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's Structural Issues (1): Is the CNC Business Losing Its Edge?

Fanuc's Structural Issues (2): Brother's Speedio Seems to Be Catching up to the Robodrill

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

<p>Fanuc released 3Q results on Jan 26 and raised its forecasts for both revenue and OP up by about 4%. This takes the company OP forecast up to JPY140.5bn and consensus is now at JPY148bn, up from JPY146bn when we first published a note on Fanuc. We had initially suggested OP of about JPY150bn was achievable this year and that still seems reasonable to us though we now feel results may come in a touch below this. The main reason for this is continued deterioration in operating margins - from 37.5%…</p>

Fanuc released 3Q results on Jan 26 and raised its forecasts for both revenue and OP up by about 4%. This takes the company OP forecast up to JPY140.5bn and consensus is now at JPY148bn, up from JPY146bn when we first published a note on Fanuc. We had initially suggested OP of about JPY150bn was achievable this year and that still seems reasonable to us though we now feel results may come in a touch below this. The main reason for this is continued deterioration in operating margins - from 37.5%…

Fanuc OPM Deterioration Continues Despite Weak Yen

Fanuc Corp

Fanuc OPM Deterioration Continues Despite Weak Yen