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

Start Today: Maezawa-San's EDINET Filing Marginally Positive?

Start Today: We Expect 50% YoY OP Growth This FY; Significant Deceleration Likely Over a Year Away

This Is Why You Should Own Start Today at Earnings and Especially This FY

Japan Small Cap Tour: Harmonic Drive Systems THE Purest Cobot Play?

Cobots: Key to a Step-Change in Robotics and Manufacturing Clusters?

Yaskawa Electric: New Products Drive Growth

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

Equity Bottom-Up

<p>We believe <a href="https://www.smartkarma.com/entities/18379" target="_blank" data-smartkarma-citation="entities:18379:1">Start Today Co Ltd (3092 JP)</a> may almost double consensus FY2020 OP estimates and grow OP at a 47% CAGR. Our thesis is based on a clear recovery in YoY growth rates for transaction value from low-mid teens back to mid-high thirties, driven by an increasing number of purchases per user and a promising used clothing business improving gross margins. Even on a 45x consensus PE multiple we believe the company is undervalued and feel there is 50% upside to 40x FY2018 EPS.</p>

We believe Start Today Co Ltd (3092 JP) may almost double consensus FY2020 OP estimates and grow OP at a 47% CAGR. Our thesis is based on a clear recovery in YoY growth rates for transaction value from low-mid teens back to mid-high thirties, driven by an increasing number of purchases per user and a promising used clothing business improving gross margins. Even on a 45x consensus PE multiple we believe the company is undervalued and feel there is 50% upside to 40x FY2018 EPS.

Japan Small Cap Tour: Start Today a Promising Contender Among Expensive Growth Stocks

ZOZO Inc

Japan Small Cap Tour: Start Today a Promising Contender Among Expensive Growth Stocks