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

ANA – Will Be Under Pressure for Some Time

ANA – A Simple Short Before the Capital Raise

Japan Long Weekend Portfolio Blowout Theme Is Working Quickly

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.

Event-Driven

<p>On the back of JAL’s announcement of a $1.6bn capital raise that drove the stock down 11.0% today, we examine conditions for compatriot ANA. We have flagged ANA’s weaker balance sheet compared to JAL and would also point out that ANA will likely have bigger cash flow needs over time as it still needs to replace a significant portion of an aging fleet. We do not see how ANA can realistically avoid a capital injection.</p>

On the back of JAL’s announcement of a $1.6bn capital raise that drove the stock down 11.0% today, we examine conditions for compatriot ANA. We have flagged ANA’s weaker balance sheet compared to JAL and would also point out that ANA will likely have bigger cash flow needs over time as it still needs to replace a significant portion of an aging fleet. We do not see how ANA can realistically avoid a capital injection.

Ana Holdings

ANA – Significant Downside Remains