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.

Event-Driven

<ul>
<li>Toshiba’s plan to split itself into three units was, as we suggested, decidedly underwhelming.</li>
<li>There was also no update on the search for a new CEO/Chairman.</li>
<li>If this is how badly management is struggling they should have just mentioned metaverse five or ten times to “unlock value”.</li>
</ul>


Toshiba’s plan to split itself into three units was, as we suggested, decidedly underwhelming.
There was also no update on the search for a new CEO/Chairman.
If this is how badly management is struggling they should have just mentioned metaverse five or ten times to “unlock value”.


Equity Bottom-Up

The Nikkei <a href="https://asia.nikkei.com/Spotlight/Toshiba-in-turmoil/Toshiba-to-split-itself-into-three-companies-by-2023" target="_blank" rel="noopener">reports</a> that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a timeline of 2023 or later. That… does not seem like something to get overly excited about…

The Nikkei reports that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a timeline of 2023 or later. That… does not seem like something to get overly excited about…

Toshiba – First Impression of Spin Off Plan Is Negative

Thematic (Sector/Industry)

<h3>What’s Original?</h3>
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

What’s Original?
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

Kishida as Prime Minister: The Path Ahead

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

In this morning's news: "Merger talks between Western Digital and Kioxia stall" (Reuters, October 22, 2021, updated 9:07 a.m. JST). It is yet not clear how serious this might be.On October 19, the Nikkei reported that Toshiba affiliate Kioxia, Canon (7751) and Dai Nippon Printing (7912) are aiming to use nanoimprint lithography in Kioxia's NAND flash memory production in 2025.The potential savings in terms of equipment and operational costs could be great enough to give Kioxia a competitive advantage. It would also justify years of development and give Canon and Dai Nippon Printing important new products.But 2025 is a long time from now and technical hurdles remain. For the time being, more immediate issues are likely to move the stocks. LightStream's Mio Kato continues to see upside potential for Toshiba, but primarily as an exit opportunity (see <a href="https://www.smartkarma.com/insights/toshiba-possibility-of-a-kioxia-western-digital-deal" target="_blank" data-smartkarma-citation="insights:56685" rel="noopener">Toshiba – Possibility of a Kioxia-Western Digital Deal</a> )

In this morning's news: "Merger talks between Western Digital and Kioxia stall" (Reuters, October 22, 2021, updated 9:07 a.m. JST). It is yet not clear how serious this might be.On October 19, the Nikkei reported that Toshiba affiliate Kioxia, Canon (7751) and Dai Nippon Printing (7912) are aiming to use nanoimprint lithography in Kioxia's NAND flash memory production in 2025.The potential savings in terms of equipment and operational costs could be great enough to give Kioxia a competitive advantage. It would also justify years of development and give Canon and Dai Nippon Printing important new products.But 2025 is a long time from now and technical hurdles remain. For the time being, more immediate issues are likely to move the stocks. LightStream's Mio Kato continues to see upside potential for Toshiba, but primarily as an exit opportunity (see Toshiba – Possibility of a Kioxia-Western Digital Deal )

Toshiba (6502 JP): Nanoimprint Litho Could Add Value to Kioxia, but Not Soon

<a href="https://www.ft.com/content/8c1c3cf0-951d-4032-9826-8c4576824db5?shareType=nongift" target="_blank" rel="noopener">The FT notes</a> that Elliot has now gotten involved in the Toshiba drama following its successful bid to get Softbank to return more cash to shareholders. While the news is very welcome we do not believe it materially changes how the Toshiba drama is likely to unfold.

The FT notes that Elliot has now gotten involved in the Toshiba drama following its successful bid to get Softbank to return more cash to shareholders. While the news is very welcome we do not believe it materially changes how the Toshiba drama is likely to unfold.

Toshiba – We View Elliot’s Entry as Only Marginally Positive

Japan

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

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Toshiba Corp (6502 JP)

Toshiba – Damp Squib Is Damp

Toshiba’s plan to split itself into three units was, as we suggested, decidedly underwhelming and we feel it is probably time to step away.

Mio Kato

Toshiba – First Impression of Spin Off Plan Is Negative

The Nikkei reports that Toshiba is considering dividing itself into three companies – infrastructure, devices and semiconductor memory with a...

Mio Kato

Kishida as Prime Minister: The Path Ahead

In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these...

Mio Kato

Toshiba (6502 JP): Nanoimprint Litho Could Add Value to Kioxia, but Not Soon

Merger talks between Kioxia and Western Digital have reportedly stalled. This should be the focus of investor attention, not the recent Nikkei...

Scott Foster

Toshiba – We View Elliot’s Entry as Only Marginally Positive

While the news of Elliot's entry into the Toshiba saga is very welcome we do not believe it materially changes how results are likely to unfold.

Mio Kato

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