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

Mitsubishi Motors – Kicking Off 1QFY22 Auto Earnings in Style

Mitsubishi Motors – Struggling Despite Rising Tide

Mitsubishi Motors – Rumoured Stake Sale by Nissan Will Renew Alliance Breakup Concerns

Subaru – Pointing the Way for Auto Sector Recovery

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

Mitsubishi Motor reported its 4QFY21 results on 11th May which saw revenues of ¥503bn (+33% QoQ, -17% YoY) and an operating loss of ¥8.6bn (OPM of -1.7% compared to the OPM of +1.7% in 4QFY20).The reported revenue was 3.2% higher than consensus estimates while operating loss was relatively similar to the consensus estimates of ¥8.5bn.<table class="table table-striped"><tbody>
<tr>
<td style="width: 26.32%;">In ¥bn</td>
<td style="width: 26.28%;">Revenue </td>
<td style="width: 27.02%;">OP</td>
<td style="width: 20.38%;">OPM</td>
</tr>
<tr>
<td style="width: 26.32%;">Actual Results - 4QFY21</td>
<td style="width: 26.28%;">503</td>
<td style="width: 27.02%;">-8.6</td>
<td style="width: 20.38%;">-1.7%</td>
</tr>
<tr>
<td style="width: 26.32%;">Consensus - 4QFY21</td>
<td style="width: 26.28%;">487</td>
<td style="width: 27.02%;">-8.5</td>
<td style="width: 20.38%;">-1.7%</td>
</tr>
<tr>
<td style="width: 26.32%;">Surprise</td>
<td style="width: 26.28%;">3.2%</td>
<td style="width: 27.02%;">1.5%</td>
<td style="width: 20.38%;">0.0%</td>
</tr>
<tr>
<td style="width: 26.32%;"> </td>
<td style="width: 26.28%;"> </td>
<td style="width: 27.02%;"> </td>
<td style="width: 20.38%;"> </td>
</tr>
<tr>
<td style="width: 26.32%;">Actual - FY21</td>
<td style="width: 26.28%;">1,456</td>
<td style="width: 27.02%;">-95</td>
<td style="width: 20.38%;">-6.5%</td>
</tr>
<tr>
<td style="width: 26.32%;">Guidance - FY21</td>
<td style="width: 26.28%;">1,460</td>
<td style="width: 27.02%;">-100</td>
<td style="width: 20.38%;">-6.8%</td>
</tr>
<tr>
<td style="width: 26.32%;">Surprise</td>
<td style="width: 26.28%;">-0.3%</td>
<td style="width: 27.02%;">-4.7%</td>
<td style="width: 20.38%;">0.3%</td>
</tr>
</tbody></table><div style="text-align: left;" class="content-caption">Source: Company disclosures, CapIQ</div>

Mitsubishi Motor reported its 4QFY21 results on 11th May which saw revenues of ¥503bn (+33% QoQ, -17% YoY) and an operating loss of ¥8.6bn (OPM of -1.7% compared to the OPM of +1.7% in 4QFY20).The reported revenue was 3.2% higher than consensus estimates while operating loss was relatively similar to the consensus estimates of ¥8.5bn.

In ¥bn
Revenue 
OP
OPM


Actual Results - 4QFY21
503
-8.6
-1.7%


Consensus - 4QFY21
487
-8.5
-1.7%


Surprise
3.2%
1.5%
0.0%


 
 
 
 


Actual - FY21
1,456
-95
-6.5%


Guidance - FY21
1,460
-100
-6.8%


Surprise
-0.3%
-4.7%
0.3%

Source: Company disclosures, CapIQ

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