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

Mazda – A Buy As The Yen Weakens With The BOJ Trapped

Mazda – Guidance Is Actually MORE Conservative Than Peers

Mazda – Moving Upmarket With a RWD Is a Straight Six

Mazda – Stealth Upgrade and On Track to Blowout

Subaru Set to Exceed 1m Unit Sales With Industry Leading Margins. Time to Short?

Conviction Call Mazda – Blowout Comes Through

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>We have been consistently saying that the sell side is utterly clueless about Mazda’s profit structure. </li>
<li>The company just missed top line by 13.2% but beat on OP by 26% even excluding a reclassification of some costs to extraordinary losses. </li>
<li>The thesis here is simple – consensus projects a 3% OPM next FY and we believe Mazda will double that.</li>
</ul>


We have been consistently saying that the sell side is utterly clueless about Mazda’s profit structure. 
The company just missed top line by 13.2% but beat on OP by 26% even excluding a reclassification of some costs to extraordinary losses. 
The thesis here is simple – consensus projects a 3% OPM next FY and we believe Mazda will double that.


Mazda Motor

Mazda – Profitability Is Surging