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

Tokyo Electron. Betting Big On MAGIC Despite The Downturn

Tokyo Electron (8035 JP): Dubious Guidance

Tokyo Electron (8035 JP): MAGIC Versus Reality

Gravity Works As WeWork Doesn't; Now Plan B

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>Samsung is finally cutting semiconductor production while Micron makes further cuts to both production and capital spending. </li>
<li>Demand for Japanese semiconductor production equipment has stopped growing and the Japanese government plans to restrict exports in the months ahead. </li>
<li>An optimist would say that the bad news is now all in the price, but this is not good for Tokyo Electron (TEL) and its shares are not cheap.</li>
</ul>


Samsung is finally cutting semiconductor production while Micron makes further cuts to both production and capital spending. 
Demand for Japanese semiconductor production equipment has stopped growing and the Japanese government plans to restrict exports in the months ahead. 
An optimist would say that the bad news is now all in the price, but this is not good for Tokyo Electron (TEL) and its shares are not cheap.


Tokyo Electron (8035 JP): Recovery Likely to Be Slow