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

Japan: Scoring Results & Forecasts - Part 3 - Company Winners & Losers

LightStream Factory Automation View: Still Early in the Downcycle

Fanuc: 1Q Orders and Robomachine Sales Declines, 2H Downgrade Hurt Confidence but Stock Resilient

Fanuc: 1Q Could Be Peak of Good News with Earnings Falling in 2H

Fanuc: Orders Peaked in 1Q, Sector Share Prices Weak, This Could Be the Top

Fanuc: A Look at Valuation Post Strong 3Q

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

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

<p><a href="https://www.smartkarma.com/entities/752" target="_blank" data-smartkarma-citation="entities:752:1">Fanuc Corp (6954 JP)</a> shocked markets last Thursday by forecasting a 34% drop in OP, together with somewhat underwhelming results. Consensus forecasts prior to the announcement were calling for roughly 9% OP growth vs. the company's results, so this clearly took everyone by surprise. Even we were quite surprised by the extent of the forecast decline even though we have been warning of the potential of a cyclical top since the middle of last year. The stock initially opened down 13.5% on Friday…</p>

Fanuc Corp (6954 JP) shocked markets last Thursday by forecasting a 34% drop in OP, together with somewhat underwhelming results. Consensus forecasts prior to the announcement were calling for roughly 9% OP growth vs. the company's results, so this clearly took everyone by surprise. Even we were quite surprised by the extent of the forecast decline even though we have been warning of the potential of a cyclical top since the middle of last year. The stock initially opened down 13.5% on Friday…

Factory Automation Earnings: Is the Fanuc Shock for Real?