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 - Nice Rebound Reduces Forward Reward/Risk Ratio

Hitachi Metals (5486) Gets SAMR Clearance, Finally. So Now We Can Sell.

Bain Launches Hitachi Metals (5486) Tender Offer

Hitachi Metals – Is Net Debt Improvement Really a Positive?

Hitachi Metals (5486) - Where IS Undisturbed?

Hitachi Metals - Should I Stay or Should I Go Now?

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

<ul>
<li>Hitachi Metals started drifting noticeably below terms from early Nov last year and fell as low as 14% below the ¥2,181 offer price in early March. </li>
<li>Along with relatively strong guidance yesterday the company reaffirmed the commitment of the Bain consortium to the offer despite some delays. </li>
<li>We have no special insight into the actual likelihood of a break here but we do believe downside may be limited even if one occurs.</li>
</ul>


Hitachi Metals started drifting noticeably below terms from early Nov last year and fell as low as 14% below the ¥2,181 offer price in early March. 
Along with relatively strong guidance yesterday the company reaffirmed the commitment of the Bain consortium to the offer despite some delays. 
We have no special insight into the actual likelihood of a break here but we do believe downside may be limited even if one occurs.


Hitachi Metals – Steel Price Recovery Probably Limits Downside Even in the Event of a Break