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

Fanuc 6954 JT - Target 25,000 (15% + Upside)

Fanuc Bullish Trade Points off of Base Line Support

Robotics Earnings: Nabtesco and HDS Results Strong; Still No Reason to Own Fanuc

Factory Automation Earnings: Is the Fanuc Shock for Real?

Yaskawa: Visit Reaffirms LT Potential but It's Too Early to Invest, Semi Capex Readthrough Poor

Yaskawa: Motion Control Rebounds Despite Weak Smartphone Capex

Harmonic Drive: Order Cancellations Cause Harmonic Drive to Plunge Limit Down, -50% From Jan Top

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>Fanuc reported 1Q numbers yesterday after the close with revenue up 8.5% YoY and OP up 7.9% YoY. The result was positive and Fanuc even raised 1H forecasts by 4.6% at the revenue level and 10.2% at the OP level. However, the company reduced its implied 2H guidance by 3.7% at the revenue level and 1.3% at the OP level. Fanuc is using a rather absurd JPY100/USD forex assumption so we would focus on revenue guidance rather than OP guidance, and the trend is not looking encouraging.</p><ul>
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<strong>Robomachine</strong>…</li>
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Fanuc reported 1Q numbers yesterday after the close with revenue up 8.5% YoY and OP up 7.9% YoY. The result was positive and Fanuc even raised 1H forecasts by 4.6% at the revenue level and 10.2% at the OP level. However, the company reduced its implied 2H guidance by 3.7% at the revenue level and 1.3% at the OP level. Fanuc is using a rather absurd JPY100/USD forex assumption so we would focus on revenue guidance rather than OP guidance, and the trend is not looking encouraging.

Robomachine…


Fanuc: 1Q Orders and Robomachine Sales Declines, 2H Downgrade Hurt Confidence but Stock Resilient

Fanuc Corp

Fanuc: 1Q Orders and Robomachine Sales Declines, 2H Downgrade Hurt Confidence but Stock Resilient