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

Iwatani – Hydrogen Getting Interesting Again and This Is the Best Play

Yokogawa Electric (6841 JP): Carbon-Neutral Industrial Park & Green Hydrogen

Iwatani: The Unsexy Ageing Demographic Play with a Pinch of Hydrogen Economy and a Dash of 10x PE

Cryogenic Memory: Computers from Deep Space?

Chiyoda's Ground-Breaking Technology with Hydrogen Leads to New Demo Project in the Energy Sector

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 attended Iwatani's results briefing on Friday where the company outlined their growth initiatives for the new management plan, mainly focused on the LPG and Industrial Gas segments. FY03/18 results were reasonable with OP (JPY27.2bn) up 8.6% vs. guidance of a 2.6% increase. Based on seasonality we had pointed out that growth of as much as 19.5% was potentially possible but it turned out that 3Q LPG inventory pricing impacts (+JPY2.8bn) had skewed seasonality this year. Other segments were…</p>

We attended Iwatani's results briefing on Friday where the company outlined their growth initiatives for the new management plan, mainly focused on the LPG and Industrial Gas segments. FY03/18 results were reasonable with OP (JPY27.2bn) up 8.6% vs. guidance of a 2.6% increase. Based on seasonality we had pointed out that growth of as much as 19.5% was potentially possible but it turned out that 3Q LPG inventory pricing impacts (+JPY2.8bn) had skewed seasonality this year. Other segments were…

Iwatani: Steady Growth Across All Segments to FY03/21

Iwatani Corp

Iwatani: Steady Growth Across All Segments to FY03/21