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

Yaskawa Electric reported much anticipated 3Q earnings this afternoon seeing revenues rise 14% YoY but fall 9% QoQ. OP was up 86% YoY but down 6% QoQ. Our overall impression of the result was relatively neutral despite OP coming in at the low end of consensus quarterly estimates and 6.4% below the consensus mean estimate. Examining the details leaves us with a bit of a mixed impression as well. The robotics segment was encouraging as despite revenue declining 10% QoQ, OPM rose to 12.3%, a very…

Yaskawa Electric reported much anticipated 3Q earnings this afternoon seeing revenues rise 14% YoY but fall 9% QoQ. OP was up 86% YoY but down 6% QoQ. Our overall impression of the result was relatively neutral despite OP coming in at the low end of consensus quarterly estimates and 6.4% below the consensus mean estimate. Examining the details leaves us with a bit of a mixed impression as well. The robotics segment was encouraging as despite revenue declining 10% QoQ, OPM rose to 12.3%, a very…

Yaskawa 3Q Earnings Decent but Confirm China Deceleration; Growth Next Year Could Be Underwhelming

We visited Yaskawa Electric's robotics factory in Nakama, Fukuoka on the 20th of December to attend a factory tour for analysts. Factory 3 at Nakama focuses on the final assembly of industrial robots with a payload of more than 50kg and handles spot welding, painting, handling and palletising robots. The facility is divided into a parts/inventory centre, 4 assembly lines, testing area, painting area, dressing &amp; final testing area and shipment area.The facility has a capacity of about 900 units…

We visited Yaskawa Electric's robotics factory in Nakama, Fukuoka on the 20th of December to attend a factory tour for analysts. Factory 3 at Nakama focuses on the final assembly of industrial robots with a payload of more than 50kg and handles spot welding, painting, handling and palletising robots. The facility is divided into a parts/inventory centre, 4 assembly lines, testing area, painting area, dressing &amp; final testing area and shipment area.The facility has a capacity of about 900 units…

Visiting Yaskawa's Fukuoka Medium/Large Robot Factory

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

This is a short, short quicknote on what is a tiny offering.Today, <a href="https://www.smartkarma.com/entities/15904" target="_blank" data-smartkarma-citation="entities:15904:1">Omron Corp (6645 JP)</a> announced a Secondary Offering by Bank of Tokyo Mitsubishi UFJ and Mitsubishi UFJ Trust Bank - both subsidiaries of <a href="https://www.smartkarma.com/entities/218" target="_blank" data-smartkarma-citation="entities:218:1">Mitsubishi UFJ Financial Group (8306 JP)</a>. The total size of the offering is 2.875mm shares or 1.34% of shares outstanding. It is worth about JPY 20bn as of last traded price to the purchasing public. This is, at first glance, smaller than Omron's own buyback program announced back in July, for…

This is a short, short quicknote on what is a tiny offering.Today, Omron Corp (6645 JP) announced a Secondary Offering by Bank of Tokyo Mitsubishi UFJ and Mitsubishi UFJ Trust Bank - both subsidiaries of Mitsubishi UFJ Financial Group (8306 JP). The total size of the offering is 2.875mm shares or 1.34% of shares outstanding. It is worth about JPY 20bn as of last traded price to the purchasing public. This is, at first glance, smaller than Omron's own buyback program announced back in July, for…

A Tiny Omron (6645 JP) Offering - What's Behind It?

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Although we are bullish on narrow-moat Yaskawa’s growth outlook, and the company’s second-quarter results (excluding the JPY 1 billion loss-making solar power conditioner business) were largely in line with our forecast, the market has been overly excited about this stock from a long-term investment perspective. Earnings will likely face some headwind in the short term, as we see a high possibility that the order growth from the motion control business will slow down in the next quarter due to…

Although we are bullish on narrow-moat Yaskawa’s growth outlook, and the company’s second-quarter results (excluding the JPY 1 billion loss-making solar power conditioner business) were largely in line with our forecast, the market has been overly excited about this stock from a long-term investment perspective. Earnings will likely face some headwind in the short term, as we see a high possibility that the order growth from the motion control business will slow down in the next quarter due to…

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 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)

Japan

YASKAWA Electric Corporation manufactures and markets servomotors, controllers, inverters, and industrial robots.  The Company's products include spindle controllers, computerized numerical control (CNC) systems, and system engineering.

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Yaskawa Electric (6506 JP)

Yaskawa 3Q Earnings Decent but Confirm China Deceleration; Growth Next Year Could Be Underwhelming

Yaskawa Electric reported much anticipated 3Q earnings this afternoon seeing revenues rise 14% YoY but fall 9% QoQ. OP was up 86% YoY but down 6%...

Mio Kato

Visiting Yaskawa's Fukuoka Medium/Large Robot Factory

We visited Yaskawa Electric's robotics factory in Nakama, Fukuoka on the 20th of December to attend a factory tour for analysts. Factory 3 at...

Mio Kato

A Tiny Omron (6645 JP) Offering - What's Behind It?

This is a short, short quicknote on what is a tiny offering.Today, Omron Corp (6645 JP) announced a Secondary Offering by Bank of Tokyo Mitsubishi...

Travis Lundy

Yaskawa's Stock Price Overvalued

Although we are bullish on narrow-moat Yaskawa’s growth outlook, and the company’s second-quarter results (excluding the JPY 1 billion loss-making...

Morningstar, Inc.

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

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...

Mio Kato

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