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

Chiyoda – Qatar the Short-Term Catalyst, Pref Share Buyback the Long-Term Catalyst

Chiyoda – Gross Margin Disappoints but SG&A Control Continues

🇯🇵 JAPAN • Results & Revisions Update 8th May - Lion, PPI, Hoya, Sogo Shosha, NEC

Chiyoda: Russian LNG Plans Increasingly Aggressive With Transshipment Terminal Next

Chiyoda – Time to Pay Attention Again as McDermott Chapter 11 Reduces Uncertainty

Chiyoda: McDermott Troubles Hurt Sentiment but May Have Limited Direct Impact

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 its upward revision to FY guidance, raising OP guidance from ¥19bn to ¥25bn, CP guidance from ¥12bn to ¥20bn and NP guidance from ¥6bn to ¥15bn, Chiyoda delivered results for the 9M period that were roughly in line with FY guidance. OP was ¥24.5bn, CP ¥20.9bn and NP ¥16.9bn. While risks of delays in 4Q are not completely zero, we believe they are low and that the probability of a further beat of new guidance is significant.</p>

Following its upward revision to FY guidance, raising OP guidance from ¥19bn to ¥25bn, CP guidance from ¥12bn to ¥20bn and NP guidance from ¥6bn to ¥15bn, Chiyoda delivered results for the 9M period that were roughly in line with FY guidance. OP was ¥24.5bn, CP ¥20.9bn and NP ¥16.9bn. While risks of delays in 4Q are not completely zero, we believe they are low and that the probability of a further beat of new guidance is significant.

Chiyoda – Profitability Improvement Looking More Sustainable

Chiyoda Corp

Chiyoda – Profitability Improvement Looking More Sustainable