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.

Equity Bottom-Up

Sony delivered another strong quarter as OP of ¥317.8bn beat consensus of ¥193.6bn by 64% thanks to continued strength in the gaming segment and a recovery in semiconductor profit despite the concerns regarding Huawei. There are still uncertainties here due to uncertainty around PS5 launch costs as well as Huawei, but we are starting to think that FY OP could be up YoY.

Sony delivered another strong quarter as OP of ¥317.8bn beat consensus of ¥193.6bn by 64% thanks to continued strength in the gaming segment and a recovery in semiconductor profit despite the concerns regarding Huawei. There are still uncertainties here due to uncertainty around PS5 launch costs as well as Huawei, but we are starting to think that FY OP could be up YoY.

Sony – We Believe OP Could Actually Rise YoY

Equity Capital Markets

Bloomberg reported today that Roblox had filed confidentially for a public offering targeting a valuation of $8bn, roughly double the reported $4bn valuation at which it raised $150m in a series G that involved Andreesen Horowitz and Tencent. Below, we examine the company’s product and business model.

Bloomberg reported today that Roblox had filed confidentially for a public offering targeting a valuation of $8bn, roughly double the reported $4bn valuation at which it raised $150m in a series G that involved Andreesen Horowitz and Tencent. Below, we examine the company’s product and business model.

Roblox IPO Preview – Unique Positioning

Sony posted a teardown of its upcoming PS5 console on the official Playstation Youtube account. The teardown revealed some interesting little details such as an extremely large heatsink, removable panels and liquid metal for the contact between the heatsink and the processor.

Sony posted a teardown of its upcoming PS5 console on the official Playstation Youtube account. The teardown revealed some interesting little details such as an extremely large heatsink, removable panels and liquid metal for the contact between the heatsink and the processor.

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

The World Semiconductor Trade Statistics for August have just been released, and revenues increased for the second sequential month, a positive sign in a puzzling year.  All in all, it appears that the semiconductor sector is faring well despite the pandemic.  It's far too soon to call this growth a trend, though, but it currently appears that the industry is poised to grow at its historical 3.9% annual average rate.

The World Semiconductor Trade Statistics for August have just been released, and revenues increased for the second sequential month, a positive sign in a puzzling year.  All in all, it appears that the semiconductor sector is faring well despite the pandemic.  It's far too soon to call this growth a trend, though, but it currently appears that the industry is poised to grow at its historical 3.9% annual average rate.

Our thesis on Sony and the PS5 has emphasised that their approach to next gen emphasising the SSD would address consumer pain points better than Microsoft’s strategy. New information regarding Sony’s licencing of compression technology called Oodle from RAD Game Tools suggests that even the Xbox Series X’s edge in TFLOPS could become irrelevant.

Our thesis on Sony and the PS5 has emphasised that their approach to next gen emphasising the SSD would address consumer pain points better than Microsoft’s strategy. New information regarding Sony’s licencing of compression technology called Oodle from RAD Game Tools suggests that even the Xbox Series X’s edge in TFLOPS could become irrelevant.

Sony – PS5’s SSD Is “Oodles” Faster and This Makes Series X’s Graphics Edge Irrelevant

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)

Sony – We Believe OP Could Actually Rise YoY

Sony delivered a second strong quarter and we believe that the probability of a YoY rise in OP is starting to increase significantly.

Mio Kato

Roblox IPO Preview – Unique Positioning

We preview the upcoming listing of minigame sandbox Roblox whose closest peers Minecraft and Fortnite underline its potential, but it is Roblox's...

Mio Kato

Sony – PS5 Teardown

Sony posted a teardown of its upcoming PS5 console on the official Playstation Youtube account. The teardown revealed some interesting little...

Mio Kato

August Semiconductor Sales Increase

The World Semiconductor Trade Statistics for August have just been released, and revenue

Jim Handy

Sony – PS5’s SSD Is “Oodles” Faster and This Makes Series X’s Graphics Edge Irrelevant

Our thesis on Sony and the PS5 has emphasised that their approach to next gen emphasising the SSD would address consumer pain points better than...

Mio Kato

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