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 3Q Results Mixed. Outlook Strong Given One-Offs

Dowa Holdings: Lull in Share Price Performance Likely but We Expect Strong FY2018 on Zinc Price/JPY

Zinc Prospects and Share Price Fall Make Dowa a Buy Again

Deconstructing Dowa Holdings: Deepening Analysis Using Regressions and Unlisted Company Financials

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

On Fri Oct 14 Dowa Holdings revised up its 1H OP estimate by 17.4%, to JPY13.5bn.We believe this momentum is positive and note that while a strong yen was a drag, the smelting division outperformed due to higher than expected metal prices (as intimated in our previous note).The company has not revised up full year forecasts but may do so at the 1H announcement (we would guess that they do not revise).We note that our modeled forecasts called for JPY14.6bn in 1H OP (8% above the revised…

On Fri Oct 14 Dowa Holdings revised up its 1H OP estimate by 17.4%, to JPY13.5bn.We believe this momentum is positive and note that while a strong yen was a drag, the smelting division outperformed due to higher than expected metal prices (as intimated in our previous note).The company has not revised up full year forecasts but may do so at the 1H announcement (we would guess that they do not revise).We note that our modeled forecasts called for JPY14.6bn in 1H OP (8% above the revised…

Dowa Holdings 1H Estimates Revised Up 17.4%. Our Attached Segmental Model Suggests Further Upside.