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

Tsubakimoto Chain reported 2Q revenue of JPY 52,909 and OP of JPY5,169m compared to consensus at JPY52,658m and JPY5,627m respectively. While revenue continues to trend upwards in a healthy fashion, margins have come under pressure to a degree that we did not anticipate. In particular, the Autoparts segment has seen OPM fall from a high 19.5% in 1QFY15 to 13.2% in 2QFY18. The main reasons for this fall are rising material prices, cost pressure from automakers and rising depreciation costs.…

Tsubakimoto Chain reported 2Q revenue of JPY 52,909 and OP of JPY5,169m compared to consensus at JPY52,658m and JPY5,627m respectively. While revenue continues to trend upwards in a healthy fashion, margins have come under pressure to a degree that we did not anticipate. In particular, the Autoparts segment has seen OPM fall from a high 19.5% in 1QFY15 to 13.2% in 2QFY18. The main reasons for this fall are rising material prices, cost pressure from automakers and rising depreciation costs.…

Tsubakimoto Chain: 2Q Underwhelming but Capacity Expansions Should Drive Significant Growth Next FY

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

<a href="https://www.smartkarma.com/entities/3794" target="_blank" data-smartkarma-citation="entities:3794:1">Tsubakimoto Chain Co (6371 JP)</a> reported earnings of JPY21.6bn above its guidance of JPY19.7bn and slightly below our estimate of JPY21.9bn. At the time of our forecast consensus was at JPY20.8bn for FY03/17 and JPY22.5bn for FY03/18. Since then FY03/18 consensus has risen to JPY23.3bn OP, just below our JPY23.5bn forecast. The company has in typical fashion issued highly conservative guidance calling for 3.1% revenue growth to JPY205bn and a 5.3% fall in OP to JPY20.5bn. We believe high single…

Tsubakimoto Chain Co (6371 JP) reported earnings of JPY21.6bn above its guidance of JPY19.7bn and slightly below our estimate of JPY21.9bn. At the time of our forecast consensus was at JPY20.8bn for FY03/17 and JPY22.5bn for FY03/18. Since then FY03/18 consensus has risen to JPY23.3bn OP, just below our JPY23.5bn forecast. The company has in typical fashion issued highly conservative guidance calling for 3.1% revenue growth to JPY205bn and a 5.3% fall in OP to JPY20.5bn. We believe high single…

Tsubakimoto Chain Results Strong, Guides for 5% OP Decline but Double-Digit Growth More Likely

<a href="https://www.smartkarma.com/entities/3794" target="_blank" data-smartkarma-citation="entities:3794:1">Tsubakimoto Chain Co (6371 JP)</a> released 3Q earnings on 7th February displaying relatively strong results across its segments and leading to the stock rising by 5%. While concerns regarding trade friction are likely to continue to be an overhang, we believe the company's strong growth profile and reasonable valuations make it an attractive long-term holding among small caps. In particular, recent results show improvements across the board after a brief lull in business which led the company to…

Tsubakimoto Chain Co (6371 JP) released 3Q earnings on 7th February displaying relatively strong results across its segments and leading to the stock rising by 5%. While concerns regarding trade friction are likely to continue to be an overhang, we believe the company's strong growth profile and reasonable valuations make it an attractive long-term holding among small caps. In particular, recent results show improvements across the board after a brief lull in business which led the company to…

Tsubakimoto Chain 3Q Shows Inflection in Growth and Margins

Tsubakimoto Chain (6371 JP) is a quality small cap with global leadership in chain manufacturing based on exceptional R&amp;D and product quality control/improvement. Trading on reasonable multiples (12x PE, 4.9X EV/EBITDA), the company is an attractive long-term investment opportunity thanks to its expanding geographical coverage, and expanding customer penetration and product lineup.

Tsubakimoto Chain (6371 JP) is a quality small cap with global leadership in chain manufacturing based on exceptional R&amp;D and product quality control/improvement. Trading on reasonable multiples (12x PE, 4.9X EV/EBITDA), the company is an attractive long-term investment opportunity thanks to its expanding geographical coverage, and expanding customer penetration and product lineup.

Tsubakimoto Chain: Quality Small Cap Dominates Timing Chain Market

Japan

TSUBAKIMOTO CHAIN CO. manufactures power transmission equipment and material handling systems.  The Company's power transmission product line features transmission chains and gears, conveyer chains, and timing belts for automobiles.  Tsubakimoto Chain's automated material handling products include sorting and transport systems for assembly lines.

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Tsubakimoto Chain Co (6371 JP)

Tsubakimoto Chain: 2Q Underwhelming but Capacity Expansions Should Drive Significant Growth Next FY

Tsubakimoto Chain reported 2Q revenue of JPY 52,909 and OP of JPY5,169m compared to consensus at JPY52,658m and JPY5,627m respectively. While...

Mio Kato

Tsubakimoto Chain Results Strong, Guides for 5% OP Decline but Double-Digit Growth More Likely

Tsubakimoto Chain Co (6371 JP) reported earnings of JPY21.6bn above its guidance of JPY19.7bn and slightly below our estimate of JPY21.9bn. At the...

Mio Kato

Tsubakimoto Chain 3Q Shows Inflection in Growth and Margins

Tsubakimoto Chain Co (6371 JP) released 3Q earnings on 7th February displaying relatively strong results across its segments and leading to the...

Mio Kato

Tsubakimoto Chain: Quality Small Cap Dominates Timing Chain Market

Tsubakimoto Chain (6371 JP) is a quality small cap with global leadership in chain manufacturing based on exceptional R&D and product quality...

Mio Kato

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