Japan/Asia Long-Short, LightStream Research

Mio Kato

Over 15 years analysing Japanese and Asian stocks from a long/short perspective

I focus on cyclically driven sectors such as Gaming, Factory Automation and Autos

An eclectic background as a long-short analyst, upper management at a financial data startup through its listing, and as the founder of a team analysing big/alternative data, all of which supports independent and differentiated views... we hope

An appreciation for Mathematics drives the development of a "Micro-Quantamental" process which can provide a data-driven, historically-informed and semi-automated foundation upon which to layer more qualitative and judgemental analysis, thus improving investment decision-making speed and accuracy

Japan/Asia Long-Short

Weak HCM Guidance Causes Jitters but We Expect Another Good Year; Favour Komatsu Temporarily

Komatsu: Market Ignores Bullish Guidance and Synergy Potential

HCM Vs. Komatsu: Regional Momentum Comparison and Valuations

HCM: Consensus OP JPY67bn, Guidance Raised to JPY77bn, JPY100bn Possible

Hitachi Construction Machinery: Great Quarter Guys!

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>Following blowout numbers from HCM yesterday, both HCM and Komatsu are trading up today in a weak market. HCM is up 5.9% after being up as much as 9% in the morning session and  Komatsu is up 2% after being up almost 4% earlier. The earnings read-through between the two companies tends to be reasonably good but we believe there is a slight risk to Komatsu at tomorrow's earnings due to skewed consensus estimates. As we mentioned previously, we believe HCM consensus estimates are far too low and…</p>

Following blowout numbers from HCM yesterday, both HCM and Komatsu are trading up today in a weak market. HCM is up 5.9% after being up as much as 9% in the morning session and  Komatsu is up 2% after being up almost 4% earlier. The earnings read-through between the two companies tends to be reasonably good but we believe there is a slight risk to Komatsu at tomorrow's earnings due to skewed consensus estimates. As we mentioned previously, we believe HCM consensus estimates are far too low and…

3Q Should Be In-Line, 4Q Should Beat but We Believe There Is a Few % Downside Risk Tomorrow

Komatsu Ltd

3Q Should Be In-Line, 4Q Should Beat but We Believe There Is a Few % Downside Risk Tomorrow