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

Daifuku: Micro-Quantamental Analysis Points to Overoptimistic Consensus

🇯🇵 Japan • September Relative Price Scores - Life at the Poles Part 2: Companies

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>Daifuku 3QFY21 results were mostly in-line with revenue beating by 1.4% while OP beat by 0.7%. </li>
<li>¥174.1bn in orders were positive however and the company revised up FY order guidance from ¥565bn to ¥575bn. </li>
<li>Nevertheless, multiples are correcting from extremely elevated levels suggesting even growth next year may not be enough to support the stock here.</li>
</ul>


Daifuku 3QFY21 results were mostly in-line with revenue beating by 1.4% while OP beat by 0.7%. 
¥174.1bn in orders were positive however and the company revised up FY order guidance from ¥565bn to ¥575bn. 
Nevertheless, multiples are correcting from extremely elevated levels suggesting even growth next year may not be enough to support the stock here.


Daifuku – Not a Big Enough Beat to Arrest the Correction

Daifuku Co Ltd

Daifuku – Not a Big Enough Beat to Arrest the Correction