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

Keyence (6861 JP): Welcome Attention to the Share Price

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>Sales are up but profits are lagging, with the gross, operating and net margins all declining in the first nine months of FY Mar-26.</li>
<li>Overseas sales have risen to two-thirds of total sales, with growth led by Asia and America. This trend seems likely to continue.</li>
<li>Keyence continues to pile up cash, but for what purpose? With no obvious gearing to AI, its stock price has been underperforming.</li>
</ul>


Sales are up but profits are lagging, with the gross, operating and net margins all declining in the first nine months of FY Mar-26.
Overseas sales have risen to two-thirds of total sales, with growth led by Asia and America. This trend seems likely to continue.
Keyence continues to pile up cash, but for what purpose? With no obvious gearing to AI, its stock price has been underperforming.


Keyence (6861 JP): Sliding Down a Mountain of Cash

Keyence Corp

Keyence (6861 JP): Sliding Down a Mountain of Cash