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

Yaskawa – Increasingly Positive on Robotics but Still Too Early… Except…

Yaskawa – We Expect a Slight Miss and Tepid Guidance

Yaskawa – Overvalued, But Is It Time to Long Yaskawa, Short Fanuc Again?

Yaskawa – Is Sigma-X Going to Drive Large Margin Gains?

Yaskawa – Some Thoughts After Our Call With IR

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>Yaskawa’s 1Q results were excellent, and the company raised guidance from ¥430bn to ¥460bn in sales and from ¥42bn to ¥54bn at the OP line. By segment Motion Control OP guidance was raised to ¥39.3bn and Robotics OP guidance was raised to ¥17.9bn. On Apr 10 in <a href="https://www.smartkarma.com/insights/yaskawa-is-sigma-x-going-to-drive-large-margin-gains" target="_blank" rel="noopener">Yaskawa – Is Sigma-X Going to Drive Large Margin Gains? (smartkarma.com)</a> we had estimated consolidated OP of ¥51.5bn with Motion Control at ¥41.4bn and Robotics at ¥16.3bn. While the upward revision is unsurprising to us, the strength of orders and the confidence on the Robotics side are worth delving into.</p>

Yaskawa’s 1Q results were excellent, and the company raised guidance from ¥430bn to ¥460bn in sales and from ¥42bn to ¥54bn at the OP line. By segment Motion Control OP guidance was raised to ¥39.3bn and Robotics OP guidance was raised to ¥17.9bn. On Apr 10 in Yaskawa – Is Sigma-X Going to Drive Large Margin Gains? (smartkarma.com) we had estimated consolidated OP of ¥51.5bn with Motion Control at ¥41.4bn and Robotics at ¥16.3bn. While the upward revision is unsurprising to us, the strength of orders and the confidence on the Robotics side are worth delving into.

Yaskawa – China Sustainability and Robotics Margins Are the Swing Factors

Yaskawa Electric

Yaskawa – China Sustainability and Robotics Margins Are the Swing Factors