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

[Japan M&A] Now Rohm (6963) And Toshiba Mulling Power Semis Integration, Thwarting Denso?

[Japan M&A] Denso (6902) Reportedly Made a ¥1.3trln Takeover Proposal to Rohm (6963). Light & Iffy.

Denso (6902) Buys Large Rohm (6963 JP) Stake - Register Gets Squeezier

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>Rohm has backed off its March 9 spike high, but is still up 45% year-to-date. Denso's proposed takeover has been discounted.</li>
<li>Rohm is reportedly talking with Toshiba about combining their power device businesses. This could delay an attempted takeover and make it more expensive. </li>
<li>The Japanese government favors semiconductor industry consolidation, but the three companies could collaborate in automotive power devices without a takeover.</li>
</ul>


Rohm has backed off its March 9 spike high, but is still up 45% year-to-date. Denso's proposed takeover has been discounted.
Rohm is reportedly talking with Toshiba about combining their power device businesses. This could delay an attempted takeover and make it more expensive. 
The Japanese government favors semiconductor industry consolidation, but the three companies could collaborate in automotive power devices without a takeover.


ROHM Co Ltd

Rohm (6963): Takeover Discounted