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: Investors Waiting for Confirmation of Cost Structure Improvement

JDI: Report of Full Switch to OLED by Apple in 2019 Hits Suppliers, JDI Down 16%

Japan Display (6740)--June Quarter Could Be Quite Strong Given Samsung's Weak OLED Sales

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

JDI: VR Screen Commercialisation Progressing

JDI: The TSE's Principles on Equity Financing

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><a href="https://www.smartkarma.com/entities/8280" target="_blank" data-smartkarma-citation="entities:8280:1">Japan Display Inc (6740 JP)</a> reported 4Q earnings yesterday finally announcing the results of its large restructuring efforts.</p><p>On the operational side, gross margins (-0.0%) were significantly worse than we expected (2.9%) due to non-depreciation costs such as inventory impacts being worse than we expected. Revenue (JPY152bn) was shy of our estimates (JPY157bn) but above consensus (JPY139bn). The culprit was once again sales to Chinese customers as sales to Apple and non-mobile outperformed our…</p>

Japan Display Inc (6740 JP) reported 4Q earnings yesterday finally announcing the results of its large restructuring efforts.On the operational side, gross margins (-0.0%) were significantly worse than we expected (2.9%) due to non-depreciation costs such as inventory impacts being worse than we expected. Revenue (JPY152bn) was shy of our estimates (JPY157bn) but above consensus (JPY139bn). The culprit was once again sales to Chinese customers as sales to Apple and non-mobile outperformed our…

JDI: Long Awaited Big Bath Is Here, Now What?