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

Mazda – Moving Upmarket With a RWD Is a Straight Six

Mazda – Stealth Upgrade and On Track to Blowout

Conviction Call Mazda – 1Q and FY OP Beats Should Be Biggest in Sector

Mazda – To Chase or Not to Chase? Zoom Zoom Goes 2021 Conviction Pick

Mazda – 2021 High Conviction Recovery on Track and It’s a Sneaky Commodity Inflation Play

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>Mazda results came in barely below our estimates but blew away consensus. Revenue hit ¥803bn (LSR ¥817bn and consensus ¥750bn) while OP hit ¥26.1bn (LSR¥28bn and consensus ¥5.2bn). We believe conditions in North America and Australia will continue to drive robust performance and 1Q was in fact held back by extremely weak volumes in Japan which should rebound. These positives could also result in upside surprises on dividends.</p>

Mazda results came in barely below our estimates but blew away consensus. Revenue hit ¥803bn (LSR ¥817bn and consensus ¥750bn) while OP hit ¥26.1bn (LSR¥28bn and consensus ¥5.2bn). We believe conditions in North America and Australia will continue to drive robust performance and 1Q was in fact held back by extremely weak volumes in Japan which should rebound. These positives could also result in upside surprises on dividends.

Conviction Call Mazda – Blowout Comes Through

Mazda Motor

Conviction Call Mazda – Blowout Comes Through