Independent Insight Provider, Japanese equities, LightStream Research

Scott Foster

Securities analyst covering electronics, precision equipment & robotics, engineering, construction, transport and other sectors for more than 25 years in Japan and 3 years in Korea. Permanent resident of Japan.

Independent Insight Provider, Japanese equities

Advantest (6857 JP): Further Growth Ahead

Advantest (6857 JP): Very Strong 1Q, Guidance Raised

Advantest (6857 JP): 5G Keeps the Ball Rolling

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

New orders hit a record high in the three months to December, led by high-performance computing and smartphone applications. The book-to-bill ratio was 1.2, up from 0.8 the previous quarter.Management raised FY Mar-21 guidance for the second time and we have raised our sales and profit estimates for the following two years. We have also raised our price target, from ¥10,000 to ¥12,000, indicating 26% potential upside.Increasing semiconductor functionality and complexity, plus higher standards of reliability, should continue to drive demand for IC test equipment and services, taking sales and operating profits up to management's long-term targets.

New orders hit a record high in the three months to December, led by high-performance computing and smartphone applications. The book-to-bill ratio was 1.2, up from 0.8 the previous quarter.Management raised FY Mar-21 guidance for the second time and we have raised our sales and profit estimates for the following two years. We have also raised our price target, from ¥10,000 to ¥12,000, indicating 26% potential upside.Increasing semiconductor functionality and complexity, plus higher standards of reliability, should continue to drive demand for IC test equipment and services, taking sales and operating profits up to management's long-term targets.

Advantest (6857 JP): Sharp Increase in New Orders; Estimates & Price Target Raised

Advantest Corp

Advantest (6857 JP): Sharp Increase in New Orders; Estimates & Price Target Raised