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

Maruti Suzuki – Are Profitability Improvements Enough?

Suzuki's All-Time Low Stub As Maruti Faces Electric Vehicle Crossroad

Suzuki – Maruti Weakness Makes Our Predicted Miss Likely

Suzuki – Could Be the Only J-Auto to Miss at 1Q

Conviction Call Mazda – 1Q and FY OP Beats Should Be Biggest in Sector

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>Suzuki reported its 2QFY22 results on Thursday which saw both revenue and OP decline compared to 1QFY22.</li>
<li>The company posted revenue of ¥828bn (-2.0% QoQ) and operating profits of ¥45bn (-18.0% YoY) implying an OPM of 5.4% compared to 6.4% in 1QFY22.</li>
<li>However, the reported revenue was 3.6% higher than consensus estimates while Suzuki’s OP beat consensus estimates by 21.4%.</li>
</ul>


Suzuki reported its 2QFY22 results on Thursday which saw both revenue and OP decline compared to 1QFY22.
The company posted revenue of ¥828bn (-2.0% QoQ) and operating profits of ¥45bn (-18.0% YoY) implying an OPM of 5.4% compared to 6.4% in 1QFY22.
However, the reported revenue was 3.6% higher than consensus estimates while Suzuki’s OP beat consensus estimates by 21.4%.


Suzuki Motor – Weaker Results but Better than Consensus