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: Increasing Capex in LNG and GP Margin Expansion Could Drive Earnings

Chiyoda: 1Q Profitability Hurt by Cameron but We Focus on New Contracts

LNG's Stealth Recovery Could Save Toshiba, Propel Chiyoda to New Heights

Chiyoda: 11% Fall on Broker Downgrade Creates Entry Opportunity

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>3Q OP Surprises at +JPY4.3bn</li>
<li>Next FY OP could be double consensus or more</li>
<li>Order outlook in North America Improving</li>
</ul><p>After incurring a JPY13.7bn operating loss in 2Q Chiyoda saw a strong rebound in 3Q with OP hitting JPY4.3bn, the highest level this FY. GPM also returned to 7.1% which is a somewhat healthy level, though we would expect a gradual rise towards 10% or higher over time as profitability in the US improves. Consensus OP estimates for 3QFY03/18 were JPY1.6bn, while OP estimates for…</p>


3Q OP Surprises at +JPY4.3bn
Next FY OP could be double consensus or more
Order outlook in North America Improving
After incurring a JPY13.7bn operating loss in 2Q Chiyoda saw a strong rebound in 3Q with OP hitting JPY4.3bn, the highest level this FY. GPM also returned to 7.1% which is a somewhat healthy level, though we would expect a gradual rise towards 10% or higher over time as profitability in the US improves. Consensus OP estimates for 3QFY03/18 were JPY1.6bn, while OP estimates for…

Chiyoda: Return to Profitability, Potential for Orders Rising

Chiyoda Corp

Chiyoda: Return to Profitability, Potential for Orders Rising