Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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

<ul>
<li>The Nikkei reports that Sumitomo Metal Mining has developed a method to more effectively recycle Li-Ion battery materials. </li>
<li>Importantly, lithium can be recycled in addition to copper, nickel and cobalt and SMM expects costs to be competitive. </li>
<li>This is positive news but timelines also illustrate the hurdles for a quick transition.</li>
</ul>


The Nikkei reports that Sumitomo Metal Mining has developed a method to more effectively recycle Li-Ion battery materials. 
Importantly, lithium can be recycled in addition to copper, nickel and cobalt and SMM expects costs to be competitive. 
This is positive news but timelines also illustrate the hurdles for a quick transition.


SMM – Important Breakthrough for Li-Ion Battery Recycling

<ul>
<li>Dowa Holdings revised up its guidance from ¥58bn to ¥61bn at the OP level.</li>
<li>Based on historical trends if it can sustain that level of profit generation upside of 60% or more is plausible.</li>
<li>While there is risk of a YoY decline we actually believe that recovering auto production could drive a YoY rise.</li>
</ul>


Dowa Holdings revised up its guidance from ¥58bn to ¥61bn at the OP level.
Based on historical trends if it can sustain that level of profit generation upside of 60% or more is plausible.
While there is risk of a YoY decline we actually believe that recovering auto production could drive a YoY rise.


Dowa Holdings – Firing on All Cylinders

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<p>For our next Webinar, we are excited to welcome back Insight Provider <a href="https://www.smartkarma.com/profiles/mio-kato" target="_blank" data-smartkarma-citation="accounts:713" rel="noopener">Mio Kato</a> and the LightStream Research team, as they present unique views into approaching the Japanese market. LightStream offers insights gleaned from their expertise on the ground, engaging with company management and bridging business and culture gaps between Japan and western Investors.</p><h3>The webinar will be hosted on Wednesday, 1 September 2021, 17:00 SGT/HKT.</h3><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=89011968584" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p>Mio Kato has over 15 years of experience looking at Japanese and Asian cyclically driven sectors such as Gaming, Factory Automation and Autos. He was previously with FrontPoint Partners LP, Arrowhawk Capital Partners, and Uzabase before founding LightStream Research.</p><p>LightStream Research conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia. The team supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available. They further refine the accuracy of their 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.</p>

For our next Webinar, we are excited to welcome back Insight Provider Mio Kato and the LightStream Research team, as they present unique views into approaching the Japanese market. LightStream offers insights gleaned from their expertise on the ground, engaging with company management and bridging business and culture gaps between Japan and western Investors.The webinar will be hosted on Wednesday, 1 September 2021, 17:00 SGT/HKT.Register for the Webinar hereMio Kato has over 15 years of experience looking at Japanese and Asian cyclically driven sectors such as Gaming, Factory Automation and Autos. He was previously with FrontPoint Partners LP, Arrowhawk Capital Partners, and Uzabase before founding LightStream Research.LightStream Research conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia. The team supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available. They further refine the accuracy of their 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.

Smartkarma Webinar | Understanding Japanese Companies: Insights from LightStream Research

<p>Lexus announced its new LF-Z EV concept yesterday, laying out broad plans for its electrification strategy and future development outlook. The brand has seen less news flow than the main Toyota brand in terms of technological progress but this appears to now be changing. This has implications for a variety of suppliers.</p>

Lexus announced its new LF-Z EV concept yesterday, laying out broad plans for its electrification strategy and future development outlook. The brand has seen less news flow than the main Toyota brand in terms of technological progress but this appears to now be changing. This has implications for a variety of suppliers.

<p>Dowa Holdings is down 1.3% today despite announcing a 20.7% upward revision to its ordinary profit forecast to ¥35.0bn. We had expected ordinary profit to reach ¥33.5bn vs. guidance of ¥29.0bn and the upward revisions were broadly as we expected on a segment-wise basis with small overshoots across the board. The lack of a strong move upward suggests some concern about next year, but we believe the name remains attractive on a longer-term basis.</p>

Dowa Holdings is down 1.3% today despite announcing a 20.7% upward revision to its ordinary profit forecast to ¥35.0bn. We had expected ordinary profit to reach ¥33.5bn vs. guidance of ¥29.0bn and the upward revisions were broadly as we expected on a segment-wise basis with small overshoots across the board. The lack of a strong move upward suggests some concern about next year, but we believe the name remains attractive on a longer-term basis.

Dowa Holdings – 2.1% Selloff on 20.7% Upward Revision

Japan

DOWA HOLDINGS, CO., LTD. mines, refines, smelts, and produces various metalrelated products.  The Company's main products include minerals, precious metals, battery materials, semiconductor and superconductivity materials, magnetic materials, and optical devices.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Dowa Holdings (5714 JP)

SMM – Important Breakthrough for Li-Ion Battery Recycling

SMM has developed a method to more effectively recycle Li-Ion battery materials including lithium cost competitively. This is very positive but...

Mio Kato

Dowa Holdings – Firing on All Cylinders

Based on historical trends if Dowa can sustain its T12 level of profit generation, upside of 60% or more is plausible and we actually believe that...

Mio Kato

Smartkarma Webinar | Understanding Japanese Companies: Insights from LightStream Research

On 1 September, 5pm SGT, join us for a Webinar with Mio Kato and the LightStream Research team, as they present unique views into approaching the...

Smartkarma Research

Toyota – Electrifying Lexus

Lexus has seen less EV related news flow than the main Toyota brand in terms of technological progress but this appears to now be changing and has...

Mio Kato

Dowa Holdings – 2.1% Selloff on 20.7% Upward Revision

Dowa Holdings has outperformed the market and its nonferrous peers over the last month and a half with an upward earnings revision coming through...

Mio Kato

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)