Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

A chartered management accountant with more than 10 years of rich experience in investment research and financial analysis. Worked as an equity analyst for one of the world's largest asset managers with USD2.5trn in AUM covering numerous sectors including chemicals, retail, tech, autos, telco, real-estate and banks, globally. Experienced in fundamental equity research, industry research, commodity studies, forensic accounting, and due diligence reviews.

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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

Shin-Etsu reported its 3QFY03/19 results yesterday (29th January 2019) which saw the company revenue growing at 13.4% YoY in 3QFY03/19 while its operating profit increased at a stellar 32.5% YoY during the quarter. Shin-Etsu has witnessed positive performance across all its segments while the Semiconductor Silicon segment reported the highest growth in revenue and operating profit. Further, the company beat consensus revenue and operating profit estimates by 1.5% and 6.4% respectively.
<table class="table table-striped">
<tbody>
<tr>
<td style="width: 184px;">
3QFY03/19 (JPYbn)
</td>
<td style="text-align: center; width: 82px;">
Actual
</td>
<td style="text-align: center; width: 97px;">
YoY Change
</td>
<td style="text-align: center; width: 122px;">
Consensus Median
</td>
<td style="text-align: center; width: 135px;">
Actual Vs. Consensus
</td>
</tr>
<tr>
<td style="width: 184px;">
Revenue
</td>
<td style="text-align: center; width: 82px;">
415.1
</td>
<td style="text-align: center; width: 97px;">
13.40%
</td>
<td style="text-align: center; width: 122px;">
409.0
</td>
<td style="text-align: center; width: 135px;">
1.50%
</td>
</tr>
<tr>
<td style="width: 184px;">
Operating Profit
</td>
<td style="text-align: center; width: 82px;">
115.3
</td>
<td style="text-align: center; width: 97px;">
32.50%
</td>
<td style="text-align: center; width: 122px;">
108.3
</td>
<td style="text-align: center; width: 135px;">
6.44%
</td>
</tr>
</tbody>
</table>
<div class="content-caption">Source: Company Disclosures, Cap IQ</div>

Shin-Etsu reported its 3QFY03/19 results yesterday (29th January 2019) which saw the company revenue growing at 13.4% YoY in 3QFY03/19 while its operating profit increased at a stellar 32.5% YoY during the quarter. Shin-Etsu has witnessed positive performance across all its segments while the Semiconductor Silicon segment reported the highest growth in revenue and operating profit. Further, the company beat consensus revenue and operating profit estimates by 1.5% and 6.4% respectively.




3QFY03/19 (JPYbn)


Actual


YoY Change


Consensus Median


Actual Vs. Consensus




Revenue


415.1


13.40%


409.0


1.50%




Operating Profit


115.3


32.50%


108.3


6.44%




Source: Company Disclosures, Cap IQ

信越化学、売上高と営業利益が二桁成長を報告。株価は明らかに過小評価されている

Shin Etsu Chemical

信越化学、売上高と営業利益が二桁成長を報告。株価は明らかに過小評価されている