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 Capital Markets

<p>Payroll unsurprisingly offers cloud-based payroll outsourcing services for large corporates with more than 1,000 employees. In our view, despite great experience with salary and social security calculations, the company’s skill with numbers does not appear to have carried over to its targeted valuation multiples.</p>

Payroll unsurprisingly offers cloud-based payroll outsourcing services for large corporates with more than 1,000 employees. In our view, despite great experience with salary and social security calculations, the company’s skill with numbers does not appear to have carried over to its targeted valuation multiples.

Japan

NIPPON KODOSHI CORPORATION manufactures and sells electrical insulating paper for electrolytic capacitors and batteries.  The Company exports its products mainly to Asian countries.

SOLITON SYSTEMS K.K. builds and manages broadband VOD (Video on Demand) systems for residence and hotels.  The Company also sells security related software. Soliton Systems sets up and manages network systems for companies and sells embedded systems as well.

Computer Institute of Japan, Ltd. develops a variety of software for operating systems, applications, network, engineering, and development support tools.  The Company also develops packaged software.  Computer Institute of Japan also analyzes clients' systems and develops, manages, and maintains systems such as network, database, and Internet.

INNOTECH CORPORATION is a trading company, which primarily imports semiconductor devices, semiconductor test equipment, and other electronic components from the US and Europe.  The Company also provides engineering support services to its partner companies.

SANSHIN ELECTRONICS CO., LTD. distributes electronic parts and equipment.  The Company's products include semiconductor devices, transistors, diodes, electronic tubes, connectors, condensers, electronic coils, personal computers, telephones, and printers.

GIGA PRIZE CO., LTD. sets up internet connection service and offers security system. The Company also develops business, security and mobile software.

Kyoden Co Ltd designs, manufactures, and sells printed circuit boards for both prototype and mass production.  The Company also produces fiberglass and develops software for designing printed circuit boards.  Kyoden markets its products in North America and Asia.

LAC Co Ltd is a holding company established through merger of A&I system and Little Earth Corporation.  The Company provides comprehensive network information services.  LAC also offers strategy, management and other businesses of A&I and Little Earth.

CORE CORPORATION develops software for microcomputers with embedded systems, Internet related systems, and engineering systems.  The Company also provides information systems for Internet, financial, manufacturing, distribution companies as well as public services.

Systems Engineering Consultants Co., LTD. provides services related to software and network for various types of mobile devices.

Humanica Public Company Limited provides information and communication technology services. The Company specializes in software development, human resource solutions, accounting, financial services, enterprise resource planning, and business outsourcing. Humanica serves customers in Asia.

Advance Information Marketing Bhd. is a regional BPO (Business Process Outsourcing) solution provider. The Company offers a broad spectrum of loyalty management services from consultation, technology infrastructure and technical support to procurement and logistics.

Beijing Development HK operates services such as urban solid waste treatment, industrial hazardous waste treatment, medical waste treatment, soil r emediation, food waste utilization, construction waste recycling and regional solid waste treatment.

Beijing Enterprises Environment Group (154 HK)

Fiverr International Ltd. provides an online marketplace for selling goods and services. The Company specializes logo, poster, and brochure designing, as well as photoshop editing, content marketing, web analytics, and translation services. Fiverr International serves customers worldwide.

Company Description

Upwork Inc. provides online recruitment services. The Company offers jobs in the categories such as website developers, virtual assistants, sales and marketing experts, accountants, and consultants. Upwork serves customers in the United States.

DADNY INC. manufactures and markets etched aluminum foils. The Company also researches and develops LED lighting and Pyrolytic Artificial Graphite Sheets.

Protec Co., Ltd. manufactures and wholesales semiconductor manufacturing equipment, such as encapsulation machines, automatic tray feeders, unit module systems, and pneumatic cylinders.  The Company's products also have applications for surface mount technology (SMT).

Billion Electric Co., Ltd. manufactures electric and electronic power-related products as well as computer and communication products.  The Company's main products are power transformers, power supply products, integrated services digital network (ISDN) products, and fax modem products.

Core Logic Inc. develops and manufactures integrated circuits (IC) for camera phones.   The Company's products include camera application processor (CAP) and multimedia application processor (MAP).  Core Logic also manufactures cameras for mobile phones and personal computers.

Daea TI Co., Ltd. develops and provides railway signaling systems for main lines, urban transit, light rail transit, and high speed rail.  The Company, specializes in train control systems such as Centralized Traffic Control (CTC) and Train Simulator.

Payroll Inc. offers computer retaled services. The Company provides computer processing, data preparation, salary calculation, and other services. Payroll provides its services throughout Japan.

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Payroll (4489 JP)

Payroll IPO – Taxing Valuations

In our view, despite great experience with salary and social security calculations, Payroll Inc’s skill with numbers does not appear to have...

Mio Kato

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