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

End of an Era Marked by Hokuetsu Paper Buyback And Offering

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 Capital Markets

Hokuetsu Corporation / Equity Capital Markets

<p>On 21 February, paper manufacturer Hokuetsu Corporation announced that top shareholder Mitsubishi Corp would sell up 26.5m shares in a secondary offering, and that the company, to mitigate some of this impact, would repurchase up to 23m shares for a maximum of ¥14bn. The mechanics of the deal and the event angle have been covered thoroughly by Travis Lundy <a href="https://www.smartkarma.com/insights/end-of-an-era-marked-by-hokuetsu-paper-buyback-and-offering" target="_blank" rel="noopener">here</a>. We spoke to the company this morning to try and ascertain what the fundamental value was and whether the offering could prove attractive. Our thoughts below.</p>

On 21 February, paper manufacturer Hokuetsu Corporation announced that top shareholder Mitsubishi Corp would sell up 26.5m shares in a secondary offering, and that the company, to mitigate some of this impact, would repurchase up to 23m shares for a maximum of ¥14bn. The mechanics of the deal and the event angle have been covered thoroughly by Travis Lundy here. We spoke to the company this morning to try and ascertain what the fundamental value was and whether the offering could prove attractive. Our thoughts below.

Hokuetsu – Uninspiring but There Is Some Value Here