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

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

Revisiting Our Valuation of Coinbase Post Bitcoin Plunge

Coinbase Direct Listing Valuation Analysis

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>Coinbase’s business model and profitability are very heavily affected by cryptocurrency trading volumes which are in turn very heavily affected by the absolute price of cryptocurrencies and the trend in price, particularly for bitcoin. Due to the volatility of these prices, it makes estimating sustainable profitability difficult. However, we believe it is possible to gauge what plausible ranges are.</p>

Coinbase’s business model and profitability are very heavily affected by cryptocurrency trading volumes which are in turn very heavily affected by the absolute price of cryptocurrencies and the trend in price, particularly for bitcoin. Due to the volatility of these prices, it makes estimating sustainable profitability difficult. However, we believe it is possible to gauge what plausible ranges are.

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