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

Capcom – On Track for ¥60bn in OP This Year

Capcom – A Quick Update on Our Top Short-Term Pick

Capcom – Profit Hiding Points to Two Blowout Quarters Upcoming

Capcom – We Are Starting to Think… ¥100bn in OP Is Not Impossible Next Year

Gravity Works As WeWork Doesn't; Now Plan B

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>Capcom posted FY revenue of ¥95.3bn in line with consensus at ¥95.1bn and OP of ¥34.6bn, 7.8% above consensus of ¥32.1bn. For next FY Capcom is guiding for ¥42bn in OP on just ¥100bn in revenue whereas consensus is at ¥114bn and ¥41bn respectively. Thus on the surface, this looks like a moderate beat and reasonable guidance, but things look significantly stronger below the surface.</p>

Capcom posted FY revenue of ¥95.3bn in line with consensus at ¥95.1bn and OP of ¥34.6bn, 7.8% above consensus of ¥32.1bn. For next FY Capcom is guiding for ¥42bn in OP on just ¥100bn in revenue whereas consensus is at ¥114bn and ¥41bn respectively. Thus on the surface, this looks like a moderate beat and reasonable guidance, but things look significantly stronger below the surface.

Capcom – Looking Good and Better Than It Looks

Capcom Co Ltd

Capcom – Looking Good and Better Than It Looks