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

<a href="https://www.smartkarma.com/entities/6232" target="_blank" data-smartkarma-citation="entities:6232:1">Chiyoda Corp (6366 JP)</a> made a <a href="https://www.chiyodacorp.com/ir/20181031_Timely_E.pdf" target="_blank">shock downward revision</a> to its forecast at the lunch break, booking a ¥85bn charge for its Cameron LNG project in Louisiana. In all the company downgraded its OP forecast from a profit of ¥11.5bn to a loss of ¥86.5bn and is now guiding to incur a ¥105bn net loss due to the reversal of DTAs.While already trading down 12% before the announcement following <a href="https://www.smartkarma.com/entities/17524" target="_blank" data-smartkarma-citation="entities:17524:1">Mcdermott Intl (MDR US)</a>'s announcement of additional charges at Cameron and other projects, the size of the revision was a negative surprise as Mcdermott only booked $482m (about ¥54.5bn) in charges for Cameron.

Chiyoda Corp (6366 JP) made a shock downward revision to its forecast at the lunch break, booking a ¥85bn charge for its Cameron LNG project in Louisiana. In all the company downgraded its OP forecast from a profit of ¥11.5bn to a loss of ¥86.5bn and is now guiding to incur a ¥105bn net loss due to the reversal of DTAs.While already trading down 12% before the announcement following Mcdermott Intl (MDR US)'s announcement of additional charges at Cameron and other projects, the size of the revision was a negative surprise as Mcdermott only booked $482m (about ¥54.5bn) in charges for Cameron.

Chiyoda: Massive Loss from Cameron Sends Stock Limit Down

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

Thematic (Sector/Industry)

We know that historically there has been a lot of leakage leading into Earnings Season. In a different life, I remember Fuji Photo calling me in and given me a preview of the earnings results 2 weeks before the actual announcement. It may not happen as much now in the large-cap space, so we took a look at the small-cap space with very little coverage to see if there are movements in consensus.

We know that historically there has been a lot of leakage leading into Earnings Season. In a different life, I remember Fuji Photo calling me in and given me a preview of the earnings results 2 weeks before the actual announcement. It may not happen as much now in the large-cap space, so we took a look at the small-cap space with very little coverage to see if there are movements in consensus.

Japanese Small-Cap Names with Consensus Changes Leading into Earning Season....

Japan

Toyo Engineering Corporation is a plant engineering firm operating worldwide. The Company constructs industrial plants including chemical fertilizer, oil refining, petrochemical, and nuclear plants.  Toyo Engineering, a member of Mitsui Group, also builds industrial systems such as production, distribution, and environment management systems.

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Toyo Engineering (6330 JP)

Chiyoda: Massive Loss from Cameron Sends Stock Limit Down

Chiyoda Corp (6366 JP) made a shock downward revision to its forecast at the lunch break, booking a ¥85bn charge for its Cameron LNG project in...

Mio Kato

Japanese Small-Cap Names with Consensus Changes Leading into Earning Season....

We know that historically there has been a lot of leakage leading into Earnings Season. In a different life, I remember Fuji Photo calling me in...

Custom Products Group

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Market Cap (USDm)

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