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

Thoughts on Amazon –What Does Its Valuation Tells Us?

Netflix & Amazon Expand in Korea – Not a Coincidence

Okja: The Fight Between Netflix Vs. CJ CGV

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

Crowdstrike Holdings  / Equity Capital Markets

<p><a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1">Crowdstrike Holdings Inc (CRWD US)</a> is a cloud-based, endpoint security provider due to list on the 12th of Jun with an expected market cap of $5.5-5.9bn. As a SaaS based security provider and with exposure to the coming need for enhanced corporate network security due to the spread of IoT and the trend of employees using many different connected devices as part of their work, the company enjoys an attractive growth profile. With less than $300m in revenue and no profits, however, the question is whether the valuation demands too much of even this attractive industry backdrop.</p><p>We examine below:</p><ul>
<li>The company's business model</li>
<li>Financials and the path to profitability</li>
<li>The Dual class share structure and dilution potential</li>
<li>Valuation compared to peers and recent transactions</li>
</ul>

Crowdstrike Holdings Inc (CRWD US) is a cloud-based, endpoint security provider due to list on the 12th of Jun with an expected market cap of $5.5-5.9bn. As a SaaS based security provider and with exposure to the coming need for enhanced corporate network security due to the spread of IoT and the trend of employees using many different connected devices as part of their work, the company enjoys an attractive growth profile. With less than $300m in revenue and no profits, however, the question is whether the valuation demands too much of even this attractive industry backdrop.We examine below:
The company's business model
Financials and the path to profitability
The Dual class share structure and dilution potential
Valuation compared to peers and recent transactions


Crowdstrike IPO: Protecting the Cloud but Not Your Portfolio