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

Fujitsu General (6755) - Fujitsu's Stake On The Block

Fujitsu General (6755) - Fujitsu Wants Out, May Force the Issue

Fujitsu General (6755) - UGLY Forecast Change but Fujitsu Still Wants Out

Fujitsu General – 36% Above December Levels, What’s the Trade Now?

Fujitsu General – Earnings Miss Is an Opportunity

Hitachi Metals – Limited Upside Despite Bain Capital News But Let’s Find the Offshoot Ideas

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

<ul>
<li>Fujitsu General’s 3QFY22 results saw solid revenues of ¥63.7bn (+20.3% YoY) but weak OP of just ¥35m (0.1% OPM). </li>
<li>Cost inflation is a concern here but we are most concerned with the top line and we see few issues there which leaves us encouraged. </li>
<li>There is also the possibility of a buyout offer from parent Fujitsu though we are concerned about any premium being too light.</li>
</ul>


Fujitsu General’s 3QFY22 results saw solid revenues of ¥63.7bn (+20.3% YoY) but weak OP of just ¥35m (0.1% OPM). 
Cost inflation is a concern here but we are most concerned with the top line and we see few issues there which leaves us encouraged. 
There is also the possibility of a buyout offer from parent Fujitsu though we are concerned about any premium being too light.


Fujitsu General

Fujitsu General – A Second Hiccup