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

Dowa Holdings – 2.1% Selloff on 20.7% Upward Revision

Dowa Holdings – Firing on All Cylinders

2022 High Conviction – Solar and Auto Production Play Dowa Holdings Drives Towards the Sunrise

Dowa: Zinc TCs and Drop-Out of One-Offs Should Support Strong Growth This FY as the Bottom Is In

Dowa: Near Infrared LEDs to Address USD10bn Non-Invasive Blood Glucose Testing Market for Diabetics

Dowa – Time to Get Involved Again on Large Beat and Punchy Guidance

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>Dowa Holdings posted strong 3Q results with ordinary income of ¥12.3bn exceeding consensus of ¥10.1bn but the company maintained its guidance at ¥29.0bn for the full year, in line with consensus at ¥28.9bn. With metal prices at high levels, auto production recovering and the sale of silver powder for solar panels booming as well as production at its Tizapa and Los Gatos zinc mines normalising, we nevertheless expect a significant beat this year and further earnings growth next year as pandemic-related problems ease.</p>

Dowa Holdings posted strong 3Q results with ordinary income of ¥12.3bn exceeding consensus of ¥10.1bn but the company maintained its guidance at ¥29.0bn for the full year, in line with consensus at ¥28.9bn. With metal prices at high levels, auto production recovering and the sale of silver powder for solar panels booming as well as production at its Tizapa and Los Gatos zinc mines normalising, we nevertheless expect a significant beat this year and further earnings growth next year as pandemic-related problems ease.

Dowa – Gearing Into Inflation Expectations, Auto Recovery and Solar