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

Sumitomo Metal Mining: Metal Price Recovery and Battery Material Growth Priced In; Upside Limited

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

SMM: 2Q Results Look Weak Due to Various One-Offs, Underlying Trend Positive, Still Expensive Though

Zinc Prospects and Share Price Fall Make Dowa a Buy Again

Dowa Holdings 4Q Encouraging Across the Board, Lower Guidance than Nikkei Preview Looks Conservative

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

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

<div><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 earnings on 9 Aug coming in more or less at the Nikkei's predicted JPY9bn current profit level (the result was JPY9.084bn). Our estimates were significantly higher at JPY12bn in OP (vs. the JPY8.2bn result) due to estimates that were broadly too high on account of a faster than expected increase in depreciation and a much smaller than expected impact from the effect of zinc smelting lead times.</p></div><p>Electronic Materials OP was lower than expected partly on…</p>

Dowa Holdings Co Ltd (5714 JP) reported earnings on 9 Aug coming in more or less at the Nikkei's predicted JPY9bn current profit level (the result was JPY9.084bn). Our estimates were significantly higher at JPY12bn in OP (vs. the JPY8.2bn result) due to estimates that were broadly too high on account of a faster than expected increase in depreciation and a much smaller than expected impact from the effect of zinc smelting lead times.Electronic Materials OP was lower than expected partly on…

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