Japan/Asia Long-Short, LightStream Research

Mio Kato

Over 15 years analysing Japanese and Asian stocks from a long/short perspective

I focus on cyclically driven sectors such as Gaming, Factory Automation and Autos

An eclectic background as a long-short analyst, upper management at a financial data startup through its listing, and as the founder of a team analysing big/alternative data, all of which supports independent and differentiated views... we hope

An appreciation for Mathematics drives the development of a "Micro-Quantamental" process which can provide a data-driven, historically-informed and semi-automated foundation upon which to layer more qualitative and judgemental analysis, thus improving investment decision-making speed and accuracy

Japan/Asia Long-Short

Chinese Steel Maker Sell-Off an Overreaction

Kobe Steel: Expanded Problem Product List a Step Back, Governance Reforms a Step Forward

Kobe Steel: Visit Suggests Limited Fallout From Scandal, Upside to Guidance

Kobe Steel: Steel and Construction Machinery Businesses Likely to Drive Recurrent Profit to JPY75bn

Kobe Steel: Disclosures Regarding Causes of and Steps to Prevent Reoccurrence of Improper Conduct

Musings: Governance and the Vulnerabilities of the Japanese Management Style

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

<p>Kobe Steel released 3Q numbers yesterday and as we had previously pointed out, results were strong with construction machinery in particular being very strong and the company revised up current profit guidance from JPY50bn to JPY60bn (still very conservative as 9 month CP was JPY62bn) and reissued NP guidance at JPY45bn (previous guidance was JPY35bn but was retracted following the scandal in the Aluminum and Copper segment). The stock had fallen as much as 43.5% from JPY1,368 to an intraday low…</p>

Kobe Steel released 3Q numbers yesterday and as we had previously pointed out, results were strong with construction machinery in particular being very strong and the company revised up current profit guidance from JPY50bn to JPY60bn (still very conservative as 9 month CP was JPY62bn) and reissued NP guidance at JPY45bn (previous guidance was JPY35bn but was retracted following the scandal in the Aluminum and Copper segment). The stock had fallen as much as 43.5% from JPY1,368 to an intraday low…

After 50% Rise From Bottom Can Kobe Steel Rise Another 50%?

Kobe Steel Ltd

After 50% Rise From Bottom Can Kobe Steel Rise Another 50%?