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

Lasertec (6920 JP): Accumulate for the Long Term

Gravity Works As WeWork Doesn't; Now Plan B

Lasertec – Overvaluation Even More Phenomenal Than the Business

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>Applied Materials' new Sculpta pattern-shaping tool could greatly reduce demand for EUV mask inspection on a medium- to long-term view. High-NA EUV is likely to do the same.</li>
<li>Lasertec's high valuations are predicated on a multi-year high growth trajectory. That trajectory is now being called into question. </li>
<li>We have cut our FY Jun-25 profit forecast by 32%, but the projected P/E ratio is still 40x. More downside ahead.</li>
</ul>


Applied Materials' new Sculpta pattern-shaping tool could greatly reduce demand for EUV mask inspection on a medium- to long-term view. High-NA EUV is likely to do the same.
Lasertec's high valuations are predicated on a multi-year high growth trajectory. That trajectory is now being called into question. 
We have cut our FY Jun-25 profit forecast by 32%, but the projected P/E ratio is still 40x. More downside ahead.


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

Lasertec Corp

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