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

Toyota: It's Surprising How Much OP Can Grow When You Don't Kitchen Sink

Toyota: 2Q Results Were Nice and All, But Is Toyota Finally Starting to Get Some Mojo?

CHINA - Toyota Dealership Visit - Strong Sales on the Back of the Korean Automakers

Toyota Motor: New Mobility Ecosystem and Concept Vehicle at CES

Toyota Motor and Panasonic Announced the Start of an Alliance in Battery Development

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>Toyota delivered excellent 3Q results with revenue rising 6.4% QoQ and 7.4% YoY, while OP rose 29.0% QoQ and 53% YoY, leading the company to revise guidance up by 10% at the OP level and 23% at the NP level, in part thanks to the Trump tax cuts. We have been saying since Toyota offered its ridiculously lowball JPY1.6trn initial guidance that we expected about JPY2.35trn in OP this year which is above the current consensus high of JPY2.26trn and revised guidance of JPY2.2trn. We stick with this…</p>

Toyota delivered excellent 3Q results with revenue rising 6.4% QoQ and 7.4% YoY, while OP rose 29.0% QoQ and 53% YoY, leading the company to revise guidance up by 10% at the OP level and 23% at the NP level, in part thanks to the Trump tax cuts. We have been saying since Toyota offered its ridiculously lowball JPY1.6trn initial guidance that we expected about JPY2.35trn in OP this year which is above the current consensus high of JPY2.26trn and revised guidance of JPY2.2trn. We stick with this…

Raised Guidance Still Conservative and Weak N.America Should Be Offset by Strengthening Global Sales