Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

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.

Thematic (Sector/Industry)

<h3>What’s Original?</h3>
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

What’s Original?
In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these policies and companies that are likely to benefit.

Kishida as Prime Minister: The Path Ahead

Global Special Situations & Strategy, SR Services Ltd

David Lepper

Global Special Situations & Strategy

SR Services Ltd

SR Services provides Strategic Knowledge and Solutions services for Family Offices and Corporate Business. 

We deliver this via advisory services, strategic planning, opportunity analysis/sourcing, as well as solution implementation. 

Whilst, we create intellectual discipline and operational leverage for your projects or daily activities, our ultimate objective is to empower whilst enhancing your decision making. 

Strategic Knowledge and Solutions

Cross Asset Strategy

<ul>
<li>
Our Q3-2021 All Cap High-Risk screen of stocks produced a market-cap-weighted average price return of 2% and a simple average decline of 0.2%.</li>
<li>
Out of the 34 stocks that appeared in our Q3-2021 screen, 15 stocks saw an average share price decline of 11.5%, whilst 19 stocks appreciated on average by 14%. The two biggest declining stock  were down 25% and 19% respectively.</li>
<li>Our Q4 2021 screen, with 38 names (up from 34 seen in Q3 and Q2 2021) delivers an interesting composition this quarter, </li>
<li>
As in the previous few quarters, we anticipate the possibility of a risk of deteriorating credit metrics during the next few quarters: Q4 2021’s Altman Z score rests at 1.23, which is just up on Q3 2021’s level of 1.19.</li>
</ul>



Our Q3-2021 All Cap High-Risk screen of stocks produced a market-cap-weighted average price return of 2% and a simple average decline of 0.2%.

Out of the 34 stocks that appeared in our Q3-2021 screen, 15 stocks saw an average share price decline of 11.5%, whilst 19 stocks appreciated on average by 14%. The two biggest declining stock  were down 25% and 19% respectively.
Our Q4 2021 screen, with 38 names (up from 34 seen in Q3 and Q2 2021) delivers an interesting composition this quarter, 

As in the previous few quarters, we anticipate the possibility of a risk of deteriorating credit metrics during the next few quarters: Q4 2021’s Altman Z score rests at 1.23, which is just up on Q3 2021’s level of 1.19.


Screening the Silk Road: Q4 2021 High-Risk Names to Avoid

Equity Bottom-Up

Sony posted a reasonable beat of consensus numbers with revenue a touch above consensus (+1.6%) and OP beating by 10.7% leading Sony to revise guidance for the FY in line with consensus. Both guidance and consensus remain too low, however, as the Electronics and Semiconductor businesses are likely to beat significantly, as could Gaming depending on PS5 manufacturing cost reductions.

Sony posted a reasonable beat of consensus numbers with revenue a touch above consensus (+1.6%) and OP beating by 10.7% leading Sony to revise guidance for the FY in line with consensus. Both guidance and consensus remain too low, however, as the Electronics and Semiconductor businesses are likely to beat significantly, as could Gaming depending on PS5 manufacturing cost reductions.

A little over a year ago we <a href="https://www.smartkarma.com/insights/sony-ps5-s-ssd-is-oodles-faster-and-this-makes-series-x-s-graphics-edge-irrelevant" target="_blank" rel="noopener">highlighted</a> that Sony’s PS5 SSD appeared to offer significant advantages over that of Microsoft’s Xbox Series versions. This was not simply a matter of the SSD itself but also the compression software, named Kraken. It also has some implications for the metaverse and for game streaming.

A little over a year ago we highlighted that Sony’s PS5 SSD appeared to offer significant advantages over that of Microsoft’s Xbox Series versions. This was not simply a matter of the SSD itself but also the compression software, named Kraken. It also has some implications for the metaverse and for game streaming.

Sony – Epic Metaverse Possibilities with Kraken and Friends

Sony’s execution on its IP cross selling continues to gather steam and the Jan-Mar quarter could see a slew of major titles releasing on PS5, some old favourites being released for PC to broaden the Playstation fanbase and a couple of blockbuster movies to boot.

Sony’s execution on its IP cross selling continues to gather steam and the Jan-Mar quarter could see a slew of major titles releasing on PS5, some old favourites being released for PC to broaden the Playstation fanbase and a couple of blockbuster movies to boot.

Japan

Sony Corporation manufactures audio, home video game consoles, communications, key device and information technology products for the consumer and professional markets.  The Company's other businesses include music, pictures, computer entertainment, and online businesses.

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Sony Corp (6758 JP)

Kishida as Prime Minister: The Path Ahead

In this original, we have discussed some of the key aspects highlighted in Kishida’s policy statements along with the current status of these...

Mio Kato

Screening the Silk Road: Q4 2021 High-Risk Names to Avoid

As we move through into Q1 2022, we expect to see volatility around highly priced & leveraged names. This screen is a key starting point towards...

David Lepper

Sony – The Upgrades Should Keep Coming

Sony's guidance and consensus remain too low as Electronics and Semiconductors are likely to beat significantly, as could Gaming depending on PS5...

Mio Kato

Sony – Epic Metaverse Possibilities with Kraken and Friends

A little over a year ago we highlighted the Kraken compressions technology which gave the PS5's SSD an edge, and it now appears that Kraken has...

Mio Kato

Sony - An Uncharted 4Q

Sony’s execution on its IP cross selling continues to gather steam and the Jan-Mar quarter could see 2 major new titles for PS5, 2 old favourites...

Mio Kato

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