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

Toyota – 11m Unit Production Target Is a Positive Surprise

Koito – Hit by Material Costs and Unexpected Plan Changes

Aisin Seiki – China Inventories Normalised

Toyota – BZ4X Gets Toyota’s EV and Autonomous Strategy Rolling

Denso – Steady Results on Top of Technological Supremacy

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>Aisin announced its 2QFY22 results on Friday (29th October) and the company recorded revenue of ¥887bn (-9.2% QoQ, -1.5% YoY) and OP of ¥25bn (OPM of 2.9% compared to 4.6% and 6.1% respectively in 2QFY21 and 1QFY22). Like with Denso, Aisin maintained guidance despite relatively weak production volumes and margins. Unlike Denso, Aisin’s valuation multiples look depressed.</p>

Aisin announced its 2QFY22 results on Friday (29th October) and the company recorded revenue of ¥887bn (-9.2% QoQ, -1.5% YoY) and OP of ¥25bn (OPM of 2.9% compared to 4.6% and 6.1% respectively in 2QFY21 and 1QFY22). Like with Denso, Aisin maintained guidance despite relatively weak production volumes and margins. Unlike Denso, Aisin’s valuation multiples look depressed.

Aisin – Underlying Improvements Materially Underappreciated