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

Taking a Closer Look at Tsubakimoto Chain's MTP 2021

Strong 1Q Results Surpassing Market Expectations; An Upward Revision in FY03/19 Guidance

Double-Digit Growth Continues; OP Growth of More than 4.9% Likely for FY03/19

Tsubakimoto Chain Results Strong, Guides for 5% OP Decline but Double-Digit Growth More Likely

Tsubakimoto Chain 3Q Shows Inflection in Growth and Margins

Tsubakimoto Chain: Quality Small Cap Dominates Timing Chain Market

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>Tsubakimoto Chain reported 2Q revenue of JPY 52,909 and OP of JPY5,169m compared to consensus at JPY52,658m and JPY5,627m respectively. While revenue continues to trend upwards in a healthy fashion, margins have come under pressure to a degree that we did not anticipate. In particular, the Autoparts segment has seen OPM fall from a high 19.5% in 1QFY15 to 13.2% in 2QFY18. The main reasons for this fall are rising material prices, cost pressure from automakers and rising depreciation costs.</p><p>…</p>

Tsubakimoto Chain reported 2Q revenue of JPY 52,909 and OP of JPY5,169m compared to consensus at JPY52,658m and JPY5,627m respectively. While revenue continues to trend upwards in a healthy fashion, margins have come under pressure to a degree that we did not anticipate. In particular, the Autoparts segment has seen OPM fall from a high 19.5% in 1QFY15 to 13.2% in 2QFY18. The main reasons for this fall are rising material prices, cost pressure from automakers and rising depreciation costs.…

Tsubakimoto Chain: 2Q Underwhelming but Capacity Expansions Should Drive Significant Growth Next FY

Tsubakimoto Chain Co

Tsubakimoto Chain: 2Q Underwhelming but Capacity Expansions Should Drive Significant Growth Next FY