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

ANA – Will Be Under Pressure for Some Time

ANA – CB Issuance Is Positive… Sort Of

ANA – A Simple Short Before the Capital Raise

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

Three weeks ago, we said that ANA would a) need more capital and b) probably need more than the ¥200bn that the Nikkei had initially suggested and possibly a lot more. Indeed, it turns out to be a lot more as the final figure is looking like it will clear ¥330bn. The question is, is even that “enough”?Our previous insights regarding Japan’s carriers are below:<a href="https://www.smartkarma.com/insights/ana-a-simple-short-before-the-capital-raise" target="_blank" rel="noopener">ANA – A Simple Short Before the Capital Raise</a><a href="https://www.smartkarma.com/insights/jal-raising-capital-before-ana" target="_blank" rel="noopener">JAL – Raising Capital Before ANA</a><a href="https://www.smartkarma.com/insights/jal-cheap-valuation-makes-this-an-easier-decision" target="_blank" rel="noopener">JAL – Cheap Valuation Makes This an Easier Decision</a><a href="https://www.smartkarma.com/insights/ana-significant-downside-remains" target="_blank" rel="noopener">ANA – Significant Downside Remains</a>

Three weeks ago, we said that ANA would a) need more capital and b) probably need more than the ¥200bn that the Nikkei had initially suggested and possibly a lot more. Indeed, it turns out to be a lot more as the final figure is looking like it will clear ¥330bn. The question is, is even that “enough”?Our previous insights regarding Japan’s carriers are below:ANA – A Simple Short Before the Capital RaiseJAL – Raising Capital Before ANAJAL – Cheap Valuation Makes This an Easier DecisionANA – Significant Downside Remains

ANA – As We Suggested the Capital Raise Is Bigger Than the Nikkei Suggested

Ana Holdings

ANA – As We Suggested the Capital Raise Is Bigger Than the Nikkei Suggested