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

Screen Holdings (7735 JP): Positioning & Potential Passive Buying

Index Rebalance & ETF Flow Recap: HSI, Screen Holdings, GMRI, SEA EM, MVIS, SET50, JP Positioning

Screen Holdings (7735 JP): Guiding for Lower Profits in H2

Screen Holdings (7735 JP): Export Restrictions Add to Uncertainty

Screen Holdings (7735 JP): FY Guidance Up, 2H Guidance Down

Screen Holdings (7735 JP): Positive Scenario Discounted

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 share price was up 4.4% on Friday - and up 2.3x since the end of October - raising forward valuations to the high side of their usual range.</li>
<li>Management raised FY Mar-24 operating profit guidance slightly after 3Q results that were strong YoY but flat QoQ. 4Q should be better as finished goods inventory is shipped.</li>
<li>Operating efficiency has improved and a new semiconductor up-cycle has begun, but the numbers suggest caution. Take profits and reassess.</li>
</ul>


The share price was up 4.4% on Friday - and up 2.3x since the end of October - raising forward valuations to the high side of their usual range.
Management raised FY Mar-24 operating profit guidance slightly after 3Q results that were strong YoY but flat QoQ. 4Q should be better as finished goods inventory is shipped.
Operating efficiency has improved and a new semiconductor up-cycle has begun, but the numbers suggest caution. Take profits and reassess.


Screen Holdings (7735): Share Price Straight Up, Financials Not so Simple

SCREEN Holdings

Screen Holdings (7735): Share Price Straight Up, Financials Not so Simple