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

Coinbase IPO – Why You Can Justify a $100bn Valuation… If You Want

Coinbase Direct Listing Valuation Analysis

Coinbase: Excellent 1Q 2021 Earnings, But Is It Sustainable?

The Blockchain Delusion. A (Mostly) Bearish Investment Thesis.

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

Coinbase Global  / Equity Capital Markets

<p>We previously showed that Coinbase’s revenue was highly correlated with average bitcoin prices during the quarter in <a href="https://www.smartkarma.com/insights/coinbase-ipo-why-you-can-justify-a-100bn-valuation-if-you-want" target="_blank" rel="noopener">Coinbase IPO – Why You Can Justify a $100bn Valuation… If You Want | Smartkarma</a>. We have now improved correlations further by incorporating Ethereum prices. Based on these correlations and the also tight correlations between revenue and OP we provide investors with some simple theoretical stock price calculations.</p>

We previously showed that Coinbase’s revenue was highly correlated with average bitcoin prices during the quarter in Coinbase IPO – Why You Can Justify a $100bn Valuation… If You Want | Smartkarma. We have now improved correlations further by incorporating Ethereum prices. Based on these correlations and the also tight correlations between revenue and OP we provide investors with some simple theoretical stock price calculations.

Coinbase DPO – A Guide to Implied Prices Based on Bitcoin and Ethereum Prices