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

Hitachi Metals – Limited Upside Despite Bain Capital News But Let’s Find the Offshoot Ideas

Hitachi Ltd. (6501 JP): Buys Kyoto Robotics, Plans to Sell Hitachi Metals

Hitachi Metals – Is Net Debt Improvement Really a Positive?

Fujitsu General – Consensus Looks Light

Fujitsu General – If Parent Fujitsu Is Selling Its Stake a Strategic Buyer Could Raise Margins

Fujitsu General – Earnings Momentum to Pick Up

Fujitsu - Quick Thoughts on Scenarios for Listed Subsidiaries

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.

Event-Driven

<p>Our original take on Fujitsu General was that the company was not fulfilling its potential due to a lack of scale but was excessively cheap and could attract a nice premium with the right strategic buyer for Fujitsu to sell to. Since that early December 2019 take, the stock price saw a modest 18% rally into the end of the year, a 40% collapse as COVID fears peaked and a furious 92% rally as markets rebounded and talk of higher demand for air purification systems started. In the meantime, Fujitsu continues with its rather light TOB for Fujitsu Frontech so we refresh our view on Fujitsu General below.</p>

Our original take on Fujitsu General was that the company was not fulfilling its potential due to a lack of scale but was excessively cheap and could attract a nice premium with the right strategic buyer for Fujitsu to sell to. Since that early December 2019 take, the stock price saw a modest 18% rally into the end of the year, a 40% collapse as COVID fears peaked and a furious 92% rally as markets rebounded and talk of higher demand for air purification systems started. In the meantime, Fujitsu continues with its rather light TOB for Fujitsu Frontech so we refresh our view on Fujitsu General below.

Fujitsu General – 36% Above December Levels, What’s the Trade Now?