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

Mitsubishi Materials Latest to Suffer Quality Scandal, Can Dowa Holdings Benefit?

Dowa: Metal Processing, Zinc and Heat Treatment Power This Sub-10x Stock

Dowa Holdings: Silver Powder/Zinc Weakness May Cause 4% FY Undershoot but 8.0x PE Too Cheap

Dowa Visit: Accelerating Silver Powder Growth, Higher Metal Prices Should Lift PE to Double Digits

Dowa Holdings Earnings in Line With Nikkei Preview, Zinc Prices Could Drive Stock if TCs Normalise

Our Dowa Holdings 1Q Estimate Is 56% Above Consensus and Just 20% Below Co Guidance for Entire 1H

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><a href="https://www.smartkarma.com/entities/14050" target="_blank" data-smartkarma-citation="entities:14050:1">Dowa Holdings Co Ltd (5714 JP)</a> reported 2Q results of JPY108.2bn revenue (consensus JPY111.6bn), JPY6.4bn OP (consensus JPY7.4bn), current profit of JPY8.2bn (consensus JPY7.9bn) and net profit of JPY5.6bn (consensus JPY5.5bn). On the whole, while the OP miss was disappointing, current profit is increasingly more relevant for the company due to the increasing contribution from stakes in mining assets. At the current profit level, all segments aside from Other/Elimination demonstrated YoY growth…</p>

Dowa Holdings Co Ltd (5714 JP) reported 2Q results of JPY108.2bn revenue (consensus JPY111.6bn), JPY6.4bn OP (consensus JPY7.4bn), current profit of JPY8.2bn (consensus JPY7.9bn) and net profit of JPY5.6bn (consensus JPY5.5bn). On the whole, while the OP miss was disappointing, current profit is increasingly more relevant for the company due to the increasing contribution from stakes in mining assets. At the current profit level, all segments aside from Other/Elimination demonstrated YoY growth…

Dowa Holdings: 2Q Results In-Line but Silver Powder Recovery, Zinc and Indium Prices Are Positive