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

🇯🇵 JAPAN • Results & Revisions 3rd August - Capcom, K's, Kikkoman, USS, Eisai

🇯🇵 JAPAN • Results & Revisions 4th August - Sony, CTC, Kakaku.com, Daikin, Yamaha, Tokai Carbon

🇯🇵 JAPAN • Results & Revisions 5th August - Lasertec, Olympus, JAT, Sysmex, Honda, Sharp

Capcom – Changes in Seasonality Patterns a Focus

Taking Stock of the Almost Excessive Alpha Generation From TOPIX-Nikkei Skew Trades

Capcom – Tracking the Remake of RE3 Vs. RE2 and a Likely Beat

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’s tanshin was out at 2:50pm today, just before market close, prompting a 2% surge into the close that capped a +9.3% day. The move was understandable given the strong earnings as 1Q OP hit ¥10.7bn (+39% YoY) despite weakness in the arcade operations business. Consensus was at just ¥6.8bn for the quarter and is at ¥26.0bn for the full year (guidance ¥25.5bn) which we have said for some time is far too low.</p>

Capcom’s tanshin was out at 2:50pm today, just before market close, prompting a 2% surge into the close that capped a +9.3% day. The move was understandable given the strong earnings as 1Q OP hit ¥10.7bn (+39% YoY) despite weakness in the arcade operations business. Consensus was at just ¥6.8bn for the quarter and is at ¥26.0bn for the full year (guidance ¥25.5bn) which we have said for some time is far too low.

Capcom Co Ltd

Capcom – No Zombie Share Price Here