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

JDI: Equity Finance and Dilution Incoming?

JDI: Giving Our Thesis a Full Active Refresh + Apple MicroLED Development

JDI: NHK Reports JPY50bn 3rd Party Allotment

Japan Display--IPhone X Weakness May Be a Godsend

JDI: In-Display Fingerprint Sensor to Compete with Synaptics

Delay in Financing Partnership - This May Be Contrarian but We Like This News

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>JDI reported 3Q with revenue rising 3% QoQ but falling 30% YoY on account of Apple's partial switch to OLED panels and weak demand from China. OP was -JPY12bn vs. +JPY13bn last 3Q as pricing pressure for panels has been intense, although the company commented that this has been stabilising recently. We believe the company is likely to generate a FY operating loss of about JPY57bn, which is somewhat negative vs. our previous expectations. Our overall impression is that revenue is trending more…</p>

JDI reported 3Q with revenue rising 3% QoQ but falling 30% YoY on account of Apple's partial switch to OLED panels and weak demand from China. OP was -JPY12bn vs. +JPY13bn last 3Q as pricing pressure for panels has been intense, although the company commented that this has been stabilising recently. We believe the company is likely to generate a FY operating loss of about JPY57bn, which is somewhat negative vs. our previous expectations. Our overall impression is that revenue is trending more…

JDI: 3Q Revenue Strong, Margins Weak - Did Non-IPhone X Sales Overshoot 36%?