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

Advantest (6857 JP): Orders Unsustainable, Cyclical Risk High

Advantest (6857) - Strong SoC Sales, Record Profits, Bullish Guidance, and a Buyback (+ Index Flow)

Advantest (6857 JP): 3Q Results Point to Further Growth in 2022

Advantest (6857 JP): Very Strong 1Q, Guidance Raised

Advantest – Upside and Downside Scenarios

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Advantest results were relatively uneventful with a marginal beat at the top line and a marginal miss at the OP level. </li>
<li>Guidance was decent however with both revenue and OP above consensus and some lowballing on margins suggesting some upside to guidance. </li>
<li>The company also said that it would no longer disclose orders because changing lead times made them less comparable because of course they do…</li>
</ul>


Advantest results were relatively uneventful with a marginal beat at the top line and a marginal miss at the OP level. 
Guidance was decent however with both revenue and OP above consensus and some lowballing on margins suggesting some upside to guidance. 
The company also said that it would no longer disclose orders because changing lead times made them less comparable because of course they do…


Advantest – That Time in the Cycle When Orders Apparently Stop Being Important

Advantest Corp

Advantest – That Time in the Cycle When Orders Apparently Stop Being Important