Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

<h2>Top Line to Rebound in 2017 as Setbacks Experienced in Previous Year Recede</h2>Renesas Electronics, one of the world’s largest producers of automotive semiconductors, is set to experience solid growth in its top line aided by the company’s product offerings catering to the EV and autonomous driving markets. We expect the company’s top line to rebound by 25% YoY in 2017E following its -10% YoY dip in the previous year (a result of the closure of non-value adding business activities and the decline in…

Top Line to Rebound in 2017 as Setbacks Experienced in Previous Year RecedeRenesas Electronics, one of the world’s largest producers of automotive semiconductors, is set to experience solid growth in its top line aided by the company’s product offerings catering to the EV and autonomous driving markets. We expect the company’s top line to rebound by 25% YoY in 2017E following its -10% YoY dip in the previous year (a result of the closure of non-value adding business activities and the decline in…

Renesas: Favourable Outlook in Store as Company Advances in Autonomous Driving Landscape

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to current first movers from Tesla to Nvidia look excessive.</li>
<li>It’s striking that Wal-Mart and GM are outperforming Amazon and Tesla, while Intel is outperforming AMD as it reinvents itself as an AI player - some incumbents are adapting fast to disruption risks.</li>
<li>I’ve been covering AI regularly since 2013/4 as a theme, but every IB tech analyst is now an…</li>
</ul>


The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to current first movers from Tesla to Nvidia look excessive.
It’s striking that Wal-Mart and GM are outperforming Amazon and Tesla, while Intel is outperforming AMD as it reinvents itself as an AI player - some incumbents are adapting fast to disruption risks.
I’ve been covering AI regularly since 2013/4 as a theme, but every IB tech analyst is now an…


Incumbent 'Second Mover' Advantage as AI Hype Risks Reality Check...

After visiting Renesas Electronics yesterday we came away with stronger confidence in their short term and long term revenue growth prospects and examining consensus we feel there is a likelihood of a beat at both the revenue and OP levels.

After visiting Renesas Electronics yesterday we came away with stronger confidence in their short term and long term revenue growth prospects and examining consensus we feel there is a likelihood of a beat at both the revenue and OP levels.

Renesas Top Line Growth Strength Continues While Search For Large Analog Acquisitions Continues

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

<a href="https://www.smartkarma.com/entities/15933" target="_blank" data-smartkarma-citation="entities:15933:1">Renesas Electronics Corp (6723 JP)</a> is down just over 1% following 2Q results which were reasonably strong adjusted for the impact of amortisation costs due to the acquisition of Intersil. Gross margins were steady increasing slightly to 45.7% from 45.5% whereas ordinarily we would expect currency movements to have depressed GPM by about 1%. The Intersil acquisition is clearly supportive of higher GPMs. SG&amp;A ticked up slightly to 14.2% of revenue from 13.9% but we would expect this to return to a…

Renesas Electronics Corp (6723 JP) is down just over 1% following 2Q results which were reasonably strong adjusted for the impact of amortisation costs due to the acquisition of Intersil. Gross margins were steady increasing slightly to 45.7% from 45.5% whereas ordinarily we would expect currency movements to have depressed GPM by about 1%. The Intersil acquisition is clearly supportive of higher GPMs. SG&amp;A ticked up slightly to 14.2% of revenue from 13.9% but we would expect this to return to a…

Renesas: 2Q Results and Valuation Reasonable but Future Upside Surprises May Be Limited

Japan

Renesas Electronics Corporation researches, develops, designs and manufactures electronic components such as semiconductors and integrated devices.

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Renesas Electronics (6723 JP)

Renesas: Favourable Outlook in Store as Company Advances in Autonomous Driving Landscape

Top Line to Rebound in 2017 as Setbacks Experienced in Previous Year RecedeRenesas Electronics, one of the world’s largest producers of automotive...

Mio Kato

Incumbent 'Second Mover' Advantage as AI Hype Risks Reality Check...

The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to...

Sean Maher

Renesas Top Line Growth Strength Continues While Search For Large Analog Acquisitions Continues

After visiting Renesas Electronics yesterday we came away with stronger confidence in their short term and long term revenue growth prospects and...

Mio Kato

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe,...

Vermilion Research

Renesas: 2Q Results and Valuation Reasonable but Future Upside Surprises May Be Limited

Renesas Electronics Corp (6723 JP) is down just over 1% following 2Q results which were reasonably strong adjusted for the impact of amortisation...

Mio Kato

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