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

Following its purchase of the EVO fighting game tournament in March (<a href="https://www.smartkarma.com/insights/sony-time-to-add-to-our-2021-conviction-call-as-they-acquire-fighting-game-tournament-evo" target="_blank" rel="noopener">Sony – Time to Add to Our 2021 Conviction Call as They A ... (smartkarma.com)</a>) Sony continues to strengthen its position within the overall eSports scene as patent information reveals plans to capture eSports betting and tournament organisation within its ecosystem.

Following its purchase of the EVO fighting game tournament in March (Sony – Time to Add to Our 2021 Conviction Call as They A ... (smartkarma.com)) Sony continues to strengthen its position within the overall eSports scene as patent information reveals plans to capture eSports betting and tournament organisation within its ecosystem.

Conviction Call Sony – Integrating ESports and Betting Into the Gaming Ecosystem

Latest News from the World’s Leading Innovators

Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments: Another week, another major cyber attack!  Last Friday, a global ransomware attack hit up to 1,500 companies in what is believed to be the biggest supply chain attack to date.  In the attack, American software company Kaseya was compromised, opening a door for hackers to spread ransomware to managed service providers that use it’s technology, and in turn their clients.

Headline Developments: Another week, another major cyber attack!  Last Friday, a global ransomware attack hit up to 1,500 companies in what is believed to be the biggest supply chain attack to date.  In the attack, American software company Kaseya was compromised, opening a door for hackers to spread ransomware to managed service providers that use it’s technology, and in turn their clients.

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<a href="https://www.smartkarma.com/entities/sumo-logic-inc" target="_blank" data-smartkarma-citation="entities:29265:1" rel="noopener">Sumo Logic Inc (SUMO US)</a> , the pioneer in new category of software Continuous Intelligence, has announced strong 1Q FY22 financial results and the business continued to recover from COVID-19 pandemic. Sumo Logic shares are still down ~26% YTD while Nasdaq Composite index hit fresh all-time highs. Company made two key strategic acquisitions after IPO: Italian corporation and leader in SOAR capabilities DFLabs and leading VC-backed player in open-source monitoring Sensu, Inc. We see modest revenue growth of ~16% in FY22/FY21 and model revenue of $284M in FY23, translating to YoY revenue growth of 21%.

Sumo Logic Inc (SUMO US) , the pioneer in new category of software Continuous Intelligence, has announced strong 1Q FY22 financial results and the business continued to recover from COVID-19 pandemic. Sumo Logic shares are still down ~26% YTD while Nasdaq Composite index hit fresh all-time highs. Company made two key strategic acquisitions after IPO: Italian corporation and leader in SOAR capabilities DFLabs and leading VC-backed player in open-source monitoring Sensu, Inc. We see modest revenue growth of ~16% in FY22/FY21 and model revenue of $284M in FY23, translating to YoY revenue growth of 21%.   

Sumo Logic: Getting Back On Track, Growth Ahead

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

STIC aims to raise around US$750m via selling all of its remaining stake in <a href="https://www.smartkarma.com/entities/big-hit-entertainment-co-ltd" target="_blank" data-smartkarma-citation="entities:28959:1" rel="noopener">HYBE (352820 KS)</a>. This will be the first major selldown in the company, post its listing last year. In this note, we will run the deal through our ECM framework and talk about deal dynamics.

STIC aims to raise around US$750m via selling all of its remaining stake in HYBE (352820 KS). This will be the first major selldown in the company, post its listing last year. In this note, we will run the deal through our ECM framework and talk about deal dynamics.

Hybe Block/Placement - Big Block for Big Hit

<a href="https://www.smartkarma.com/entities/cloud-village-inc" target="_blank" data-smartkarma-citation="entities:33412:1" rel="noopener">Cloud Village (CLV HK)</a> (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from <a href="https://www.smartkarma.com/entities/baidu-inc" target="_blank" data-smartkarma-citation="entities:179:1" rel="noopener">Baidu (BIDU US)</a> and <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a>, along with other investors.As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been no signs of slowdown as its revenue increased by 102% in FY19 and was up another 111% in FY20. Both online music services and social entertainment services revenue have shown strong growth. Online music services revenue grew by 73% in 2019 and another 47.6% in 2020. Social entertainment services revenue was the largest driver of growth, as it grew by 344% in 2019 and was up another 320% in 2020.However, it remains a distant second player in the market and has yet to make a profit.

Cloud Village (CLV HK) (CVI), also known as NetEase Music, plans to raise around US$1bn in its Hong Kong IPO. The company has also obtained investments from Baidu (BIDU US) and Alibaba Group (BABA US), along with other investors.As of Dec 20, it had 181m online music MAUs, 16m online music services monthly paying users, 327,000 social entertainment services monthly paying users. It had over 60m music tracks, of which more than 1m were created by registered independent artists. Its daily active users on average spent 76mins daily listening to music. CVI’s revenue has grown 4.3x over FY18-20, to RMB4.9bn. There have been no signs of slowdown as its revenue increased by 102% in FY19 and was up another 111% in FY20. Both online music services and social entertainment services revenue have shown strong growth. Online music services revenue grew by 73% in 2019 and another 47.6% in 2020. Social entertainment services revenue was the largest driver of growth, as it grew by 344% in 2019 and was up another 320% in 2020.However, it remains a distant second player in the market and has yet to make a profit.

Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up

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)

Conviction Call Sony – Integrating ESports and Betting Into the Gaming Ecosystem

Following its purchase of the EVO fighting game tournament in March, Sony has plans to capture eSports betting and tournament organisation within...

Mio Kato

Weekly Innovation Review (WIRE) #39

Headline Developments: Another week, another major cyber attack! Last Friday, a global ransomware attack hit up to 1,500 companies

Granite Bay Capital

Sumo Logic: Getting Back On Track, Growth Ahead

We reaffirm our 12-month price target of $30 on the shares of Sumo Logic and see further upside potential, driven by accelerated rate of new...

Andrei Zakharov

Hybe Block/Placement - Big Block for Big Hit

STIC aims to raise around US$750m via selling all of its remaining stake in HYBE (352820 KS). In this note, we will run the deal through our ECM...

Sumeet Singh

Cloud Village (NetEase Music) Pre-IPO - Was in the Slow Stream, Playing Catch-Up

Cloud Village (CLV HK), also known as NetEase Music, plans to raise US$1bn in its Hong Kong IPO. The company has also obtained investments from...

Sumeet Singh

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