Koito Fails to Meet Market Expectations Again

Koito Disappointment, Stanley Outperformance Continue at 1Q: Why Should Stanley Trade at a Discount?

Koito Downgrades Its OP Guidance While Stanley’s Guidance Remains Unchanged

Koito Manufacturing: Is There More Light Left?

Bridgestone Visit: Price Hikes Passing Smoothly at Mid/High End Though Low End Is Competitive

Bridgestone's Q2 Results & FY17 Upward Revision Are Lackluster

Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

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/15841" target="_blank" data-smartkarma-citation="entities:15841:1">Koito Manufacturing Co Ltd (7276 JP)</a> generated revenue worth JPY640bn (+6.2% YoY) and OP of JPY74.3bn (+16.9% YoY) as of Q3 FY03/18 last Monday thanks to the strong sales of high-margin LEDs in Japan and elsewhere. Despite the release of strong 3Q results and the upward revision in earnings guidance, the stock fell by 5% to JPY7,770. Since the closing on Monday, the stock price has gradually declined to reach a mark of JPY7,530 on February 7<sup>th</sup>, 2018 similar to the level it traded, when we first…</p>

Koito Manufacturing Co Ltd (7276 JP) generated revenue worth JPY640bn (+6.2% YoY) and OP of JPY74.3bn (+16.9% YoY) as of Q3 FY03/18 last Monday thanks to the strong sales of high-margin LEDs in Japan and elsewhere. Despite the release of strong 3Q results and the upward revision in earnings guidance, the stock fell by 5% to JPY7,770. Since the closing on Monday, the stock price has gradually declined to reach a mark of JPY7,530 on February 7th, 2018 similar to the level it traded, when we first…

Strong 3Q Results Following Koito’s Shift to High-Margin LED Headlights