Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Equity Bottom-Up

<ul>
<li>We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.</li>
<li>In Japan its <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a>, <a href="https://www.smartkarma.com/entities/suzuki-motor-corp" target="_blank" data-smartkarma-citation="entities:732:1" rel="noopener">Suzuki Motor (7269 JP)</a>, <a href="https://www.smartkarma.com/entities/mazda-motor-corp" target="_blank" data-smartkarma-citation="entities:20528:1" rel="noopener">Mazda Motor (7261 JP)</a>&amp; <a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a>.</li>
<li>In Indian auto its <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> ,<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a> &amp;<a href="https://www.smartkarma.com/entities/ashok-leyland-ltd" target="_blank" data-smartkarma-citation="entities:20104:1" rel="noopener">Ashok Leyland (AL IN)</a> .In China it is <a href="https://www.smartkarma.com/entities/yadea-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:22706:1" rel="noopener">Yadea (1585 HK)</a> and <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:43993:1" rel="noopener">Midea Group (300 HK)</a>.</li>
</ul>


We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
In Japan its ROHM Co Ltd (6963 JP), Suzuki Motor (7269 JP), Mazda Motor (7261 JP)&amp; Aisin (7259 JP).
In Indian auto its Mahindra &amp; Mahindra (MM IN) ,Maruti Suzuki India (MSIL IN) &amp;Ashok Leyland (AL IN) .In China it is Yadea (1585 HK) and Midea Group (300 HK).


Shortlist Of High Conviction Ideas Across Japan, China, India - May 2026

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Toshiba was taken over in late 2023 by a consortium led by local PE firm Japan Industrial Partners. The official takeover price was ¥2.0 trillion. </li>
<li>That was financed by ¥1.2trln of senior lending, ¥200bn of prefs, ¥520bn of equity, and ¥235.5bn of mezzanine finance which meant net debt on Day1 was likely about ¥1.1trln.</li>
<li>EBITDA was ¥180bn in Mar24, ¥338bn in Mar25, and ¥482bn in Mar26. Things are improving. And Toshiba held Kioxia shares. That's gone well too. How well? Look inside.</li>
</ul>


Toshiba was taken over in late 2023 by a consortium led by local PE firm Japan Industrial Partners. The official takeover price was ¥2.0 trillion. 
That was financed by ¥1.2trln of senior lending, ¥200bn of prefs, ¥520bn of equity, and ¥235.5bn of mezzanine finance which meant net debt on Day1 was likely about ¥1.1trln.
EBITDA was ¥180bn in Mar24, ¥338bn in Mar25, and ¥482bn in Mar26. Things are improving. And Toshiba held Kioxia shares. That's gone well too. How well? Look inside.


[Japan Navel-Gazing] Thinking About The Value of Toshiba

<ul>
<li>In this insight we discuss about <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> 's eventful and fantastic year FY2025.</li>
<li>We discuss about various attributes of growth in FY2025 and what would drive future growth.</li>
<li>Finally, we discuss our view on valuation, future growth despite the big increase in stock price since our initial work.</li>
</ul>


In this insight we discuss about ROHM Co Ltd (6963 JP) 's eventful and fantastic year FY2025.
We discuss about various attributes of growth in FY2025 and what would drive future growth.
Finally, we discuss our view on valuation, future growth despite the big increase in stock price since our initial work.


Rohm (6963JP):Closure to an Eventful & Fantastic Year; New Product Launches& Reforms to Drive Growth

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.

<ul>
<li>After rising by 76% since the beginning of the year, Rohm is selling at 20x our EPS forecast for FY Mar-29. This should discount a reasonably optimistic recovery scenario.</li>
<li>A ¥193.6 billion impairment charge and the withdrawal of Denso's acquisition proposal has opened the way for management to rebuild the business.</li>
<li>Shortages of and high prices for materials, and other economic disruption caused by the war on Iran, have largely been ignored.</li>
</ul>


After rising by 76% since the beginning of the year, Rohm is selling at 20x our EPS forecast for FY Mar-29. This should discount a reasonably optimistic recovery scenario.
A ¥193.6 billion impairment charge and the withdrawal of Denso's acquisition proposal has opened the way for management to rebuild the business.
Shortages of and high prices for materials, and other economic disruption caused by the war on Iran, have largely been ignored.


Rohm (6963 JP): Profit Rebound in the Price

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://asia.nikkei.com/business/business-deals/toyota-supplier-denso-to-withdraw-proposal-to-take-over-rohm" target="_blank" rel="noopener">Nikkei reports</a> that <a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso Corp (6902 JP)</a> will withdraw its proposal for <a href="https://www.smartkarma.com/entities/rohm-co-ltd" target="_blank" data-smartkarma-citation="entities:2953:1" rel="noopener">ROHM Co Ltd (6963 JP)</a> as the two sides were “<em>unable to see eye-to-eye on an offer.</em>” </li>
<li>Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. </li>
<li>The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. </li>
</ul>


The Nikkei reports that Denso Corp (6902 JP) will withdraw its proposal for ROHM Co Ltd (6963 JP) as the two sides were “unable to see eye-to-eye on an offer.” 
Several factors, such as an unattractive offer, significant peer re-rating, and Rohm's preference for the standalone path (MoU with Toshiba/Mitsubishi Electric), likely contributed to Denso’s withdrawal. 
The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution, starting with the Toshiba MoU. 


Japan

ROHM COMPANY LIMITED manufactures custom linear integrated circuits and semiconductor devices for use primarily in consumer electronics.  The Company has plants and sales offices worldwide.  Rohm's subsidiaries include Wako Electric and Apollo Electronics.

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ROHM Co Ltd (6963 JP)

Shortlist Of High Conviction Ideas Across Japan, China, India - May 2026

As per Indian government retail registration website - Vahan - Automobile retail sales looks to be soft in the month of May'26. Few exceptions like...

Sreemant Dudhoria

[Japan Navel-Gazing] Thinking About The Value of Toshiba

In the 5 days since I published, Toshiba's Kioxia shares have added ¥930bn in value. After tax assuming sold, that would be ¥650bn and ¥324/Rohm...

Travis Lundy

Rohm (6963JP):Closure to an Eventful & Fantastic Year; New Product Launches& Reforms to Drive Growth

Insight on ROHM Co Ltd's eventful and fantastic year in FY2025, highlighting growth drivers,valuation and future prospects despite stock price surge.

Sreemant Dudhoria

Rohm (6963 JP): Profit Rebound in the Price

Shares up 75% YTD to 20x our EPS estimate three-years out. EV and power device demand recovery, business rationalization and the end of Denso's...

Scott Foster

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shortlist Of High Conviction Ideas Across Japan, China, India - May 2026

As per Indian government retail registration website - Vahan - Automobile retail sales looks to be soft in the month of May'26. Few exceptions like...

Sreemant Dudhoria

[Japan Navel-Gazing] Thinking About The Value of Toshiba

In the 5 days since I published, Toshiba's Kioxia shares have added ¥930bn in value. After tax assuming sold, that would be ¥650bn and ¥324/Rohm...

Travis Lundy

Rohm (6963JP):Closure to an Eventful & Fantastic Year; New Product Launches& Reforms to Drive Growth

​Insight on ROHM Co Ltd's eventful and fantastic year in FY2025, highlighting growth drivers,valuation and future prospects despite stock price surge.

Sreemant Dudhoria

Rohm (6963 JP): Profit Rebound in the Price

Shares up 75% YTD to 20x our EPS estimate three-years out. EV and power device demand recovery, business rationalization and the end of Denso's...

Scott Foster

ROHM (6963 JP): Denso Pulls the Plug

The shares will be under pressure due to the deal break (estimated decline of around 10%). A re-rating in the medium term depends on execution,...

Arun George

Insight on ROHM Co Ltd's eventful and fantastic year in FY2025, highlighting growth drivers,valuation and future prospects despite stock price surge.