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

Honda – Interpreting the Evolving GM Partnership for EVs

Honda – Unnecessary Downgrade but Not Especially Cheap

Honda – Back and Forth OP Guidance Revisions

Honda – Margin Guidance Is Conservative but Credit Provisions Could Still Drive a YoY Decline

Honda – Strong Margins but Downward Volume Guidance Revision Leaves a Bad Impression

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>Honda reported its 1QFY22 results on Wednesday and posted revenue of posted revenue of ¥3,584bn (-1.3% QoQ, +68.7% YoY) and operating profit of ¥243bn (for an OPM of 6.8% compared to the OPM of -5.4% and 5.9% respectively in 1QFY21 and 4QFY21). Revenue was 6.2% higher than consensus estimates, while operating profit beat consensus by ¥133bn (+122%). Honda revised its full year OP guidance for FY21 up by 18.2%, helping it avoid the sell off on good news as with Toyota and Mazda.</p>

Honda reported its 1QFY22 results on Wednesday and posted revenue of posted revenue of ¥3,584bn (-1.3% QoQ, +68.7% YoY) and operating profit of ¥243bn (for an OPM of 6.8% compared to the OPM of -5.4% and 5.9% respectively in 1QFY21 and 4QFY21). Revenue was 6.2% higher than consensus estimates, while operating profit beat consensus by ¥133bn (+122%). Honda revised its full year OP guidance for FY21 up by 18.2%, helping it avoid the sell off on good news as with Toyota and Mazda.

Honda – Strong Start as Developed Market Motorcycles Contribute

Honda Motor

Honda – Strong Start as Developed Market Motorcycles Contribute