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

<ul>
<li>Sony results were in-line with revenue of ¥9.92trn barely below ¥10trn consensus and OP of ¥1.20trn also just below consensus at ¥1.21trn. </li>
<li>Guidance was interesting however as Sony guided for revenue of ¥11.4trn and a slight decline in OP. </li>
<li>We believe that is either extreme conservatism or potentially a sign of very aggressive and interesting investment plans.</li>
</ul>


Sony results were in-line with revenue of ¥9.92trn barely below ¥10trn consensus and OP of ¥1.20trn also just below consensus at ¥1.21trn. 
Guidance was interesting however as Sony guided for revenue of ¥11.4trn and a slight decline in OP. 
We believe that is either extreme conservatism or potentially a sign of very aggressive and interesting investment plans.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>A release showed up on TDNET last week that <a href="https://www.smartkarma.com/entities/sony-corp" target="_blank" data-smartkarma-citation="entities:563:1" rel="noopener">Sony Corp (6758 JP)</a> had completed its ¥200bn 25mm share (2.02%) buyback program announced 28 April 2021. </li>
<li>The details showed they had actually bought back 8.2mm shares spending only ¥97bn, despite the shares trading below T-1 Announcement Date Price for four months straight. </li>
<li>Today, with earnings, SONY announced a NEW buyback. ¥200bn, 25mm shares, 2.02%. Same as last year. </li>
</ul>


A release showed up on TDNET last week that Sony Corp (6758 JP) had completed its ¥200bn 25mm share (2.02%) buyback program announced 28 April 2021. 
The details showed they had actually bought back 8.2mm shares spending only ¥97bn, despite the shares trading below T-1 Announcement Date Price for four months straight. 
Today, with earnings, SONY announced a NEW buyback. ¥200bn, 25mm shares, 2.02%. Same as last year. 


Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.</li>
<li>Placements remained few and far between with only <a href="https://www.smartkarma.com/entities/air-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:815:1" rel="noopener">Air New Zealand (AIR NZ)</a> launching its shortfall bookbuild.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.
Placements remained few and far between with only Air New Zealand (AIR NZ) launching its shortfall bookbuild.


ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

<ul>
<li>Valorant’s Masters 1 Tournament concluded today in Iceland with North America’s Optic Gaming defeating Brazil’s Loud, leaving Japan’s Zeta Division in third place. </li>
<li>These are three key regions for viewership and Japan’s surprising performance bodes well for the esports scene in the country. </li>
<li>Gameplay for Valorant Mobile has also leaked and early indications are that Krafton could be cannibalised here.</li>
</ul>


Valorant’s Masters 1 Tournament concluded today in Iceland with North America’s Optic Gaming defeating Brazil’s Loud, leaving Japan’s Zeta Division in third place. 
These are three key regions for viewership and Japan’s surprising performance bodes well for the esports scene in the country. 
Gameplay for Valorant Mobile has also leaked and early indications are that Krafton could be cannibalised here.


Valorant Is Good For Japanese Esports and Bad for Krafton

<ul>
<li>We have previously commented on Valorant’s relatively unique position in esports due to its high degree of regional parity and that is being further underscored during its ongoing Masters tournament. </li>
<li>In particular, Japan, a region not known for any particular prowess in FPS titles secured its first top eight position generating significant buzz on twitter in doing so. </li>
<li>The implications look positive here for both Valorant overall and for Japan’s esports ambitions where it is probably now time to truly familiarise yourself with the potential plays.</li>
</ul>


We have previously commented on Valorant’s relatively unique position in esports due to its high degree of regional parity and that is being further underscored during its ongoing Masters tournament. 
In particular, Japan, a region not known for any particular prowess in FPS titles secured its first top eight position generating significant buzz on twitter in doing so. 
The implications look positive here for both Valorant overall and for Japan’s esports ambitions where it is probably now time to truly familiarise yourself with the potential plays.


Valorant’s Regional Parity and Japan’s Emerging Esports Scene

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 – That Revenue Guidance Tho

Sony results were boringly in-line but guidance was curious as it was extremely punchy at the revenue line but disappointed at the OP line.

Mio Kato

Another BIG SONY (6758) Buyback, But...

Sony has announced earnings, forecasts, and another buyback for this year. It is exactly the same as last year but last one they only bought half,...

Travis Lundy

ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Valorant Is Good For Japanese Esports and Bad for Krafton

Regional parity and strong performance by a Japanese team in Valorant could kick start Japan's esports drive while Valorant Mobile looks like a...

Mio Kato

Valorant’s Regional Parity and Japan’s Emerging Esports Scene

We outline our thoughts on esports in Japan and globally based on some interesting trends during the ongoing Valorant international tournament.

Mio Kato

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