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.

Equity Analyst

Shin-Etsu: Semiconductor Silicon Segment Grows Marginally While PVC Segment Rebounds

Shin-Etsu 3Q Results: Semiconductor Silicon Performs Steady Despite Decline in All Other Segments

Shin-Etsu: All Segments Seeing Declines; Earnings Rebound Could Take Longer

Shin-Etsu Reports Double-Digit Growth in Revenue and Operating Profit; Stock Is Clearly Undervalued

Shin-Etsu Reports Strong FY03/2019 Results; Our Outlook Remains Positive

Shin-Etsu Revises FY03/19 Upwards Guidance Following Strong 1H Performance

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

<a href="https://www.smartkarma.com/entities/shin-etsu-chemical-co-ltd/overview" target="_blank" rel="noopener">Shin-Etsu (4063 JP)</a> reported 1QFY03/2020 earnings on Wednesday (24th July) which saw its revenues increasing 0.7% YoY while operating profit grew 12.7% YoY. The reported revenue was 1.0% below consensus estimates while operating profit beat consensus by 15.6%. The Semiconductor Silicon Business Continued to grow its revenue and operating profits despite growing worries regarding semiconductor memory demand. Shin-Etsu’s other businesses had mixed performance while its largest segment (based on revenue) PVC/Chlor-Alkali saw a drop in both revenue and operating profit for the quarter. That being said, we remain positive on the company’s two key segments while we expect healthy revenue growth for the rest of the businesses.Based on our valuation, we believe, Shin-Etsu is currently undervalued, and the current cheap valuations provide a good entry to buy the stock. Shin-Etsu’s shares gained 7.2% following the earnings release to JPY11,035 per share from yesterday’s close of JPY10,290 per share.

Shin-Etsu (4063 JP) reported 1QFY03/2020 earnings on Wednesday (24th July) which saw its revenues increasing 0.7% YoY while operating profit grew 12.7% YoY. The reported revenue was 1.0% below consensus estimates while operating profit beat consensus by 15.6%. The Semiconductor Silicon Business Continued to grow its revenue and operating profits despite growing worries regarding semiconductor memory demand. Shin-Etsu’s other businesses had mixed performance while its largest segment (based on revenue) PVC/Chlor-Alkali saw a drop in both revenue and operating profit for the quarter. That being said, we remain positive on the company’s two key segments while we expect healthy revenue growth for the rest of the businesses.Based on our valuation, we believe, Shin-Etsu is currently undervalued, and the current cheap valuations provide a good entry to buy the stock. Shin-Etsu’s shares gained 7.2% following the earnings release to JPY11,035 per share from yesterday’s close of JPY10,290 per share.

信越化学：半導体メモリ市場の縮小にもかかわらず、半導体シリコンは堅調に成長

Shin Etsu Chemical

信越化学：半導体メモリ市場の縮小にもかかわらず、半導体シリコンは堅調に成長