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 Visit: This FY Trending Poorly, Further Details on OLED Transition and JOLED

JOLED Printed OLED Technology Moving Towards Commercialisation; Sony & Panasonic to Invest

JDI: Starting to Make Progress in VR Applications - Potential as Long-Term Growth Driver

Apple May Use Japan Display's (6740) Full-Active Displays

Japan Display Measuring the Gap for Upside Drive

JDI: The Spring Has Sprung...33% in 10 Trading Days

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 2Q numbers that showed a slight improvement from 1Q with operating losses shrinking from JPY14.4bn to JPY12.4bn despite a 1.8% QoQ decline in revenue. The result was slight worse than consensus at -JPY6.8bn although consensus ranged from a profit of JPY4.0bn to a loss of JPY14bn and Toyo Keizai was estimating a JPY30bn loss for 1H compared to the result which was a JPY26.8bn loss. The company did not offer guidance for 3Q which gave us a negative impression but did reduce guidance…</p>

JDI reported 2Q numbers that showed a slight improvement from 1Q with operating losses shrinking from JPY14.4bn to JPY12.4bn despite a 1.8% QoQ decline in revenue. The result was slight worse than consensus at -JPY6.8bn although consensus ranged from a profit of JPY4.0bn to a loss of JPY14bn and Toyo Keizai was estimating a JPY30bn loss for 1H compared to the result which was a JPY26.8bn loss. The company did not offer guidance for 3Q which gave us a negative impression but did reduce guidance…

JDI: Marginal QoQ Improvement, Sale of Nomi Facility to JOLED and Mi Mix 2 Could Be Swing Factors