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

JinkoSolar Bonitas Research Short Review - Little of Substance - Inteqres Forensic

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.

Forensic Accounting

<p>Bonitas Research published a short report on JinkoSolar (JKS) on the 4<sup>th</sup> of March 2020 arguing that the company had been used to prop up and accelerate the growth of JinkoPower (which was sold to JKS’ Chairman at a rather cheap looking price), had undisclosed related party transactions that benefitted the brother of the Chairman of JKS, had inflated sales and profits in Australia, and had fictitiously sold a South African subsidiary and its associated customs duty liabilities. We examine the merits of these accusations below.</p>

Bonitas Research published a short report on JinkoSolar (JKS) on the 4th of March 2020 arguing that the company had been used to prop up and accelerate the growth of JinkoPower (which was sold to JKS’ Chairman at a rather cheap looking price), had undisclosed related party transactions that benefitted the brother of the Chairman of JKS, had inflated sales and profits in Australia, and had fictitiously sold a South African subsidiary and its associated customs duty liabilities. We examine the merits of these accusations below.

Tianjin Zhonghuan Semiconductor (002129 CH)

LONGi Green Energy Technology (601012 CH)

JinkoSolar Holding

JinkoSolar – Troubling