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

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

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

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

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

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

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>We visited Dowa Holdings to find conditions relatively steady or strong across most segments with just the Heat Treatment segment seeing some weakness. Relative to 1Q, we believe the electronic materials segment should see some acceleration with the end of inventory adjustments for solar panel materials in China and continuing steady growth in materials for magnetic tape. The metal processing segment is seeing steady demand and should be driven longer term by expanding use of copper connectors…</p>

We visited Dowa Holdings to find conditions relatively steady or strong across most segments with just the Heat Treatment segment seeing some weakness. Relative to 1Q, we believe the electronic materials segment should see some acceleration with the end of inventory adjustments for solar panel materials in China and continuing steady growth in materials for magnetic tape. The metal processing segment is seeing steady demand and should be driven longer term by expanding use of copper connectors…

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