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Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

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><a href="https://www.smartkarma.com/entities/4500" target="_blank" data-smartkarma-citation="entities:4500:1">Toyota Industries (6201 JP)</a> ’ revenue continued to trend upwards in a healthy fashion (+17.2% YoY growth), while operating margins have come under pressure this quarter to reach 6.5% from 9.9% in 1Q last year. In particular, the Automobile segment witnessed a significant decline in its margins to a low of 3.5% this quarter from 10.5% during the same period last year. Although earnings declined by 23.2% this quarter, they still outpaced consensus estimates and our estimates by 1.2% and 5.1%…</p>

Toyota Industries (6201 JP) ’ revenue continued to trend upwards in a healthy fashion (+17.2% YoY growth), while operating margins have come under pressure this quarter to reach 6.5% from 9.9% in 1Q last year. In particular, the Automobile segment witnessed a significant decline in its margins to a low of 3.5% this quarter from 10.5% during the same period last year. Although earnings declined by 23.2% this quarter, they still outpaced consensus estimates and our estimates by 1.2% and 5.1%…

Toyota Industries Earnings Outpace Market Expectations Despite Declining by 23.2% YoY