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>1Q results supported management's full-year sales and profit guidance, which remains unchanged. Operating profit was up 2.7x YoY on a 17% increase in sales.</li>
<li>Total new orders received increased by only 4.2% YoY and fell short of sales, but Aerospace &amp; Defense orders were up 35.5% and slightly exceeded sales.</li>
<li>Our own forecast - above management's guidance this year with further growth next year - and our share price target are unchanged. 21% potential upside.</li>
</ul>


1Q results supported management's full-year sales and profit guidance, which remains unchanged. Operating profit was up 2.7x YoY on a 17% increase in sales.
Total new orders received increased by only 4.2% YoY and fell short of sales, but Aerospace &amp; Defense orders were up 35.5% and slightly exceeded sales.
Our own forecast - above management's guidance this year with further growth next year - and our share price target are unchanged. 21% potential upside.


IHI (7013 JP): Buy Back in for Post-Crash Recovery

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>US Homebuilders starting to show signs of life should help sentiment for Sumi Forestry and Sekisui.</li>
<li>Boeing move may already be priced in for Heavies but Momo still rules in Japan.</li>
<li>Softbank signaling buybacks to take a back seat over investments in ASI.</li>
</ul>


US Homebuilders starting to show signs of life should help sentiment for Sumi Forestry and Sekisui.
Boeing move may already be priced in for Heavies but Momo still rules in Japan.
Softbank signaling buybacks to take a back seat over investments in ASI.


Japan Morning Connection: Tech Plateauing May See NKY Top Out for Last Day of the QTR

<ul>
<li>Masayoshi Son is floating a $1trn AI factory in Arizona in exchange for tax breaks.</li>
<li>NTT Data out, Rohm in. Downside for Ibiden, but also small buying for Fasty, Terumo, Konami and others.</li>
<li>Renesas announces details of its Wolfspeed restructuring deal which includes kitchen sinking the losses this year.</li>
</ul>


Masayoshi Son is floating a $1trn AI factory in Arizona in exchange for tax breaks.
NTT Data out, Rohm in. Downside for Ibiden, but also small buying for Fasty, Terumo, Konami and others.
Renesas announces details of its Wolfspeed restructuring deal which includes kitchen sinking the losses this year.


Japan Morning Connection: US Directly Attacks Iran and Requests Japan to Spend 5% of GDP on Defense

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jun 13th. The aggregated net margin trading position is USD17,593m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu Motors, Skylark, Fujikura, Nintendo, Mcdonald's.


JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of May 30th. The aggregated net margin trading position is USD17,220m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco, Hitachi, Toyota Industries, Skylark, Toyota Motor, Sanrio, Ihi, Create Sd.


JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

Japan

IHI Corporation manufactures heavy machinery. The Company produces aircraft jet engines, rocket propulsion systems, and ships for military and commercial use. Ishikawajima-Harima also constructs petroleum refineries and nuclear power plants.

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IHI Corp (7013 JP)

IHI (7013 JP): Buy Back in for Post-Crash Recovery

IHI hit our ¥6,000 price target in July and should hit it again now that the volatile response to the BOJ rate hike is behind us. 1Q results...

Scott Foster

Japan Morning Connection: Tech Plateauing May See NKY Top Out for Last Day of the QTR

Further downside looks limited for US homebuilders, should help Sumitomo Forestry and Sekisui. Positive analyst comments lift Boeing. Softbank to...

Andrew Jackson

Japan Morning Connection: US Directly Attacks Iran and Requests Japan to Spend 5% of GDP on Defense

Defense related should be supported by reports on GDP defense spending along with Trump's move to directly bomb Iranian nuclear sites. Masayoshi...

Andrew Jackson

JPX Margin Trading Weekly (Jun 13th): Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor

We analyzed JPX margin trading positions report for the past week and highlighted Softbank, Fast Retailing, Ihi, Advantest, Toyota Motor, Isuzu...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (May 30th): Kawasaki Heavy Industries, Mitsubishi Ufj Financial, Disco

We analyzed JPX margin trading positions report for the past week and highlighted Kawasaki Heavy Industries (7012 JP), Mitsubishi Ufj Financial...

Ke Yan, CFA, FRM

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