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

Subaru: Breaking Down and While Aug MTP Is Upside Risk, Dividend May Need to Be Cut

Subaru: MTP Does Nothing to Quash Negative Momentum

Subaru: Margin Erosion Progressing Faster than We Expected, 1Q Sales Drop Surprisingly Large

New Forester Product Presentation: How Long Will the Limited Novelty Feel Fresh?

Subaru: Fuel Economy Falsification Could Hurt but Falling Margins Will Hurt More

Subaru--FY3/19 Guidance Could Call for Profit Declines, Rather than Consensus-Viewed Growth

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>There is a Bloomberg headline saying falsification of data was found for 14,372 vehicles. This is an incorrect interpretation of the company's report in our opinion. The relevant part of the <a href="https://www.subaru.co.jp/press/news-en/2018_04_27_5714/" target="_blank">report</a> is:</p><blockquote>
<p>(1) In sampling fuel economy and emissions data as part of the final vehicle inspections at the Gunma Manufacturing Division’s Main Plant and Yajima Plant, certain measurements and data were inappropriately altered, and values differing from those that should have been recorded as actual…</p>
</blockquote>

There is a Bloomberg headline saying falsification of data was found for 14,372 vehicles. This is an incorrect interpretation of the company's report in our opinion. The relevant part of the report is:
(1) In sampling fuel economy and emissions data as part of the final vehicle inspections at the Gunma Manufacturing Division’s Main Plant and Yajima Plant, certain measurements and data were inappropriately altered, and values differing from those that should have been recorded as actual…


Subaru: Fuel Economy Falsification Looks to Be a Non-Issue to Us

Subaru Corp

Subaru: Fuel Economy Falsification Looks to Be a Non-Issue to Us