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

Stanley Electric: Lighting Honda's Way Forward

Denso: Centrepiece of Toyota's ADAS/AD/EV Mantel Is a Conviction Buy

We Would Play Japan Breakout Through Toyota on Domestic Restructuring and GM/Ford Production Cuts

Tsubakimoto Chain: Quality Small Cap Dominates Timing Chain Market

Bridgestone Visit: Price Hikes Passing Smoothly at Mid/High End Though Low End Is Competitive

Bridgestone's Q2 Results & FY17 Upward Revision Are Lackluster

Bridgestone 1Q May Be Much Better Than Consensus

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

<h2><strong>Mix Shift to LED Bolsters Medium Term Revenue Prospects; Growth to Decelerate Over Forecast Period </strong></h2><p>Koito Manufacturing, the global leader in automotive lighting, is currently in a bright spot as demand for LED headlamps remains strong. Koito’s revenue was up 2.7% last year (FY 2017), primarily due to an increase in LED sales, despite a slowdown in both Japanese and US auto production, and a strong Yen further pressuring revenue. Prior to this, revenue was up 16.0% YoY in FY 2016. We expect…</p>

Mix Shift to LED Bolsters Medium Term Revenue Prospects; Growth to Decelerate Over Forecast Period Koito Manufacturing, the global leader in automotive lighting, is currently in a bright spot as demand for LED headlamps remains strong. Koito’s revenue was up 2.7% last year (FY 2017), primarily due to an increase in LED sales, despite a slowdown in both Japanese and US auto production, and a strong Yen further pressuring revenue. Prior to this, revenue was up 16.0% YoY in FY 2016. We expect…

Koito Manufacturing: Is There More Light Left?