Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

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/1330" target="_blank" data-smartkarma-citation="entities:1330:1">Stanley Electric (6923 JP)</a> posted its 1QFY03/19 results that saw revenue outpace consensus estimates by 0.8%, while <a href="https://www.smartkarma.com/entities/15841" target="_blank" data-smartkarma-citation="entities:15841:1">Koito Manufacturing (7276 JP)</a>'s revenue fell below consensus estimates by 2.2%. While Stanley posted strong revenue growth of 9.9% YoY, Koito witnessed a decline of 12.5% YoY partly as a result of the deconsolidation of a Chinese subsidiary. On profitability as well, Stanley witnessed strong growth (+37.5% YoY), achieving an OPM of 12.8%. Koito, on the other hand, experienced an OP…

Stanley Electric (6923 JP) posted its 1QFY03/19 results that saw revenue outpace consensus estimates by 0.8%, while Koito Manufacturing (7276 JP)'s revenue fell below consensus estimates by 2.2%. While Stanley posted strong revenue growth of 9.9% YoY, Koito witnessed a decline of 12.5% YoY partly as a result of the deconsolidation of a Chinese subsidiary. On profitability as well, Stanley witnessed strong growth (+37.5% YoY), achieving an OPM of 12.8%. Koito, on the other hand, experienced an OP…

Koito Disappointment, Stanley Outperformance Continue at 1Q: Why Should Stanley Trade at a Discount?

On Friday, <a href="https://www.smartkarma.com/entities/15841" target="_blank" data-smartkarma-citation="entities:15841:1">Koito Manufacturing Co Ltd (7276 JP)</a>  posted strong FY03/18 results in spite of falling below market expectations. Furthermore, despite the steady earnings results for FY03/18, the company has issued earnings guidance for a decline in FY03/19.  As we previously mentioned in our quarterly analysis: ‘<a href="https://www.smartkarma.com/insights/strong-3q-results-following-koito-s-shift-to-high-margin-led-headlights" target="_blank" data-smartkarma-citation="insights:17641">Strong 3Q Results Following Koito’s Shift to High-Margin LED Headlights</a> ’, the company may be unable to meet market expectations which are quite lofty.Although the company surpassed its own…

On Friday, Koito Manufacturing Co Ltd (7276 JP)  posted strong FY03/18 results in spite of falling below market expectations. Furthermore, despite the steady earnings results for FY03/18, the company has issued earnings guidance for a decline in FY03/19.  As we previously mentioned in our quarterly analysis: ‘Strong 3Q Results Following Koito’s Shift to High-Margin LED Headlights ’, the company may be unable to meet market expectations which are quite lofty.Although the company surpassed its own…

Koito Fails to Meet Market Expectations Again

<a href="https://www.smartkarma.com/entities/1330" target="_blank" data-smartkarma-citation="entities:1330:1">Stanley Electric Co Ltd (6923 JP)</a>  reported on Thursday that it generated revenue of JPY442bn (+13.8% YoY) and OP of JPY53bn (+25.7% YoY) as of FY03/18 thanks to the strong sales of high-margin LEDs especially in Japan and Europe. Despite the release of strong financial results, the company has forecasted a lower revenue and OP target for next year. The company’s revenue results for FY03/18 surpassed our estimates (JPY406bn), and the consensus average of JPY436bn. The company’s operating profit…

Stanley Electric Co Ltd (6923 JP)  reported on Thursday that it generated revenue of JPY442bn (+13.8% YoY) and OP of JPY53bn (+25.7% YoY) as of FY03/18 thanks to the strong sales of high-margin LEDs especially in Japan and Europe. Despite the release of strong financial results, the company has forecasted a lower revenue and OP target for next year. The company’s revenue results for FY03/18 surpassed our estimates (JPY406bn), and the consensus average of JPY436bn. The company’s operating profit…

Earnings Surpass Company Estimates; Conservative Forecast for the Year Ahead

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Msci Ac Asia Pacific Index / Technical Analysis

Global equities continue to stabilize, with the MSCI ACWI’s 50-day moving average acting like a magnet as prices have oscillated above and below it. More importantly, support levels have held and long-term uptrends are intact. While we expect to see continued heightened volatility and consolidation, our long-term outlook for global equities remains bullish.  In today’s report we put a spotlight on Japan, broad Europe, Germany, and the UK, where small-caps are outperforming large-caps.

Global equities continue to stabilize, with the MSCI ACWI’s 50-day moving average acting like a magnet as prices have oscillated above and below it. More importantly, support levels have held and long-term uptrends are intact. While we expect to see continued heightened volatility and consolidation, our long-term outlook for global equities remains bullish.  In today’s report we put a spotlight on Japan, broad Europe, Germany, and the UK, where small-caps are outperforming large-caps.

<a href="https://www.smartkarma.com/entities/15841" target="_blank" data-smartkarma-citation="entities:15841:1">Koito Manufacturing Co Ltd (7276 JP)</a> generated revenue worth JPY640bn (+6.2% YoY) and OP of JPY74.3bn (+16.9% YoY) as of Q3 FY03/18 last Monday thanks to the strong sales of high-margin LEDs in Japan and elsewhere. Despite the release of strong 3Q results and the upward revision in earnings guidance, the stock fell by 5% to JPY7,770. Since the closing on Monday, the stock price has gradually declined to reach a mark of JPY7,530 on February 7th, 2018 similar to the level it traded, when we first…

Koito Manufacturing Co Ltd (7276 JP) generated revenue worth JPY640bn (+6.2% YoY) and OP of JPY74.3bn (+16.9% YoY) as of Q3 FY03/18 last Monday thanks to the strong sales of high-margin LEDs in Japan and elsewhere. Despite the release of strong 3Q results and the upward revision in earnings guidance, the stock fell by 5% to JPY7,770. Since the closing on Monday, the stock price has gradually declined to reach a mark of JPY7,530 on February 7th, 2018 similar to the level it traded, when we first…

Strong 3Q Results Following Koito’s Shift to High-Margin LED Headlights

Japan

Stanley Electric Co., Ltd. manufactures lighting equipment including head lights, HID (High Intensity Discharge) assist lamps, and rear combination lamps for automobiles.  The Company also produces LCD (Liquid Cristal Display) and LED (Light Emitted Diode) lamps for communication equipment, office automation equipment, and information displays.

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Stanley Electric (6923 JP)

Koito Disappointment, Stanley Outperformance Continue at 1Q: Why Should Stanley Trade at a Discount?

Stanley Electric (6923 JP) posted its 1QFY03/19 results that saw revenue outpace consensus estimates by 0.8%, while Koito Manufacturing (7276 JP)'s...

Aqila Ali

Koito Fails to Meet Market Expectations Again

On Friday, Koito Manufacturing Co Ltd (7276 JP) posted strong FY03/18 results in spite of falling below market expectations. Furthermore, despite...

Aqila Ali

Earnings Surpass Company Estimates; Conservative Forecast for the Year Ahead

Stanley Electric Co Ltd (6923 JP) reported on Thursday that it generated revenue of JPY442bn (+13.8% YoY) and OP of JPY53bn (+25.7% YoY) as of...

Aqila Ali

Global Equity Strategy

Global equities continue to stabilize, with the MSCI ACWI’s 50-day moving average acting like a magnet as prices have oscillated above and below...

Vermilion Research

Strong 3Q Results Following Koito’s Shift to High-Margin LED Headlights

Koito Manufacturing Co Ltd (7276 JP) generated revenue worth JPY640bn (+6.2% YoY) and OP of JPY74.3bn (+16.9% YoY) as of Q3 FY03/18 last Monday...

Aqila Ali

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