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

SMC (6273 JP): Share Price Chasing Orders Up

SMC (6273 JP): Disappointment Now in the Price

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>Capex is scheduled to rise by 67% this fiscal year, then drop by nearly half. Record investment going into in logistics, technical centers, domestic and overseas production and sales.</li>
<li>Depreciation likely to increase by about 90% this fiscal year and next before starting to decline. Operating profit down this year and next, before starting to recover in FY Mar-28.</li>
<li>Chillers for the semiconductor industry and other applications projected to rise from 7% of sales this fiscal year to 11% year after next. </li>
</ul>


Capex is scheduled to rise by 67% this fiscal year, then drop by nearly half. Record investment going into in logistics, technical centers, domestic and overseas production and sales.
Depreciation likely to increase by about 90% this fiscal year and next before starting to decline. Operating profit down this year and next, before starting to recover in FY Mar-28.
Chillers for the semiconductor industry and other applications projected to rise from 7% of sales this fiscal year to 11% year after next. 


SMC (6273 JP): Investing for the Long Term

SMC Corp

SMC (6273 JP): Investing for the Long Term