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

Japan Display--Strong Orders from Apple & Chinese Customers for Full-Active Displays

JDI: The TSE's Principles on Equity Financing

JDI: Equity Finance and Dilution Incoming?

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

JDI: NHK Reports JPY50bn 3rd Party Allotment

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 Capital Markets

<p>After digesting the various announcements made by JDI through its disclosures and conference call yesterday, we have increasing conviction about the company's prospects 6+ months out.</p><p>A few points from the conference call first:</p><ul>
<li>Following the 3rd party allotments there is a 90-day lockup for JDI and the Nichia investment is long-term (2+ years) but no lockup for other investors.</li>
<li>The company projects restrained capex next FY as well - perhaps JPY50bn, flat YoY.</li>
<li>Some of the expected capex is for…</li>
</ul>

After digesting the various announcements made by JDI through its disclosures and conference call yesterday, we have increasing conviction about the company's prospects 6+ months out.A few points from the conference call first:
Following the 3rd party allotments there is a 90-day lockup for JDI and the Nichia investment is long-term (2+ years) but no lockup for other investors.
The company projects restrained capex next FY as well - perhaps JPY50bn, flat YoY.
Some of the expected capex is for…


Japan Display

JDI: 5% OPM for FY03/20 Coming into View