Equity Analyst

Gervin Gayan

Analyst at LightStream Research covering Asian equities, along with thematic research.

Close Out the Shorts on Doosan Infracore (If Trump Wins, Lower Taxes & Higher Infra.Spending)

StubWorld: Japex, Renault/Nissan, Wynn and the Chain Principle

Nissan FY3/19 Guidance Below Consensus; Big Target Misses Very Likely This Year

Inpex Guided to Lower Earnings Compared to Consensus Amidst Conservative Demand

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

<h2><strong>China, North America and Europe to Play a Major Role</strong></h2><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/052/559/original/D3.PNG?1526516918" class="editor-image img-responsive" data-smartkarma-image-id="52559"></figure><div class="content-remarks"><p><em>Source: Company Disclosures</em></p><p></p></div><h2><strong>China</strong></h2><p><a href="https://www.smartkarma.com/entities/3982" target="_blank" data-smartkarma-citation="entities:3982:1">Doosan Infracore Co Ltd (042670 KS)</a> reached 10.5% market share in China in February as construction equipment sales rose to KRW425(+93% YoY, +62% QoQ). Doosan Infracore has launched specifically tailor-made products for the local market and engaged in aggressive marketing using WeChat. We believe that Doosan Infracore will be able to improve their market share with the strategy they are currently following, strengthening their sales network in China which has already lead to sales of mid-to-large sized excavators rising from 26% of total sales last year to 47% this year, and profitability has been helped by an increasing proportion of immediate cash payments from its customers in China.</p>

China, North America and Europe to Play a Major RoleSource: Company DisclosuresChinaDoosan Infracore Co Ltd (042670 KS) reached 10.5% market share in China in February as construction equipment sales rose to KRW425(+93% YoY, +62% QoQ). Doosan Infracore has launched specifically tailor-made products for the local market and engaged in aggressive marketing using WeChat. We believe that Doosan Infracore will be able to improve their market share with the strategy they are currently following, strengthening their sales network in China which has already lead to sales of mid-to-large sized excavators rising from 26% of total sales last year to 47% this year, and profitability has been helped by an increasing proportion of immediate cash payments from its customers in China.

Doosan Infracore Results Positive in 1Q18, Strengthened Balance Sheet to Support Expansion Strategy

HD Hyundai Infracore

Doosan Infracore Results Positive in 1Q18, Strengthened Balance Sheet to Support Expansion Strategy