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.

Thematic (Sector/Industry)

<h3>What’s Original?</h3>
<p>In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.</p>

What’s Original?
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

Kishida as Prime Minister: The Path Ahead

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>For our next Webinar, we are excited to welcome back Insight Provider <a href="https://www.smartkarma.com/profiles/mio-kato" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio Kato</a> and the LightStream Research team, as they present unique views into approaching the Japanese market. LightStream offers insights gleaned from their expertise on the ground, engaging with company management and bridging business and culture gaps between Japan and western Investors.</p><h3>The webinar will be hosted on Wednesday, 1 September 2021, 17:00 SGT/HKT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89011968584" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Mio Kato has over 15 years of experience looking at Japanese and Asian cyclically driven sectors such as Gaming, Factory Automation and Autos. He was previously with FrontPoint Partners LP, Arrowhawk Capital Partners, and Uzabase before founding LightStream Research.</p><p>LightStream Research conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia. The team supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available. They further refine the accuracy of their 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.</p>

For our next Webinar, we are excited to welcome back Insight Provider Mio Kato and the LightStream Research team, as they present unique views into approaching the Japanese market. LightStream offers insights gleaned from their expertise on the ground, engaging with company management and bridging business and culture gaps between Japan and western Investors.The webinar will be hosted on Wednesday, 1 September 2021, 17:00 SGT/HKT.Register for the Webinar hereMio Kato has over 15 years of experience looking at Japanese and Asian cyclically driven sectors such as Gaming, Factory Automation and Autos. He was previously with FrontPoint Partners LP, Arrowhawk Capital Partners, and Uzabase before founding LightStream Research.LightStream Research conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia. The team supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available. They further refine the accuracy of their 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.

Smartkarma Webinar | Understanding Japanese Companies: Insights from LightStream Research

<p>Lexus announced its new LF-Z EV concept yesterday, laying out broad plans for its electrification strategy and future development outlook. The brand has seen less news flow than the main Toyota brand in terms of technological progress but this appears to now be changing. This has implications for a variety of suppliers.</p>

Lexus announced its new LF-Z EV concept yesterday, laying out broad plans for its electrification strategy and future development outlook. The brand has seen less news flow than the main Toyota brand in terms of technological progress but this appears to now be changing. This has implications for a variety of suppliers.

<p>Dowa Holdings is down 1.3% today despite announcing a 20.7% upward revision to its ordinary profit forecast to ¥35.0bn. We had expected ordinary profit to reach ¥33.5bn vs. guidance of ¥29.0bn and the upward revisions were broadly as we expected on a segment-wise basis with small overshoots across the board. The lack of a strong move upward suggests some concern about next year, but we believe the name remains attractive on a longer-term basis.</p>

Dowa Holdings is down 1.3% today despite announcing a 20.7% upward revision to its ordinary profit forecast to ¥35.0bn. We had expected ordinary profit to reach ¥33.5bn vs. guidance of ¥29.0bn and the upward revisions were broadly as we expected on a segment-wise basis with small overshoots across the board. The lack of a strong move upward suggests some concern about next year, but we believe the name remains attractive on a longer-term basis.

Dowa Holdings – 2.1% Selloff on 20.7% Upward Revision

<p>Dowa Holdings posted strong 3Q results with ordinary income of ¥12.3bn exceeding consensus of ¥10.1bn but the company maintained its guidance at ¥29.0bn for the full year, in line with consensus at ¥28.9bn. With metal prices at high levels, auto production recovering and the sale of silver powder for solar panels booming as well as production at its Tizapa and Los Gatos zinc mines normalising, we nevertheless expect a significant beat this year and further earnings growth next year as pandemic-related problems ease.</p>

Dowa Holdings posted strong 3Q results with ordinary income of ¥12.3bn exceeding consensus of ¥10.1bn but the company maintained its guidance at ¥29.0bn for the full year, in line with consensus at ¥28.9bn. With metal prices at high levels, auto production recovering and the sale of silver powder for solar panels booming as well as production at its Tizapa and Los Gatos zinc mines normalising, we nevertheless expect a significant beat this year and further earnings growth next year as pandemic-related problems ease.

Dowa – Gearing Into Inflation Expectations, Auto Recovery and Solar

Japan

DOWA HOLDINGS, CO., LTD. mines, refines, smelts, and produces various metalrelated products.  The Company's main products include minerals, precious metals, battery materials, semiconductor and superconductivity materials, magnetic materials, and optical devices.

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Dowa Holdings (5714 JP)

Kishida as Prime Minister: The Path Ahead

In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these...

Mio Kato

Smartkarma Webinar | Understanding Japanese Companies: Insights from LightStream Research

On 1 September, 5pm SGT, join us for a Webinar with Mio Kato and the LightStream Research team, as they present unique views into approaching the...

Smartkarma Research

Toyota – Electrifying Lexus

Lexus has seen less EV related news flow than the main Toyota brand in terms of technological progress but this appears to now be changing and has...

Mio Kato

Dowa Holdings – 2.1% Selloff on 20.7% Upward Revision

Dowa Holdings has outperformed the market and its nonferrous peers over the last month and a half with an upward earnings revision coming through...

Mio Kato

Dowa – Gearing Into Inflation Expectations, Auto Recovery and Solar

Dowa Holdings is in a strong position to beat guidance and grow earnings next year thanks to gearing into the auto production recovery, solar and...

Mio Kato

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