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

Apple Supplier Foxconn to Make Electric Cars Jointly with Fiat Chrysler

Hon Hai: Depressed Valuation Offers Good Entry; New Verticals to Support LT Growth

Hon Hai: 1Q20 Beats Consensus Despite Pandemic Impact; LT Prospects Remain Positive

JDI - LG Display to Benefit from Apple's Mini-LED Adoption but Buy JDI Instead

Japan Display - ¥90bn Size of Ichigo Investment a Positive Surprise

Japan Display – Funding Structure Suggests Bigger Plans Than Previously

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.

Event-Driven

The Nikkei reported today that Japan Display is discussing the sale of its Hakusan factory to Apple and Sharp. Sharp later confirmed that it was in discussions but said that nothing had been decided. This represents a slight change from the initial plan for Apple to purchase equipment within Hakusan for about USD200m and the reports are that the entire factory could be sold including the land and buildings for about ¥80-90bn. Our thoughts on this development below.

The Nikkei reported today that Japan Display is discussing the sale of its Hakusan factory to Apple and Sharp. Sharp later confirmed that it was in discussions but said that nothing had been decided. This represents a slight change from the initial plan for Apple to purchase equipment within Hakusan for about USD200m and the reports are that the entire factory could be sold including the land and buildings for about ¥80-90bn. Our thoughts on this development below. 

JDI – Is Hakusan Sale to Apple and Sharp a Renewal of Hon Hai’s Display Offensive?