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

JDI: Equity Finance and Dilution Incoming?

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

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 previous suggestions that JDI would raise between JPY50-100bn in capital from various funds it appears that the final amount has gravitated towards JPY50bn with only JPY30bn to be raised through new shares. If the capital were to be raised at a 5-10% discount to the current price (down 3% today in a strong market), implied dilution would be 28-29%. We had previously assumed that total write-downs this year might be about JPY130bn rather than the company's initially guided JPY170bn, and…</p>

After previous suggestions that JDI would raise between JPY50-100bn in capital from various funds it appears that the final amount has gravitated towards JPY50bn with only JPY30bn to be raised through new shares. If the capital were to be raised at a 5-10% discount to the current price (down 3% today in a strong market), implied dilution would be 28-29%. We had previously assumed that total write-downs this year might be about JPY130bn rather than the company's initially guided JPY170bn, and…

JDI: NHK Reports JPY50bn 3rd Party Allotment