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

Huya Vs. Douyu - Merger Blockage Is a Problem for Douyu

Huya Vs. Douyu - Will Tencent Sell Its Douyu Stake?

Huya Vs. Douyu – Both Trading Near Net Cash but Buy the More Expensive One

Huya – Increasingly Our Preferred Pick Vs. Douyu Given the Threat of the Merger Collapsing

Huya – Deal With Douyu Needs Renegotiated Terms

Huya – Looking Attractive Now Regardless of Merger Outcome

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

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>Huya and Douyu reported results today with both companies seeing revenue growth rates decelerate. The stocks have been punished already and results do not look overly surprising relative to consensus estimates. However, we remain concerned about Douyu’s profit structure in the event the Huya-Douyu merger falls through.</p>

Huya and Douyu reported results today with both companies seeing revenue growth rates decelerate. The stocks have been punished already and results do not look overly surprising relative to consensus estimates. However, we remain concerned about Douyu’s profit structure in the event the Huya-Douyu merger falls through.

Huya Vs. Douyu – Concerning Signs for Both

HUYA

Huya Vs. Douyu – Concerning Signs for Both