Senior Technology Analyst, 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.

Senior Technology Analyst, Japanese Equities

Astroscale (186A.T-JP/ASTRO): The Small-Cap Takaichi Defense Trade

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

<ul>
<li>¥30.6 billion in new capital raised through stock and CB issues, equivalent to 3.8x equity, 95% of total assets, and 3X this year's projected net loss. </li>
<li>Gross margin has turned positive. Order backlog 2.6X midpoint of this fiscal year's project income guidance. Outlook for new orders improving with Japan's defense build-up. </li>
<li>The share price has dropped back more than 60% from its recent peak to where it was in early April, presenting a new long-term investment opportunity. </li>
</ul>


¥30.6 billion in new capital raised through stock and CB issues, equivalent to 3.8x equity, 95% of total assets, and 3X this year's projected net loss. 
Gross margin has turned positive. Order backlog 2.6X midpoint of this fiscal year's project income guidance. Outlook for new orders improving with Japan's defense build-up. 
The share price has dropped back more than 60% from its recent peak to where it was in early April, presenting a new long-term investment opportunity. 


Astroscale (186A JP): New Capital, New Phase of Growth