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

🇯🇵 JAPAN • Revisions & Results 23rd April - "Getting Worse Rapidly" + OBICs, TGas, Canon, Omron

🇯🇵 JAPAN MARKET (& COVID-19) UPDATE 26th April - Thin End of the Wedge

🇯🇵 JAPAN • Results & Revisions 28th April - The 'Unlimited' BoJ + Panasonic, T.Yuden, Kao, Kyocera

Pioneer Shareholders Approve Deal | What Next?

Barring Beleaguered Booster Boldness, Baring Buys Pioneer (In a Takeunder)

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>Omron reported 4Q results that were down 20% and 26% YoY at the revenue and OP lines respectively, largely due to the sale of its Automotive Electronic Components (AEC) unit to Nidec. On a like for like basis results were still down 7% and 17% respectively with the deterioration in profitability exacerbated due to the continued weakness in its Electronic and Mechanical Components (EMC) business. The biggest concern though is the deterioration in sales in China, and if this is a precursor of what is to come in other regions then there is substantial risk to the FA sector overall.</p>

Omron reported 4Q results that were down 20% and 26% YoY at the revenue and OP lines respectively, largely due to the sale of its Automotive Electronic Components (AEC) unit to Nidec. On a like for like basis results were still down 7% and 17% respectively with the deterioration in profitability exacerbated due to the continued weakness in its Electronic and Mechanical Components (EMC) business. The biggest concern though is the deterioration in sales in China, and if this is a precursor of what is to come in other regions then there is substantial risk to the FA sector overall.

Omron – Results Beat but China Sales Trend Is the COVID Concern

Omron Corp

Omron – Results Beat but China Sales Trend Is the COVID Concern