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 – Single Stock Bubble Meet Single Stock Pin

Fanuc – Is a Robomachine Rally Sustainable?

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’s 3Q results were strong with revenue of ¥145bn (consensus ¥128bn) and OP of ¥32.9bn (consensus ¥22.0bn) and the company revised up guidance to ¥105.8bn in OP (20.5% above consensus). These are excellent results and new guidance is above our projection of ¥93.3bn. There are some positives here to be sure, but we are unconvinced that this changes the potential peak earnings in this next cycle which we expect to be about ¥185bn over the next fiscal year.</p>

Fanuc’s 3Q results were strong with revenue of ¥145bn (consensus ¥128bn) and OP of ¥32.9bn (consensus ¥22.0bn) and the company revised up guidance to ¥105.8bn in OP (20.5% above consensus). These are excellent results and new guidance is above our projection of ¥93.3bn. There are some positives here to be sure, but we are unconvinced that this changes the potential peak earnings in this next cycle which we expect to be about ¥185bn over the next fiscal year.

Fanuc – Great Results but FA Segment Continues to Worry Us

Fanuc Corp

Fanuc – Great Results but FA Segment Continues to Worry Us