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: Poor 1Q Should Correct Expectations and Share Price But Start Searching for an Entry Point

🇯🇵 JAPAN • Market Update - Levitating on Thin Air

🇯🇵 JAPAN • Market Update - Take Profits

Yaskawa Electric: We Are Probably Now Close to the Bottom for This LT Structural Growth Story

Yaskawa: Results Confirm Bottoming Out Despite Weakness, but the Stock Has Run Too Far

Yaskawa Electric: Still Early to Buy but Still ST Oversold While Read-Through to Fanuc Is Negative

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>After visiting <a href="https://www.smartkarma.com/entities/2458" target="_blank" data-smartkarma-citation="entities:2458:1">Yaskawa Electric (6506 JP)</a> today we believe we were probably too negative on the Motion Control segment earlier and that the company's forecasts for FY02/20 are relatively reasonable. We remain bullish on the Robotics segment and continue to expect margins to outperform company guidance significantly. With that said, we still feel that the stock price has gotten ahead of itself and that the market may be pricing in a recovery in Motion Control margins that just will not happen.</p>

After visiting Yaskawa Electric (6506 JP) today we believe we were probably too negative on the Motion Control segment earlier and that the company's forecasts for FY02/20 are relatively reasonable. We remain bullish on the Robotics segment and continue to expect margins to outperform company guidance significantly. With that said, we still feel that the stock price has gotten ahead of itself and that the market may be pricing in a recovery in Motion Control margins that just will not happen.

Yaskawa: Positive Impression from Our Visit but Too Early for 30x PE