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

Nikkei 225 March 2023 Rebal On The Follow - Predictions (3 In, 3 Out) & Problems

Nikkei 225 Sep22 Annual Review; Data Final, Predictions Unch'd; Strategy Involved

Hoya (7741) - Record Revenues/Earnings, a Small Buyback, but Nikkei 225 Flows May Dominate

Hoya: Life Care Exceeds Pre-Covid Levels; Slight Upgrade to Forecasts with a Small Buyback

Hoya – MiyoSmart Extends Industry Leading Premium Product Strategy to Life Care

Hoya – We Are Increasingly Confident About a Semi Capex Decline

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Hoya’s 4Q beat slightly with revenue beating consensus by 2.2% and PBT beating by 7.0%. </li>
<li>Those beats were better than peers such as Advantest and Lasertec and qualitative guidance suggests that YoY growth is likely driven by the Lifecare segment in particular. </li>
<li>That contrasts with our negative outlook for peer momentum and we expect Hoya’s recent underperformance to reverse in short order.</li>
</ul>


Hoya’s 4Q beat slightly with revenue beating consensus by 2.2% and PBT beating by 7.0%. 
Those beats were better than peers such as Advantest and Lasertec and qualitative guidance suggests that YoY growth is likely driven by the Lifecare segment in particular. 
That contrasts with our negative outlook for peer momentum and we expect Hoya’s recent underperformance to reverse in short order.


Hoya – Getting Towards Genuinely Bullish Levels of Cheapness

Hoya Corp

Hoya – Getting Towards Genuinely Bullish Levels of Cheapness