Daily BriefsIndustrials

Daily Brief Industrials: Toshiba Corp, Lasertec Corp, ACCO Brands, CRB Commodity Index and more

In today’s briefing:

  • Two Bits of Non-Bullish Toshiba News
  • Lasertec (6920 JP): Accumulate for the Long Term
  • ACCO: Adjusting for Macroenvironment
  • The Commodity Report #71

Two Bits of Non-Bullish Toshiba News

By Travis Lundy

  • On Friday, Toshiba investors got two bits of news which have been taken as non-bullish.
  • Affiliate and former subsidiary Kioxia (6600 JP) announced it would cut wafer input volume by 30% starting in October, and Toshiba’s announcement on the Privatisation process status implied some delay.
  • Today the shares are getting hit vs Peers. It’s still a problem of lots of moving parts. 

Lasertec (6920 JP): Accumulate for the Long Term

By Scott Foster

  • The shares are down 58% from their January high. Our 3-year forecast brings valuations down to levels not seen since FY Jun-18.
  • The great surge in orders is coming to an end, but EUV lithography and SiC power devices should keep demand for Lasertec’s mask inspection systems at high levels.
  • The severity of the emerging semiconductor down-cycle and global recession remain to be seen, but the company’s long-term potential warrants another look. 

ACCO: Adjusting for Macroenvironment

By Hamed Khorsand

  • The business climate has not improved for Acco Brands (ACCO) in Europe since the Company reported second quarter results, and thus could result in lower than expected third quarter numbers
  • The macroenvironment has been volatile in a quarter dependent on back-to-school sales and more people working from their offices. 
  • We are updating our earnings model for the rest of the year. Our third quarter sales estimate is now $517.1 million

The Commodity Report #71

By The Commodity Report

  • We expect the oil crisis to worsen once economic activity resumes again. Till then some months will probably pass.
  • Nevertheless, the industry hasn’t increased production significantly enough, and the SPR release by the Biden administration veiled the actual grim picture in the oil market.
  • Those stories from Bloomberg show how relaxed the sentiment seems to be again. I have the feeling that this sentiment won’t age well at all.

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