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>The market has discounted and moved beyond Nikon's write-down of the value of its additive manufacturing subsidiary Nikon SLM Solutions.</li>
<li>Orders for 3D metal printers for HII's Newport News naval shipyard signal a new growth opportunity for Nikon's Digital Manufacturing business. </li>
<li>The investment in Trener Robotics is the next step in the development of Nikon's Digital Manufacturing business. </li>
</ul>


The market has discounted and moved beyond Nikon's write-down of the value of its additive manufacturing subsidiary Nikon SLM Solutions.
Orders for 3D metal printers for HII's Newport News naval shipyard signal a new growth opportunity for Nikon's Digital Manufacturing business. 
The investment in Trener Robotics is the next step in the development of Nikon's Digital Manufacturing business. 


Nikon (7731 JP): New Defense Business Beyond the Write-Down

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.</li>
<li>A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems</li>
<li>Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.</li>
</ul>


Bernstein raises Softbank TP from Y8,200 to Y11,200 while ARM flirts with new ATHs. Softbank still well below MTD highs and lagging peers.
A potential positive for Nikon after AMAT signed a deal with EssilorLuxottica, which owns 19.6% of Nikon, for a partnership on intelligent optical systems
Lasertec +13.2% yesterday on ASML comments. May see further upside after further remarks were made overnight.


Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

<ul>
<li>Software down again in US trading, but Cadence numbers beat AH sending stock and EDA peers higher.</li>
<li>Apple sending a warning shot to Nikon investor EssilorLuxottica with its plans to develop Apple AI glasses, sending its -7% in late trading.</li>
<li>Demand for MLCC's is surging according to Murata's CEO who is hiking prices as enquiries outpace prod capacity 2:1.</li>
</ul>


Software down again in US trading, but Cadence numbers beat AH sending stock and EDA peers higher.
Apple sending a warning shot to Nikon investor EssilorLuxottica with its plans to develop Apple AI glasses, sending its -7% in late trading.
Demand for MLCC's is surging according to Murata's CEO who is hiking prices as enquiries outpace prod capacity 2:1.


Japan Morning Connection: Trump Touts Infra Investment a Win for ‘Coercion Through Tariffs’ Approach

<ul>
<li>Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.</li>
<li>JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.</li>
<li>Quantum names all strong on good numbers, but will Socionext catch on this time?</li>
</ul>


Sandisk up as NAND prices continue to surge, expect Kioxia to run also with recent Bain sale cleared.
JP factory automation names surged yesterday, but there are likely more gains yet as the next leg for AI.
Quantum names all strong on good numbers, but will Socionext catch on this time?


Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

<ul>
<li>Reports that Apple is set to release a touchscreen MacBook should help Nitto Denko.</li>
<li>China AI play Cambricon sees revs and OP surge, pointing to more upside for JP FA plays with Sino-semi exposure.</li>
<li>Luxury back in the spotlight may help Shiseido and Kose rebound off multi-month lows.</li>
</ul>


Reports that Apple is set to release a touchscreen MacBook should help Nitto Denko.
China AI play Cambricon sees revs and OP surge, pointing to more upside for JP FA plays with Sino-semi exposure.
Luxury back in the spotlight may help Shiseido and Kose rebound off multi-month lows.


Japan Morning Connection: LDP and Ishin May Sign a Pact to Pave the Way for Japan's First Female PM

Japan

NIKON CORPORATION manufactures and sells cameras, lenses, semiconductor-related equipment, eyeglasses, microscopes, and measuring instruments.

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Nikon Corp (7731 JP)

Nikon (7731 JP): New Defense Business Beyond the Write-Down

The shares have rebounded from the write-down of Nikon SLM Solutions, which has a new opportunity in defense-related additive manufacturing....

Scott Foster

Japan Morning Connection: Can Softbank Shake off Weakness as Analysts Hike Targets and ARM Eyes ATHs

Softbank lagging peers while ARM eyes new ATHs. Lasertec may build on yesterday's gains as ASML flags rising AI demand. Nikon worth watching on...

Andrew Jackson

Japan Morning Connection: Trump Touts Infra Investment a Win for ‘Coercion Through Tariffs’ Approach

Trump is touting the $550bn worth of Japanese investment that’s set to be deployed as a win for his ‘coercion through tariffs’ approach, with...

Andrew Jackson

Japan Morning Connection: Memory Back on and Micron Steps Back from Consumer to Focus on Enterprise

A rotation back towards larger cap names and Memory made a bit of a comeback after a few down days. Quantum computing names are back in favor after...

Andrew Jackson

Japan Morning Connection: LDP and Ishin May Sign a Pact to Pave the Way for Japan's First Female PM

Tech and AI lower in the US including Oracle despite releasing positive long term guidance. May see further upside for Shiseido and Kose if...

Andrew Jackson

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