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

Harmonic Drive – One Step Forward One Step Back

End of An Era: Nabtesco and Harmonic Drive Dissolve Their Alliance - Event Lost, Pressure On

Harmonic Drive – Recovery Coming Through but Will This Be Another Daifuku?

Daifuku: Micro-Quantamental Analysis Points to Overoptimistic Consensus

🇯🇵 Japan • September Relative Price Scores - Life at the Poles Part 2: Companies

🇯🇵 Japan • September Relative Price Scores - Life at the Poles Part 1

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>Although Daifuku beat consensus at both the revenue and OP lines in 2Q, the company did not raise guidance and order/sales trends are becoming a concern. With the EV/OP multiple at 33.4x, the lack of OP growth despite a relatively mild net impact from COVID create a sense of vulnerability for the stock.</p>

Although Daifuku beat consensus at both the revenue and OP lines in 2Q, the company did not raise guidance and order/sales trends are becoming a concern. With the EV/OP multiple at 33.4x, the lack of OP growth despite a relatively mild net impact from COVID create a sense of vulnerability for the stock.

Daifuku Co Ltd

Daifuku – A Little Underwhelming