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 Daily Roundup - 5th February ▲5201 4202 6269 ▼4091 9987 6869

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 6th February ▲ 2914 4911 6406 ▼ 9024 4901 7951

🇯🇵 JAPAN • Results & Revisions Daily Roundup - 7th February ▲2121 7267 5713 ▼ 5401 9616 3407

MODEC: Order Win in Mexico Is a Positive, Stock Rebounds 7% as MS Initiates with Buy

MODEC: 17% Price Jump as Results Beat, Guidance Is Lowballed

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>We visited <a href="https://www.smartkarma.com/entities/modec-inc" target="_blank" data-smartkarma-citation="entities:2840:1">Modec Inc (6269 JP)</a> today and conditions remain strong and stable in spite of the somewhat disappointing news yesterday that it had lost out on its bid for Petrobras' Mero 2 FPSO to archrival <a href="https://www.smartkarma.com/entities/sbm-offshore-nv" target="_blank" data-smartkarma-citation="entities:21135:1">SBM Offshore NV (SBMO NA)</a>. We believe Modec is on track to win three FPSO orders this year which will take the company's shipbuilding busines to almost full capacity and its steady and growing O&amp;M business which generates 55% of profit is in our opinion worth more than Modec's market cap on its own. We believe the company is capable of generating about ¥400 in EPS which would put it on 7.2x PE. That is excessively cheap.</p>

We visited Modec Inc (6269 JP) today and conditions remain strong and stable in spite of the somewhat disappointing news yesterday that it had lost out on its bid for Petrobras' Mero 2 FPSO to archrival SBM Offshore NV (SBMO NA). We believe Modec is on track to win three FPSO orders this year which will take the company's shipbuilding busines to almost full capacity and its steady and growing O&amp;M business which generates 55% of profit is in our opinion worth more than Modec's market cap on its own. We believe the company is capable of generating about ¥400 in EPS which would put it on 7.2x PE. That is excessively cheap.

MODEC: 입찰의 약 절반을 따낼 것으로 예상