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

Green World FinTech Service: Green Light On

GMO PG: Key Company Visit Takeaways for Tsukebarai Business and Zozo

GMO-PG – When Does Hiding Out in a 112x PE Stock Become a Good Idea?

GMO Payment Gateway: Overseas, ST Lending and B2B Lay the Groundwork for Growth Far Into Future

Zozo: Yahoo Japan Tenders, Maezawa Is Out, Will GMO PG Be Squeezed Out?

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

<ul>
<li>GMO PG missed by 4% on top line in 1QFY09/22 but still managed to beat by 2% at the OP level thanks to improved Payment Processing margins. </li>
<li>2Q should be the last quarter where the impact of Zozo’s defection will affect YoY numbers so we expect momentum to keep strengthening. </li>
<li>We see only about 5% upside to consensus OP but multiples are cheap… at least by GMO PG standards.</li>
</ul>


GMO PG missed by 4% on top line in 1QFY09/22 but still managed to beat by 2% at the OP level thanks to improved Payment Processing margins. 
2Q should be the last quarter where the impact of Zozo’s defection will affect YoY numbers so we expect momentum to keep strengthening. 
We see only about 5% upside to consensus OP but multiples are cheap… at least by GMO PG standards.


GMO Payment Gateway – Cheaper Than It’s Been in a While and It’s Accelerating