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

Dowa Holdings: Fallow Year to Be Supported by Environmental Business, Strong Rebound Next Year

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

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

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

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

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 reported 3Q OP of JPY8.6bn, up 33.6% QoQ, 17.2% YoY and 5.1% below consensus. The result was reasonable and the company should be able to hit guidance which calls for a 19.5% YoY drop in OP compared to last FY's 4Q which saw strength in segments across the board. Current profit generation was also reasonable with 3Q CP of JPY10.5bn up 28.0% QoQ, 14.1% YoY and 10.5% above consensus. The trend of the year has thus continued with OP looking neutral to a touch weak, while the company…</p>

Dowa Holdings reported 3Q OP of JPY8.6bn, up 33.6% QoQ, 17.2% YoY and 5.1% below consensus. The result was reasonable and the company should be able to hit guidance which calls for a 19.5% YoY drop in OP compared to last FY's 4Q which saw strength in segments across the board. Current profit generation was also reasonable with 3Q CP of JPY10.5bn up 28.0% QoQ, 14.1% YoY and 10.5% above consensus. The trend of the year has thus continued with OP looking neutral to a touch weak, while the company…

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