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

Good Morning Japan |Equities Continue to Hold; China Stocks on Fire; Japan Major SQ

Lasertec Corp (6920 JP) - Bullish ST Momentum Failures  - 4 Month Correction May Be Done

Lasertec (6920 JP): Negative Potential of Sculpta Not in the Price

Lasertec – Overvaluation Even More Phenomenal Than the Business

Gravity Works As WeWork Doesn't; Now Plan B

Lasertec (6920 JP): Overbought, Take Profits

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>The shares are down 58% from their January high. Our 3-year forecast brings valuations down to levels not seen since FY Jun-18.</li>
<li>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.</li>
<li>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. </li>
</ul>


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. 


Lasertec (6920 JP): Accumulate for the Long Term