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>FY06/24 results: Sales JPY213.5bn (+39.7% YoY), Operating profit JPY81.4bn (+30.6% YoY), Net income JPY59.1bn (+28.0% YoY).</li><li>FY06/24 orders: JPY272.8bn (+46.2% YoY), Semiconductor equipment orders JPY235.6bn (+50.0% YoY), Order backlog JPY462.2bn (+14.7% YoY).</li><li>FY06/25 forecast: Sales JPY240.0bn (+12.4% YoY), Operating profit JPY104.0bn (+27.8% YoY), Net income JPY74.0bn (+25.3% YoY).</li></ul>

FY06/24 results: Sales JPY213.5bn (+39.7% YoY), Operating profit JPY81.4bn (+30.6% YoY), Net income JPY59.1bn (+28.0% YoY).FY06/24 orders: JPY272.8bn (+46.2% YoY), Semiconductor equipment orders JPY235.6bn (+50.0% YoY), Order backlog JPY462.2bn (+14.7% YoY).FY06/25 forecast: Sales JPY240.0bn (+12.4% YoY), Operating profit JPY104.0bn (+27.8% YoY), Net income JPY74.0bn (+25.3% YoY).

Lasertec Corp (6920 JP): Full-year FY06/24 flash update

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Plenty of names which continue to look oversold in the recent volatility after posting better than expected numbers yesterday including <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563" rel="noopener">Sony Corp (6758 JP)</a> and <a href="https://www.smartkarma.com/entities/lasertec-corp" target="_blank" data-smartkarma-citation="entities:4126" rel="noopener">Lasertec Corp (6920 JP)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/puma-se" target="_blank" data-smartkarma-citation="entities:21697" rel="noopener">Puma (PUM GR)</a> -12.6% after 2Q numbers and guidance missed, setting a negative tone for sportswear including <a href="https://www.smartkarma.com/entities/asics-corp" target="_blank" data-smartkarma-citation="entities:16287" rel="noopener">ASICS Corp (7936 JP)</a> which has been in play after strong earnings and recent large share placement.</li>
<li>Numbers for <a href="https://www.smartkarma.com/entities/shiseido-co-ltd" target="_blank" data-smartkarma-citation="entities:5718" rel="noopener">Shiseido Company (4911 JP)</a> and <a href="https://www.smartkarma.com/entities/kose-corp" target="_blank" data-smartkarma-citation="entities:18009" rel="noopener">Kose Corp (4922 JP)</a> point to diverging paths, which looks conducive for the 4922-4911 pair setup.</li>
</ul>


Plenty of names which continue to look oversold in the recent volatility after posting better than expected numbers yesterday including Sony Corp (6758 JP) and Lasertec Corp (6920 JP).

Puma (PUM GR) -12.6% after 2Q numbers and guidance missed, setting a negative tone for sportswear including ASICS Corp (7936 JP) which has been in play after strong earnings and recent large share placement.
Numbers for Shiseido Company (4911 JP) and Kose Corp (4922 JP) point to diverging paths, which looks conducive for the 4922-4911 pair setup.


Japan Morning Connection: 6758 JP, 6920 JP, 7936 JP

<ul>
<li>DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.</li>
<li>Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. </li>
<li>Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.</li>
</ul>


DOW +0.59%, Russell -1.06%, SPX -1.39%, Nasdaq -2.77%, SOX -6.81% as investors shifted from growth to value stocks. UST10 was flat at 4.16%, and the yen strengthened to Y156.18.
Commodities were mixed with copper -0.3%, nickel -0.83%, and Brent +1.72%. Energy and consumer staples rose, with VSF +13.6% after Essilor Luxottica agreed to buy Supreme. US homebuilders lost ground. 
Tech stocks fell sharply after ASML's earnings missed estimates and news of potential US export restrictions to China. Focus on SPE names with high China exposure as shorts.


Japan Morning Connection – 18 July, 2024

Japan Specialist

Mark Chadwick

<ul>
<li>Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.</li>
<li>Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.</li>
<li>Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.</li>
</ul>


Global markets retained their positive momentum as weak U.S. economic data renewed concerns about the growth outlook.
Next week is set to be eventful, with the FOMC and Bank of Japan meetings on the agenda. The FOMC, expected to maintain policy rates, might offer few surprises.
Oil prices, after a five-day decline, rebounded as OPEC+ extended production cuts through 2025.


Japan Weekly | JMDC, Sanrio, Lasertec, Hakuhodo

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Activist short seller Scorpion alleges Lasertec is a "colossal fraud" and "ticking time bomb"</li>
<li>Most of their allegations relate to problems with Lasertec's EUV mask inspection tools</li>
<li>Lasertec achieved Intel's distinguished supplier ward for the past six years and last December landed an award from TSMC for  "Distinguished EUV Mask Inspection and Metrology Collaboration". What gives?</li>
</ul>


Activist short seller Scorpion alleges Lasertec is a "colossal fraud" and "ticking time bomb"
Most of their allegations relate to problems with Lasertec's EUV mask inspection tools
Lasertec achieved Intel's distinguished supplier ward for the past six years and last December landed an award from TSMC for  "Distinguished EUV Mask Inspection and Metrology Collaboration". What gives?


Lasertec. Colossal Fraud Or Multi-Award Winning Mask Inspection Supplier?

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)