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

Harmonic Drive – 11% Share Price Drop on 137% Order Jump

Harmonic Drive – Good 3Q But No Guidance Revision

Harmonic Drive – One Step Forward One Step Back

Harmonic Drive – Overvaluation and the ROBO ETF

End of An Era: Nabtesco and Harmonic Drive Dissolve Their Alliance - Event Lost, Pressure On

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.

Event-Driven

<p>Harmonic Drive reported middling results as revenue got back on track, increasing 11.1% QoQ and the company revised guidance upwards from a -¥800 operating loss to a ¥1bn operating profit (revenue guidance was raised from ¥35bn to ¥37bn). Valuations point to overextended expectations for the stock, however, and with the news of Nabtesco selling its stake it will be interesting to watch the market’s reaction to relatively benign results. This is especially so given the 9% drop in Daifuku’s share price today despite results which, while slightly below consensus, were also middling.</p>

Harmonic Drive reported middling results as revenue got back on track, increasing 11.1% QoQ and the company revised guidance upwards from a -¥800 operating loss to a ¥1bn operating profit (revenue guidance was raised from ¥35bn to ¥37bn). Valuations point to overextended expectations for the stock, however, and with the news of Nabtesco selling its stake it will be interesting to watch the market’s reaction to relatively benign results. This is especially so given the 9% drop in Daifuku’s share price today despite results which, while slightly below consensus, were also middling.

Harmonic Drive – Recovery Coming Through but Will This Be Another Daifuku?

Harmonic Drive Systems

Harmonic Drive – Recovery Coming Through but Will This Be Another Daifuku?