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

Shimadzu (7701 JP): Buy into the Sell-Off

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

Shimadzu has dropped back 13.5% from its February high, despite beating guidance in FY Mar-21 and reporting record sales, operating profit and net profit with several products and markets down.Fy Mar-22 guidance also looks conservative. Demand for COVID-related products remains strong, semiconductor capital spending continues to rise and the economic rebound continues.Projected valuations suggest upside potential of 20% if results exceed guidance as we expect.

Shimadzu has dropped back 13.5% from its February high, despite beating guidance in FY Mar-21 and reporting record sales, operating profit and net profit with several products and markets down.Fy Mar-22 guidance also looks conservative. Demand for COVID-related products remains strong, semiconductor capital spending continues to rise and the economic rebound continues.Projected valuations suggest upside potential of 20% if results exceed guidance as we expect.

Shimadzu (7701 JP): Conservative Guidance

Shimadzu Corp

Shimadzu (7701 JP): Conservative Guidance