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

🇯🇵 Japan • Spring Results & Revisions Flash - Early Days

🇯🇵 Japan • Spring Results & Revisions & Market Update - Slip-Slidin' Away

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

Fanuc Bullish Trade Points off of Base Line Support

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

Yaskawa Electric: We Are Probably Now Close to the Bottom for This LT Structural Growth Story

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/752" target="_blank" data-smartkarma-citation="entities:752:1">Fanuc Corp (6954 JP)</a> reported earnings today with results of ¥163bn OP beating consensus of ¥157bn. For the second year in a row guidance was shocking at ¥75bn vs. consensus at ¥133bn. Our immediate reaction was that it was just Fanuc being Fanuc and our back of the envelope guesstimate had us suggesting that maybe consensus needed to come down about 10%. After taking a deeper look at the numbers however, we have significant concerns.</p><p>Guidance still looks conservative, but we feel consensus may have to come down significantly more than 10%.</p>

Fanuc Corp (6954 JP) reported earnings today with results of ¥163bn OP beating consensus of ¥157bn. For the second year in a row guidance was shocking at ¥75bn vs. consensus at ¥133bn. Our immediate reaction was that it was just Fanuc being Fanuc and our back of the envelope guesstimate had us suggesting that maybe consensus needed to come down about 10%. After taking a deeper look at the numbers however, we have significant concerns.Guidance still looks conservative, but we feel consensus may have to come down significantly more than 10%.

Fanuc: Profitability Deterioration and Share Price Rebound Open Up Significant Downside