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 • Results & Revisions 10th July - Small Change

🇯🇵 JAPAN • Results & Revisions 13th July

🇯🇵 JAPAN • Results & Revisions 14th July - Uzumi, UUUM, Toho, Saizeriya, Create, Rakus

Yaskawa – Previewing 1Q Earnings With Data Analysis

Yaskawa – First Peek at FA Earnings Cycle Suggests Recovery but One Which Won’t Justify Valuations

🇯🇵 JAPAN MARKET (& COVID-19) UPDATE - 12th April • To Each Their Own

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>Yaskawa reported results today which surprised to the upside significantly at the OP level (¥6.2bn vs. consensus ¥3.7bn and LSR ¥6.7bn) but were in-line at the revenue level (¥90.8bn vs. consensus ¥91.3bn and LSR ¥98.4bn). Our forecasts were driven based on a variety of datapoints including regional breakdowns and identified but underestimated the extent of developed market weakness. We detected the strength in China as well and one of the key drivers of profitability appears to have been the seasonally high servomotor sales in China which we flagged previously. Inverter sales to the US oil and gas industry appear to have collapsed faster than expected dragging down revenues.</p>

Yaskawa reported results today which surprised to the upside significantly at the OP level (¥6.2bn vs. consensus ¥3.7bn and LSR ¥6.7bn) but were in-line at the revenue level (¥90.8bn vs. consensus ¥91.3bn and LSR ¥98.4bn). Our forecasts were driven based on a variety of datapoints including regional breakdowns and identified but underestimated the extent of developed market weakness. We detected the strength in China as well and one of the key drivers of profitability appears to have been the seasonally high servomotor sales in China which we flagged previously. Inverter sales to the US oil and gas industry appear to have collapsed faster than expected dragging down revenues.

Yaskawa – Developed Market Deceleration Striking

Yaskawa Electric

Yaskawa – Developed Market Deceleration Striking