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

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>ULVAC regained its May 2024 price peak last Tuesday, when it announced 3Q results showing a big increase in new orders, which rose 29% from 2Q and 109% YoY.</li>
<li>Orders growth was led by strong demand for vacuum equipment used in the AI semiconductor boom, rare earth magnet production, and OLED displays. The 3Q Book-to-Bill ratio was 1.46X.</li>
<li>Sales and profits lagged as the end of the EV power device downturn passed through the income statement, but should rebound in 1H of FY Jun-27.</li>
</ul>


ULVAC regained its May 2024 price peak last Tuesday, when it announced 3Q results showing a big increase in new orders, which rose 29% from 2Q and 109% YoY.
Orders growth was led by strong demand for vacuum equipment used in the AI semiconductor boom, rare earth magnet production, and OLED displays. The 3Q Book-to-Bill ratio was 1.46X.
Sales and profits lagged as the end of the EV power device downturn passed through the income statement, but should rebound in 1H of FY Jun-27.


Ulvac (6728 JP): Opportunities in Rare Earth Magnets and AI

Ulvac Inc

Ulvac (6728 JP): Opportunities in Rare Earth Magnets and AI