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

Fanuc: Orders Peaked in 1Q, Sector Share Prices Weak, This Could Be the Top

Visiting Yaskawa's Fukuoka Medium/Large Robot Factory

We Like to Think of Ourselves as the Biggest Bulls on Yaskawa But...

Yaskawa Visit: Smartphones/Pricing Power Drive OPM Expansion, 2H Overshoot if IPhone 8 Delivers?

If You Like Robotics but Find Current Conditions Frothy, Nabtesco Is a Great, Not Good, Compromise

Initiating Coverage of Nabtesco With JPY 3,900 FVE and Wide Moat Rating

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 Electric reported a stellar 2Q yesterday with OP up 10% QoQ, even against the record setting 1Q results and the company raised guidance to JPY54bn OP (or JPY57bn excluding the impact of the year end change). The JPY54bn figure was slightly higher than an earlier Nikkei preview which suggested guidance would be raised to JPY53bn. Consensus is at JPY53.8bn OP so by all accounts the quarter was a success, but the stock is down 4.6% as we write. Even when the rather bullish Nikkei preview…</p>

Yaskawa Electric reported a stellar 2Q yesterday with OP up 10% QoQ, even against the record setting 1Q results and the company raised guidance to JPY54bn OP (or JPY57bn excluding the impact of the year end change). The JPY54bn figure was slightly higher than an earlier Nikkei preview which suggested guidance would be raised to JPY53bn. Consensus is at JPY53.8bn OP so by all accounts the quarter was a success, but the stock is down 4.6% as we write. Even when the rather bullish Nikkei preview…

Yaskawa: Still Like the LT Prospects but It's Finally Time to Exit (For Now)