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: Upturn in Estimates and Share Price Confirm Our Impression That This Spring Is Now Fully Coiled

IPhone 8--Possible Inventory Adjustments; IPhone X--Continued Production Problems

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

JDI to Announce Large Restructuring Plan, 1bn Credit Lines and Tianma May Invest

JDI Announces JPY170bn Restructuring Cost, Can Dec Q Apple Sales Drop Be Derived From Disclosures?

Japan Display and Sharp OLED Cooperation Is Speculated in Press Reports

JDI: What Is a Restructuring Likely to Look Like?

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>We visited JDI to discuss the reasons for their selection of the Nomi plant for restructuring and to get an update on their overall recovery plan. Conditions for the current year look difficult with panel pricing having resumed its decline since Apr and the company expects that it will be the end of the year at the earliest before we start to see some stabilisation as Chinese manufacturers follow the launch of the new iPhone with their own offerings. Prices have fallen over 10% since Apr…</p>

We visited JDI to discuss the reasons for their selection of the Nomi plant for restructuring and to get an update on their overall recovery plan. Conditions for the current year look difficult with panel pricing having resumed its decline since Apr and the company expects that it will be the end of the year at the earliest before we start to see some stabilisation as Chinese manufacturers follow the launch of the new iPhone with their own offerings. Prices have fallen over 10% since Apr…

JDI Visit: Tough FY18 but Company Confident. We Feel Some Apple Business Will Remain in FY19