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

<p><a href="https://www.smartkarma.com/entities/3439" target="_blank" data-smartkarma-citation="entities:3439:1">Pacific Metals Co Ltd (5541 JP)</a> is Japan's largest nickel producer and in the top five globally. The company produces ferronickel and thus does not directly sell materials for Li-ion batteries, but should benefit indirectly from this theme through higher LME prices for nickel which the companies' products are benchmarked to.</p><h2>Nickel Ore Prices Have Been Driven by Indonesian Ban on Raw Material Exports</h2><p>The 85% decline in nickel prices from 2007 to 2015 were not kind to the company and Indonesia's…</p>

Pacific Metals Co Ltd (5541 JP) is Japan's largest nickel producer and in the top five globally. The company produces ferronickel and thus does not directly sell materials for Li-ion batteries, but should benefit indirectly from this theme through higher LME prices for nickel which the companies' products are benchmarked to.Nickel Ore Prices Have Been Driven by Indonesian Ban on Raw Material ExportsThe 85% decline in nickel prices from 2007 to 2015 were not kind to the company and Indonesia's…

Pacific Metals: Boost from Indonesian Nickel Ore Export Resumption Could Put This on 7x PE

<p>We have discussed <a href="https://www.smartkarma.com/entities/20957" target="_blank" data-smartkarma-citation="entities:20957:1">Yasunaga Corp (7271 JP)</a> a couple of times, noting that the company has been highly conservative with its earnings guidance in the past and that its initial guidance for JPY1.2bn in OP this year looked highly conservative. In Jul 2017, we estimated a potential range of JPY1.35-1.75bn in OP based on the company's marginal profit ratios and a relatively wide revenue growth range. After raising guidance to JPY1.42bn in February the company raised guidance to JPY1.8bn OP yesterday.</p><p>…</p>

We have discussed Yasunaga Corp (7271 JP) a couple of times, noting that the company has been highly conservative with its earnings guidance in the past and that its initial guidance for JPY1.2bn in OP this year looked highly conservative. In Jul 2017, we estimated a potential range of JPY1.35-1.75bn in OP based on the company's marginal profit ratios and a relatively wide revenue growth range. After raising guidance to JPY1.42bn in February the company raised guidance to JPY1.8bn OP yesterday.…

Yasunaga/Hirata/SMM: Up 14, 10 and 7%% - EV Battery Names Surging for Various Reasons

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

<p>With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We went back over the last 7 years to find which companies historical wait until the last minute to adjust numbers. To eliminate noise we only screened for Net Income guidance changes greater than absolute 10%.</p><h2>Screen Criteria</h2><ol>
<li>Earnings Results were always announced in May (Do want to pick up any rollovers)</li>
<li>Only March year-end names</li>
<li>The guidance change is…</li>
</ol>

With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We went back over the last 7 years to find which companies historical wait until the last minute to adjust numbers. To eliminate noise we only screened for Net Income guidance changes greater than absolute 10%.Screen Criteria
Earnings Results were always announced in May (Do want to pick up any rollovers)
Only March year-end names
The guidance change is…


Which Companies in Japan Revise Guidance in April....

Japan

Pacific Metals Co., Ltd. manufactures ferronickel, stainless steel, and metal powder.  The Company, a member of the Nippon Steel Group, exports mainly to South Korea and Taiwan.  Pacific Metals produces electromagnetic materials for data communications as well.

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Pacific Metals (5541 JP)

Pacific Metals: Boost from Indonesian Nickel Ore Export Resumption Could Put This on 7x PE

Pacific Metals Co Ltd (5541 JP) is Japan's largest nickel producer and in the top five globally. The company produces ferronickel and thus does not...

Mio Kato

Yasunaga/Hirata/SMM: Up 14, 10 and 7%% - EV Battery Names Surging for Various Reasons

We have discussed Yasunaga Corp (7271 JP) a couple of times, noting that the company has been highly conservative with its earnings guidance in the...

Mio Kato

Which Companies in Japan Revise Guidance in April....

With a couple weeks left before year-end Earnings Season really starts up there is still time for companies to adjust their full-year guidance. We...

Custom Products Group

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52-week Range

Market Cap (USDm)

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