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

Yaskawa: Visit Reaffirms LT Potential but It's Too Early to Invest, Semi Capex Readthrough Poor

Makino Milling (6135 JP): Higher Possibility for a Rebound

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

Yaskawa 3Q Earnings Decent but Confirm China Deceleration; Growth Next Year Could Be Underwhelming

Increasingly Positive on Robots and Inverters, Hoping for a Servomotor Hiccup to Buy on a Dip

Yaskawa: Robotics Keeps Chugging but There Are Troubling Signs for Motion Control

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

<h2>Strong 1Q, Production Capacity Expansions to Contribute Going Forward</h2><p><a href="https://www.smartkarma.com/entities/2458" target="_blank" data-smartkarma-citation="entities:2458:1">Yaskawa Electric Corp (6506 JP)</a>'s 1Q results were relatively strong with OP hitting a new quarterly high of JPY17,190m. Simply multiplying this by four gets you to JPY68.760m which is higher than consensus' JPY67,652m, AND new production capacity for both servomotors (100k units per year to 150k units per year in Japan in Jun and 100k units per year to 200k units per year in China in Sep) and robots (1,000 units per month to…</p>

Strong 1Q, Production Capacity Expansions to Contribute Going ForwardYaskawa Electric Corp (6506 JP)'s 1Q results were relatively strong with OP hitting a new quarterly high of JPY17,190m. Simply multiplying this by four gets you to JPY68.760m which is higher than consensus' JPY67,652m, AND new production capacity for both servomotors (100k units per year to 150k units per year in Japan in Jun and 100k units per year to 200k units per year in China in Sep) and robots (1,000 units per month to…

Yaskawa: Motion Control Rebounds Despite Weak Smartphone Capex