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.

Equity Bottom-Up

<ul><li>Lasertec's FY06/26 sales were JPY230.5bn (-8.3% YoY), with operating profit at JPY105.3bn (-14.3% YoY).</li><li>Orders increased 125.7% YoY to JPY237.5bn, mainly for ACTIS and MATRICS mask defect inspection systems.</li><li>Lasertec plans FY06/27 R&D expenses of JPY20.0bn (+22.8% YoY) and capital expenditures of JPY5.7bn (+141.3% YoY).</li></ul>

Lasertec's FY06/26 sales were JPY230.5bn (-8.3% YoY), with operating profit at JPY105.3bn (-14.3% YoY).Orders increased 125.7% YoY to JPY237.5bn, mainly for ACTIS and MATRICS mask defect inspection systems.Lasertec plans FY06/27 R&D expenses of JPY20.0bn (+22.8% YoY) and capital expenditures of JPY5.7bn (+141.3% YoY).

Lasertec Corp (6920 JP): Full-year FY06/26 flash update

Derivatives and Quantitative Strategist

Gaudenz Schneider

Quantitative Analysis

<ul>
<li>
Context: A recent market pullback alongside implied volatility at the 95th–98th percentile has created a fertile environment for cross-sectional analysis across TOPIX and Nikkei 225 constituents.</li>
<li>
 Highlights: A quantitative screen reveals dispersion in both returns and volatility, with distinct clusters supporting different option structures—from premium-selling strategies to asymmetric upside participation.</li>
<li>
 Why read: This note provides a practical framework and illustrative setups (put underwriting, risk reversals) to help investors translate volatility signals into tailored option strategies.</li>
</ul>



Context: A recent market pullback alongside implied volatility at the 95th–98th percentile has created a fertile environment for cross-sectional analysis across TOPIX and Nikkei 225 constituents.

 Highlights: A quantitative screen reveals dispersion in both returns and volatility, with distinct clusters supporting different option structures—from premium-selling strategies to asymmetric upside participation.

 Why read: This note provides a practical framework and illustrative setups (put underwriting, risk reversals) to help investors translate volatility signals into tailored option strategies.


Japan Equities: Volatility Spike and Dispersion Create Options Opportunities

<ul><li>Sales decreased by 0.4% YoY to JPY169.5bn, while net income increased by 7.8% YoY to JPY56.8bn.</li><li>Lasertec's full-year forecast remains unchanged, with progress reaching 77.1% for sales and 78.9% for net income.</li><li>Semiconductor-related equipment sales forecast adjusted, with mask inspection now over 80% of the total breakdown.</li></ul>

Sales decreased by 0.4% YoY to JPY169.5bn, while net income increased by 7.8% YoY to JPY56.8bn.Lasertec's full-year forecast remains unchanged, with progress reaching 77.1% for sales and 78.9% for net income.Semiconductor-related equipment sales forecast adjusted, with mask inspection now over 80% of the total breakdown.

Lasertec Corp (6920 JP): Q3 FY06/26 flash update

<ul><li>Lasertec's Q2 FY06/26 results show sales of JPY98.3bn (-4.6% YoY) and production of JPY63.1bn (-40.7% YoY).</li><li>The company revised its full-year forecast upward, with sales now expected at JPY220.0bn (-12.5% YoY).</li><li>Lasertec plans R&D spending of JPY13.0bn (+11.3% YoY) and capital expenditures of JPY2.7bn (-46.4% YoY).</li></ul>

Lasertec's Q2 FY06/26 results show sales of JPY98.3bn (-4.6% YoY) and production of JPY63.1bn (-40.7% YoY).The company revised its full-year forecast upward, with sales now expected at JPY220.0bn (-12.5% YoY).Lasertec plans R&D spending of JPY13.0bn (+11.3% YoY) and capital expenditures of JPY2.7bn (-46.4% YoY).

Lasertec Corp (6920 JP): 1H FY06/26 flash update

<ul><li>The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.</li><li>FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.</li><li>The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.</li></ul>

The company reported significant YoY growth in sales, operating profit, recurring profit, and net income, driven by AI semiconductor demand.FY06/25 orders and backlog decreased sharply YoY, with the company ceasing quarterly order disclosures and forecasting weaker future orders.The company plans increased R&D spending, reduced capital expenditures, and stable dividends, with a share repurchase program announced.

Lasertec Corp (6920 JP): Full-year FY06/25 flash update

Japan

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

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Lasertec Corp (6920 JP)