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

Makino Milling (6135 JP): Higher Possibility for a Rebound

Fanuc: 1Q Orders and Robomachine Sales Declines, 2H Downgrade Hurt Confidence but Stock Resilient

Makino Milling (6135 JP): Significant Domestic Profit Recovery Drives Best 1Q Since GFC

Yaskawa: Robotics Keeps Chugging but There Are Troubling Signs for Motion Control

Yaskawa: Motion Control Rebounds Despite Weak Smartphone Capex

Harmonic Drive: Order Cancellations Cause Harmonic Drive to Plunge Limit Down, -50% From Jan Top

Harmonic Drive: 4Q Margins Look Weak but This Is a One-Off. Still Expensive Though

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>We visited <a href="https://www.smartkarma.com/entities/2458" target="_blank" data-smartkarma-citation="entities:2458:1">Yaskawa Electric Corp (6506 JP)</a> today and spent some time discussing current conditions. The main focus was on orders from China and servomotors in particular. The company noted that orders for servomotors were trending at similar levels to last year during Mar and Apr but weakened in May and remained weak in Jun. There is a seasonality element to this given Chinese New Year, but the tone has changed somewhat. Underlying structural conditions remain strong but we feel that the…</p>

We visited Yaskawa Electric Corp (6506 JP) today and spent some time discussing current conditions. The main focus was on orders from China and servomotors in particular. The company noted that orders for servomotors were trending at similar levels to last year during Mar and Apr but weakened in May and remained weak in Jun. There is a seasonality element to this given Chinese New Year, but the tone has changed somewhat. Underlying structural conditions remain strong but we feel that the…

Yaskawa: Visit Reaffirms LT Potential but It's Too Early to Invest, Semi Capex Readthrough Poor