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

Silicon Wafers. SUMCO Sounds The Alarm As Inventory Continues To Climb

Semiconductors. The Downturn Is Over. Or Is It?

WSTS Forecasts Semi Revenue Increase of 13.1% In 2024. Seriously?

Sumco – We May Have Been Premature in Calling For Profit Taking

SUMCO (3436 JP): CEO Describes Tight Supply, Rising Prices

Sumco – Consensus Probably Too Timid on Price Hikes

2022 High Conviction - Modest Semiconductor 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

<ul>
<li>Sumco 1Q revenues were on the strong side, 1.5% above consensus but OP beat by 9.9%. </li>
<li>As we have been flagging, consensus is underestimating operating leverage and that was before the weakening of the yen. </li>
<li>Revenue guidance for 2Q was 4.9% above consensus and OP 12.8% higher but we expect results to be an even larger beat.</li>
</ul>


Sumco 1Q revenues were on the strong side, 1.5% above consensus but OP beat by 9.9%. 
As we have been flagging, consensus is underestimating operating leverage and that was before the weakening of the yen. 
Revenue guidance for 2Q was 4.9% above consensus and OP 12.8% higher but we expect results to be an even larger beat.


SUMCO Corp

Sumco – Still Underestimated