Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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>Honda’s Briefing on its Automobile Electrification Business yesterday laid out a reasonably aggressive EV rollout plan emphasising some existing partnerships. </li>
<li>It also highlighted that they would procure batteries domestically from Envision AESC. </li>
<li>That is another move that takes Honda a step closer to Nissan’s supply chain and has us pondering a potential merger/partnership once again.</li>
</ul>


Honda’s Briefing on its Automobile Electrification Business yesterday laid out a reasonably aggressive EV rollout plan emphasising some existing partnerships. 
It also highlighted that they would procure batteries domestically from Envision AESC. 
That is another move that takes Honda a step closer to Nissan’s supply chain and has us pondering a potential merger/partnership once again.


Honda – EV Briefing Raises Some Interesting Questions

<ul>
<li>Nissan generated total revenue of ¥2,207bn (+13.8% QoQ, -0.8% YoY) and OP of ¥52.2bn in 3QFY22. </li>
<li>The reported revenue was 0.9% lower than consensus estimates, while operating profit was ¥15bn higher. </li>
<li>The company revised revenue guidance to ¥8,710bn (-1.0%) while OP was increased by ¥30bn to ¥210bn (+16.7%) but our start of year estimate of ¥250bn OP is on the cards.</li>
</ul>


Nissan generated total revenue of ¥2,207bn (+13.8% QoQ, -0.8% YoY) and OP of ¥52.2bn in 3QFY22. 
The reported revenue was 0.9% lower than consensus estimates, while operating profit was ¥15bn higher. 
The company revised revenue guidance to ¥8,710bn (-1.0%) while OP was increased by ¥30bn to ¥210bn (+16.7%) but our start of year estimate of ¥250bn OP is on the cards.


Nissan – Limited Upside Till Next FY Starts to Be Priced In

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Nippon Prologis Reit / Equity Capital Markets

<ul>
<li>Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties</li>
<li>We have covered a number of past placement for the stock, most of which have done well.</li>
<li>In this note, we will talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties
We have covered a number of past placement for the stock, most of which have done well.
In this note, we will talk about the deal dynamics and run the deal through our ECM framework.


Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

In this report, we have crawled through over ten years of technical publications to analyze the Fuel Cell space. The top five companies we screen from a technology perspective are <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a>, <a href="https://www.smartkarma.com/entities/honda-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:154:1" rel="noopener">Honda Motor (7267 JP)</a>, <a href="https://www.smartkarma.com/entities/hyundai-motor-co" target="_blank" data-smartkarma-citation="entities:155:1" rel="noopener">Hyundai Motor Co (005380 KS)</a>, <a href="https://www.smartkarma.com/entities/general-motors-co" target="_blank" data-smartkarma-citation="entities:18811:1" rel="noopener">General Motors Co (GM US)</a>, and <a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a> Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, <a href="https://www.smartkarma.com/entities/bloom-energy-corp" target="_blank" data-smartkarma-citation="entities:34062:1" rel="noopener">Bloom Energy Corp (BE US)</a> and <a href="https://www.smartkarma.com/entities/ballard-power-systems-inc" target="_blank" data-smartkarma-citation="entities:25813:1" rel="noopener">Ballard Power Systems (BLDP CN)</a> are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are Dioxide Materials, 24M Technologies, and Bayotech.Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.

In this report, we have crawled through over ten years of technical publications to analyze the Fuel Cell space. The top five companies we screen from a technology perspective are Toyota Motor (7203 JP), Honda Motor (7267 JP), Hyundai Motor Co (005380 KS), General Motors Co (GM US), and Bloom Energy Corp (BE US) Technologically automakers (Japanese in particular) dominate the fuel cell sector. Among pure plays, Bloom Energy Corp (BE US) and Ballard Power Systems (BLDP CN) are best positioned and perhaps the only ones who come somewhat close to the auto OEMs from a technology perspective. Some lesser-known private players that have gained traction in technological terms over the last five years are Dioxide Materials, 24M Technologies, and Bayotech.Currently, batteries have a decisive advantage over fuel cells, and as a business proposition, fuel cells have so far mostly failed to live up to their technological promise. However, fuel cells using hydrogen generated from renewables offer a much lower environmental impact across their lifecycle. This sustains investor interest in the hope that system price declines, economies of scale, lower cost of renewable energy generation, and maturation as a business could make FC competitive longer term.

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Nissan posted better than expected results for the second consecutive quarter but once again it was the Finance business doing the heavy lifting and as we suspected cost cuts from 1Q did not fully carry over into 2Q. While Nissan is beating consensus we have concerns about the quality of earnings.

Nissan posted better than expected results for the second consecutive quarter but once again it was the Finance business doing the heavy lifting and as we suspected cost cuts from 1Q did not fully carry over into 2Q. While Nissan is beating consensus we have concerns about the quality of earnings.

Nissan– Dragged Along by the Finance Business

Japan

NISSAN MOTOR CO., LTD. manufactures and distributes automobiles and related parts. It also provides financing services. Nissan delivers a comprehensive range of products under various brands. The Company manufactures in Japan, the United States, Mexico, the United Kingdom and many other countries.

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Nissan Motor (7201 JP)

Honda – EV Briefing Raises Some Interesting Questions

Honda’s Briefing on its Automobile Electrification Business yesterday laid out an aggressive EV rollout plan emphasising some existing partnerships...

Mio Kato

Nissan – Limited Upside Till Next FY Starts to Be Priced In

Nissan revised revenue guidance to ¥8,710bn (-1.0%) while OP was increased by ¥30bn to ¥210bn (+16.7%) but our start of year estimate of ¥250bn OP...

Mio Kato

Nippon Prologis REIT Placement - Small Deal, Marginal Accretion. Past Deals Have Done Well

Nippon Prologis Reit (3283 JP) is looking to raise US$265m in its global follow-on offering to acquire three logistics properties.

Sumeet Singh

Stock Ideas From Data Mining Technical Publications: A Look into Fuel Cells

Fuel cells have a place in the green energy market but with poor economics, they have a problem finding where that is. Japanese automakers...

Pyari Menon

Nissan– Dragged Along by the Finance Business

Nissan posted better than expected results for the second consecutive quarter but once again it was the Finance business doing the heavy lifting...

Mio Kato

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