month lockup will expire on 9th Apr 2023.
Socionext is a fabless semiconductor provider which commenced operations after integrating the system on a chip (SoC) businesses of Fujitsu Semiconductor Limited and Panasonic Holding Corporation in 2015.
Coming up for six-month lockup expiry are the Development Bank of Japan, Fujitsu and Panasonic, the trio had each trimmed their respective stakes in the IPO.


Socionext Lock-Up - Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

<ul>
<li>
<a href="https://www.smartkarma.com/entities/socionext-inc" target="_blank" data-smartkarma-citation="entities:36351:1" rel="noopener">Socionext (6526 JP)</a> is looking to raise up to US$285m in its Japan IPO.</li>
<li>Socionext is a fabless semiconductor provider in Japan. Sales and profitability has been on an overall uptrend, and design wins in earlier fiscal years should materialize in the coming periods. </li>
<li>However, the firm has generated a substantial portion of revenue from a related party and is reliant on a particular foundry for its front-end manufacturing.</li>
</ul>



Socionext (6526 JP) is looking to raise up to US$285m in its Japan IPO.
Socionext is a fabless semiconductor provider in Japan. Sales and profitability has been on an overall uptrend, and design wins in earlier fiscal years should materialize in the coming periods. 
However, the firm has generated a substantial portion of revenue from a related party and is reliant on a particular foundry for its front-end manufacturing.


Socionext Pre-IPO - Could Expect a Further Bump in Profitability, Although Some Hidden Risks Remain

Japan

Fujitsu Ltd manufactures semiconductor, computer, and communication equipment. The Company provides comprehensive information technology, network and telecommunication solutions, and Internet services.

Fujitsu Ltd (6702 JP)

Fujitsu (6702 JP): Horizon Scandal Blows Up

The UK Post Office Horizon Scandal has blown up. Fujitsu likely to pay compensation and lose future business due to its computer system failures....

Scott Foster

Are Semiconductors Finally Recovering?

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains

Three shareholders of Socionext (6526 JP) aim to raise around US$1.8bn via selling shares in Socionext. In this note we talk about the deal...

Sumeet Singh

Socionext Lock-Up - Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

Socionext just launched a US$2bn secondary extended offering, with the Development Bank of Japan, Fujitsu, and Panasonic looking to selldown their...

Clarence Chu

Socionext Pre-IPO - Could Expect a Further Bump in Profitability, Although Some Hidden Risks Remain

Socionext (6526 JP) is looking to raise up to US$285m in its Japan IPO. Socionext is a fabless semiconductor provider in Japan.

Clarence Chu

Fujitsu (6702 JP): Horizon Scandal Blows Up

The UK Post Office Horizon Scandal has blown up. Fujitsu likely to pay compensation and lose future business due to its computer system failures....

Scott Foster

Are Semiconductors Finally Recovering?

​The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...

Jim Handy

Socionext Placement - A US$1.8bn Cleanup, Will Have to Give up Some of Its 6x Listing Gains

Three shareholders of Socionext (6526 JP) aim to raise around US$1.8bn via selling shares in Socionext. In this note we talk about the deal...

Sumeet Singh

Socionext Lock-Up - Up 2.67x Since IPO. US$930m Worth of Shares to Be Unlocked

Socionext just launched a US$2bn secondary extended offering, with the Development Bank of Japan, Fujitsu, and Panasonic looking to selldown their...

Clarence Chu

Socionext Pre-IPO - Could Expect a Further Bump in Profitability, Although Some Hidden Risks Remain

Socionext (6526 JP) is looking to raise up to US$285m in its Japan IPO. Socionext is a fabless semiconductor provider in Japan.

Clarence Chu

The chip sector is beginning to recover with rising memory prices and six consecutive months of above-average revenue growth, suggesting the onset...