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

Hoya: Strengthening Life Care Business and Underperformance Vs. Lasertec Suggests Catch-Up Potential

Money Forward Follow-On: Burning Cash to Grow Users to Reach Profits; Limited Upside

Recruit: Strong Performance of HR Tech Drives Earnings Beat; Shares Are Overvalued

Hoya 2Q Results: Earnings Decline Ameliorates and There Is a Small Buyback

Hoya 3Q Results: Earnings Beat Consensus and Point to Recovery Ahead

Hoya: Strong Demand for EUV Blanks/HDD Drives Better Than Expected 4QFY21 Results

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Tencent: Regulators Probe TME’s Previous Deals; The Battering Has Just Begun

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 spoke to Hoya following its earnings to understand the trends in their various businesses. Details on the EUV business were positive but one of the more interesting points was regarding developments in the endoscope business.</p>

We spoke to Hoya following its earnings to understand the trends in their various businesses. Details on the EUV business were positive but one of the more interesting points was regarding developments in the endoscope business.

Hoya – Conf Call Points to Positives for EUV and Negatives for Olympus’ Endoscope Business

Hoya Corp

Hoya – Conf Call Points to Positives for EUV and Negatives for Olympus’ Endoscope Business