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

Advantest – That Time in the Cycle When Orders Apparently Stop Being Important

Advantest (6857 JP): Orders Unsustainable, Cyclical Risk High

Advantest (6857) - Strong SoC Sales, Record Profits, Bullish Guidance, and a Buyback (+ Index Flow)

Advantest (6857 JP): Very Strong 1Q, Guidance Raised

Advantest (6857 JP): 3Q Results Point to Further Growth in 2022

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>Advantest shares are down 19% from their Jan 4th high after a post earnings rally on Friday. </li>
<li>While order momentum remains strong it has moderated slightly since 2Q and longer-term risks are a concern. </li>
<li>What remains to be seen is how sustainable Chinese demand is given its steady rise since 2016.</li>
</ul>


Advantest shares are down 19% from their Jan 4th high after a post earnings rally on Friday. 
While order momentum remains strong it has moderated slightly since 2Q and longer-term risks are a concern. 
What remains to be seen is how sustainable Chinese demand is given its steady rise since 2016.


アドバンテスト – 上振れシナリオと下振れシナリオ

Advantest Corp

アドバンテスト – 上振れシナリオと下振れシナリオ