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>1Q sales growth was strong, but the operating margin was squeezed by the cost of overseas expansion.</li>
<li>The company's finances remains very strong, but balance sheet ratios reflect the loss of earnings momentum and the dividend payout remains low.</li>
<li>Shares sold off on margin contraction, but valuations still  high. A quick rebound cannot be taken for granted.</li>
</ul>


1Q sales growth was strong, but the operating margin was squeezed by the cost of overseas expansion.
The company's finances remains very strong, but balance sheet ratios reflect the loss of earnings momentum and the dividend payout remains low.
Shares sold off on margin contraction, but valuations still  high. A quick rebound cannot be taken for granted.


キーエンス（6861 JP）：販売費及び一般管理費の増加により営業利益率が低下する

Keyence Corp

キーエンス（6861 JP）：販売費及び一般管理費の増加により営業利益率が低下する