Koito Disappointment, Stanley Outperformance Continue at 1Q: Why Should Stanley Trade at a Discount?

Koito Downgrades Its OP Guidance While Stanley’s Guidance Remains Unchanged

Koito Outperforms in 3Q While Stanley Disappoints; Latter Still on Track to Achieve FY03/19E Target

Stanley Electric: Lighting Honda's Way Forward

Koito Manufacturing: Is There More Light Left?

Bridgestone Visit: Price Hikes Passing Smoothly at Mid/High End Though Low End Is Competitive

Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

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><a href="https://www.smartkarma.com/entities/1330" target="_blank" data-smartkarma-citation="entities:1330:1">Stanley Electric Co Ltd (6923 JP)</a>  reported on Thursday that it generated revenue of JPY442bn (+13.8% YoY) and OP of JPY53bn (+25.7% YoY) as of FY03/18 thanks to the strong sales of high-margin LEDs especially in Japan and Europe. Despite the release of strong financial results, the company has forecasted a lower revenue and OP target for next year. The company’s revenue results for FY03/18 surpassed our estimates (JPY406bn), and the consensus average of JPY436bn. The company’s operating profit…</p>

Stanley Electric Co Ltd (6923 JP)  reported on Thursday that it generated revenue of JPY442bn (+13.8% YoY) and OP of JPY53bn (+25.7% YoY) as of FY03/18 thanks to the strong sales of high-margin LEDs especially in Japan and Europe. Despite the release of strong financial results, the company has forecasted a lower revenue and OP target for next year. The company’s revenue results for FY03/18 surpassed our estimates (JPY406bn), and the consensus average of JPY436bn. The company’s operating profit…

Earnings Surpass Company Estimates; Conservative Forecast for the Year Ahead