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

Yaskawa – Some Thoughts After Our Call With IR

Yaskawa – China Sustainability and Robotics Margins Are the Swing Factors

Fanuc – Could There Be a Shock Downgrade?

Fanuc – Single Stock Bubble Meet Single Stock Pin

Fanuc – Is a Robomachine Rally Sustainable?

Fanuc – Great Results but FA Segment Continues to Worry Us

Yaskawa – Overvalued, But Is It Time to Long Yaskawa, Short Fanuc Again?

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 beat consensus with OP reaching ¥112.5bn (¥107.7bn consensus) on revenue of ¥551bn (¥535bn consensus). The 4.5% OP surprise on a revenue beat of 3.0% is actually on the small side and the details point to some minor concerns. The major concern though is the read through to Fanuc’s expectations for China in the second half.</p>

Fanuc beat consensus with OP reaching ¥112.5bn (¥107.7bn consensus) on revenue of ¥551bn (¥535bn consensus). The 4.5% OP surprise on a revenue beat of 3.0% is actually on the small side and the details point to some minor concerns. The major concern though is the read through to Fanuc’s expectations for China in the second half.

Fanuc Corp

Fanuc – Early Warning Signs in China