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

HCM: Consensus OP JPY67bn, Guidance Raised to JPY77bn, JPY100bn Possible

3Q Should Be In-Line, 4Q Should Beat but We Believe There Is a Few % Downside Risk Tomorrow

Komatsu/HCM Result and Forecast Comparison and Hexindo Adiperkasa Readthrough

Hitachi Construction Machinery: Great Quarter Guys!

Hitachi Construction: ST Buy on Earnings Momentum, Spate of Analyst Upgrades Warrants LT Caution

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

Hitachi Construction Machinery / Equity Bottom-Up

<p>HCM and Komatsu both released stellar 2Q numbers, upgrading earnings guidance as both companies benefitted from sizable acquisitions completed toward the end of last FY and strong recoveries in global markets and mining, but China was the star, up over 70% YoY. We believe forecasts remain conservative but with PE multiples getting up close to the twenties it is likely that further growth next year will need to become visible for there to be more upside. We examine the relative momentum of both…</p>

HCM and Komatsu both released stellar 2Q numbers, upgrading earnings guidance as both companies benefitted from sizable acquisitions completed toward the end of last FY and strong recoveries in global markets and mining, but China was the star, up over 70% YoY. We believe forecasts remain conservative but with PE multiples getting up close to the twenties it is likely that further growth next year will need to become visible for there to be more upside. We examine the relative momentum of both…

HCM Vs. Komatsu: Regional Momentum Comparison and Valuations