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 Simple Case Why This Should Not Be At Its All Time Low Ratio Vs Topix, PB and EV/Sales

Mazda – Rising Repeat Rate Makes This Our Top Pick in the Sector

Mazda – The Return of the Wankel Engine and Its Significance for the EV Transition

Mazda: After Integration of Sales Financing with Toyota, How Long Till Toyota Ups Its Stake?

Mazda Motors Down 3% Following Q1 Results

Mazda – Following in Subaru’s Footsteps

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>Mazda reported slightly weak 3Q numbers after the close. Revenue was ¥850bn, 7.8% below consensus’ ¥922bn and OP was ¥6.5bn, 64% below the ¥18.2bn of consensus. Profitability is still depressed so the percentage miss at the OP level is slightly exaggerated and the company maintained its FY guidance for ¥60bn in OP. We believe this is achievable though a slight miss seems likely. Nevertheless, we believe the key data point for the company was the improvement in its US business where OP improved from ¥3.0bn in 2Q to ¥16.1bn in 3Q.</p>

Mazda reported slightly weak 3Q numbers after the close. Revenue was ¥850bn, 7.8% below consensus’ ¥922bn and OP was ¥6.5bn, 64% below the ¥18.2bn of consensus. Profitability is still depressed so the percentage miss at the OP level is slightly exaggerated and the company maintained its FY guidance for ¥60bn in OP. We believe this is achievable though a slight miss seems likely. Nevertheless, we believe the key data point for the company was the improvement in its US business where OP improved from ¥3.0bn in 2Q to ¥16.1bn in 3Q.

Mazda Motor

Mazda – Turning the Corner in the US