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

Chinese Steel Maker Sell-Off an Overreaction

Nippon Steel to Raise Stake in Sanyo Specialty to 51+% - Japan Steel Consolidation Kicking Off?

What the Market May Be Missing About Trump's Trade "Strategy" With China

After 50% Rise From Bottom Can Kobe Steel Rise Another 50%?

Kobe Steel: Visit Suggests Limited Fallout From Scandal, Upside to Guidance

Musings: Governance and the Vulnerabilities of the Japanese Management Style

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

Steel stocks across Asia are down:<ul>
<li>Nippon Steel -4.2%</li>
<li>JFE -3.3%</li>
<li>Kobe Steel -3.3%</li>
<li>Nisshin Steel -2.7%</li>
<li>Posco -4.4%</li>
<li>Hyundai Steel -3.0%</li>
<li>China  Steel -1.6%</li>
<li>Baoshan -3.0%</li>
</ul>Except for a couple with US production facilities:<ul>
<li>Yamato Kogyo +2.9%</li>
<li>Bluescope +1.1%</li>
</ul>While Trump's announcement of significant taxes on steel (25%) and aluminium (10%) are a clear negative for exporters, more so from a deteriorating trade/supply demand environment than direct impact, we feel that 15-20% drops from the highs for these stocks is…

Steel stocks across Asia are down:
Nippon Steel -4.2%
JFE -3.3%
Kobe Steel -3.3%
Nisshin Steel -2.7%
Posco -4.4%
Hyundai Steel -3.0%
China  Steel -1.6%
Baoshan -3.0%
Except for a couple with US production facilities:
Yamato Kogyo +2.9%
Bluescope +1.1%
While Trump's announcement of significant taxes on steel (25%) and aluminium (10%) are a clear negative for exporters, more so from a deteriorating trade/supply demand environment than direct impact, we feel that 15-20% drops from the highs for these stocks is…

JFE Holdings

JFE: We Would Fade the Trump Tariff