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

What Is Getting Blown Out of Portfolios Before the Long Weekend in Japan?

Japan Long Weekend Portfolio Blowout Theme Is Working Quickly

Keyence: Waiting for a Bottom - SG&A Trend Is the Key Underlying Metric

Keyence (6861 JP): Undermined by Weak Demand and Uncertainty

Readthrough to Japanese FA Sector from Capital's SK Hynix Block Sale

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>Keyence reported relatively weak 3Q numbers with revenue down 8.4% YoY (consensus -3.4%) although OP was down just -4.9% (consensus -8.1%). We believe the “less bad” OP result is more pertinent than the weaker than expected revenue number and believe that consensus fails to recognise the early indicators for this stock. We discuss why below.</p>

Keyence reported relatively weak 3Q numbers with revenue down 8.4% YoY (consensus -3.4%) although OP was down just -4.9% (consensus -8.1%). We believe the “less bad” OP result is more pertinent than the weaker than expected revenue number and believe that consensus fails to recognise the early indicators for this stock. We discuss why below.

Keyence – Valuations a Risk but Increasingly Attractive Relative to Peers

Keyence Corp

Keyence – Valuations a Risk but Increasingly Attractive Relative to Peers