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

Ibiden (4062 JP): Guidance Looks Too High, but Dropping Toward an Entry Point

Shinko Electric (6967 JP): Reality Check - Risk on the Downside

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>Operating profit hit a 15-year high in the six months to September. That appears to have been the cyclical peak. </li>
<li>Guidance for 2H of FY Mar-23 is probably conservative, but year-on-year profit comparisons will probably be negative for at least a year. </li>
<li>After rising by 44% from mid-October to mid-November, Ibiden's share price has given up more than half that gain. Long term investors may again look for an entry point.</li>
</ul>


Operating profit hit a 15-year high in the six months to September. That appears to have been the cyclical peak. 
Guidance for 2H of FY Mar-23 is probably conservative, but year-on-year profit comparisons will probably be negative for at least a year. 
After rising by 44% from mid-October to mid-November, Ibiden's share price has given up more than half that gain. Long term investors may again look for an entry point.


Ibiden (4062 JP): Another Chance for Long-Term Investors

Ibiden Co Ltd

Ibiden (4062 JP): Another Chance for Long-Term Investors