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

Nintendo – “Switching” to an IP-Focused Business Model

Nintendo - Too Early to Give up on Mario Kart Tour and Its Gatcha Mechanics

Mario Kart Tour Is Nintendo’s Best-Selling Mobile Game; Monthly Subscription Fee Met with Criticism

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>We have detailed our reasons for believing that there could be some upside to expectations for earnings on Nintendo’s mobile games such as Mario Kart Tour and other games which could implement subscription style monetisation methods. Given DeNA’s positioning as Nintendo’s partner for those games we had considered the company to be a leveraged play on the potential for success in this area. After examining the company in more detail, we have changed that view slightly. Details below.</p>

We have detailed our reasons for believing that there could be some upside to expectations for earnings on Nintendo’s mobile games such as Mario Kart Tour and other games which could implement subscription style monetisation methods. Given DeNA’s positioning as Nintendo’s partner for those games we had considered the company to be a leveraged play on the potential for success in this area. After examining the company in more detail, we have changed that view slightly. Details below.

DeNA – Buyback Protects Downside but Net Cash and Investments Dilute Upside Potential